Des Moines Convention Hotel

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skinzfan23
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Des Moines Convention Hotel

Postby skinzfan23 » Thu Sep 10, 2015 12:02 am

Here is the earlier renderings of the hotel:
Originally proposed to be 450 rooms and 16 stories tall
Image

Then it got shortened to 8 stories and 330 rooms
Image

Newest rendering of the 8 stories and 330 rooms
Image

Image

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RNcyanide
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Re: Des Moines Convention Hotel

Postby RNcyanide » Thu Sep 10, 2015 2:07 am

That actually looks really cool.
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skinzfan23
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Re: Des Moines Convention Hotel

Postby skinzfan23 » Thu Sep 10, 2015 8:12 am

I do think that the last design is the best of the three. I am glad that Omaha is building a secondary convention hotel with the same number of rooms and combined Omaha will have 930 vs Des Moines' 330.

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Re: Des Moines Convention Hotel

Postby Linkin5 » Thu Sep 10, 2015 8:34 am

Des Moines is red hot lately.

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skinzfan23
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Re: Des Moines Convention Hotel

Postby skinzfan23 » Thu Sep 10, 2015 8:48 am

Linkin5 wrote:Des Moines is red hot lately.

It is, but I still think that the Omaha metro is doing pretty well in its own regard.

    River's Edge CB: $150-200 Million
    The Yard: $50 Million
    Shamrock $205 Million
    HDR HQ's: at least $100 Million

    Total $500 - $555 Million

And that doesn't include Lanoha or the Civic redevelopment.

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iamjacobm
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Re: Des Moines Convention Hotel

Postby iamjacobm » Thu Sep 10, 2015 9:00 am

This project is a decade in the making hopefully it can put shovel to dirt in 2016!

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Re: Des Moines Convention Hotel

Postby Midwestern » Thu Sep 10, 2015 3:35 pm

The design is decent, but nothing great. Although..... it's better than our Hilton and those hotels on Cuming.

But I'll take our Marriott over this one by far though. 8)

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skinzfan23
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Re: Des Moines Convention Hotel

Postby skinzfan23 » Thu Sep 10, 2015 3:45 pm

I wouldn't be surprised if the design is either scaled back or changed again. There is a report of the cost being 5-7% higher than the projected $100 Million and construction hasn't even started.

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iamjacobm
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Re: Des Moines Convention Hotel

Postby iamjacobm » Thu Sep 10, 2015 5:18 pm

Id be curious to see what the specs of this project vs the Marriott here are. They are both the same amount of rooms, but the hotel in DSM is ~$25 million more in a shorter structure. Maybe finishes or more ballroom and meeting space is the culprit.

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Re: Des Moines Convention Hotel

Postby Linkin5 » Thu Sep 10, 2015 7:35 pm

iamjacobm wrote:Id be curious to see what the specs of this project vs the Marriott here are. They are both the same amount of rooms, but the hotel in DSM is ~$25 million more in a shorter structure. Maybe finishes or more ballroom and meeting space is the culprit.


From just the renderings it looks like they are using more expensive materials.

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RNcyanide
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Re: Des Moines Convention Hotel

Postby RNcyanide » Thu Sep 10, 2015 7:44 pm

Is there anything else accompanying this hotel? If not, the difference between the two may be explained by the fact our development includes apartments and offices, and they kept the hotel cost down to have room for the other phases of our development.
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Re: Des Moines Convention Hotel

Postby Omaha Cowboy » Sat Sep 19, 2015 7:57 pm

skinzfan23 wrote:
Linkin5 wrote:Des Moines is red hot lately.

It is, but I still think that the Omaha metro is doing pretty well in its own regard.

    River's Edge CB: $150-200 Million
    The Yard: $50 Million
    Shamrock $205 Million
    HDR HQ's: at least $100 Million

    Total $500 - $555 Million

And that doesn't include Lanoha or the Civic redevelopment.


This..

Ciao..LiO...Peace
Go Cowboys!

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skinzfan23
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Re: Des Moines Convention Hotel

Postby skinzfan23 » Wed Nov 04, 2015 10:21 am

Newest rumor is that the hotel is now only going to be 7 stories instead of 8.

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Re: Des Moines Convention Hotel

Postby RNcyanide » Wed Nov 04, 2015 8:37 pm

skinzfan23 wrote:Newest rumor is that the hotel is now only going to be 7 stories instead of 8.


Ouch. Makes me feel better about our situation.
When fortune smiles on something as violent and ugly as revenge, it seems proof like no other that not only does God exist, you're doing his will.

