The purchase of the struggling downtown hotel could be the largest yet for an Arizona-based nonprofit with an unusual structure.
for a a Louisiana-based private prison operator, LCS Corrections Services. A little less than half of the projects listed on Community Finance Corp.’s website are for private prisons.
Public filings show the nonprofit has no paid employees or officers, and its director, Michael Hammond, who is also the president of a prominent Tuscon-based real estate company, works six hours a week, the most of any officer. Gorzell, the city’s chief financial officer, also said the city is more likely be paid for ground rent under the pending bond because the old, city-backed bond was also accompanied by private debt, which is more expensive for the hotel to maintain. The upcoming bond, issued by the Wisconsin entity, will be entirely public debt that is exempt from federal taxes.deal is the hotel’s history of sagging performance.
Source Strategies, a San Antonio-based hotel consulting firm, estimates that the hotel needs to make $140 per available room to break even. It appears to have done so in just 11 out of the 56 quarters since it opened in 2008. The bond is being issued, but not backed, by the Wisconsin Public Finance Authority, one of a handful of state authorities with the ability to issue bonds across state lines. The authority issues more bonds of this kind than any other, said Toby Rittner, president of the Council of Development Finance Agencies. He said the Wisconsin entity likely will receive transaction fees every year before the bond is matured.
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