Convention Center Hotel Turning Profit Ahead Of Expectations
DALLAS (CBSDFW.COM) – After years of controversy and debate, there’s good news coming out tonight about the new Dallas convention center hotel, it’s doing much better financially than first predicted.
Ever since the Dallas Omni Convention Center hotel opened last November, it has attracted a lot of buzz. The hotel lights up the entire downtown skyline –
Newly released memos to Dallas City council members say the hotel has exceeded expectations.
It was predicted to lose $577,000 dollars during its first three months. But it actually turned a profit of about $554,000 dollars. That’s almost a 200 percent increase.
The hotel has been controversial from the start. That’s because it’s owned by the city.
After all the debate over whether the city should build the hotel, city taxpayers voted to approve it.
Critics have expressed strong concerns the hotel wouldn’t fill enough of the one-thousand rooms at a high enough room rate to pay-off the debt.
Taxpayers would have to foot the bill if the hotel doesn’t bring-in enough money over the long haul.
But managers from the Omni tell the city that advanced bookings are on target to meet the city’s obligation for the year.
City leaders say because the hotel is attached to the convention center, it’s bringing conventions to Dallas that never considered the city before.