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City of Phoenix Enters The Hotel Business

Posted by: Ambar Mukherjee
Thanks to: Ambar Mukherjee
3 September 2003 - 9:00am

The City of Phoenix decides to become a hotel developer to address the demand for hotel rooms downtown and generate business.

"Experts say more cities are constructing hotels with city debt because it is extremely difficult to find private developers who can make such a project economically feasible into today's market. Municipalities, using tax-exempt financing, can often get extraordinarily low interest rates, which means the hotels don't have to make as much money to break even or turn a profit."

Full Story: Phoenix may try to build a downtown hotel itself
Source: The Arizona Republic, September 2, 2003
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