City of Phoenix = Hotelier

[ludes98]

I am surprised the vote made it, but the City of Phoenix is using $350 million of taxpayer money to build a hotel.

http://www.azcentral.com/business/articles/0616hotel16-ON.html

Not sure I am a fan, but I haven't seen a track record for these projects. Starwood will run the hotel under a 15 year agreement. Good idea?

 

[boilerplater]

And I thought desireable sunbelt cities didn't have to do things like this! I thought Phoenix was growing out of control. My own city, the capital of Jersey, flooated a bond to build a hotel and conference center. Facing the embarassment of being the only state capital without a major hotel, they formed a corp. to develop it then got Marriott to run the place. If it fails, the taxpayers of the city will foot the bill, though I believe it was less than 1/8 the price of what Phoenix plans. That aspect of it makes me a little nervous. My taxes are high enough already, over 4K for a small house!

 

[ludes98]

The convention business was important enough that Phoenix is spending 300 million to renovate and expand the existing convention center with another 300 million matched by the state. That required more hotel rooms downtown, so now a 4 star (required in the agreement) hotel courtesy of the city. The City tried to get hotels to undertake it themselves, but no bids were acceptable.

I guess my real concern that you allude to is, it's an awful big bag to be left holding if this econmic development tool doesn't pay out.

 

[The One]

Dog Crap Airport

Maybe you noticed from this title what I think of the Phoenix airport (Worst Airport Ever :-c ) The place makes me sick when I think about it...... :-# Maybe they should spend about 10 Billion to replace that monster :-\