It's bad timing for Bank of America to be puttin' up a Ritz

— -- The bank, the nation's biggest, will open a 147-room Ritz-Carlton in October in Charlotte. The bank-owned hotel will have a penthouse spa and meeting space to feed dinner to 480 guests, a hotel news release says.

The opening comes at a time some firms have been criticized for luxury entertaining while taking government money and others have shunned meetings at five-star hotels to dodge bad publicity.

Bank of America began planning the hotel four years ago, says Scott Silvestri, a bank spokesman. And no bailout money was used to finance it, he says.

Yet the opening is raising eyebrows among some who work with the hospitality industry.

The timing is unfortunate, says Paul Hebert, an employee incentives and rewards consultant. He says the bank would've been better off it had chosen a less-expensive brand, such as Crowne Plaza.

"It's again about the whole idea of excess and not spending money wisely," says Hebert of the i2i consulting firm. "Somebody in those mahogany-coated rooms should have said, 'Come on guys.' "

But Scott Smith of hotel consulting firm PKF says Bank of America can't be blamed for not predicting the dramatic falloff in the economy and subsequent shift in public attitude.

When conceived, Smith says, building a five-star hotel in a city with brisk business demand, few new hotels and a pent-up demand for luxury was "a good bet."

When the economy recovers and the downturn in travel ends, Smith says, the Ritz-Carlton should end up making money.

"It will be the only luxury hotel" in Charlotte, he says.