Why do conventions matter?
Strengthening the regional economy
With $150 million of the total $224 million project cost coming from the hotel developer, the Hyatt Regency Portland is a large-scale investment in the Lloyd District. Over 80 percent of the public sector’s investment in the project comes from a $60 million Metro revenue bond that will be repaid with taxes generated by future hotel guests. The balance of the public investment includes $10 million in state lottery funds and a $4 million grant from the Oregon Convention Center’s reserves.
This public-private partnership will provide the region with more than $120 million in local tourism spending and $10 million in new tax revenue each year. Once the hotel opens, the metropolitan region can expect total convention-related spending to approach upwards of $1 billion a year.
By attracting new events, the new hotel is projected to increase the demand for all hotels in the Portland area by 70,000 to 110,000 new room nights. The Hyatt Regency Portland will accommodate only a small percentage of that new business, while the rest will go to other area hotels.