The Penn Square Partners’ hotel business revenue and profits are a secret as tightly guarded as if they were a matter of national security, even though the hotel building they occupy is owned by taxpayers, and all of their meeting space from which they collect revenue is actually a part of the convention center. Their only “lease” is payments on a $24 million Lancaster City-guaranteed construction loan, their only equity is $11 million in unspecified terms; considering they occupy a hotel structure which cost in excess of $76 million to construct, that is quite a deal for them. Yet they still claim business confidentiality, even though the majority of the assets which they profit from were paid for by taxpayers.
Given the inappropriate secrecy, there is no telling what the Penn Square Partners might end up doing.
EDITOR: Ironically, half owner is the Lancaster Newspapers, Inc. who should be seeking to pry out that information.
Where is 60 Minutes when we need them??? Or maybe The Harrisburg Patriot News? Or maybe WGAL-TV 8? SOMEONE needs to be investigating and reporting this!!!!
LNP certainly won’t!!!