Occupancy declines of 9% expected at Renaissance Grand & Suites - St. Louis Business Journal:

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The report, issued to bondholderxs March 16, projects occupancy at the 1,083-room hote l at 800 Washington Ave. will decrease 9.1 percentf in 2009, to less than 60 percent, with revenur per room declining 15 or $12. At the end of according to the report, revenue per available or RevPar, at the Renaissance was $124.55. The reporrt notes that projected revenue at the Renaissance in 2009is $40.4 million, or $4 million less than previously due to a decline in transient room nigh t bookings. The report blames the weakened economy for the drop in demand for hotel rooms nationwidew andin St. Louis. “Downtown St.
Louis lackxs the demand drivers needed to attractt significant touristsand groups,” the Jones Lang LaSalle report states. Cardinala baseball and the Arch are primary driversd of tourist and group according tothe report, primarily in the The report said planned renovations at the Renaissance’s competitorx downtown also will lead to a decline in The consultant’s report includes an option to close the Suited portion of the hotepl temporarily when the Renaissance located on the south side of Washington is not fully occupied. The Suitews portion of the hotel is located on the nortn side of Washington Avenue in the formedrLennox Building.
Bondholders on the $277 milliojn Renaissance hotel took ownership of the hotel in February aftetr its previous owners defaulted on makintg an interest payment onits $98 million debt The prior owner, New Orleans-basedr , presented a forbearance option to bondholders late last year to avoid foreclosure, a measurd bondholders rejected. Housing Horizons, a subsidiary of Dallas-base d Kimberly-Clark, transferred its majority ownership stake in the hotel to HRI the developer ofthe hotel, in early 2009. Jonesz Lang LaSalle is evaluating cost reductions rangingbetween $250,000o and $1 million annually in order for the Renaissancre to achieve a goal net profiyt of $1 million in 2009.