Even Skeptics Think the Convention Center Hotel is a Done Deal

I had lunch with Angela Hunt today and invited her to speak to our board about her skepticism on the convention center hotel, since earlier this week we had a slickly packaged dog-and-pony show from the pro side. She was gracious enough to be willing, but she thinks it would be pointless. She thinks the convention center hotel is a fait accompli, even though fundamental questions still haven’t been answered. Questions like, if you’re asking Dallas homeowners to make an investment, why won’t you give us any specifics on the projected returns? Or, why invest so much in an industry — the convention and meeting industry — that is at best static and more likely shrinking? Is another empty high-rise really going to revitalize Dallas? (We ask more questions in our profile of Harlan Crow in this month’s issue of D CEO.)

The mayor’s freight train already has 13 votes for a 1,000-room hotel that could be vacant 290 days out of the year, with residents on the hook for the $350 million hotel and $150 million ballroom and meeting room space. Leppert has staggered the process to get, as Harlan Crow puts it, a little pregnant at a time: the council will vote next Wednesday on the bonds to buy the overpriced parcel for the hotel for $40 million; the six bids for the hotel development won’t be opened until late May. The indefatigable Sam Merten has a lot more over at Unfair Park.