Yes it is. I was told it will be summer of 2003 before the new tower is completed. But, the construction does not really affect the guests unless you happen to have a room on that side of the hotel. Of course, we were there on Friday and Saturday nights. Just request room with view of the marina, it's on the other side of the hotel from the construction. A note about the rooms, they are very quiet, almost to the point of being too quiet for me to sleep!