AUBURN — Developer Tom Walsh has built more than 100 hotels in North America and the Caribbean.

But the Marriott Residence Inn under construction near the mall has an amenity none of the others do: George Schott. The affection between the Bangor-based billionaire and the local, motorcycle-loving entrepreneur was obvious at a dedication ceremony Monday to formally unveil the project. Walsh joked that Schott, of Greene, took him for a ride on his Harley to seal the deal on the $13 million hotel project.

“I told him I’d do it just to get off the motorcycle,” quipped Walsh.

Add a guarantee from Robert Baldacci, a hotel developer and longtime friend, who assured Walsh that the new 100-room extended stay hotel would be a success and Walsh never looked back.

“We talked about it for a year before we did it,” said Walsh, whose Ocean Properties is one of the country’s biggest privately held hotel development and operating companies. Last year it reported an estimated $168 million in sales and employs 5,000. “If we were starting now, we’d have to think a little more, but I’m confident we’ll do well here.”

Hotels around the country are rethinking expansions because of the slowing economy. Starwood Hotels and Resorts announced Thursday that it was readjusting revenue forecasts because of poor performance in its lodging business. Revenue growth that was projected between 8 and 10 percent per available room earlier this year was readjusted to between 6 and 8 percent. Walsh said some companies are seeing a 20-25 percent drop in business.

“But that’s not being felt here in Maine,” he said.

He predicts the Residence Inn will do well, accommodating visitors from all of western Maine attracted to the area by its shopping and dining options. The only extended stay hotel in the area, it is designed for three-or-four-day stays with suites divided into working, living and sleeping sections. Its market includes families drawn to the Twin Cities for services at the two hospitals, Bates College, or those relocating for work.

“This area is growing,” said Walsh as he surveyed the retail growth that has exploded at the Mount Auburn Avenue/Turner Street intersection in the last few years. “There’s a lot happening here. There were some troubles a few years back, but it’s really bouncing back.”

Baldacci, who was a vice president of development for Ocean Properties until he struck out on his own a few months ago, also complimented Schott and the project’s development team as well as city staff for a job well done.

“We are paying tribute to this community,” said Baldacci, noting that he’s worked with less accommodating places — a wry reference to Portland, where Ocean Properties lost a bid on a $90 million waterfront project earlier this year after much municipal wrangling.

“It’s a testament, that you are willing to roll up your sleeves and make the investment up front,” he said, noting all the infrastructure at the site, including road improvements, was done. “It’s absolutely critical.”

Those improvements, including the roundabouts on Turner Street, came in under budget and ahead of schedule, said Roland Miller, economic development director for the city. He applauded the city councilors, staff and taxpayers for approving development tools, such as tax increment financing districts, that made the Mount Auburn Ave./Turner Street projects possible.

The hotel is the latest project Schott took a gamble on. All told, his investments in the area over the last five years have added about $30 million to the tax rolls.

Walsh said Schott’s commitment to the area is deep.

“He deserves all the credit,” he said of their joint effort.

And his own motivation? The hotelier will be charging into his 80s this year.

“It must be my age,” he joked. “I don’t have much to do.”