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Economic development. (From the Library).(Brief Article)
"Public Subsidies for Headquarters Hotel Development: Are They Necessary?"
Charles Johnson and Charles Hunden
Economic Development Journal, Winter 2002, pp. 13-18.
A recent development in public finance is the use of tax-exempt bonds to finance convention center headquarters hotels. Since 1995, the public sector has subsidized nearly half of the $3 billion price tag of 20 major hotel developments. Competition for conventions--and the tax revenues generated by free-spending delegates--has become increasingly fierce among local governments. Cities now understand that to attract the meetings and conventions that drive their tourism industries, they must ensure easy access between convention centers and hotels. Because of the high cost of conventional financing and financial pressure during the early ramp-up years, private developers often shy away from them. Absent some kind of public sector participation, these projects tend to ...
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...be within days of picking a developer for a convention headquarters hotel intended to provide an important economic push to the...hotels and offers the city the alternative of putting the headquarters hotel on a site near the Sheraton. Yet, members of the Believe...
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...of a long-awaited 1,200-room convention center "headquarters" hotel that will transform the Los Angeles Convention Center...convention center hotel." The proposed convention center "headquarters" hotel will be a first-class facility that will greatly boost...
- King Kamehameha's Kona Beach Hotel Prepares for Athletes as Official...
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...s Kona Beach Hotel quietly readies itself for the associated flurry of activities as the Ironman's official headquarters hotel. Serving as the event headquarters is a natural for the oceanfront hotel due to its close proximity -- just...
Source: HighBeam Research, Economic development. (From the Library).(Brief Article)