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Published on August 22, 2002
Jury: Predicts 3 percent annual growth in revenues and occupancy for downtown hotels
Economic Development Corporation head Andi Udris:
Cites a 6.5 percent decline in downtown occupancy (not including the Phillips, which is underperforming)
Jury: Says the President will have a market value of $106,000 a room
Kansas City, Missouri, Finance Department:
Says no downtown or Crown Center hotel has a per-room market value greater than $52,000
Jury: Asks the city for $14.5 million
Udris: Points out that $14.5 million in public money covers a third of Jury's costs, with additional taxpayer funding coming from state and federal tax credits
Jury: Says he will spend more than $200,000 a room to renovate the President
Hotel consultant Jeff Marvel: Says that's twice as much as the Phillips cost and unreasonable, no matter who's financing the project
Udris: Asks how room rates can stay competitive with such high construction costs
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