Why not put the hotel up for sale and see what the city can get for it? Why the rush to get city council to approve the deal before all of its financial details are available? SanAntonio SATX SanAntonioTX GrandHyatt Texas hospitalityindustry
A deal to unload the troubled Grand Hyatt needs more scrutiny before city council's planned vote on Thursday.Last week, San Antonio’s city staff — or more specifically, City Manager Erik Walsh and Chief Financial Officer Ben Gorzell —to “sell” the Grand Hyatt hotel downtown by paying off the outstanding bond debt the city issued in 2005.
Then again, by dumping the hotel now, the city avoids reporting to the bond market — and the public — just how badly the hotel performed last year. So where does the rest of those undefined bond proceeds go? Your guess is as good as ours. The city document says the bonds will also fund debt and operating reserves for the hotel, pay the finance costs for the transaction and offer a payout to Hyatt to acquire ownership in the hotel., Gorzell said the bond underwriters have provided ballpark figures for those items, but he declined to provide them.
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