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Ritz-Carlton Hotel


atlrvr

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i'm jealous aboot Toronto's Ritz, eh'

toronto_hotelhome.jpg

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I know, man, what the H. I mean c'mon Ken I know you're trying to be the showman now and all and we really do appreciate all that you and your company have done for us, but just 15 stories? You gotta give us a little more than that.

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i don't think we want the ritz to be over-built. (just like our neimans, and potentially our saks, if they build a small store at montaldos or whereever...) By getting small versions of these luxury brands, we get the prestige, but have much lower risk that they'll be unsuccessful. It would be embarrassing for them to close up shop, and that would create very negative momentum. If they are successful, (again, more likely with the smaller scale), it may mean some of their competitors will join the fun, possibly leading to a W or a Grand Hyatt at epicenter.

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Because as I've learned, BofA and Wachovia are committed to maintaining a certain occupancy rate at the Ritz......as in, if they don't rent enough room, the banks will subsidize them......they wouldn't do this unless they were certain that they would be generating enough business betwen them.

I don't believe RC needs the banks to fill the hotel. There enough of a need in Charlotte for luxury hotel rooms, IMO. That is what I was saying.

And because BofA is spending $60M of their own money to build a hotel that is specific to accomodating their business clients and guests.

Even if they were to move their HQ, there's nothing to say the need wouldn't still be there, right?

It certainly not fair to compare an urban Ritz in Charlotte to a resort Ritz just outside of Atlanta.  Without the banks here, the Georgia resort would easily fill more rooms.

I think you miss the point. The RC in Charlotte more than likely will never have to rely on BofA's traffic to operate here. As I said, there is a need for this type of hotel in Charlotte. In case you hadn't noticed, there aren't many nice hotels here.

BTW- Is Charlotte really this dependent on the banks?

The chances of BofA relocating to NYC for their corporate HQ is less than 1%. I just want to throw that out there because there seems to be a lot of speculation on this board about that happening.

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A simple change in management could change that. I'm not speculating that BofA is planning to move to NYC. I just think it's realistic to assume that it could possibly happen one day. It happens to companies all the time. However, if BofA did that, I think Charlotte would be fine. It does have more to offer than banks. Or am I wrong???

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Well my opinion is that if there was a demand here, then the demand would have been met without BofA and Wachovia needing to commit to filling the rooms.

Similarly, US Air opertes 4 non-stops from Charlotte to San Fran. because BofA has pledged to fill a certain number of seats.

Would Charlotte up and die without BofA, no, but we would certainly be lacking in many of the ammenities that we take for granted and similarly sized cities are jealous of.

However, my initial point was only that for BofA to shell out $60M to own a hotel and to commit to filling the rooms, it would indicate that they believe they will continue to have a need for a top tier hotel here. Those rooms are for people meeting with senior executives, not run of the mill managers found in other cities where they simply maintain a presence.

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BTW- Is Charlotte really this dependent on the banks?

A simple change in management could change that. I'm not speculating that BofA is planning to move to NYC. I just think it's realistic to assume that it could possibly happen one day. It happens to companies all the time. However, if BofA did that, I think Charlotte would be fine. It does have more to offer than banks. Or am I wrong???

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No you are right girly BofA definately offers much more than just banking. The problem with the idea that the Bank would move to NYC is unlikely though. It would take a totally different management team to pull that off. I do not see Ken Lewis and company giving up their title as senior management to any outsiders. Plus there is NO chance of another bank coming into the picture (ie Merger or Aquisition) due to their status as the Largest Consumer Bank in the US. The deposit restrictions and regs would not allow another bank to marry them (it would push them past the 10% deposit rule), thus there is no opportunity for a new mangement to move in, as is the case with most M&A deals. BTW, most of the management team is from the South and for that matter I know of three top tier execs that are from North Carolina and graduated from Carolina Institutions. This is what makes the difference in the BofA case. I know that companies move all the time, but this case is a bit different. I will speak the same for WB. Except in Wachovia's case ALL of Senior management is from the South and Carolina's.

A2

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Was "corporate 2" going to be the tower that BofA was supposed to build (based on rumors?)?

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take a look at the observer article. it was basically a Johnny Harris project for that land from 5 years ago that fizzled with the economy.

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take a look at the observer article.  it was basically a Johnny Harris project for that land from 5 years ago that fizzled with the economy.

