During its Oct. 12 regular meeting, Conroe City Council approved a proposal from REVPAR for consulting services for the Hyaatt Regency Conroe and Convention Center.
Colin Boothe, director of finance and assistant city administrator, said REVPAR will provide long-term financial projections as well as review the hotel’s marketing plan, and operating and capital budgets.
Zooming out
The Hyatt Regency Conroe and Convention Center opened May 25 and cost nearly $109 million to construct, Community Impact previously reported. Before opening, the hotel received a $5.1 million cash infusion from the city to sustain its operations.
Since opening, around $1.9 million of that cash infusion has been spent, according to a document included in the Sept. 27 agenda packet. By September 2024, around $1 million of that original $5.1 million is expected to remain.
At the Sept. 27 meeting, Boothe said the city may have to put more money into sustaining the hotel if the budget projections are not met and the $5.1 million is fully depleted.
The details
During his presentation, REVPAR President Rick Pastorino said the company’s work would be broken up into three components.
Component 1:Colin Boothe, director of finance and assistant city administrator, said REVPAR will provide long-term financial projections as well as review the hotel’s marketing plan, and operating and capital budgets.
Zooming out
The Hyatt Regency Conroe and Convention Center opened May 25 and cost nearly $109 million to construct, Community Impact previously reported. Before opening, the hotel received a $5.1 million cash infusion from the city to sustain its operations.
Since opening, around $1.9 million of that cash infusion has been spent, according to a document included in the Sept. 27 agenda packet. By September 2024, around $1 million of that original $5.1 million is expected to remain.
At the Sept. 27 meeting, Boothe said the city may have to put more money into sustaining the hotel if the budget projections are not met and the $5.1 million is fully depleted.
The details
During his presentation, REVPAR President Rick Pastorino said the company’s work would be broken up into three components.
- Prepare annual financial pro formas
- Prepare flow of funds schedule
- Present findings
- Review annual operating budget and marketing plan
- Available to advise as needed
In response to a question from council member Harry Hardman, Pastorino said the findings from Component 1 would be presented around next January.
What else?
At its Oct. 12 meeting, Conroe City Council again deferred approval of the Hyatt Regency Conroe’s budget for fiscal year 2023-24. Council previously deferred the budget approval at its Sept. 28 meeting.
What else?
At its Oct. 12 meeting, Conroe City Council again deferred approval of the Hyatt Regency Conroe’s budget for fiscal year 2023-24. Council previously deferred the budget approval at its Sept. 28 meeting.
