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Old 12-09-2018, 03:16 PM
 
Location: Pittsburgh
120 posts, read 98,443 times
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according the the Marriotts web site, the MTC has 350 rooms no?
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Old 12-09-2018, 03:42 PM
 
695 posts, read 426,272 times
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Quote:
Originally Posted by CRWMSPPGH View Post
according the the Marriotts web site, the MTC has 350 rooms no?
354 to be exact, my fingers and may passion. They have 4 suites not considered part of the general room count. I put in 254, my error.
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Old 12-09-2018, 06:35 PM
 
840 posts, read 1,239,317 times
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It has been a while since Iíve seen MTC but how does MTC compare to Marriott Waterfront in Morgantown (considering it is a Marriott with convention center) now that it has been completely renovated? Before the renovation it was looking rough but now that an out of state company owns it they have really turned the hotel and convention center around (convention center is slated for a complete re-do in 2020).

Waterfront is much newer and the rooms are spacious compared to MTC. I held meetings there many years ago and always thought it had a Marriott "feel" to it as most of my trainings were held at Marriotts.

I have not been to it since it became Marriott but I am sure it is probably nicer, to be honest.
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Old 12-21-2018, 07:42 AM
 
1,609 posts, read 1,877,266 times
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https://www.wvgazettemail.com/news/c...680d6b640.html

Just to stoke Caden's fire. Not the highest of bars for the new hotel to meet in terms of accommodations in the area...
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Old 12-21-2018, 03:56 PM
 
695 posts, read 426,272 times
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Quote:
Originally Posted by elewis7 View Post
https://www.wvgazettemail.com/news/c...680d6b640.html

Just to stoke Caden's fire. Not the highest of bars for the new hotel to meet in terms of accommodations in the area...


I thought we had a friendly relationship and then you go gouge out my eyes with this stuff - geeze some people. Honestly though, nothing surprises me any more. Deferred maintenance is never a cost-cutting move. It is going to cost a LOT more in the end.

I will say that word must have gotten back to MTC, because I was in there today and the setting is improved. I will not say much improved because there is only so much they can do with slinging hammers. But the lobby temp was on point and the background music was truly in the background. There were more furnishing scattered about which raised the appeal in the area and the lights were dimmed a bit and that helped too. Outside the sexually suggestive music was no longer playing and the music that was playing - Christmas carols - was at a good level. Loud enough to create a bubble away from the Lee and Washington busy traffic and still low enough to allow casual conversation if you were outside the main doors.
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Old 03-26-2019, 05:15 PM
 
Location: 304
5,064 posts, read 6,756,574 times
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Looks like the hotel is still going to happen and will be a Homewood Suites. I’m surprised that they haven’t backed out, but not surprised by the brand.

https://www.wsaz.com/content/news/Se...408515075.html
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Old 03-26-2019, 07:37 PM
 
1,609 posts, read 1,877,266 times
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Originally Posted by Chriscross309 View Post
Looks like the hotel is still going to happen and will be a Homewood Suites. I’m surprised that they haven’t backed out, but not surprised by the brand.

https://www.wsaz.com/content/news/Se...408515075.html
120 rooms. So just about the same as the Courtyard.

Man, that's underwhelming.
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Old 03-27-2019, 02:43 AM
 
Location: Winfield, WV
1,841 posts, read 3,381,908 times
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Quote:
Originally Posted by elewis7 View Post
120 rooms. So just about the same as the Courtyard.

Man, that's underwhelming.
Charleston just can't catch a break. Prime location right across the street from the newly remodeled Coliseum, and this is what they deliver. smh
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Old 03-27-2019, 04:03 AM
 
9,596 posts, read 11,906,261 times
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Quote:
Originally Posted by Caden Grace View Post
Matt, thank you for being intuitive with your reply. You are correct, that many locations are not through corporate direct. Generally, the premier locations are and the lesser markets are run by secondary holdings under the host banner. But, corporate has a standards section of that secondary holders contract of obligations that must be met. Holding companies come and go or stay with a property from birth to death, it varies.

