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  #741  
Old Posted Jan 14, 2024, 5:24 PM
shoelessjoe shoelessjoe is offline
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Regarding the MIP hotel project.

The Hyatt Corp website is now listing 2 brands (Hyatt House and Hyatt Place) as being under development (...or 'pipleline' as they call it) at Hamilton/McMaster University. The website had previously listed a Hyatt House as under development however it was eliminated from the list a couple of years ago. It appears either that the MIP hotel project is back on track or these hotels are being developed elsewhere in the McMaster area.
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  #742  
Old Posted Jan 14, 2024, 6:02 PM
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There was a site plan application in 2019 for a hotel which I think was cancelled by the pandemic, but they indeed reapplied in 2023 for a new, 7-storey, 162 room hotel.
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  #743  
Old Posted Jan 14, 2024, 6:20 PM
shoelessjoe shoelessjoe is offline
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These twin-brand properties are becoming more common (see the HI Express/Staybridge under construction on Upper James as an example). Good to see Hyatt remains involved in the project.
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  #744  
Old Posted Feb 9, 2024, 4:48 PM
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Billions of dollars lost and corporate intrigue: Inside the chaos at McMaster's high-profile innovation park

Former McMaster Innovation Park CEO files $4.2-million lawsuit against McMaster University for wrongful dismissal, alleging “financial mismanagement” at the school. The lawsuit is a window into the chaos at the park in late 2023 that culminated in the end of a $2-billion development deal.

Grant LaFleche, February 9, 2024, Spec.com

The man who once ran McMaster University's vaunted innovation park is accusing the school of firing him to avoid paying out a hefty bonus while attempting to cover up its own financial mismanagement.

In a $4.2-million wrongful dismissal lawsuit filed against the university and McMaster Innovation Park (MIP) on Jan. 23, Ty Shattuck claims the park, where he was the CEO, was being used as a scapegoat for McMaster's poor handling of its finances.

“McMaster was also taking steps to attempt to use MIP as a vehicle to mask financial mismanagement at McMaster itself and to attempt to blame MIP for McMaster's financial mismanagement,” says Shattuck's statement of claim, which also alleges he was on the cusp of delivering $2 billion in investment to the park when was fired in late November 2023.

The Spectator has confirmed some of the circumstances outlined in Shattuck's lawsuit, including that McMaster — which has poured tens of millions into the park over the last decade — moved rapidly at the end of 2023 to remove independent members of the MIP board of directors and replace them with university staff.

https://www.thespec.com/news/hamilto...c01084db1.html
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  #745  
Old Posted Feb 9, 2024, 6:12 PM
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Oof. There is a story here for sure. I can only hope McMaster charts a path out of this mess.
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  #746  
Old Posted Feb 9, 2024, 6:17 PM
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More likely just a salty former employee that refuses to accept his own mistakes.
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  #747  
Old Posted Feb 9, 2024, 6:30 PM
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Perhaps. Sounds like he negotiated a financial partner that fell through so Mac kicked him to the curb.

He seems to think that it's Mac's fault as to why the partner fell through, I'm sure Mac blames it on him. Who knows who is right..
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  #748  
Old Posted Feb 11, 2024, 1:51 AM
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If what the former CEO is saying is true, it explains a lot.

I'm of the opinion that leaders of these enterprises should not be academically-focused. There should be a strong connection to the research leadership, but creating new companies and building partnerships with existing ones to commercialize the research takes a strong business-mind.

Years ago I recall a kerfuffle in Mac's business school about the dean coming from outside of the academic sphere. The senior academics didn't like him, and there were alleged issues about how the school was being run. I don't know what happened in the end, but I took a post-graduate course taught by that person, and his experiences provided much great input to his lectures and our course discussions. Anyway, I wonder if conflict between the academics and the "experienced" business people is at the root of the underperformance issues with MIP. And quite correct who knows who is right. We will probably never know. MIP just needs to begin to fulfill the original vision set out for the endeavor, and there are many factors which support that (not just leadership, but timing, competition, the economy, the research and innovation that fuels commercial development, etc.)
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  #749  
Old Posted Feb 13, 2024, 6:05 PM
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I haven't been to the main MIP building (the old Camco part) in a long time. I'm guessing the number of actual private sector tenants is still quite minimal.
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