By Jim Butler and the Global Hospitality Group®
Hotel Lawyers | Authors of www.HotelLawBlog.com
19 March 2009
Hotel Lawyer with insights on how cities can now build their convention center hotels, and other hotel mixed-use projects with TARP money and Build America Bonds.
Every city manager, supervisor, or councilperson knows the significant economic boost to the local economy and tax base that can come from convention center hotels and related hotel projects. They bring more people to town who spend more money in the local restaurants, retail businesses, entertainment venues, and hotels. Tourists, convention goers and other travelers spend more than 5 times per day the amount that residents spend. The transient occupancy tax (or TOT) derived from hotel guests is a huge income source for cities, and the lift in spending helps the sales and other tax sources as well. Of course, more prosperous merchants pay more property taxes, income taxes, and make the city a more desirable place for residents and tourists.
That's why Obama's financial package has some significant finance boosters for these projects, and why we will have some in depth panel coverage on this at our 19th Annual Meet the Money® Conference on May 5-7, 2009 at the Sheraton LAX. See www.MeetTheMoney.com now to sign up.
Continue reading "Hotel Lawyer: Municipal hotel and convention hotel projects get a big boost from the Financial Stimulus Bill. All about the new Build America Bonds that can help make this happen -- but only on bonds issued in 2009 and 2010." »
Posted In: Hotel Finance − Hotel Debt & Hotel Equity
