As part of the termination of its contract for the renovation of the Great Hall, Denver International Airport has finalized all remaining payments to its former developer, Great Hall Partners, with a payment of US$55.5m.
Following termination, and as required by the development agreement signed by the two organizations, Denver was obliged to reimburse Great Hall Partners for its equity investment, work done to date and work performed during the transition of the project to the airport.
Denver did not pay any termination penalties. The US$55.5m settles the US$290m in claims filed by Great Hall Partners and is in addition to the US$128.1m previously paid by the airport to Great Hall Partners, as announced in December 2019.
All obligations and disputes (financial and otherwise) with the former developer are now resolved, according to the airport.