Bondholders to hear about Renaissance Grand’s weaker performance
Bondholders of the financially struggling Renaissance Grand & Suites Hotels are scheduled to get together next week by telephone to hear the latest about the hotel’s weakening pulse.
The conference call is set for 1:30 p.m. Nov. 12. The nearly 1,100-room convention hotel next to America’s Center in downtown St. Louis has been in the bondholders’ hands since February, when the previous owners defaulted on interest payments on the $98 million debt.
Until recently, the Renaissance Grand had been pulling in enough business to meet expenses. But even that is falling away. The latest operating figures show that occupancy has fallen this year to 52.3 percent, from 66.6 percent last year. The average room rate dropped to $120.26 from $123.24 last year.
Even more alarming, the Renaissance Grand lost $171,051 between Jan. 3 and Sept. 11, compared with a profit of nearly $3 million in the corresponding period last year.
On the bondholders’ web site is a mention that the trustee, UMB Bank, will provide updates, including word “on certain recent events that may have an effect on the future financial performance of the Hotels.”
Also scheduled are reports from consultant DFC Group Inc. and the city’s financial adviser, Stifel, Nicolaus & Co.
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Told them 8 years ago..all of them, repeatedly a convention hotel
could not make it in a city without a downtown performing arts center.
The absolutely deserve what they are getting..but the people of
St. Louis do not.
There is no convention, there is no travel, there is no
travel-for-entertainment critical mass in St. Louis.
There was when Kiel Auditorium and Kiel Opera House were operating.
Union Station has also ignored my offers and warnings.
Golterman,
Would you please give the whole performing arts center topic a rest? Jeeze, its getting old. Think of something else to improve saint louis in addition to that.
It’s not a ‘topic’..it’s a demand driver in 250 cities.
Now is not the time to rest.
Golterman is truly sick. OCD. No matter what happens in the region, regardless of its relevance, it comes back to the Kiel. Checketts and his team are working everyday to bring it back, They are committed to doing so. The alderman have approved it. The public wants it. YES GIVE IT A REST.As soon as funding is in place it will happen. Get a life. The Kiel will be a great addition to downtown. But there are no single solutions to returning St. Louis to glory.
From truly sick. Not about ‘returning to former glory’. About
activating a demand driver for downtown St. Louis. Do you see
any work going on yet? I will stop when grand center stops..
I will stop on opening night, may be.
“Offers”? “Warnings”? This doesn’t sound good . . .