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Jul 21, 2010

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Tim

I'd still like to know how the parking fits into all this. The media hasn't reported on this at all. Will the parking be constructed beneath the hotel? or is Urban Hotel Group and Elm Street Center LLC counting on the city to build a parking structure?

Joe Killian

I made a lengthy post over at the Inside Scoop blog a few minutes ago that talks about parking, Alston, the project's opponents and some of the developer answers to those and other questions last night.

triadwatch

valet parking yea right, that is the answer, not

good post by joe

Roch101

That was a great post by Killian. Very informative.

Tim

Believe it or not, the hotel parking situation is common in many urban cities. In places like downtown Atlanta where there is limited parking, some hotels don't have adequate parking nearby and many guests have to find parking a few blocks a way in lots that charge fees by the day. Charging hotel guests to park in downtown Greensboro is nothing new. I hear the Marriott charges its guests to park in its own parking deck.

You have to figure that the Wyndham hotel will likely be anywhere from 60% to 70% full most of the time. There are 180 guest rooms so its not hard to calculate the amount of parking spots needed for this hotel. You also have to factor in the number of guests who will use a taxi to get to the hotel. Really, they'll need about 100 parking spaces most of the time. If they can find the majority of those spaces in a nearby lot, then it won't be that bad. If they don't need the parking deck, why should the city spend money to build one?

Mick

I just dont see 60-70% occupancy. I hope I am wrong. A high level of taxi use would surprise me but I am not an urban dude.

I imagine the city will build a deck someday. Not like we couldnt use more parking downtown.

Tim

Eventually we will need another parking deck. But whats with the lower vacancy numbers at the Proximity and O'Henry and the higher vacancy numbers at less luxurious hotels in the city? Maybe there is a demand for luxury accommodations in the center-city and I wouldn't be surprised if 60 or 65% of that hotel is filled up. HVS's feasibility study seems to put it at around 65%

Ed Cone

"You have to figure that the Wyndham hotel will likely be anywhere from 60% to 70% full most of the time."

Figuring and hoping are different things. And is that a real feasibility study or a marketing study?

Tim

didn't HVS's latest study of the NEW NEW plan put it at around 65%? HVS, the same company that Weaver and Dennis recommended the city use for the feasibility study of this downtown hotel? The same company that said the last plan was not feasible?

glenwoodobserver

There is plenty of surface parking available across the street at the News & Record.

Ed Cone

Tim, I see attached to the recent PDF an HVS "market study" from February, but I have not seen a feasibility study that explains how the new hotel will maintain an occupancy rate that most observers seem to regard as very optimistic for this area.

Have you seen such a feasibility study?

Because otherwise we seem to be depending on the assurances of developers who get to use other people's money (how much of which goes into their pockets remains unknown) and on the vetting of the LGC, which these days comes down to "yeah, these non-investment-grade bonds can get sold."

Tim

according to media sources another study (im assuming since february) was done and the latest study showed the hotel making a profit the first year with an occupancy around 65%.

I looked at google earth and I see 100 spots this hotel could potentially use in lots next to and across the street from the hotel site. The only time parking could become a problem is if this hotel were booked and the hotel would clearly have to make use of existing city parking decks in this case (valet parking). The kinds of people who stay in urban luxury hotels use valet parking quite often so I don't see it as a major problem but would be an inconvenience to those who don't like valet parking.

Ed Cone

Tim, your assertion that a relevant feasibility study exists showing 65% occupancy as realistic is now down to an "assumption," based on "media sources," and backed by no documentation of any such report itself.

Noted.

Tim

noted.....Business Journal stated another study was done by HVS Consulting and Valuation Services and the study says 60% a few years or so after the hotel opens.

Roch101

"didn't HVS's latest study of the NEW NEW plan put it at around 65%?" -- Tim

60%, after a few years.

Tim

i said around 65% and if you go back to what I said, I said it would likely be between 60% and 70%.

Junkyard Bill

"There is plenty of surface parking available across the street at the News & Record." -glenwoodobserver

So you're finally begining to understand Greensboro. ;-)

Question: What is Sustainable Greensboro's thoughts on the sustainability of another hotel in downtown Greensboro?|

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