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Interest rates slowing down Mt. Lake hotel progress

The proposed hotel in Mt. Lake has hit a bit of a small delay. Mt. Lake EDA director Rod Hamilton said negotiations between the hotel developer and the potential banks are delayed right now because of interest rates and the term of the loan. They have yet to select a bank at this point. Hamilton said the plan is to still get everything moving as quickly as possible with the goal of breaking ground this fall yet.

For more on this story see the Sept. 27, 2023 issue of the Observer/Advocate and the Observer/Advocate e-Edition.