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Advisory Services
Development Resources
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Denver Hyatt Convention Center Hotel - Denver, Colorado |
1,100 guest rooms; 85,000 net square feet of public space; 600 parking stalls contained in an underground garage. The current business plan and sales & marketing plan details pro forma group rooms sold to constitute approximately 60% of total room sold.
Large-scale convention center hotel situated adjacent to the Colorado Convention Center in downtown Denver. The client was the City and County of Denver. The hotel project was funded through a $355 million project revenue tax-exempt bond financing. The owner is a municipally organized non-profit corporation established as an Authority to be a single purpose, single asset, bankruptcy-remote entity. The convention center itself, located across the street, contains 769,000 total useable square feet.
Duties Included:
- Acted as the primary advisor to the City and County of Denver on all matters relating to the lodging operating business, as well as on numerous development related matters.
- Managed the hotel managing agent RFP process, provide all necessary input on criteria, qualifications and potential candidates; lead negotiations with prospective hotel management companies.
- Negotiated the Qualified Management Agreement, the Pre-Opening Agreement and the Technical services Agreement. Developed the business terms for the Room Block Agreement and lead negotiations with the Metro Denver Convention & Visitors Bureau and Hyatt Hotels.
- Interacted, on behalf of the City, with parties in interest to the transaction including the Architect, Bond Insurer, Convention & Visitors Bureau, City Attorney, Bond Counsel, Disclosure Counsel, Underwriters’ Counsel, Counsel to the Authority, Feasibility Consultant, Program Manager, Hotel Manager, Rating Agencies, Bond Insurer and Underwriter.
Since project conception, related project services were also provided to the Denver Metro Convention & Visitors Bureau as well as the Denver Urban Renewal Authority. These services included:
- Market analysis and feasibility;
- Facility programming and spatial planning;
- Financial pro forma development;
- Land value consultation;
- Parking requirements analysis;
- Developer agreement counseling.
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