City of Phoenix Enters The Hotel Business

The City of Phoenix decides to become a hotel developer to address the demand for hotel rooms downtown and generate business.
September 3, 2003, 9am PDT | Ambar Mukherjee
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"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."

Thanks to Ambar Mukherjee

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Published on Tuesday, September 2, 2003 in The Arizona Republic

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