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Mojo

Book Caddy delay

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1/20/06

NorthAmericanInternationalAutoShow2.jpg

The wait continues and this jewel stays dark like the way it was last night. Btw, it was wet out yesterday so I couldn't get a clear shot. Sorry.....

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Remember the days when people would just build things even without any financing in order. I wish those days would return.

Yea I wish they could take it floor by floor. If they could have done that, they could have had at least half done by Superbowl XL.

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The latest report is just more heresay. There is no substance behind it other than the project is delayed. From words like "probably" used in the report, these people have no clue when it is going to finally start. It's an optimistic way of saying, "be patient". But anyone without bias would tell you the wait could be spring...could be later...could be sooner. All you can really take away from these false reports is that the Book-Cadillac will not be renovated. If they meant anything, construction would have started by now.

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I could careless about delays, this project is going to happen one way or another. They've gone to far to let this all drop.

EDIT:

Uhm, did I recently see an article mentioning possible demolition and that things are falling through again.

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I think this will be our last delay because a $50 million dollar mortgage is huge for this project. The only reason we would have another delay would be if the bank pulled out. I'm planning on seeing wonderful construction by the summer! Will construction start just after closing?

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Remember the days when people would just build things even without any financing in order. I wish those days would return.

Ha!....good luck with that.....especially with the fantastic economy in SE Michigan.

Here's an idea.....get Detroit to focus on bringing new, non-suto related businesses to the city.....not only will it spark (and diverisfy) the local economy, but it will bring more business travel to the downtown area.

It is a shame that downtown Detroit has a very small supply of hotel rooms.......much smaller than any other big city.....but at the same time, the hotels that it does have are not doing great....so there is no need for more.

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The hotels in downtown Detroit are doing just fine, they are not booming, but none of the current ones are in danger of being closed. In fact, downtown residential AND hotel space are on a slow but steady rise.

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The hotels in downtown Detroit are doing just fine, they are not booming, but none of the current ones are in danger of being closed. In fact, downtown residential AND hotel space are on a slow but steady rise.

I am not so sure 1 new hotel (limited service at that) downtown in the last 20+ years counts as a steady rise.

And it is so good to see the thousands of rooms connected to the permanent casinos open in time for the Super Bowl :rofl:

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Seriously, do you have any grasp of downtown Detroit? The new hotel was at the START of this rise. And two of the hotels are under construction. Not everything in downtown Detroit is, or was contingent upon the SuperBowl. The city is building for the future, not for one night, and you don't seem to get that.

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Seriously, do you have any grasp of downtown Detroit? The new hotel was at the START of this rise. And two of the hotels are under construction. Not everything in downtown Detroit is, or was contingent upon the SuperBowl. The city is building for the future, not for one night, and you don't seem to get that.

Meanwhile, downtown hotel occupancy was 52% last year (around a $114 average rate).....down 2% over 2004....pretty much flat with 2003....certainly does not scream a need for additional hotel rooms.

In comparison:

Downtown Chicago ran a 75% at about a $170 average rate

Manhatten ran a 86% with a $241 average rate

Downtown Atlanta ran a 67% at a $132 average rate

Downtown San Antonio ran a 77% at $145 average rate

Detroit is one of the few markets forecasted to see negative hotel room demand for the next 5 years......which means any new room will be taking a roomnight from an existing hotel.

If the city really wants to build for the future, they will figure out ways to fill the existing hotels, attract a more diverse group of businesses downtown, and actually build a solid foundation for downtown....something that has never been done before.

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I am not so sure 1 new hotel (limited service at that) downtown in the last 20+ years counts as a steady rise.

And it is so good to see the thousands of rooms connected to the permanent casinos open in time for the Super Bowl :rofl:

The hotel market in Detroit and the region is starting to grow after a three-year slump, but anytime you expand a certain market the demand must grow," said Chuck Skelton, president of Hospitality Advisors Inc., a hotel consulting firm in Ann Arbor. "That will be the key to making those new hotels work, along with the residential component."

At the end of June, downtown Detroit's average hotel occupancy stood at 60 percent, up from 57 percent in 1999, Skelton said.

http://www.detnews.com/2005/business/0511/02/C01-369434.htm

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