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This $35.5 million, 150–room, full–service upscale headquarters hotel and conference center with 14,000 net square feet of meeting and ballroom space is highly visible upon entry into Bay City, Michigan’s central business district. Financing included a creative combination of local, state and federal grants and loans with non–recourse tax–exempt revenue bonds, the first such bonds placed without municipal credit enhancement since the 9/11 tragedies. The resulting low cost of financing allowed for the full–service, upscale product that the City desired even though operating projections seemed to dictate the development of a limited–service hotel. The City will be the sole recipient of net cash flow and residual value and will retain the utmost control of the quality and destiny of the facilities. The Bay City Doubletree will be the only upscale full–service hotel and conference center in the region, accelerating the economic redevelopment of the central business district and riverfront.
“I cannot speak highly enough of Garfield Traub Development and its principals. In their absence, Bay City would not now be celebrating the fulfillment of an otherwise impossible development dream.”
– James M. Palenick, City Manager (1996 — 2002)
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