Over the past decade every downtown Kansas City tax increase, subsidy and scheme has been justified by one word a single word: Momentum.
The talking point distracted voters long enough so that politicos NEVER had to explain the benefits and/or risks of their plans.
Now the reality of the global plague has unarguably changed financial situation for this cowtown and the world.
Check this link sent our way to illustrate the point and remind locals about a HUGE convention hotel deal gone horribly wrong inside the loop . . .
ZeroHedge: American Hotels Experienced Worst Year Ever
Deets . . .
A report said the US hotel occupancy rate was 44% for the year, down from 66% in 2019. This was the lowest occupancy rate on record. In an earlier STR report, we noted weeks ago that the industry had one billion unsold room nights for the first time, surpassing the record of 786 million in 2009.
Even though S&P Global Ratings warned a few months back that the hotel industry's recovery may not occur until 2023, STR now believes a recovery in occupancy rates back to 2019 levels may not occur until 2024.
Best Western CEO David Kong recently told CNN that "If we don't get a vaccine soon and business doesn't return, it's going to get much worse."
And so, a KICK-ASS READER shares this insight to start the conversation . . .
You decide . . .