[Orlandl] Airport, JetBlue terminate lease pact

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Hanna
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[Orlandl] Airport, JetBlue terminate lease pact

Post by Hanna » Thu Jul 17, 2008 7:09 am

Orlando Business Journal - July 17, 2008
http://orlando.bizjournals.com/orlando/ ... ily38.html

Airport, JetBlue terminate lease pact

Orlando International Airport and JetBlue have mutually agreed to terminate a 30-year lease agreement for land on which the airline would have built a nearly $30 million, 300-room hotel to be used by company employees while they attended JetBlue's adjacent training center.

JetBlue had previously decided to cancel its plans for the employee hotel -- scheduled to have been completed by the end of 2009 -- because the surge in oil prices forced the company to cut back on non-core business expenses.

However, in the termination agreement, JetBlue agreed to pay all rent that was due through June 18, 2008 and all associated fees or nearly $150,000.

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