680万，卖了！

为什么280万的贷款谈不拢，可以展开谈谈吗？1st lien holder不给？

How likely would a developer get into hotel business (for the cash flow) while they are waiting for entitlement&permit? Chances are, the big players won't care, and the small players won't have the bandwidth&management resource.

If the developer does NOT get into hotel business, their best use of the hotel is to lease it out during the waiting period.  However, with the uncentainty of waiting period, the landlord is unlikely get a favorable lease. And the bottom line still is, once the development starts, the value of the hotel (real estate and business) is 0 -- unless the site is building a bigger hotel, then the goodwill might worth some $.