I'm most concerned about Vegas... that potential owner has hundreds of millions ready to go and a new arena to boot.
News Article: Coyotes willing to invest funds for new downtown arena.
- Thread starter TheLegend
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Coyotes2000
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Bonsai Tree
Turning a new leaf
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It frees the city from a financial obligation, enabling them to contribute to a new Suns (or Suns/Coyotes) arena.
Coyotes2000
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If it doesn't sell that doesn't mean the team is gonzo either. But those pre-earmarked funds will go to the new arena vs the hotel.
It's no coincidence that it's gone up for sale at this point.
It's no coincidence that it's gone up for sale at this point.
How much will that hotel sell for? They may not be able to sell it for a couple of years. I can't see that being the roadblock for a new arena.
For sale for about $300 million
http://www.azcentral.com/story/news...seeks-buyer-sheraton-hotel-downtown/77302888/
http://www.azcentral.com/story/news...seeks-buyer-sheraton-hotel-downtown/77302888/
Wow! Good luck in selling at that price. If a new arena downtown depends on the sale of the hotel, I would suggest looking else where.
Bonsai Tree
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Coyotes2000
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$300 million is a lot but the city can perhaps throw in some tax abatement and incentives to make it worthwhile for a buyer. I wonder what happens with bond holders if the property can only be sold for less. Will the city have to put a lien or borrow against another property to make up the difference?
Who do you know is going to buy this hotel? Also, a new arena doesn't mean **** if the Coyotes don't get a sweetheart deal. Are you aware in great detail of what led up to the Thrashers leaving Atlanta?
Matias Maccete
Chopping up defenses
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Am I the only one who doesn't think the team moving to Vegas is the end of the world? I guess I'm still pessimistic about them staying in state, and obviously I'd prefer they do, but they move anywhere out of state, it doesn't get much closer than vegas.
It's not about the team being close. It's about the league, one that absolutely has the power to keep the team in a relatively "important" market like Phoenix, quietly shuffling the team off to a situation that really isn't any better long term. It'd be pathetic.
If you are going to have sunbelt hockey, stick to your guns and help the teams. Don't fold like a cheap lawn chair the first moment you might have to hold the bag.
Vegas would be insulting.
If you are going to have sunbelt hockey, stick to your guns and help the teams. Don't fold like a cheap lawn chair the first moment you might have to hold the bag.
Vegas would be insulting.
Matias Maccete
Chopping up defenses
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Coyotes2000
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howlincoyote2k1
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I hate Las Vegas with a fiery passion for many reasons. If the Coyotes move there, that's another reason to hate Vegas. However, I would prefer Las Vegas over a Canadian market.
If they HAD to move, I'd pick Seattle.
Coyotes2000
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Bonsai Tree
Turning a new leaf
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I'm speculating too, but looking at the list and the asking price for the Phoenix Sheraton I think is pie in the sky. This is Phoenix we are talking about, and according to the write ups the hotel is losing money. Hope I'm totally wrong.
I'd like to know what the hotel cost to put up - the city is just trying to get most of their money out.
Wikipedia says it cost $350 million, in 2008 dollars, to build the hotel. So $300 million is below replacement cost.
In the link posted above by Bonsai Tree, The Phoenician in Scottsdale with 643 rooms sold for $400 million. So the Downtown Sheraton with its 1000 rooms at $300 million doesn't seem so bad. With some tax incentives the property may end up fetching the $300 million.
I'm no hotel expert, but I think profit has to enter the equation. While the downtown Sheraton is losing money, I bet the Phoenician makes a ton.