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yeah, but there was a rumor that BofA would build another smaller tower further up tryon....the harris project wasn't that tower was it?

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yeah, but there was a rumor that BofA would build another smaller tower further up tryon....the harris project wasn't that tower was it?

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Nope, the Harris project would have been where the Ritz-Carlton is going, the project at Tryon and 7th would have been a co-development between BofA and Trammell Crow, though they were attempting to sign an anchor tenant that apparantly didn't happen.....so that plan is dead for now, but of course could happen if a someone in need of space comes a knockin.

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Well my opinion is that if there was a demand here, then the demand would have been met without BofA and Wachovia needing to commit to filling the rooms.

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You know, I actually wonder if companies do this to the banks on purpose. And really, what choice do the banks have?

The problem with the idea that the Bank would move to NYC is unlikely though. It would take a totally different management team to pull that off. I do not see Ken Lewis and company giving up their title as senior management to any outsiders. Plus there is NO chance of another bank coming into the picture (ie Merger or Aquisition) due to their status as the Largest Consumer Bank in the US.

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What I'm saying is don't count your chickens before your eggs hatch. We just don't know what the future holds. BofA and Wachovia are both publicly traded companies. Over time, that can certainly have an effect on management. I mean, it happened to both Coke and Pepsi. For years, the management and controllers of the companies were mostly local. As both companies have grown, that has changed radically. As a result, Atlanta (as an example) has found itself jumping through more and more hoops to support Coke and keep the HQ in the city. In the future, Atlanta may not be so lucky. That's the point I'm trying to make. I'm not saying BofA will leave Charlotte tomorrow or even 20 years from now. All I'm saying is there is always a very real possibility that the HQ could move. Despite Ken Lewis' promise. He won't work there forever. That's all I'm saying.

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You know, I actually wonder if companies do this to the banks on purpose. And really, what choice do the banks have?

What I'm saying is don't count your chickens before your eggs hatch. We just don't know what the future holds. BofA and Wachovia are both publicly traded companies. Over time, that can certainly have an effect on management. I mean, it happened to both Coke and Pepsi. For years, the management and controllers of the companies were mostly local. As both companies have grown, that has changed radically. As a result, Atlanta (as an example) has found itself jumping through more and more hoops to support Coke and keep the HQ in the city. In the future, Atlanta may not be so lucky. That's the point I'm trying to make. I'm not saying BofA will leave Charlotte tomorrow or even 20 years from now. All I'm saying is there is always a very real possibility that the HQ could move. Despite Ken Lewis' promise. He won't work there forever. That's all I'm saying.

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I see your point girly. I just hope that through whatever happens CLT maintains a position as the Financial Capital it is (outside of NYC, of course). I agree with you on another point about how cities have to "jump through hoops" to KEEP their beloved HQ's. It is a very competitive world and every city is vying for an opportunity to add to their corporate base. I am sure Atlanta has shelled out some serious cash, in lucrative tax incentives, in trying to keep its corporate base happy, especially Coke. It is all about the incentinves for a lot of companies. The thing that bodes well for Charlotte is that they are very "pro business", and the city is definately is in the retention game. I know of many cities that seem not to have any "fight" to them at all. In this race, cities HAVE to "play ball", or else they might become complacent enough to let one of their larger tax payers waltz right out the door.

A2

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Why would BofA move their headquarters to NYC when it is more expensive here? It doesn't make much sense from a business standpoint - most companies (or certain departments of a company) move elsewhere because it's cheaper..

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It is highly unlikely that BofA would move their hq to NYC in the near future. However the logic of such move would be to announce a "world presence" by moving to the financial headquarters of the world.

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Love the article dubone. it really expresses what pride not only charlotte but the rest of north carolina has when big name businesses and the rest of the world focuses on us. just think about it, charlotte hosting an olympics, that may be going just a little too far but hey great article anyways.

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Well I thought the building looked kind of TOO modern for Ritz Carlton. I thought they usually picked places that were historic or had historical value? This looks like a place Marriott or Hyatt would occupy.

That's my 2 sense! :)

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i agree. it is pretty plain-jane. I guess its design makes it look more closely tied to the corp center... but it would have been cool if they could do something like that new Moscow Ritz, where they go very ornate and fancy. Or they could have opted for a taller, more interesting building with a smaller per floor.

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