Tuesday, April 16, 2019
NEWSFLASH!!! KANSAS CITY CONVENTION HOTEL WILL FAIL AMID TAX BREAK GLUT!!!
On Sunday and to start the week, local MSM is catching up to a not-so-fun-fact that our KICK-ASS blog community talked about last year.
Resolved . . .
SUPRISE SUCKERS!!! THE NEW DOWNTOWN KANSAS CITY CONVENTION HOTEL IS A DISASTER IN THE MAKING THANKS TO A MARKET GLUT FUNDED BY CITY HALL!!!
Here's a nicer passage the proves 12th & Oak FAILS at basic biz and doomed a monstrosity of their own creation.
A report revealed that occupancy rates were below the level considered healthy and that occupancy rates are expected to continue declining if demand doesn't increase.
Jason Fulvi, VisitKC's new CEO, spoke last week about the issue at a meeting of the Tax Increment Financing Commission of Kansas City.
"What I'm saying is we have done a great job of developing supply," Fulvi said. "At this point, it might be wise to take a pause, let demand catch up and re-evaluate."
With the biggest addition to the hotel market still to come, Kurt Mayo, executive director of the Hotel & Lodging Association of Greater Kansas City, told WDAF that "we need to pause and take a breath."
"Let's start selling what we've got. Many of the downtown hotels have reinvested in their properties. We've got the best product we've ever had."
The new $325 million Loews Kansas City Hotel is expected to be completed in the spring of 2020. The convention headquarters hotel will add 800 rooms and 63,000 square feet of meeting and banquet space.
What's worse is that based on nothing more than promises and drawings, KCMO taxpayers fronted more than $35-MILLION to start and then will continued to finance this thing to the tune of about $135-MILLION just because Mike Burke is a "nice guy" and didn't want to run a real campaign against Mayor Sly James.
Fox4: Too many Kansas City hotel rooms prompt call to halt tax incentives
KC Biz Journal: Visit KC, Hotel Association urge incentives agencies to 'take a pause' while demand catches up
You decide . . .