According to a report from the Office of the County Treasurer, the revenue from the Hotel Room Rental Tax and Hotel Excise Tax dropped from $813,607 in 2008 to $699,781.
The new Marriott Hotel was open during that period. However, the Brunswick Hotel was closed for repairs.
The majority of the tax is to subsidize operations and debt service of the Convention Center.
I applaud Mexican President Felipe Calderón for his honesty and ...
USA TODAY / AP: — The unemployment rate rose in ...
From the PATRIOT-NEWS: 1. Mayor Linda Thompson, who has been in ...
FINANCIAL TIMES: Wheat prices rose further on Friday in the ...
Pittsburgh Post-Gazette: Pennsylvania families were squeezed last year as many ...
From the VICTORIA TIMES COLONIST [Canada]: Sharing of dirty needles by ...
"....I have never made it a consideration whether the subject was popular or unpopular, but whether it was right or wrong; for that which is right will become popular, and that which is wrong, though by mistake it may obtain the cry or fashion of the day, will soon lose the power of delusion, and sink into disesteem." Thomas Paine, Common Sense, on "Financing the War", March 5, 1782
The World Health Organization ranked health care quality by countries. ...
“In economics, a monopoly exists when a specific individual or ...
Forty-fifth in a series by Christiaan Hart-Nibbrig “These municipal authorities are ...
Forty-fourth in a series by Christiaan A. Hart Nibbrig The Lancaster ...
By Dan Cohen, Santa Monica Reporter The mediocre performance of several ...
By Dan Cohen, Santa Monica Reporter Although it aspires to more, ...
© 2010 NewsLanc.com All rights reserved.
Powered by Wordpress.
Designed by 
How long will it be until Penn Square Partners and company come to the city and county taxpayers DEMANDING more money to keep their pet project in operation? Where is all the income they promised would be generated by the convention center and hotel? Where are all the fancy numbers they used to support this project? Why don’t they invest more of their own money if this is such a worthwhile project? Where are the answers to these questions?
Be aware that in order for the hotel tax to meet the projections that were presented to the Commissioners in 2003, to substantiate the bond guarantee, the Marriott would be solely responsible for providing a 15+% BOOST in tax revenues. Clearly that is not the case.
Furthermore, my sources indicate that occupancy to date at the hotel fell well below 50% with an average daily rate less than $110/night during the height of the tourist season. These stats along with what is lackluster performance county-wide and a long cold winter ahead do not bode well..
This year will be very difficult to assess the true picture for what impact the new hotel will have on bed tax contributions.
The three delays in opening dates caused significant financial hardship for the hotel whereas the convention center realized a financial benefit due to minimizing their scheduled financial losses. Rumor has it that the hotel displaced close to $1M in business as a result thereof.
The occupancy assumption listed above is probably dead on due to the required ramp up time of a newly built hotel. It usually takes a new hotel at least 6 months to gain stability within a market. The low average daily rates were probably influenced by absorbing the business from the Brunswick as a concession to the downtown district.
In a nutshell, it is too soon to tell and no more tax payer contributions!