IALG does indeed currently manage the MTC but they are only the current organization to do so; the property opened in 1982 under corporate stewardship. That stewardship lasted only 6 years, which is not a variance in the industry. Corporate will often birth a property and from the outset intend that property to go secondary management at x months after debut. The fact that it took 6 years for this to happen means either corporate had more pressing matters because the MTC is so small - only 254 rooms in a time when no property connected to a CC should be less than 500 - or they could not find an interested operator.

I think it was the latter because we have seen a series of budget operators transition in and out of the MTC, each taking the profit they could before selling the contract to the next party. The deferred maintenance that has led to the current status of the property has been cascading since corporate was in direct control. Even corporate wanted to spend as little as possible and because the property was new, they were lucky that there was no demand to do so.

When you think of these groups, think of them as account collectors. If you understand the debt industry you will know what I mean:

You go out, open a debt of some sort and then default on it. Car, credit card, appliances, something.

The original holder will try for a time to work with you and then try to collect from you the balance and fees due. If they cannot, they will sell that defaulted account as one of many in a huge bundle of like accounts. The price they sell for is at a mark down. Say you owed $1,000 dollars all summed. The original holder might sell it for $500.00. That new holder then assumes that some of these accounts can be collected and if they collect at least 51% of them they have made a profit.


The portions of that portfolio they cannot collect, they in turn, sell it to another agency at a similar markdown, 50%. This company has paid even less for the debt and has an even lower bar to recoup the defaulted balances, but the chances of collecting anything keeps dropping. Eventually, the account goes to the penny clubbers who literally pay what is essentially a couple of pennies for a $1,000 debt and they will then activate robot callers and call reps from places like India that harass and threaten hoping to get a return of something.

When a property goes through a series of hands, it means the property has no intrinsic value because the state of it is so poor that to bring it up to standards once again is cost prohibitive. The only holder that will do so is one that has gotten the property for a song and sees a future in it where everyone believes there is none, or they believe it is a good investment at any price and proceed accordingly.

There are also outside influences that can be brought to bear on a property to make it shape up - chiefly the mayor's office. Charleston did not have that because the mayor for the last four terms had the mantra, "its good enough." The newly elected mayor is going to be even worse, she sees this job as a stepping stone to something bigger and will ruffle no feathers.

I meant this to be a simple reply but as usual my passion made me long-winded. Apologies.
I believe you are on target here, but one thing you didn't mention is the tax issue. When a property such as that is developed, there is a value attached that is depreciated over the years as tax write offs. Each year for 20 or 30 years, a portion of it is written off as depreciation. Once fully depreciated, it might still have value but it is less valuable as an asset because it can no longer be utilized to shield the owners from taxation. While it is true that improvements and to a degree repairs can also result in tax write offs, there is incentive to pull out and invest in totally new properties to maximize tax shielded profits.
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Old 03-27-2019, 04:09 AM
 
9,596 posts, read 11,906,261 times
Reputation: 1586
Quote:
Originally Posted by bballjunkie View Post
It has been a while since Iíve seen MTC but how does MTC compare to Marriott Waterfront in Morgantown (considering it is a Marriott with convention center) now that it has been completely renovated? Before the renovation it was looking rough but now that an out of state company owns it they have really turned the hotel and convention center around (convention center is slated for a complete re-do in 2020).

Waterfront is much newer and the rooms are spacious compared to MTC. I held meetings there many years ago and always thought it had a Marriott "feel" to it as most of my trainings were held at Marriotts.

I have not been to it since it became Marriott but I am sure it is probably nicer, to be honest.
I haven't been to MTC, but was in Waterfront just the other day. Mike Puskar built it, and it was never really in bad shape but since Marriott became involved the upgrades make it seem first class in every regard. Out of town guests rave about the place. I think any Marriott's presentation is impressive.
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