Michigan’s economy is growing again, and Grand Rapids is leading the way. Since 2009, Grand Rapids has had the fastest growing regional economy in the state, increasing 29.2% to $58 billion, according to Michigan-based Bridge Magazine. The Metro Grand Rapids area has also been recognized as one of the fastest growing economies in the country.
As hospitality consultants, we understand the relationship between private developers and public entities. These public-private partnerships have long been an economic tool in the hospitality industry, but post-recession they have become more commonplace.
When land is not available for purchase for hotel construction, a well negotiated ground lease can benefit both the developer and the land owner.
By David J. Sangree, MAI, CPA, ISHC, and Joseph Pierce Summary: The median sale price per room of hotels in the United States declined by over 40% between year-to-date October 2008 and year-to-date October 2009. The dramatic decline is a result of the economic recession and the fact that there was a much smaller pool