[BoulderCouncilHotline] University Hotel

[Wallach, Mark]

In connection with tomorrow’s discussion on the University Hill Hotel, I am wondering if it is appropriate for staff to comment on the following:

1) I have understood that the hotel is looking to benefit from the overflow business from the University’s planned conference center across the street. In light of this, how has the pandemic altered either the schedule or potential viability of the conference center? Is it simply assumed that in 1-2 years the pandemic will be over and that financing and construction will resume? As the world moves to more online communications, what is the likely reduction in large scale conferences? What is the University’s current timing for putting a shovel in the ground?

2) In the absence of construction in the near term from the University, and  the Covid- generated decline in the hotel industry, is there any impact on the viability of the University Hill Hotel?

3) What is the current availability of construction financing for a project of this type? If there is none, is there any projection of when that market might open to borrowers? What are the criteria the developers will use to determine when to commence construction?

None of this is meant to comment on the design or merits of the project, which I believe is important for the Hill, if it can be built. I only want to understand how theoretical a discussion we will be having tomorrow. If our meeting tomorrow is not the appropriate time to review these issues due to the short notice, I hope we can schedule that discussion for the near future.

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