Denver International Airport Makes Final Contract Termination Payment for Great Hall Project
As part of the termination of its contract for the renovation of the Great Hall, Denver International Airport (DEN) has finalized all remaining payments to its former developer, Great Hall Partners, in the total amount of US$ 55.5 million.
Following termination, DEN was obligated to reimburse Great Hall Partners for its equity investment, work done to date and work performed during the transition of the project to DEN. Paying these types of transition and contract breakage costs are typical when a construction contract is terminated for convenience and the Development Agreement between DEN and Great Hall Partners required these payments. DEN did not pay any termination penalties.
This US$ 55.5 million also settles the US$ 290 million in claims filed by Great Hall Partners. This amount is in addition to the US$ 128.1 million previously paid by DEN to Great Hall Partners announced in December 2019.
DEN has reimbursed Great Hall Partners a total of US$ 183.6 million, which is within the range of US$ 170 million to US$ 210 million DEN announced following termination. All obligations and disputes (financial and otherwise) with the former developer are now resolved.
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