Palm Beach County Convention And Visitors Bureau applauds The Board of County commissioners For supporting the Conceptual development plan for The long-Anticipated convention Center Hotel Project

—     $100 million plan by mega-developer, Related Companies, has the potential to bring tens of millions a year in direct spending and 500 new full-time jobs to Palm Beach County—

The Palm Beaches, Fla. (April 12, 2011) – The Palm Beach County Board of County Commissioners today passed a motion to begin negotiations and approve a $27 million subsidy to build a 400-room Hilton Hotel connected to the existing Palm Beach County Convention Center. This project will generate substantial direct and indirect spending through new meetings and convention business for the County's economy for many years to come.  The hotel project will likely see more than $28 million in revenue and millions in personal income through the 500 new jobs it will create in its first year alone. 

“A new Convention Center hotel will finally complete the package we need to elevate Palm Beach County's image as a Group, Meetings and Conventions destination,” said Jorge Pesquera, President & CEO of the Palm Beach County Convention and Visitors Bureau.  “It has an enormous potential to bring in new business to our destination and we couldn't be more pleased to see the project supported by so many of our community leaders.”

The bulk of the investment will be assumed by Related Companies, who have agreed to contribute nearly $65.7 million to the project, with another $8 million anticipated through a nationally-funded New Market Tax Credit program.  The financing structure was created with the support of Assistant County Administrator Shannon LaRocque who has been the driver and lead negotiator for this project.

The current plan for the project includes the development of the 400 room hotel on the north end of the Convention Center as well as a parking garage to the south, behind the CityPlace South Tower residential complex.  Upon its completion, the project will have the potential to bring in new business in the very important Meetings and Convention business sector. The CVB's lost sales business report showed over 110,000 room nights and 120,000 attendees were lost due to the lack of a headquarter hotel.

“We are extremely excited about the County Commissioners' approval for a new 400-room convention center hotel,” said Dave Anderson, General Manger of the Palm Beach County Convention Center and Regional Vice President of Global Spectrum. “We also look forward to our new partnership with Stephen Ross (Related Companies) and Hilton Hotels.”

A Convention Center hotel would be the finishing touch on what has become the region's Convention and Entertainment District including nationally acclaimed Kravis Center for the Performing Arts and CityPlace, an Italian-inspired architecture and menu of 100 destination shopping, dining and entertainment options. This Convention and Entertainment District is located just three miles from the Palm Beach International Airport. PBI is an award-winning, state-of-the-art airport; hosting 15 domestic and international airlines with an annual average of 200 flights per day. The vast majority of headquarter hotel visitors would fly into PBI increasing seat demand and its ability to attract additional airlines and new flights into our community.

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Media Contacts:

Carli Smith/Palm Beach County CVB                                                                          Maria Hayworth/Hayworth Creative PR

csmith@palmbeachfl.com/561-233-3030                                                     maria@hayworthcreative.com/386-677-7000

1555 Palm Beach Lakes Boulevard, Suite 800, West Palm Beach, Florida  33401

561.233.3000    Fax 561.233.3009

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