An Analysis of Data Regarding Public Private Partnerships to Encourage Hotel Development in the United States

In recent decades, communities in the United States have increasingly turned to public private partnerships, also known as PPPs or P3s, to encourage development of large convention headquarter hotels. Under such arrangements communities provide incentives to encourage private sector investors to build hotels that can house delegates, exhibitors and other attendees participating in events at publicly owned conventions centers. In recent years the practice of public subsidies, and in some cases outright public ownership, has spread beyond convention hotels to a wide range of hotel projects. This study presents data collected on these publicly assisted hotels to provide a picture of how these arrangements are structured. It goes on propose an economic model based on the income capitalization approach to valuation to determine the rate of return that communities can expect from their investments in these project

The Impact of Publicly Owned Hotels on Competing Properties

Substantial public subsidies, and even outright public ownership, of hotels have become common in the United States as communities target tourism as an integral economic development tool. A critical question that is increasingly being raised about the public sector entering the hotel business is, are these government-funded facilities unfair competition to properties developed by the private sector? The common reply to these concerns is that the publicly owned hotel is critical to growing demand for lodging accommodation and that once it opens, the new hotel will attract enough new business that all hotels will benefit. We use an event study to test this hypothesis across all of the 100% publicly developed hotels for which there are sufficient data to conduct the analysis. In looking at these 21 hotels, we found strong evidence that the performance of neighboring hotels worsens after the introduction of a publicly owned hotel

The Impact of Publicly Subsidized Hotels in the United States on Competing Properties

This paper examines the use of publicly funded subsidies to encourage hotel development in the United States. It reports highlights from the largest and most complete data base assembled on these transactions. This data shows that public subsidies play a significant role in American hotel development and many projects that are in various stages of the development pipeline include the use of public funds. It goes on to present eight impact analyses that look at how key performance metrics of competing hotels in various markets are affected when they have to contend with new entrants that are subsidized. Three markets saw increases in indexed RevPAR, while in the other five markets competing hotels seemed to suffer after the introduction of publicly subsidized competition

MOLECULAR EVOLUTION OF GPCRS: Melanocortin/melanocortin receptors

The melanocortin receptors (MCRs) are a family of G protein-coupled receptors that are activated by melanocortin ligands derived from the proprotein, proopiomelanocortin (POMC). During the radiation of the gnathostomes, the five receptors have become functionally segregated (i.e. melanocortin 1 receptor (MC1R), pigmentation regulation; MC2R, glucocorticoid synthesis; MC3R and MC4R, energy homeostasis; and MC5R, exocrine gland physiology). A focus of this review is the role that ligand selectivity plays in the hypothalamus/pituitary/adrenal-interrenal (HPA-I) axis of teleosts and tetrapods as a result of the exclusive ligand selectivity of MC2R for the ligand ACTH. A second focal point of this review is the roles that the accessory proteins melanocortin 2 receptor accessory protein 1 (MRAP1) and MRAP2 are playing in, respectively, the HPA-I axis (MC2R) and the regulation of energy homeostasis by neurons in the hypothalamus (MC4R) of teleosts and tetrapods. In addition, observations are presented on trends in the ligand selectivity parameters of cartilaginous fish, teleost, and tetrapod MC1R, MC3R, MC4R, and MC5R paralogs, and the modeling of the HFRW motif of ACTH(1-24) when compared with alpha-MSH. The radiation of the MCRs during the evolution of the gnathostomes provides examples of how the physiology of endocrine and neuronal circuits can be shaped by ligand selectivity, the intersession of reverse agonists (agouti-related peptides (AGRPs)), and interactions with accessory proteins (MRAPs)