With 17 hotels in downtown pipeline, experts doubt they’ll all make it

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5 thoughts on “With 17 hotels in downtown pipeline, experts doubt they’ll all make it

  1. Meanwhile, Carmel braintrusters continue borrowing millions to build a Hotel Carmichael.

    With a combined debt of $1.5 billion, Carmel taxpayers bear the burden of misguided City Hall stratagems.

    What is true of overbuilding hotel rooms goes double as Carmel overbuilds retail space and office space.

    If commercial realtors won’t do it in Carmel, why should taxpayer/debtors?

  2. Funny about financing and bankers. They all look for a sure thing. Hotels are never a sure thing. Its always a case of the “chicken or the egg.” Do you get the business (conventions and events etc.) first and build or do you build to attract new business? If you wait for the conventions to come looking, they usually pass you by because you don’t have enough rooms and since it take 2 or 3 years for construction or about 1 an 1/2 years for renovation of an existing building, its usually not quick enough. If you build then you are stuck with a project waiting for the business to show up.
    In reality, a good developer would do their research and homework and build but also be luring business as the project progresses.
    Out of towners almost all say Indianapolis is still behind on the numbers of top flight hotels.

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