I'm with you, but at this point with the new management company, i would think they would want to ease into a project like that, not hit the ground running with it right away. And besides, who now foots the bill for the hotel? I still think there may be some other hoops to jump through before they can start on it anyways. Also, keep in mind, building materials are at an all time high right now. not that they would be building right now, and prices are on the way down, but they have to take that into consideration. Their cost wont be the same as it was in 2012, or whenever they started planning this. They may need to skip the heated pool and concierge service.
@mbike-skican probably put a real figure as to what % building costs are currently up.