The Portland City Council approved a plan to build a Convention Center hotel using public money, but asked for regular performance reporting.
The key vote on a proposed funding mechanism -- the use of lodging tax revenue to pay off bonds issued by the Metro regional government -- won't come until next week. But the council approved a memorandum of understanding that outlines expectations of the project with Metro and Multnomah County.
The Portland City Council did ask Metro to require Hyatt to submit quarterly reports comparing performance with their expected business plan during the hotel's first two years. Commissioner Nick Fish, who offered the amendment, said it would give officials a way to ensure Hyatt was living up to its assurance it intends to be a "rate leader" among local hotels -- to keep prices high, in other words, so as not to put pressure on existing downtown hotels to lower their rates.
Read more at OregonLive.com.