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Why did the apartments project fail?
Quote from: jmblec2 on July 31, 2012, 02:10:04 PMWhy did the apartments project fail?It wasn't that the apartment project failed so much as it was a hotel developer reached a deal first.Building is in receivership, previous owner wanted office space but went bankrupt. I think it was an out of state company. Receiver was approached by SREE and a deal was made. My understanding is the agent working for the receiver had commented on possibly apartments, but without parking there was little movement
i've still got my fingers crossed for a W hotel...
I'd be curious if some of DT hotel traffic is lost to KY and the 'burbs simply because we do not offer a wide variety and/or cater to all price points. This project is a step in the right direction. Many people are likely priced out of downtown and head to Covington or Blue Ash.
All I have to say is that there is definitely a reason why there's all this interest in downtown hotels. Not sure what that is though... Nielsen, Omnicare and KAO are now downtown and this does not hurt, but what else? The casino?
It's also my understanding that in the past demolition has been discussed as an option on the table for the Millennium....which would make sense because the owners have invested ZERO money into it. Extremely outdated property. This comes from someone close to 3CDC.
^definitely. It's just a matter of time before the huge lot at Walnut and Central is put to better use.
I think maybe 3 or 4 new hotels downtown is acceptable. After that the focus should be on creating residential. It's nice to have visitors but honestly the city is better off having people stay for longer than a few nights.
Hilton NetherlandMilleniumResidence InnCincinnatianGarfield Inns & SuitesWestinHyatt Regency... yep... 4
Quote from: JYP on August 08, 2012, 04:50:43 AMI think maybe 3 or 4 new hotels downtown is acceptable. After that the focus should be on creating residential. It's nice to have visitors but honestly the city is better off having people stay for longer than a few nights...Huh? We don't want hotel visitors just so we have new people to talk to! We want hotel visitors because of the money they spend in our shops, bars, and restaurants and the impact that has on our local economy. Also, better/more hotel options = Cincinnati being more likely to attract and host more conventions.But yes, I hope that more residential projects are announced soon too.
Quote from: Rob Jaques on August 08, 2012, 06:21:18 AMHilton NetherlandMilleniumResidence InnCincinnatianGarfield Inns & SuitesWestinHyatt Regency... yep... 4Ah yes- My bad I only thought of the 4 standard hotels. the Residence Inn is an extended stay, the Cincinnatian is sort of our comparable to a boutique hotel and I guess the Garfield is split about half extended stay and half regular rooms. Either way, considering occupancy is somewhere around 67-69% I think it's a little crazy to expect 4+ new hotels to open and no one to do poorly or go out of business. Like I said, if the Millennium closes that's great, but beyond that occurring I don't see how we're going to add another 25-30% in available rooms without someone shutting down.