By: Diane Benjamin
The Hyatt hotel in Uptown Normal is up for sale.
See this link: https://my.rcm1.com/handler/brochure.aspx?pv=mRNXWt0RlmCk-j7gcPvd37dCBFTPr5wAhNU4BWC3X1NtpYZRdxrTlcvS4Qct5ijT
See page 5 for claims about the local economy: Rivian will have 1000 employees next year and Trail East Development will have 830 employees. It also lists AFNI (who is moving to Trail East when it is built) as having 830 employees.
The Chateau is also still for sale: https://www.loopnet.com/Listing/1601-Jumer-Dr-Bloomington-IL/14910779/
The Chateau had an agreement with the City of Bloomington to pay local taxes. A FOIA I recently received showed this agreement with Bloomington Chateau Partners:
The FOIA also shows $67,002.34 is over 120 days past due. Actually no payments have been made to the City since March of 2017. The Chateau does not participate in the survey below, the majority do.
Local occupancy rates for June show an improvement. 2018 was a really bad year and 2019 started bad, maybe things are turning around:
Since the chart is hard to read, below are enlargements of the first two sections:
Interesting. With all this amazing upside and future growth potential (per the sales brochure), one has to wonder why they’re selling now. Why not wait to sell after the project is complete and the metrics go up, as it would increase the attractiveness and valuation of a deal? Several folks have mentioned that the Hyatt has been on financial life support for some time now. I suspect the hospitality company is running out of patience waiting for the magical numbers that Koos and Co. peddled, and likely doesn’t buy the bs about demand from these employers. Stan and Karyn be aware, if there’s any sort of negative fallout here, Koos is going to blame you and the ‘lack of cohesion’, ‘political grandstanding’ and ‘mixed messages be sent’ since your election.
The Hyatt asked for money before Stan and Karyn. They withdrew the request because JB wanted to be governor. It’s safe now to bail.
Right. But Koos will try to suggest that the Hyatt lost confidence in Normal due to Stan and Karyn. I agree they have nothing to do with this at all. However, Koos won’t admit that maybe the government shouldn’t get into developing or hospitality.
BOTTOM LINE! Occupancy rates in B/N are currently at roughly 50% (PAY ATTENTION TARI) A friend of mine stayed at the Chateau several months back, and got 2 FREE breakfast passes AND a SUITE for $65-a night-for 2 nights on a WEEKEND!!! Which is even cheaper then a Red Roof!! As for KOO KOO and his Hyatt. WHEN he made the deal with Hammond (the BILLIONAIRE) he WAS SUCKERED!! Hammond took the write offs, etc, and TIF’S and WHATEVER else he could vacuum out of KOOS and RAN! There is NO WAY that hotel will EVER PAY FOR ITSELF! The lodging business is VERY competitive, ESPECIALLY when GAS PRICES go up (like they WILL in Illinois, thank you J.B.)
This hotel IS NOT a “destination resort” as KOO-KOO would like it to be, it’s a monolith across from an outdated monolith! So to Mr Koo-Koo I say this. Sell it to your BROTHER and make it a museum…
The jehovah witnesses were in the area the end of June in the beginning of July, probably the uptick.
They were here last year too, so same month comparison wouldn’t be affected.
Gee,Hyatt up for sale? The people told Koos and company that a second hotel was not feasible and low and behold they ignored the citizens. Marriott has been wanting taxpayer handouts to keep their doors open and Hyatt cant afford to stay in business . And Koos and company say they know whats best for Normal?
Well, occupancy IS up, BUT the ADR (average daily rate) is down by $1+ a room. That adds up…