Updated 9:03 a.m. Nov. 10
At its Nov. 9 regular meeting, Conroe City Council approved the fiscal year 2023-24 budget for the Hyatt Regency Conroe and Convention Center. The approved budget projects $10.7 million in revenues and $11.38 million in expenses, according to a presentation by Colin Boothe, director of finance and assistant city administrator, at the Nov. 8 workshop meeting.
Posted 3:44 p.m. Nov. 8
During a presentation at Conroe City Council’s Nov. 8 workshop meeting, Colin Boothe, director of finance and assistant city administrator, shared a draft fiscal year 2023-24 budget for the Hyatt Regency Conroe and Convention Center, which projects $10.7 million in revenues and $11.38 million in expenses.
“I think this is the best we can do, given where we’re at in the budget process and being in November,” Boothe said. “I think this is a good step and I would recommend approval.”
In a nutshell
The updated budget figures are, at the request of council, a decrease from the hotel’s original budget figures of $12.76 million in revenues and $12.75 million in expenses, according to prior reporting.
During his presentation, Jeff Binford of Garfield Public/Private, which serves as the hotel and convention center’s asset manager, said the hotel is now projecting for FY 2023-24:
- An average occupancy rate of 48.1%
- An average room rate of $164.12
“I think it’s a reasonable budget now,” Binford said.
Zooming out
Costing nearly $109 million to construct, The Hyatt Regency Conroe and Convention Center opened May 25, Community Impact previously reported. Prior to opening, council approved a $5.1 million cash infusion to sustain operations.
Since opening, around $2 million of the cash infusion approved in May has been spent, according to a document shared by Boothe at the Nov. 8 meeting. By September 2024, around $638,575 of the original $5.1 million is expected to remain.
What else?
The city of Conroe is in the process of seeking tax rebates for the hotel, and during its Oct. 12 meeting, council approved a proposal for consulting services for the hotel, according to prior reporting.
Stay tuned
Conroe City Council will consider approving the Hyatt Regency Conroe’s FY 2023-24 budget at its Nov. 9 meeting.
