The developer of the Margaritaville Hollywood Beach Resort is way behind in financing according to an article in the Orlando Sentinel:

The fate of the long-anticipated Margaritaville Hollywood Beach Resort is in peril because of problems obtaining financing, but the city and the developer say they’re optimistic the money will come through.

Developer Lon Tabatchnik is supposed to have financing in place by Tuesday but has yet to raise the $126 million needed for the 17-story, 349-room Jimmy Buffett-themed resort.

Tabatchnik had hoped to get the money through a program that gives foreign investors residency in the United States if they invest at least $500,000 each in job-creating projects.

But Tabatchnik, city officals say, has received commitments to date from only 26 Chinese investors, which would raise $13 million, far too little to meet Tuesday’s deadline.

To get the project going, he’s now talking to banks for loans and he’s asking the city’s Community Redevelopment Agency to kick in up to $25 million.

“We’re not alarmed by this,” Assistant City Manager Cathy Swanson-Rivenbark said. “We absolutely know he is feverishly working on this.”

Despite “the unforeseen hurdles,” Tabatchnik said he is not discouraged.

“We’re in the process of negotiating and finalizing the terms of our financing arrangements. We’re very close,” he said. “We’ll get them accomplished and we’ll get this project built.”

City officials say Tabatchnik wants to borrow at least $75 million from banks, but hotel analysts say banks are tight with credit for new hotels since the financial crisis in 2008.

“I think it’s going to be awfully tough. Banks are typically looking for at least 35 percent to 40 percent real equity,” said hotel analyst Scott Brush, of Brush & Co. in Miami.

The CRA already committed to lend Tabatchnik $10 million for furnishings at the resort when it is built. Tabatchnik is asking the agency to increase the loan by $15 million and provide it sooner so he can build.

The city is studying the proposal, Swanson-Rivenbark said.

Read the full story here.

In a press release, Jimmy Buffett discusses the Margaritaville Casino in Biloxi, which opens on May 22nd:

“I am thrilled,” Jimmy answered, when asked about the opening of Margaritaville Biloxi. “Biloxi has been on my songline for a long, long time. I made my professional singing debut here back in the late 60’s, when I used to drive my Ford Falcon ‘down around Biloxi’ from the school in Hattiesburg, to play weekends at Trader Jons. Before that, I spent many a weekend, as a child of the Gulf Coast, with my family at the Sun ‘n Sand. I have been fortunate to do many things in my career, but coming full circle to Biloxi with Margaritaville, surely is one of the highlights. It is not only fun, to be coming home and bringing our brand of fun to the Mississippi Gulf Coast,” Buffett added, “It is also very gratifying to be able to provide nearly 1,000 new jobs for Mississippians these days. I would just like to personally thank everyone who has had a hand in this adventure, so, let’s let the fin begin.”

Margaritaville Biloxi is the Mississippi Gulf Coast’s first casino to be constructed since the Mississippi Legislature approved land-based gaming in 2006 and the first casino to be built in the United States since 2010.

Visit www.margaritavillebiloxi.com for more information on the casino.

It was announced today that legendary singer Lionel Richie will be the opening act when Jimmy Buffett plays Comerica Park this summer:

Lionel Richie — surprise! — will open for Buffett at the Detroit Tigers’ home, promoters announced Tuesday. Richie’s “Tuskegee,” which features country versions of his biggest hits, topped Billboard’s Top 200 albums chart for two weeks last month and has sold more than 600,000 copies, making it the year’s best-selling country release.

Tickets for Buffett’s show, $39-$179, go on sale at 10 a.m. Saturday via Tickets.com and at the Comerica Park box office. Tickets are also available by phone at (866)-668-4437.

The Buffett show, the “Margaritaville” singer’s first-ever concert in Detroit city limits and his biggest Michigan concert to date, will also feature an all-day beach bash in the Comerica Park parking lot.

Buffett appears on the duet “All Night Long” on Richie’s new album Tuskegee.

Preview the Richie/Buffett single below:

Buy the album at iTunes or Amazon.

If you’d just like to download “All Night Long” with Buffett, get it at iTunes or AmazonMP3

Jimmy Buffett performed at the New Orleans Jazz Fest on Thursday night and you can watch the performance tonight at 8 pm Central!

Tune in to the New Orleans JazzFest Webcast on May 6th at 8pm Central to watch Jimmy’s set from Thursday night! Check out other highlights and live streams throughout the weekend, then watch Jimmy, Mac McAnally, Eric Darken and Sonny Landreth end the broadcasts from the Big Easy on Sunday night!

You can watch the webcast at www.youtube.com/jazzfest

After performing at the New Orleans Jazz Fest on Thursday, Jimmy Buffett made a surprise appearance at his Margaritaville Cafe where Matt Hoggatt was playing a show.

Buffett joined Hoggatt on his “Dear Jimmy Buffett” song where they made up most of the lyrics as they went.

Watch below: