Hyatt Place (9-story, 145-room hotel) in downtown Champaign

#2
Champaign considering tax rebate for downtown hotel

The Champaign City Council will consider providing up to $3 million in tax reimbursements to help jump-start development of a hotel in downtown Champaign.

Hans Grotelueschen of YG Financial Group has proposed developing a nine-story 150-room hotel at the southwest corner of Church and Neil streets — the site of the Metropolitan Building that was destroyed by fire in 2008.

Grotelueschen plans to tear down the YG Financial Group building to the west of that site, in order to make way for the hotel.

http://www.news-gazette.com/news/bu...gn-considering-tax-rebate-downtown-hotel.html
 
#7
Tax rebates for Champaign hotel get unanimous approval

City council members unanimously said Tuesday night that they would be willing to offer up to $3 million in tax rebates to the developer of a proposed nine-story hotel to see the project get off the ground.

Craig Rost, deputy city manager for economic development, said he and other officials are tired of hearing people ask when they will find something to fill the "hole" left when the Metropolitan Building burned down at the corner of Church, Neil and Main streets in 2008. Now they have an answer.

Planning Director Bruce Knight said it's important that the city complete a few "tipping point" projects that will carry the city's downtown area forward when a special taxing district meant to encourage development expires in 2017.

http://www.news-gazette.com/news/po...s-champaign-hotel-get-unanimous-approval.html
 
#8
Captain 'Paign
Phoenix, AZ
I find some of the comments funny in that article Dan posted. Somebody who knows nothing about how tax rebates work blasting the City for "giving" away "public" funds. I'm not assessing the viability of the project (I'm not sure this project will be successful in the least without a franchise tag on it simply because boutique hotels rarely survive unless they have something unique to offer that chains do not or the location is truly exceptional), but the way these rebates work is that a portion of the hotel/motel tax and/or property taxes the City generated from the project would go back to the project.* That only happens if it's demonstrated that the project could not go forward without the incentive (by analyzing the pro forma and looking at project financing). So in this case there is no giveaway simply because there would be no project and no money to give back without it. Something here is better than nothing, certainly. Nobody wants there to be a big hole in the ground there forever. Hope it works.
 
#9
I'm not assessing the viability of the project (I'm not sure this project will be successful in the least without a franchise tag on it simply because boutique hotels rarely survive unless they have something unique to offer that chains do not or the location is truly exceptional)
I'd say that's likely to usually be true, but in this case, there are very few hotels within reasonable walking distance from activities in Champaign. There's stuff out by the mall, which I would never stay at due to how balls-far away it is from anything I'm interested in doing. There's the Union, which is often booked solid, and the I-Hotel which is also often booked and fairly pricey. A hotel in downtown Champaign gives the area something it doesn't have: a hotel from which one can experience downtown Champaign without worrying about cabs, and still be not too far from campus.

Hope it happens, and I'll gladly patronize the hotel as often as I can.
 
#10
I'd say that's likely to usually be true, but in this case, there are very few hotels within reasonable walking distance from activities in Champaign. There's stuff out by the mall, which I would never stay at due to how balls-far away it is from anything I'm interested in doing. There's the Union, which is often booked solid, and the I-Hotel which is also often booked and fairly pricey. A hotel in downtown Champaign gives the area something it doesn't have: a hotel from which one can experience downtown Champaign without worrying about cabs, and still be not too far from campus.

Hope it happens, and I'll gladly patronize the hotel as often as I can.
Agree with this. I've had people ask me what a good hotel is in town that's walking distance to stuff (because they fly in). I have zero good answers for them. This will be perfect for that.

Hope it's a decent chain brand, as that will bring in more guests.
 
#14
Downtown Champaign hotel would be Hyatt Place

Tuesday night, the Champaign City Council will consider approving $3 million in rebates on tax dollars generated by the hotel during its first seven years of operation. Here is a link to the 70-page pdf of the document the council will consider.

Grotelueschen said he has not yet completed a franchise agreement, hired a builder, hired an operator or secured financing for the project, pending the council vote.

The local project would be the first Hyatt Place in downstate Illinois.

http://www.news-gazette.com/news/bu...own-champaign-hotel-would-be-hyatt-place.html
 
#15
Captain 'Paign
Phoenix, AZ
That's huge. Hyatt is a well-recognized brand and their Hyatt Place hotels are quite nice. This is huge for downtown Champaign's image. Hope it's successful.