SAG was engaged by the Franklin County Convention Facility Authority’s (“FCCFA”) to examine the market and development potential for a convention hotel to be located adjacent to the Greater Columbus Convention Center in Columbus, OH. SAG evaluated the lodging market, convention center, projected market performance, projected cash flows, estimated development costs, calculated the warranted private investment and analyzed methods to fill the funding gap. It was determined that the amount of public subsidy required to privately finance the project could not be assembled. However, it was determined the project could be developed utilizing a tax-exempt bond finance structure that incorporated other FCCFA resources and City and County credit enhancements.
SAG is currently the Development Manager for the Franklin County Convention Facilities Authority for the 532-room Hilton Columbus Downtown in Columbus, Ohio. Our services have included underwriter, architect, construction management and hotel manager/brand procurement, contract negotiations, finance plan development, design evaluation, development budget review, legal structuring, numerous stake holder and City and County presentations, and a number of other tasks required in our role of representing the FCCFA in the transaction. The hotel will be located adjacent to the Greater Columbus Convention Center. The hotel is currently under construction and scheduled to open in late 2012.
SAG is the asset manager for the 532-room Hilton Columbus Downtown. SAG’s services include monitoring performance from a market and financial perspective; reviewing annual marketing, financial and business plans; monitoring staffing levels; monitoring third-party contracts; assessing capital budgets; and reviewing compliance with lender covenants and other contracts.
Project Components: 532-room Convention Hotel
Project Value: $150 million