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  #721  
Old Posted Jul 24, 2014, 8:02 PM
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ahealy ahealy is online now
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Quote:
Originally Posted by Hill Country View Post
As in same time last year?
Yep! I feel like we've said that so so many times on here.
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  #722  
Old Posted Jul 24, 2014, 8:53 PM
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Originally Posted by ahealy View Post
Yep! I feel like we've said that so so many times on here.
true that!
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  #723  
Old Posted Jul 26, 2014, 5:26 PM
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Originally Posted by spoonman View Post
The Reader is a steaming turd of a paper. The paper claims to "tell it like it is", but is more biased than the SD Union-Tribune, which the Reader rails against for being biased.

The Reader should be embarrased by the lengths that they go to throw dirt on the Manchesters. I am embarrased for the Reader.
I'm not going to get into some struggle between what people think of 1 newspaper or another or the politics of either paper. The facts speak for themselves, the Manchester Group doesn't have the financing, it's that simple. Lets not read into anything other than that. As an experienced RE professional of over 40 yrs. & have dealt with the Manchester Group in my career. This project is more than stalled, if built, it'll be downsized. Any hotel that is built needs to be viable, & spending another $50-$100 million make the project as is unlikely. So what if Manchester builds a 600-room hotel instead, that is still quite a project, lets not get caught up into what should have been. Financial realities are going to dictate this project & as is, it is more than stalled or downsized.
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  #724  
Old Posted Jul 26, 2014, 10:20 PM
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The fact that not one word has come out publically is also telling. You can be sure somebody that works for Manchester has either been monitoring this thread, hearing grumblings within the industry or at least knows about the article. I may not be a real estate mogul and/or developer but if I was and by my logic, I would want to keep on top of any negative press, clear up any misconceptions and update current status. That's just my thinking.
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  #725  
Old Posted Jul 27, 2014, 1:03 AM
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KevinFromTexas KevinFromTexas is offline
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I really think most people in the industry would probably understand the logistics and problems that arise in trying to develop something. One of those issues for sure is finding financing. I don't know that I would blame the developer for having trouble securing it. This is a big project. It's high profile, it's expensive and will add greatly to the number of hotel rooms downtown has. Part of the problem of finding financing is some people could be taking a wait and see approach to how the market reacts to the new supply. I'm not completely sold on the idea that the hotel market is especially hot and healthy since there haven't been any more project announcements for a while now, and there are others waiting in the wings for financing and that are working through the permitting process. Even if Manchester was to fail at this and back out of it, I think if the market could support another hotel of this size and scope that another developer would step up, even if it takes a completely different form and happens at another location.
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  #726  
Old Posted Jul 27, 2014, 2:53 AM
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LoneStarMike LoneStarMike is offline
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Originally Posted by KevinFromTexas View Post
Part of the problem of finding financing is some people could be taking a wait and see approach to how the market reacts to the new supply. I'm not completely sold on the idea that the hotel market is especially hot and healthy since there haven't been any more project announcements for a while now, and there are others waiting in the wings for financing and that are working through the permitting process.
Currently, Downtown has 5,700 hotel rooms (and that's if you count the Hyatt Regency and the Embassy Suites, which technically aren't downtown, but they're close enough.)

Number of Rooms/Hotel Name

800 - Hilton Convention Center
448 - Hyatt Regency
413 - Radisson
375 - Omni Hotel
361 - Sheraton at the Capitol
322 - Holiday Inn Town Lake
296 - Hyatt Place
291 - Four Seasons
270 - Marriott Courtyard
262 - Embassy Suites
254 - Hilton Garden Inn
251 - W Austin
209 - Hampton Inn Downtown
203 - Driskill Hotel
189 - Stephen F. Austin Hotel
188 - Doubletree Inn & Suites
179 - Marriott Residence Inn
151 - La Quinta at the Capitol
137 - Hampton Inn University/Capitol
101 - Extended Stay America
----------------------------------------
5,700 - total

Then you have 4 hotels that are under construction or at least have broken ground.

1012 - JW Marriott - opening Feb. 2015
326 - Hotel Van Zandt - opening March 2015
366 - Westin Austin Downtown - opening Spring 2015
298 - Holiday Inn Express/Hotel Indigo - opening (?)
---------------------------------------------------
2,002 - total

So when those 4 hotels are completed, we'll have 7,702 hotel rooms in the downtown area. That's a 35% increase over what we have now.
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