Quote:
Originally Posted by austlar1
The announcement that Waller Place is going to be funded by a VERY DEEP POCKETED investment group known as McCourt Global would seem to be huge news, but there is not much talk about it on the local forums. Looks like Sutton and Co. was able to find some serious money to join (or take over?) their ambitious project for that corner of downtown. If this thing really gets started, it will probably encourage the Fairmont developers to continue with their hotel project.
|
(1) The McCourt's are a troubled family. I am worried about this union.
(2) Nothing will "encourage" another developer to engage in a project other than a profit line!
(3) I am now beginning to get worried with the volume of hotel rooms in the current pipeline. With CBD office vacancy at 11% (~14% including the U/C Colorado Tower), I'd really like to see a 40+ story office tower or a 60/70+ mixed use tower with retail, residential and office. No more hotels.
Should Austin's CBD become overbuilt with hotel rooms, the rates will decrease. Thus, new CBD lodging investment will wane in the coming decade. I would prefer to see constant and sustained growth.