Link tease and EPIC DEBT confronting this industry and local taxpayers who owe MILLIONS on the downtown adventure . . . Check the link tease with more info for subscribers:
Hotel sector pleads for 'second' stimulus ahead of $86B in likely loan defaults - The Business Journals
The hotel industry is warning it will default on at least $86 billion in collateralized loans within the next several months and deliver another financial shock to the U.S. economy without more intervention by the federal government, above and beyond the $2 trillion coronavirus bailout package just signed into law by President Trump.
Is this another one of the to big to fail industry's?
ReplyDeleteIt’s more like slies bull shit dream, not only did we pay them to come here now they want us to make their payments too? Is that in the contract somewhere? No doubt a contract written by the former mayor and ambulance chaser.
ReplyDeleteNo more corporate welfare! Let them go bankrupt, there are far better things that could be done with the real estate.
ReplyDeleteHell NO.
ReplyDeleteShame the "Hospitality" Industry doesn't have an advocate in Government, like someone heavily invested in Hotels, Resorts or Golf Courses. Then they'd be assured of getting more Taxpayer's money into their hands.
ReplyDeleteThe Hotel industry will be burning Cash for a Decade. It's the new America. R.V.Parks will be busier then HOTEL MOTEL HOLIDAY INN. Forty percent of the people will go into Forclosers.
ReplyDeleteThe Loews Hotel was going to fail with or without COVID coming around. S'lie and his Merry Band of Tax Dollar Wasters would have the lemmings of this community thinking differently but facts are facts. The convention industry has been in decline for years. We are basically building all this hotel inventory for a few select events like the NCAA Tournament and a relative few sporting events that may or may not come around. There was a report out there that the city wasn't using all of it's hotel inventory BEFORE the Loews Hotel was built. Then there was another report where even people in various levels of KC Govt were admitting that the market was over saturated with hotel space. All this was BEFORE COVID.
ReplyDeleteNow all the pro-hotel people (S'lie and company) have a convenient built-in excuse why this will fail. Just like the housing market crash from a decade+ ago. "No one could have predicted . Had it not been for we would have been successful".
But hey, Mike Burke, JE Dunn, S'lie and a number of other "pigs feeding at the tax payer trough" got their money. Someone is going to have to pay for that hotel. And it won't be them. It'll be us. Watch as that $4M/year that we have to pay for the next 20 years mysteriously grow to a bigger number for more years. See the P&L District. "Tax payers won't have to pay a dime...." We'll never learn!
#KorruptCity
^^^Way too long. Nobody has any kind of time for this shit.
ReplyDeleteYou're too fucking stupid to comprehend it anyways.
Delete@7:57 AM I'd laugh at your comment if it wasn't so sad. The 20 seconds or so it would have taken you to read that is too long? Your school teachers must've been so proud of you!
ReplyDeleteGTFOOH Rookie