The proposed Downtown Hotel is a financial disaster waiting to happen and AWESOME TKC TIPSTERS are keeping close watch.
First, take an EXCLUSIVE look at a Dowtown Hotel report and the silly estimates presented to the City Council.
Then . . .
CHECK OUT A BIT OF BRILLIANT MATH ADDED UP BY A TKC READER REGARDING THE SHAKY ECONOMICS OF PROPOSED THE DOWNTOWN HOTEL!!!
Based on info from the report. Check it:
1,000 rooms X 365 days= 365,000 rooms
98,494 rooms (The Incremental Room Night Estimate)/ 365,000 rooms = 27% occupancy.
New Spending:
Page 10: Footnote 2: Based on HVS forecast of incremental new room nights in a stable year. HVS calculated 98,494 room nights on page 3.
Hotel spending:
$45,993,035/ 98,494= $467 per room
Restaurant spending:
$28,617,576/98,494=$290 per person per day
These revenue projections should make you think of Power & Light. The taxpayers of Kansas City are paying $12 million per year to subsidize optimistic projections.
The 1,000 room hotel is just another sub-prime mess waiting to happen.
Obviously, this is a financial disaster in the making and the very best TKC TIPSTERS know that these rosy predictions won't hold up despite so much hope, sunshine and lollipops from developers.
You can do it!
ReplyDeleteDoes this mean KC Consulting/ Kim Carlos owes us a great big refund?
ReplyDeleteWelcome to the Hotel Disaster @ Kansas City.
ReplyDeleteIt's gonna happen.
ReplyDeleteTime for a taxpayer revolt in kansas city
ReplyDelete5/24/10 8:13 PM
ReplyDeleteAre you one of Kim Carlos's paid under the table blog commenters?
If not, you can contact KC Consulting and apply for a $10 per hour job.
Build it...We will Mmember Funk for decades after his term is over.
ReplyDeleteJust wait until Kim Carlos has access to County funds in addition to her bath in City cash that will follow if Crystal Williams wins.
ReplyDeleteKansas City is losing out on convention business due to lack of hotel space. We have lots of great entertainment infrastructure; why shouldn't we get up to speed so big conventions will book here?
ReplyDeleteso silly . The REAL economic value is the tax revenue conventions bring in citywide. The fact that nobody on here mentioned this says much about the intelligence of the posters.
ReplyDeleteThis 1000 room hotel is needed for the large conventiones...like the ones that just left us. And all you 'we need a tax revolution' people, where were you when the Phillips, Doubltree, Holiday Inn, Hilton, Fairfield Inn, Courtyard, Homestead, Hampton, Sports Stadium HI, and most other hotels developed in the last 13 years received public money????
Wake up KC
hey 8:47, 8:13 here, Saw Kim for the first time recently. I'd love to do something with her "under the table", but it wouldn't be blogging :-).
ReplyDeleteAnother Fugly building so close to a beautiful historic landmark it might as well be attached all the way up. This is worse than Union Station and that horrible glass box next door.
ReplyDeleteTKC would hate to see a large gathering of integrated people having a convention in KC. That would be terrible, I tell you. The Race went away but others would be attracted that aren't racists.
ReplyDeleteSuccess would knock the weakly laid bricks down on your wall TKC. You need to keep everyone fighting to be mildly successful in what you do.
Can 'coward hack' become a new adverb?
You downtown lobbiests and spokespeople who write as anonymice, you're all disgusting.
ReplyDeleteNot an honest one among you. you should all quit shilling for downtown building and landowners. If they want to bring back downtown KCMO, let THEM borrow the money and hock their properties.
Yup, P&L was a good start but they need infrasttructure down there to turn it into a new york culture. That means grocery stores, hardware stores, walking distance stuff, jitney buses, and restaurants where you can get breakfast for six bucks.
Go to new york. Live middtown and not in a hotel. Don't take cabs. Walk like most people do.
Then move downtown KC and try the same thing. You'll learn fast what it takes to turn downtown into a new york neighborhood.
the problem is, youre trying to design it, whereas in NY, it EVOLVED so the infrastructure of living was there all along.
Honestly, people trying to help are nuts. it'll just suck you down like your well-meaning enabling of the family member who's a user.
My advice is to walk away from it. And I don't think 40 comments by ten people is a sign that KC's politics is interesting.
I've learned that most of us who hang out in blog rooms are few in number and very parochial.
From what I read in here, this room is sooooo inside baseball, even the media doesn't find much useful, though they must read it daily as part of their jobs.
Its a soap opera mixed with light porn. thats all he's doing. sigh
Just get home from the pub radioman? New York culture???? WTF
ReplyDeleteThis is not New York City and NEVER will be anything close.
Thank God! Or whoever!
I will match you face up when you man up. Post your address. Meet downtown for drinks. Pussy Fucker!
The owners of the land in downtown KC have that dream. We know it will never by like NYC, but THEY don't.
ReplyDeleteAs for the drinks...I usually can't meet the dress code down there. Sorry.
The 98,000 room nights (27% occupancy) is only new room nights. The hotel will have higher occupancy than that because it will siphon off some business from existing hotels. There's still something to be said for creating a critical mass of hotel rooms (that we don't have) and having a nice new hotel downtown. Downtown still needs a new hotel. And to the crowd that says let the private market do it, it would never, ever ever be built. Downtown development costs are too high so there would be no way to charge a market room rate. They could do a new hotel, but they'd have to charge $400/night. How many hotel rooms do you think they'd rent if everyone else in town is renting for $100-200/night?
ReplyDeleteSo don't do it. There's too many convention cities in America as it is.
ReplyDeleteOrganizations are cutting back on conventions, attendance is down pretty much across the board. Flying is a hassle and people are doing much more classwork online.
Investing in a big hotel at taxpayer expense is like investing in ma and pop DVD stores. They'll be empty before you put the sign out front.
We missed our shot a long time ago when we lost what could have been a fabulous airport hub and some fool put the convention center down in the bottoms in the stockyards. And all the shoot em up with the Italians in the River Quay.
Kansas City's vibrant downtown core is actually along College Blvd. The groups who own the downtown property want the white haired guy from DC to come in and pour money we don't have to keep their values up.
Have you noticed Republicans want smaller government right up until they want government money? Downtown KC is a white elephant, plain and simple. Let em take risks and hock their properties to raise cash for hotels and attractions.
Government can't afford to put real estate corporations on welfare. We're not out of the woods yet after the bank failures.
One of the big secrets around town is that downtown living isn't selling and those companies need to go bankrupt.
Stay out of the taxpayers pockets.. we too are struggling.
Big conventions go to cities with ocean's, resorts, Vegas, and predictable sunshine/weather year round. The worst convention's I ever attended deviated from that mix. I hated Atlanta, Just said no to Nashville. Forget Chicago. Gimme California, Vegas, Florida, Arizona, New York.
ReplyDeleteI conventioned in KC once and my biggest gripe staying at the Weston was by the time I finished my business for the day and changed clothes checked emails and ventured out at about 6:30, Crown Center was closed but for a rowdy group of teens going to the movies. I think it might have even been Valentine's Day so you would think something would be open. We ended up eating in the hotel bar.
If I were Kansas City I would try to create some destination place with a themed atraction.