Hunden Strategic Partners of Chicago has started reviewing the numbers
Rob Hunden of Hunden Strategic Partners of Chicago gave an overview of what the vetting process that was advocated by the City County Observer for the past year will be like. Hunden emphasized that the first step in the vetting process is to to the analysis required to determine whether or not the number of the project are legitimate. Beyond that Mr. Hunden disclosed that they have not yet met with either of the companies that provided proposals for the downtown hotel but that arrangements have been made to meet with them on Thursday August 18th and Wednesday August 24th.
Hunden spoke about a vetting process just to advance to the next level that evaluates the backgrounds of the developers, their partners, and the viability of their financing. Sara Miller of the Evansville Redevelopment Commission astutely asked about the vetting of the proposed future hotel operators and management agreements as a long term success is the real goal of this project. Mr. Hunden responded favorably to Ms. Miller’s suggestion.
Hunden was careful to point out that financing hotels is very difficult in today’s market and that traditional financing nowadays is only available from 50% – 60% of the valuation of the hotel as opposed to up to 75% in the past. Hunden will have a better idea if either or both of the proposals will be deemed as viable after the face to face interviews and a sufficient time to follow up on them.
Here is a link to the website of Hunden Strategic Partners and another link to the City County Observer article on the valuation of the future hotel.
In which ERC Meeting was Hunden selected; how much will they be paid for this vetting process; and will London Witte also be involved in this process ?
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