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<br />
<br />In Ihc intclltivCl offered 10 entice
<br />lei" industries 10 the conununity,
<br />.way, these dells are higb-profile
<br />quire commibnCDl to lIel lhem
<br />oDfl.
<br />Another impoJ1aDl faclor in the
<br />ocess is the impacl on the local holel
<br />mununity. DepeDding OD the specific
<br />tuatiou, some bOlelien will view the
<br />iditioD of I Deeded beadquarter bolel
<br />I I positive ligbt, understanding thlt
<br />Ie success of \be conveDtioD cenler CaD
<br />leaD more business for their botel and a
<br />lroDger local tourism market overall.
<br />lthCII will see !be publicly-backed
<br />.otel u unflir competition.
<br />
<br />jolicltlng Developer Proposals
<br />Once the llcuenl paramelen of the
<br />lJojCC1 hlIve been defIDed, it's time 10
<br />:olicit proposals from developc:n.
<br />'l.lthougb the process is differeDI from
<br />;il)' 10 city, it is typically achieved in
<br />wo steps: I Requesl for QualificatioDli
<br />:RFQ). foUowed by I Requesl for
<br />Proposals (RFP) from the mOSI qualified
<br />rJrnJl. In this way, the besl flJ1lU can
<br />put fortb I maximum amounl of time
<br />.ffon loward Ille proposal.
<br />
<br />STIATEOICADVISOl.yGRoUP LLC
<br />
<br />This competitive process beneflls the
<br />public entity in two key Wlys. Fint, a
<br />variety of creative design concepts
<br />surface. Secondly, the competition
<br />makes devclopen find creative ways to
<br />keep public seclor cos15low.
<br />Once a final developer bas been
<br />selecled, a period of negotiation bellins
<br />between lbc panics rollowed by public
<br />seclor debale and approval,
<br />Once the public decides to solicit
<br />developers, the process can talee from a
<br />fcw months 10 several yean; 10 arrive at
<br />I memoraDdum of unders1llndiDg
<br />beTWeen Ihe partiea. While in some
<br />mSlaDCe& the public seclor decision
<br />process cau be slow, often rimes il is the
<br />printe seclor developer dragging out
<br />the process by continually changing
<br />their request for public incentive.
<br />
<br />What should developers do?
<br />Developers should keep five roles in
<br />mind wben competing for I hotel
<br />public.privale par1Jlersbip:
<br />I) Gel your request for public
<br />incentive as low a& possible and stick to
<br />it. Time and rime aglin, developen ask
<br />for higher incentivCl thaD rcquired to
<br />ereale I "grell" deal versus I "good"
<br />dell. When competition forces them 10
<br />
<br />lower their requat, thI public IeCtm"
<br />becomes way. tnJII II kilt. IDIl \be
<br />public sector ataIdI die proccu to Bee
<br />just bow low the dcvcIopcn wiD 10.
<br />2) Be opeD boaIt. Sbow your public
<br />partDeI' wily you require aD iDantive.
<br />Tllk lbout capi1al owUl requirClDCllll
<br />and wha' it wiD tab to Id Ihc projecl
<br />fmanced..
<br />3) Be patiad. TbiI ill public procca
<br />and it takes lime. AIle, utiliziDB public
<br />dollan mipI requin IOIIIe creative
<br />legal dOCUlllCldl tD CIlIUR funda an:
<br />uled keaDy.
<br />4) Be prepared tD COIItrKtUalIy offer I
<br />room block eu....dtmeaL Wlulc hotel
<br />companies sbJ ..,., from room blocb
<br />al I deal poiat 111 enable their yield
<br />mBDagemad pI'OIRIDI to woIk, doD',
<br />be afraid or theu comrnibnC1lls. They
<br />do nOl bllVc to be 0DCr0UL
<br />5) ContinuaDy communicale the
<br />public relurD on iovcstDICDt. AI Ibc end
<br />of every preacntadOll, &bow bow the
<br />public inanti.. rctumI dou.n to the
<br />public in tmIII 01' IU:CL DcpendiDB on
<br />the size 01 tba iDccDtIve. they typicaUy
<br />Ire typicaDy rctume4 to Ibc public ill 7
<br />10 10 yean, with I rc1lII1I on investmcDt
<br />in the upper \ceDI.
<br />
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