San Antonio, we have a transparency problem. And we have for a long time. SanAntonio SATX SanAntonioTX Hyatt Texas Tourism economics TexasPolitics
The most recent city budget highlights performance measures for the convention center as its exhibit hall occupancy level and number of hosted events. But actual convention attendance is nowhere to be found.San Antonio's city government is open and clear about some things. The annual budget numbers are laid out for everyone to see, for example, and the specific projects on the big bond issue package up for a vote this month are spelled out.
When the Grand Hyatt deal was finally put out to the bond market, the"official statement" that documented the bond issue carried more interesting information — details that weren't made public when the"sale" was first announced. For example, the appraisal report put the current value of the hotel at $407 million — a figure far greater than the outstanding debt of $168 million.
For decades, we've been told that the convention center is an"economic engine," vital to the success of our tourism economy and downtown. So, we have dutifully invested in the center, completing an expansion in 2001 and another in 2016. In 2017, the facility's convention attendance came to 396,785, according to details in the filing. The next year hit 431,492. But for 2019, convention attendance dropped to 365,850.
It didn't quite happen. Indeed, the 2019 convention attendance total of 365,850 is remarkably close the 336,966 reported for 1989 — yes, 30 years earlier.
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