Des Moines Secures Convention Hotel Funding
DES MOINES, Iowa Des Moines’ planned convention hotel has secured funding after Polk County committed nearly $30 million in additional financing to move forward with the project, according to The Des Moines Register.
According Iowa’s largest newspaper the county board of supervisors agreed to loan up to $29 million through a partnership with Bankers Trust to begin construction on the $101 million hotel development, which will be managed and operated by Hilton. The loan is part of a layered financing structure versus the previously planned, and sometimes controversial, EB-5 foreign investment option.
Under the new funding arrangement, Polk County will use gaming revenue collected from Prairie Meadows casino to pay for the hotel, and the debt payment schedule will be extended from 2024 to 2026.
The convention hotel will be attached to the Iowa Events Center in downtown Des Moines. More details are available via the recent news article published on The Des Moines Register’s website.
Reported by: Meetingstoday.com
According Iowa’s largest newspaper the county board of supervisors agreed to loan up to $29 million through a partnership with Bankers Trust to begin construction on the $101 million hotel development, which will be managed and operated by Hilton. The loan is part of a layered financing structure versus the previously planned, and sometimes controversial, EB-5 foreign investment option.
Under the new funding arrangement, Polk County will use gaming revenue collected from Prairie Meadows casino to pay for the hotel, and the debt payment schedule will be extended from 2024 to 2026.
The convention hotel will be attached to the Iowa Events Center in downtown Des Moines. More details are available via the recent news article published on The Des Moines Register’s website.
Reported by: Meetingstoday.com
