Public-Private Partnerships by Joseph Pierce

Joseph Pierce | May 26, 2015

Public-private partnerships (P3) have long been an economic development tool in the hospitality industry, but post-recession they have become more commonplace. A solid supply of quality hotels and leisure opportunities can improve a market's stock as a go-to destination and provide substantial long-term and short-term economic benefits - not only to the developer and the city, but also to the city's existing businesses and residents. Economic impact is generated by the facility's construction, permanent and temporary job creation, tax receipts, demand for goods and services, and increased visitation and spending. While there is an upsid...