Fidelity Investments has sued the developers behind a massive new hotel under construction in the South Boston Waterfront area, saying the name of the 1,055-room project conflicts with the nearby Seaport Hotel owned by the financial giant.

Fidelity filed its lawsuit in Boston federal court against the developers of the Omni Boston Seaport Hotel on Monday, just one day before the team held a high-profile groundbreaking event for the project that drew Governor Charlie Baker, Mayor Martin J. Walsh, and local power brokers.

Fidelity opened its Seaport Hotel 20 years ago, when the surrounding area was little more than a patchwork of parking lots, old warehouses, and seafood restaurants — quite different from the neighborhood of high-end buildings there today. By using “Seaport Hotel’’ in its project, Fidelity said Omni “can only have been intended to trade upon the fame, reputation and goodwill that Fidelity’s Seaport Hotel has so painstakingly developed over the past 20 years.’’

The investment firm said it expressed its concerns about the name conflict when it first learned of Omni’s plan for the hotel in March 2017. It eventually suggested a slight adjustment to the name to avoid confusing travelers but received no commitment by the time of the groundbreaking.

“Fidelity made every effort to try to reach a compromise before filing this complaint,’’ company spokesman Vincent Loporchio said. “Shortly before the scheduled groundbreaking, Omni indicated its intent to litigate this dispute, forcing Fidelity’s hand.’’

Robin Brown, principal for Omni development partner Spot On Ventures LLC, said he is hoping for a speedy resolution to the dispute.

“We think this will get resolved quickly and amicably,’’ Brown said.

Fidelity wants a court order that prevents the developers from using the name “Omni Boston Seaport Hotel’’ — or any other name that infringes on or could be confused with Fidelity’s “Seaport’’ trademarks.

Jonathan Davis, another local development partner in the Omni project, said his team has been advised by its legal counsel that it is on “very strong legal footing’’ for the use of the name. He said he was disappointed Fidelity filed the suit on the eve of the groundbreaking.

“That said, we are anxious to be good neighbors and to live in harmony with Fidelity, for whom we have a great deal of respect,’’ Davis said. “We’ve already reached out to them to find a resolution with which both parties can be comfortable, and we’re awaiting a return phone call.’’

During the groundbreaking Tuesday, Davis referenced “tough negotiations,’’ but neither he nor any of the other speakers specifically mentioned Fidelity.

The focus instead was on how the 21-story project, set to open in late 2020 across from the Boston Convention & Exhibition Center at the corner of Summer and D streets, can be a model for diversity in the business community.

The Massachusetts Port Authority, which owns the two-acre site, included diversity participation as a crucial factor when weighing competing bids for the project, and it plans to do so again for other properties in the Seaport it will redevelop. The agency expects to receive $98 million over the course of a 99-year lease.

Nearly 40 minority investors kicked in $7 million in equity investments into the $550 million project, and a firm led by Greg Janey, who is black, will share construction management duties with John Moriarty & Associates.

“We put together the largest minority investor syndicate in the history of public-private partnerships in the city of Boston for this project,’’ Davis told the crowd. “It’s not as big and it’s not as powerful as it should be, but it’s a start.’’

Linda Whitlock, one of the minority investors, said she joined because it was important “to help make history’’ and begin to shed Boston of its reputation as unwelcoming to people of color.

Senator Nick Collins, who represents the area, meanwhile urged government leaders to do more to ensure small, minority-owned businesses can thrive on the waterfront.

He later explained that he wants to see Massport consider breaks on leases for independently-owned shops and restaurants on Massport properties in the Seaport, particularly those run by minorities.

“Where we have leverage, we should use it,’’ Collins said. “It’s going to help make the Seaport, the South Boston waterfront, a true neighborhood where everyone is welcome.’’

Jon Chesto can be reached at jon.chesto@globe.com. Follow him on Twitter @jonchesto.