The opening of the new Renaissance Hotel will be delayed until 2011, but Colorado Springs isn’t the only community to see the delayed opening of a John Q. Hammons hotel because of the company’s financial problems.
The company also missed an April 1 deadline with the city of Springfield, Mo. – Hammons’ home town – to begin construction on a $50 million, 150-room center city hotel, according to a story today in the Springfield Business Journal.
But Hammons is hardly the only company experiencing a slowdown.
The hotel industry’s flagging hotel occupancies, a two-year decline in revenue per available room or Rev-PAR and the freeze-up in commercial lending have left a number of hotel developers on the brink.
Many have tried to minimize their exposure, shelving projects or putting them on indefinite hold.
So far Hammons has put at least three projects on hold. They include: a $50 million resort hotel and golf club planned near the Branson Airport, a $46 million convention center in Russellville, Ark., and an $80 million convention center in Boise, Idaho.
On its Web site www.jqhhotels.com , the company announced it had four properties in design or planning and two hotels under construction.
One of those was the 300-room, Renaissance Colorado Springs with its 50,000-square-foot conference center is now slated for a July 2011 opening http://www.marriott.com/hotels/travel/cosbr-renaissance-colorado-springs-north/.
The local hotel, currently a boarded-up shell building at Interstate 25 and Interquest Parkway, was originally set to open this spring.