March 2017

Sun Mon Tue Wed Thu Fri Sat
      1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31  

« Preservationists | Main | Just asking »

Jan 20, 2010

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

mc

I am livid just livid. no $ for resurfacing roads or the maintenance of existing facilities, such as buildings, existing bike trails etc......moving forward on building a swim center 50% over what voters approved and now THIS. By 'this' I mean promoting the luxury hotel when all factors indicate it will lose money AND how it appears the council voted for this in December. it appears our new mayor is not as fiscally conservative with our funds as promoted in his campaign and that our new city manager is incompetent.

Mick

The voters are not footing the extra money for the pool complex. Visitors are via an existing tax.

Tim

Unless I over looked it, the report doesnt include revenue generated by office space, restaurants, retail and entertainment venues in this proposed complex. Businesses would have to lease those spaces and I assure you it wouldnt be cheap. It Would be interesting to get projections in how much money this part of the project would generate and how much debt it would cover in the project over the first 5 years.

Spag

Like I said, ADR matters.

Andrew

I'm just throwing this out there:

1) In the group's notice of intent package, it mentions HVS as having completed a feasibility study showing downtown could support this hotel. But this analysis, also done by HVS, offers a different conclusion. Same consulting group...two different results. ?

2) In the portion of the analysis where Mr. Williams lists his credentials, Quaintance-Weaver Restaurants & Hotels, the Proximity Hotel, and O.Henry Hotel are all listed as "clients served." Does this mean that Mr. Williams personally has worked or is working on projects for Quaintance? And if he did, what, if any, effect did that have on his opinion or impartiality, since the conclusion in his analysis appears to directly benefit his other Greensboro clients? Very odd, especially when you consider that HVS appears to have 60 or 70+ consultants in offices around the country. And Dennis Quaintance has made his opinions about this hotel known for a while now, certainly before the January 18th date of receipt of this analysis.

Does anyone know if the city chose this specific consultant or if he was assigned internally?

Bubba

"The revenue per available room (RevPAR) projected by HVS for the proposed hotels is well below the level necessary to cover debt service and a return on and return of the equity investment."

Imagine that!

mc

One more thing...I believe the summary predicted that hotel occupancy rates would drop more than 45%...how will the pool be paid for if hotel occupancy taxes dry up?

Andrew

If you read the report you will see that it says the hotel would not be able to get the rate of occupany needed to service the debt. It says that the rates they want to charge are reasonable but there is no way enough people will stay there to make it profitable. Is also says that Empire Room should open its books so the city can see how much money they are making off the food and beverage business. Are they going to do that?

Andrew M.

The conspiracy theorist in me just wanted to point out the myself, who commented on this topic yesterday at 10:24 PM (see above), is NOT the same Andrew that commented on this topic today at 12:37 PM. Nor was I the Andrew that commented on the other topic from yesterday http://edcone.typepad.com/wordup/2010/01/just-asking.html

I suppose I will go back to identifying myself as Andrew M...and chastise my parents for giving me such a common name.

Strange!?!?!?!?!?!?!? ***Imagine Twilight Zone theme music here***

Andrew Brod

Common? Hah! Magisterial, maybe. But not common.

Mick

mc,
Do you not think the GAC will create some hotel traffic? It will. And lots. But how much... I dont know.


All
I have seen that stat a few times now. Does the report actually predict a 45% drop in hotel occupancy going forward? That seems awful steep to me. But Im no expert that is fer sher.

Mick

mc,

My reading of the same report indicates the hotel business is predicted to bottom out in 2010 and begin recovery in 2011.

Account Deleted

Ed: I had missed your post on this. Here is a belated hat tip!

RecycleBill

Well, if nothing else works out we can convert the hotel into the world's first 4 star homeless shelter.

Go east, young man, go east.

The comments to this entry are closed.