Ship Creek hotel.

• Position: Alaska Railroad Corp. and Hospitality Associates' joint project to build and operate a hotel at Ship Creek

Ship Creek Hotel. The Alaska Railroad Corp. board of directors agreed to become partners in a $6 million joint project to build and operate a hotel at Ship Creek on Warehouse Avenue in downtown Anchorage. The other partner, Hospitality Associates, a hotel/motel management firm based in Spokane, Wash., will own 60 percent of the hotel and will act as builder and developer.

"This hotel will result in the creation of more than 30 permanent jobs and pay approximately $200,000 annually in property and bed taxes to the municipality of Anchorage," says Robert Hatfield, president and chief executive officer of the Alaska Railroad. "This type of project will help set the tone for our improvements and development along Ship Creek."

The railroad is acquiring its 40 percent interest in the project through a 35-year ground lease of the 1.6-acre...