Thursday, July 05, 2007

Projected Downtown Hotel occupancy rates for new hotel

The present projected hotel occupancy rates of the new Downtown hotel are as follows:

First year = 58%
Second year = 63%
Third year - the end of the bond = 67%

Please keep in mind that local hotel occupancy rates have been about 45% over the last several years. Also please keep in mind that there are three other hotels that are to be built in this area in the next couple of years not including the new one Downtown...

What do you think of their projected hotel occupancy rate?

Mike Sylvester

8 comments:

Who is John Galt? said...

http://tinyurl.com/yu3xx8

Robert Enders said...

What is their basis for those projections? One good way to lose a lot of money in a business is to create more supply for a good or service that is not in demand.

LP Mike Sylvester said...

Robert:

I think the projections are from Acquest Realty. I have no idea what they are basing them on...

Mike Sylvester

Kody Tinnel said...

Those numbers seem a little high given the current facts.

But obviously I am not really a hotel or downtown development expert. However to even the most average person it seems unreasonable to think that a little downtown development is going to draw that many more people into a city like Fort Wayne. It's a good thing they city elections are this year. We could use a little more common sense down at the City County Building.

James Fitch said...

Did the city finally give you the information that you have asks for?

LP Mike Sylvester said...

James:

No.

They just gave me one little piece...

Mike Sylvester

Anonymous said...

They probably will meet these numbers - by closing the existing Courtyard by Marriott on Washington Center Road. Do you believe that Marriott would place a duplicate brand in a city the size of Fort Wayne? It's not redevelopment - it's just redeployment! John B. Kalb

Anonymous said...

It follows their plan for the baseball stadium which they expect to have 100% turnout.

They are all pie in the sky numbers.