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
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Keep it clean and relevant to the post. If you have a question that isn't related to a recent post, email me at enders.robert@gmail.com . You can also email me if you want to make an anonymous comment.
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8 comments:
http://tinyurl.com/yu3xx8
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.
Robert:
I think the projections are from Acquest Realty. I have no idea what they are basing them on...
Mike Sylvester
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.
Did the city finally give you the information that you have asks for?
James:
No.
They just gave me one little piece...
Mike Sylvester
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
It follows their plan for the baseball stadium which they expect to have 100% turnout.
They are all pie in the sky numbers.
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