PROMISES AND RISK IN PUBLIC HOTEL DEVELOPMENT HEYWOOD T. SANDERS UNIVERSITY OF TEXAS AT SAN ANTONIO

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1 PROMISES AND RISK IN PUBLIC HOTEL DEVELOPMENT HEYWOOD T. SANDERS UNIVERSITY OF TEXAS AT SAN ANTONIO

2 Welcome to San Antonio A Project Too Far: Fiesta Plaza Festival Marketplace

3 QuickTime and a TIFF (Uncompressed) decompressor are needed to see this picture.

4 AFTER

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7 TOWN SQUARE, ST. PAUL, MN

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9 TOWN SQUARE MIXED USE DEVELOPMENT Department Store/Retail Mall/Office Towers/City Park/250 Room Radisson Hotel Opened 1980 Radisson Hotel Sold 1985 Re-opened as a Holiday Inn Holiday Inn Closed April 1990 Re-opened as a Radisson Hotel by St. Paul Port Authority 1996

10 ST. PAUL PORT AUTHORITY HOTEL OWNERSHIP Radisson City Center Radisson Riverfront Embassy Suites 250 rooms 475 rooms 210 rooms

11 RADISSON CITY CENTER HOTEL RECENT PERFORMANCE 2003 Occupancy = 51.4% 2003 RevPar = $ Occupancy = 58.22% 2004 RevPar = $49.36

12 CONVENTION CENTER DEVELOPMENT BOOM

13 CONVENTION CENTER EXHIBIT SPACE SUPPLY Convention Center Exhibit Space by Year Convention Center Space Year

14 ATTENDANCE AT MAJOR CONVENTIONS AND TRADESHOWS 5.5 TRADESHOW WEEK "200" EVENT ATTENDANCE BY YEAR 5 ATTENDANCE (MILLIONS) YEAR

15 RECENT PUBLICLY-FINANCED CONVENTION CENTER HOTELS 1999 Sacramento 500 rooms 1999 Austin 800 rooms 2000 St. Louis 1,081rooms 2001 Overland Park 400 rooms 2001 Myrtle Beach 404 rooms 2001 Houston 1,200 rooms 2002 Omaha 450 rooms 2003 Denver 1,200 rooms 2005 San Antonio 1,000 rooms 2005? Baltimore 750 rooms 2005? Phoenix 1,000 rooms

16 HOUSTON HILTON AMERICAS HOTEL 1,200 ROOMS FUNDED WITH CONVENTION CENTER EXPANSION

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18 HOUSTON HILTON AMERICAS HOTEL PROJECTED 2003 OCCUPANCY = 66% PROJECTED 2003 ROOM RATE = $ PROJECTED REV PER ROOM = $87.12 ACTUAL 2004 OCCUPANCY = 51.4% ACTUAL 2004 ROOM RATE = $ REVENUE PER AVAILABLE ROOM = $69.27 ROOMS AVAILABLE ON PRICELINE FOR $41.00

19 MAJOR HOUSTON HOTELS REVENUE PER ROOM FOR FIRST QUARTER BY YEAR 180 HILTON OPENED AND SUPERBOWL 160 REVENUE PER ROOM (DOLLARS) YEAR HYATT FOUR SEASONS DOUBLETREE

20 AUSTIN HILTON HOTEL 800 ROOMS

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22 AUSTIN HILTON HOTEL PROJECTED 2004 OCCUPANCY = 69.0% PROJECTED 2004 ROOM RATE = $ PROJECTED 2004 NET INCOME = $15.5 M ACTUAL 2004 OCCUPANCY = 67.8% ACTUAL 2004 ROOM RATE = $ ACTUAL 2004 NET INCOME = $11.4 M

23 MYRTLE BEACH RADISSON HOTEL 404 ROOMS

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25 RADISSON HOTEL PERFORMANCE PROJECTED FY04 NET INCOME = $6.06 M ACTUAL FY04 NET INCOME = -($1.75 M) TECHNICAL DEFAULT ON BONDS APRIL 2004 WITH PREMIUM PAID NEW BONDS BACKED BY CITY REVENUES - SHORTFALL FOR 2005

26 ST. LOUIS RENAISSANCE HOTEL 1,081 ROOMS FUNDED WITH $98 MILLION EMPOWERMENT ZONE BOND ISSUE $81 MILLION CITY DEBT TOTAL COST = $265 MILLION

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29 HVS PREDICTED PERFORMANCE ST. LOUIS RENAISSANCE HOTEL PROJECTED 2003 OCCUPANCY = 63.2% PROJECTED 2003 ROOM RATE = $ PROJECTED 2003 NET INCOME = $11.7 MILLION PROJECTED 2004 OCCUPANCY = 68.8% PROJECTED 2004 ROOM RATE = $ PROJECTED 2004 NET INCOME = $13.3 MILLION

30 An operating deficit projected at $1.45 million, or 4.5% of expenditures (prior to debt service) for the two hotels in 2003, which we expect will result in a draw on the general and administrative reserve fund to pay for operations and $7.1 million in senior revenue bond debt service. Significantly weakened demand for hotel rooms and meeting space from all travel segments, resulting from the regional and national economic slowdown and exacerbated by the terrorist attacks of September 11, Average room and occupancy rates for the 2 hotels in 2003 is projected at roughly $110 and 50%, respectively. The combined occupancy rate in the third quarter of 2003 improved to nearly 60%, but the revenue per available room remains significantly lower than forecasted at financing.

31 ACTUAL PERFORMANCE IN 2004 OCCUPANCY = 52 PERCENT AVERAGE DAILY RATE = $ NET INCOME = -($426,000) BEFORE DEBT SERVICE SENIOR BOND DEBT SERVICE = $7.1 MIL

32 MOODY S REPORT DECEMBER 17, 2004 Moody's affirms the B3 rating and negative outlook assigned to St. Louis Industrial Development Authority's $98 million in senior lien hotel revenue bonds. Affirmation of the rating follows a draw on the debt service reserve fund to pay a portion of senior lien debt service due on December 15, 2004, a clear sign of continued credit stress.

33 LETTER FROM GATEWAY HOTEL PARTNERS, FEBRUARY 14, 2005 As you are aware, since its opening, the Gateway Hotel Project has experienced lower occupancy and daily room rates than originally projected. This has resulted in revenue shortfalls and negative cash flow such that, as of December 31, 2004, all of the $10.0 million Standby Guarantee has been drawn down together with about $2.5 million from the Debt Service reserve. Consequently, the Obligated Group has reviewed the value of the Project s real estate and determined that the carrying amount of the real estate would not be recoverable through normal operations over the Project s remaining useful life. Accordingly, an impairment charge of $130.1 million is reflected in the accompanying financial statements to write down the real estate to an estimated fair value of $73.0 million at December 31, 2004.

34 ST. LOUIS HOTEL ROOM REVENUE FOR METRO AREA AND DOWNTOWN BY YEAR 70 RENAISSANCE HOTEL OPENED 65 REVENUE PER ROOM (DOLLARS) YEAR METRO REVPAR DOWNTOWN REVPAR

35 LOCAL CAPACITY TO ASSESS RISK WHAT THE CONSULTANTS SAY WHAT YOU NEED TO KNOW

36 WORKING WITH FAILURE PUBLIC DISCLOSURE ASSESSING THE FUTURE RISKS

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