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By Specwatch (anonymous) | Posted December 01, 2009 at 09:38:57
The author ignores the massive build-up of hotel/motel space along the QEW in Oakville and Burlington. I would suspect that the vacancy rates at those explains why the multiple hotel dreams in Hamilton are unable to attract financing, and leads the promoters to stand around with their caps out for city deals.
On a related note, look at the Spec yesterday: you have a key downtown commercial landlord admitting that most of downtown commercial office spcae is owned by a small number of large firms, and also speaking in favour of below-prime loans to such landlords to upgrade their spaces for new tenants, and no investigative reporting on how profitable those firms were. We have a sad way in this city of inventing ways of doing corporate welfare, without really making sure where the dollars might actually bring us something extra, as compared to padding the bottom line of already profitable firms.
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