Some convention-hungry cities are looking at Denver, which not long ago opened a 1,100-room hotel without help from private funds or taxpayers.
Denver financed its Hyatt Denver Convention Center Hotel with more than $367 million in tax-exempt revenue bonds. The bonds are repaid from the hotel’s profits.
Tourism officials in major US cities cite a lack of a convention hotel as a major detriment to attracting group business. But some cities have found it difficult to fund hotels.
“The (Denver) project is successful enough that bonds have been refinanced and some tax money now benefits the city,” said the Portland Business Journal.
Portland is among cities considering a similar financial arrangement.
A convention center could bring in 17 additional conventions worth $3.1 million in Portland, a study found.
Report by David Wilkening
