Information & Latest News
October 13, 2015: Oklahoma City Council select the East Park 1 location for the Convention Center - News Article - Press Release
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Separate article on Convention Hotel
Convention Center Site Selection Study
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Information & Latest News
October 13, 2015: Oklahoma City Council select the East Park 1 location for the Convention Center - News Article - Press Release
Links
Separate article on Convention Hotel
Convention Center Site Selection Study
Gallery
yes we could get an Omni .. just depends on who pays for it.... but as for location .. if the current site remains then the CC hotel must be on the east end across from the okc arena
I agree, I think that would be a great location for hotel. I was wondering if it was possible for the city to work with Howard/Hall, to help franchise out an Omni, Sheraton, W at that location, then the city won't have to pay for it?
The new Omni Convention Hotel in Nashville is pegged at $250 million.
http://www.tennessean.com/article/20...hout-Nashville
The $50 Million may just be the city's part.
That is correct. Trying to find my notes on it but $50MM was the midrange number of possible public subsidy of the hotel that was in the $250MM ballpark. Will keep looking (think it was ULI related info, either from their presentation, final report or reporting on the same)
I believe the city of Dallas paid for the development of their 1000 room hotel (Operator is OMNI) by establishing a municipality owned corporation and issued bonds to acquire land and pay a developer. The city paid about $350 million to have the hotel as part of their master re-development of downtown, along with the cc itself. This isn't unusual for cc hotels these days.
We have to be careful about incentives as they aren't fair to the existing hotels and those to come.
Hopefully, there will be enough business for everyone.
okcpulse, a hotel was not amongst the examples pitched pre-vote, and there is no proposal I am aware of to use M3 funds to facilitate a hotel for the cc ... not yet anyway. May well never be.
But, could they choose to do so? I think they could. if they did, I would hope it is only because they collect well above the original estimates.
Not saying it is fair, or even recomended, but it is the way most large downtown convention center hotels are getting built these days.
Most convention center hotels are subsidized because they are physically removed from other sources of revenue. However, the Ford Dealer site was specifically chosen (allegedly) because of its proximity to the existing hotel stock. With that in mind I don’t see why a hotel adjacent to the Oklahoma City Arena, Myriad Gardens, and some of the largest employers in the city - in addition to being attached to a new convention center - should receive any public funding.
What's happened, and continues to happen at the river is amazing (the big taxi boats excluded. Those seem to be just a money sink.)
But the rest, very awesome. However, is any of the existing improvement from any of the various MAPs? The water rapids will be, but I thought the rest was from bond issues and from a significant amount of private funding?
It is my understanding that in addition to the rapids, the grandstand, lighting, waterstage, jumbotron on the bridge, wind shield and the elevator down from the bridge is to be funded by maps. Perhaps LarryOKC can dig into his bag of facts and tell us for sure.
To draw larger conventions you need a certain pool of rooms that can be blocked. I am sure the chamber of commerce has studied this and knows if we have enough rooms downtown to effectively compete. Also, none of the existing hotels have gathering and public areas of size or style to serve as a convention hotel. No one has the right mix of meeting rooms, etc. to complement a conference center. I don't care how many Hampton Inn's, Holiday Inn's etc. we have in Bricktown, they are not convention hotels.
Being in the Hotel and Restaurant business for several years, I couldn't agree more with your observations. Including the Chamber to assist in decision making and to analyze the competitive climate would be the first step in the right direction. Does OKC have the demand for a Convention Center?
We should be able to capture close to 100% of the current Cox events. Beyond that I am not really sure what our target market is. However, I do know the Cox is sitting on some prime land that will produce 10X as much revenue to the city in the hands of the private sector as it does now.
What is to prevent a private developer from build such a hotel Rover? At best, OKC might land 3 or 4 additional major conventions than already visits OKC in any given year so the 'block of room' argument rings hollow. OKC will not be hosting a major national convention ever week of the year. All of the local, state, and regional conventions already make regular stops in OKC so they do not represent any new dollars into the local economy.
If this hotel was being built some distance away from other potential sources of revenue then the 'subsidy' argument would have a little more validity but this hotel would be built in one of the most desirable parts of Oklahoma City, if not the entire state. They will have revenue streams available from multiple sources including downtown companies, Bricktown, the Oklahoma City Arena, Myriad Gardens, AND the convention center. Most convention hotels only get business from conventions which is why they are subsidized to begin with.
You pay subsidies to encourage people to development where they would not normally develop. You don’t pay subsidies to build where they would naturally build all on their own.
If it is such a great and risk free opportunity the city won't have to pay anything. They aren't going to volunteer it, of course. However, to build a LARGE hotel suitable to do what is required will most likely increase the risk and decrease the developers who will be interested. I'm just telling you how most of the deals are being done today. While you and others here are proud of our city and think every business opportunity is a slam dunk, investors don't all agree. If we want a real convention hotel with real convention amenities, we likely will have to subsidize to some degree. That is reality.
its working in Nashville, why couldn't it work in OKC?
Im not arguing against or for, Im just saying and agreeing with others that we should just ASSUME that OKC needs to pay a subsidy for a 600+ room convention hotel to be built. After all, if Ford Site is the one then it is arguably the best most desirable location in the state. That is precisely why others are questioning the cc being built there in the first place, but if it is then the city should not need to subsidize it at all.
Can't have it both ways.
Oklahoma City, the RENAISSANCE CITY!
If you are correct then developers will compete for the opportunity and will quickly build it at the scale and with the amenities required. However, the city should begin to look at funding alternatives should that prove not to be true. My guess is that the private developers will want to build smaller and with less amenities than the city will want. If the convention center hotel is a dud, then it harms the CC. The city will want the best possible chance for the most possible business. That may or may not mean they share the risk. Dallas paid for the whole thing to get it right...you are saying Nashville didn't pay for anything. The truth is likely in-between. That is why $50 million of a $200 million is probably about the right target of expectation.
Whatever is decided, I bet it's watered down of what should be
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