A Hotel Assessment
Yesterday’s Economic Development Subcommittee meeting featured an overall discussion on the state of hotels in Tacoma. The Convention Center has wailed raised the issue several times but yesterday featured numbers to back it up.
The Convention Center is perfect for conventions that require 500 – 750 rooms per night. Currently, the supply of rooms they are able to book in advance is only 455 – 505. So, larger events that need the higher number of rooms are skipping Tacoma and going to other places. If we had more rooms, they could book bigger and more frequent events.
There are three hotel projects “in development”. The Winthrop Hotel update leaves that project close to 4 years away. The long awaited Foss Hotel has been determined viable by an independent market expert, but the developer is having problems “selling Tacoma” to investors. And last, but not least, everyone’s favorite, the Heidelberg site’s future Holiday Inn and Candlewood Suites. This project has run into some problems with utility infrastructure. Apparently the power lines must either be put underground at great expense or they need an additional setback. And they haven’t gotten approval yet from the Landmarks Preservation Commission.
So, basically, it’ll be awhile before we get more hotel rooms. Sigh. I guess Spokane will keep winning those Real Estate Conventions.
AND … just wait until we start talking about those golf tournaments we have coming our way.
2 comments
N Nick October 15, 2008
Under the circumstances, I think the complete and total lack of liquidity is going to set almost everything back at least 6 months to a year.
Even then, I’m actually somewhat surprised there isn’t a greater sense of urgency for increasing available hotel rooms before 2015. But maybe I’m just not talking to the right people…
S Squid October 17, 2008
Ok, I own a hotel chain. Y’all have a nice golf course with a major event that fills my hotel once every five years or so.
Where do I sign up?