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Hotel Executives Mull Future With New Lightning Owners

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By JACOB SCHNEIDER

The Tampa Tribune

Published: July 22, 2008

TAMPA - A hoteliers' forum was abuzz with rumors this morning about what the new owners of the Tampa Bay Lightning might do with the valuable downtown real estate surrounding the St. Pete Times Forum.

Local hotel executives mulled the possibility that the owners could build one or more hotels on the property. The speculation came after tourism official Paul Catoe raised the prospect of development at the annual Trends and Forecasting Forum of the Hillsborough County Hotel and Motel Association.

But the Lightning said speculation about development is premature.

"We look forward to being a partner and leader when it comes to growing downtown Tampa, but at this time we need to carefully look at the various options for the two separate properties and then determine the best course of action moving forward," team officials say in a written statement.

The value of the team is greatly enhanced by the real estate the franchise owns, said hospitality investment consultant Lou Plasencia. He added he could envision several classes of hotels — such as luxury, mid-level or boutique — occupying the property if developers could raise the necessary $5 million to $6 million.

That news contrasted with generally disappointing economic indicators, including bookings at the Tampa Convention Center. The convention center is booked at 66 percent of the target goal for 2010, lower than much higher rates for peer cities, said Norwood Smith, vice president of sales for Tampa Bay and Co., the agency that promotes the visitors industry in Tampa.

In addition to the weak economy, Catoe pointed to the relatively small convention center as an impediment to drawing business and urged government officials to expand the facility.

The mixed news was reflective of general uncertainty among the hoteliers who, pinched by falling demand and rising fuel costs, heard presentations urging them to keep prices up and continue to market to international customers as they wait for the domestic economy to recover.

Reporter Jacob Schneider can be reached at jschneider@tampatrib.com or (813) 259-7850.

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