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skinzfan23
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Re: Des Moines Convention Hotel

Postby skinzfan23 » Tue Nov 10, 2015 1:56 pm

Sounds like Des Moines is having a very hard time trying to find financing for their hotel. The hotel is getting built though and construction will start in February or March with anticipated completion of Dec. 31, 2017. I wouldn't want the extra debt added on the to the Centurylink Center for the Hilton's construction.

Bankers Trust Co. will lead a group of eight community banks in the $75 million construction loan for the Iowa Events Center Hotel in downtown Des Moines. The banks will participate in what has been called "byzantine" financing of the project even though there is no guarantee of the source of another $20 million in gap financing for the $111 million project.

The future of the program is in doubt, and as a result, there are currently no investors for the convention center, the founder of a Rock Island company that processes applications for the federal program told the Business Record last week. However, Coope, of Bankers Trust, noted that Polk County has pledged that, if needed, it will provide the $20 million by refinancing Iowa Events Center debt.

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skinzfan23
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Re: Des Moines Convention Hotel

Postby skinzfan23 » Thu Dec 10, 2015 8:54 am

Sounds like despite demolition beginning today on the existing building on the lot Des Moines is still having problems with the price of their convention hotel.

From the Des Moines Register:
The price tag for a new hotel in downtown Des Moines is still $3 million over budget as crews prepare to demolish the site to make way for construction.

Jim McCulloh, senior vice president with The Weitz Co., said it’s apparent some amenities will have to be cut in order to accommodate the original $101 million budget. They’ve already cut $2 million in expenses as they continue to work through design plans, he said.

“It’s a healthy challenge among all of us” to balance Hilton’s requirements with the community’s standards, McCulloh said. It’s likely anything cut will be “architecture that isn’t pure function," but the team will work hard not to make major changes to the exterior.


Looks a lot like our Hilton if you ask me. Still think it is crazy they have been talking about building this since 2005 and construction won't even start until March 2016.

Image

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HR Paperstacks
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Re: Des Moines Convention Hotel

Postby HR Paperstacks » Thu Dec 10, 2015 9:19 am

So why are they having so many problems getting financing? I would think there should be good ROI since they really need this in order to attract more events.

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skinzfan23
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Re: Des Moines Convention Hotel

Postby skinzfan23 » Thu Dec 10, 2015 9:32 am

HR Paperstacks wrote:So why are they having so many problems getting financing? I would think there should be good ROI since they really need this in order to attract more events.

At this point, I think they have the financing secured, but now it keeps coming in over budget and they are trying to scale certain things back.

Reading the comments on the Des Moines forum, they are disappointed that $101 million only gets this when Plano, TX got this for only $82 million:
Image

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skinzfan23
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Re: Des Moines Convention Hotel

Postby skinzfan23 » Thu Dec 10, 2015 10:22 am

skinzfan23 wrote:
HR Paperstacks wrote:So why are they having so many problems getting financing? I would think there should be good ROI since they really need this in order to attract more events.

At this point, I think they have the financing secured, but now it keeps coming in over budget and they are trying to scale certain things back.


I stand corrected, sounds like they may have an issue with financing.
Controversial Funding Program Could Swipe $20 Million From Downtown Hotel Plans
To finance the $101 million price tag, the board of directors for the Iowa Events Center Hotel Corporation planned to use a rare government program. It`s called EB -5. Foreign nationals who agree to invest at least $500,000 in a U.S. project, are guaranteed a green card. Neugent said, "It gives you some certainty in your financing."

A group of U.S. Senators, that includes Iowa Senator Chuck Grassley has criticized the program which is currently under investigation by the Department of Homeland Security and scheduled to expire Friday. "Senator Grassley`s office and his committee`s are very involved and there have been some issues as to how it has been administered and some questions."

The board was counting on the program to fund up to 20 percent of the hotel, which comes to about $20 million. "We are going to have to seek alternative financing that`s going to take some guarantees and the like, but we have been working on those alternative plans."

I think some of this financing was also used to fund Omaha's Marriott.

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RNcyanide
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Re: Des Moines Convention Hotel

Postby RNcyanide » Thu Dec 10, 2015 8:41 pm

skinzfan23 wrote:
HR Paperstacks wrote:So why are they having so many problems getting financing? I would think there should be good ROI since they really need this in order to attract more events.

At this point, I think they have the financing secured, but now it keeps coming in over budget and they are trying to scale certain things back.

Reading the comments on the Des Moines forum, they are disappointed that $101 million only gets this when Plano, TX got this

How did that happen?
When fortune smiles on something as violent and ugly as revenge, it seems proof like no other that not only does God exist, you're doing his will.

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