Quote:
Originally Posted by bobcat
The way I understand it is that it's not a matter of hotels being profitable but that of residential being more profitable. So if left to their own devices developers will choose to build only condos and apartments. The city is offering tax breaks because they want the convention center to stop being the financial albatross that it is and start being a revenue generator.
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Its a good point about hotels vs apts........I hadn't thought about it from that perspective. However, I think there are enough hotel chains that will build hotels if the market is there. And cities talk a big game when it comes to conventions but from what I read, convention centers are overbuilt in this country and tend not to be very profitable:
http://www.citylab.com/cityfixer/2012/06/stop-building-convention-centers/2210/
Quote:
Originally Posted by Docjalby
There was an article in either the LA Times or the DT News about 4 months ago about how they are stopping giving hotel tax cuts in order to build them. Metropolis was going to the be last hotel through the tax cut door.
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Its good to hear...........I am big about using those tax breaks to fill up some of that vacant office space in DTLA.