Tucy wrote:Addison wrote:Tucy wrote:
Hence my repeated point. At the end of the day, no matter how badly a luxury flag thinks they want in to the market, it's not gonna happen if the developer can't get financing. Full Stop. And unless a developer is willing to put up a great big giant chunk of equity, financing is not happening without significant pre-sales of condos.
It *CAN* happen if the hotel operator is eager/desperate enough to enter/return to a market, although the way they go about it may not be conventional or popular with some folks.
One example would be the Sam Moon Group's project with JW Marriott, and another would be the Omni attached to KBH.
They will find a way to establish a presence a quickly as possible.
They happened, in the case of the JW Marriott, because Sam Moon was able to put the package together and get it financed.
No good reason why the same couldn't happen for the Four Seasons (and no, the developer trying to maximize their return on this project by incorporating condos that aren't really neccessary doesn't count as a good reason to me).
and in the case of the Omni, because they city of Dallas wanted a convention hotel attached to the KBH so badly they just paid for it
Point is, Four Seasons could always approach the city to request subsidies if that's what it will take to get the project in its current form moving. And I'm sure they'd receive them.