Out of business: Tommy Spinosa’s construction company, Echelon Construction Services, is no longer licensed to work in Louisiana. The Louisiana State Licensing Board for Contractors revoked Echelon’s commercial and residential licenses earlier this fall, after the company voluntarily surrendered them following a hearing before the board giving it a month to settle two unpaid judgments. The 19th Judicial District Court had awarded those judgments in May to subcontractors that did work on Perkins Rowe. Spinosa’s attorney, Brian McCullough, says in a written statement that the board did not revoke the licenses for nonpayment of judgments, though a spokesperson for the board says that is not accurate.
Big deal: The Hilton Garden Inn across from the Metro Airport has been sold for $10.6 million. Interstate Hotels & Resorts announced it had completed the sale of the 131-room hotel to a fund managed by Fairwood Capital. IHR, the largest independent hotel management company in the U.S., will continue to manage the hotel, which is located in the Howell Place development. IHR bought the Hilton Garden Inn in June 2006 for $14.4 million.
Back to building?: Woman's Hospital might be ready to restart construction on its stalled medical campus by the first quarter of 2010 if cost-cutting options come in on target and bond markets remain steady, president and CEO Teri Fontenot told a group at the LSU Executive Education’s “Breakfast to Business” meeting last week. Woman’s Hospital asked contractors to resubmit pricing for the project, which was stopped at the beginning of the year because of the tight credit market, after taking out 35,000 square feet of expansion space and considering the much lower price of construction costs. Factoring in the changes, Fontenot says the hospital hopes to cut $45 million from the original $350 million project when the estimates come in at four to six weeks.
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