Quote:
Originally Posted by Stenar
“The concern is that there would be too much government help and public subsidization to make that new hotel work,” said Clint Ensign, senior vice president, government relations for the Sinclair Companies — which owns and operates the Grand America and Little America Hotels. “Public subsidy required for a 1,000-room hotel could range from $80 million to $120 million.”
Ensign said that the total estimated cost for such a project would be in the $300 million range. He said providing such significant financial support for a convention center hotel would be unfair to other hoteliers that built and upgraded their properties with no public funding.
He said subsidization could take various forms including property tax abatements, bonding or tax increment financing. Either way, such assistance would give the new property an unfair advantage.
“A $300 million convention center hotel would require a room rate of around $300 a night to make that project (financially viable),” Ensign said. The hotel would have to charge a room rate of $200 or less to be competitive in the market, he added."
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Ensign is a selfish 🞵🞵🞵. He already owns two of the largest hotels in downtown with the Grand and Little America hotels. By "Unfair" he really means "Unfair" for THEM.
Why doesn't his cheap 🞵🞵🞵 just built the hotel themselves then if they are so worry about losing competition. They can call their new hotel the "Super-Duper Grand America Hotel" or "Big 🞵🞵🞵 hotel to rule them all" I don't care. Whatever....point is in the long run. The convention center hotel benefits everybody. Just think Mr. Ensign how much your business will suffer if the Outdoor Retailer show leaves Salt Lake.
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