Components: 400-room Convention Hotel
Project Value: $60 million
SAG structured the public-private partnership for the development of the 400-room Raleigh Marriott City Center Hotel adjacent to the new Raleigh Convention Center. The hotel opened in 2008 and was financed privately, with the City providing an upfront grant and a below-market parking arrangement to make the project financially feasible. Our role involved soliciting potential private developer partners, interviewing and short listing candidates, assessing the public versus private finance approaches, negotiating with the top two candidates, negotiating detailed term sheets and contracts with the selected partner, negotiating a room block agreement, and various other activities to create a successful public-private partnership.