Marriott is a big name but these are very low risk deals for them. They provide the marketing, booking platform, loyalty, but they don't own the hotels. The Dorian/Courtyard and Element are owned by PBA Group, and these are owned by Truman/other investors. If the hotel never gets built, doesn't really matter to them.
 
trtcttc said:
Marriott is a big name but these are very low risk deals for them. They provide the marketing, booking platform, loyalty, but they don't own the hotels. The Dorian/Courtyard and Element are owned by PBA Group, and these are owned by Truman/other investors. If the hotel never gets built, doesn't really matter to them.
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Oh for sure, agree. My worry is them getting their hands in too many projects and taking away their focus. Kind of like what happened with RNDSQR.
 
CalgaryTiger said:
At this point Truman's neck is so far out there that they can't turn back. Tribute won't be what breaks them.
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I hope Truman makes it through. Most of their Truman trio are pre-sold, so as long as they're able to deliver and collect on those, those should do fine. Was at West District over the weekend, and I do think they spend a lot of effort on retail and community. Being in the same area, West District is a much nicer community than all the new developments just south of 17th Ave, where it just seems like new suburbs cramming as many units as possible but not in a planned way that makes the community pleasant to live in.

For their Frontier development, they had several grocers pull out. Instead of just putting in other businesses (the units could be divided), they waited and did get a grocery store that worked in the space.
 
trtcttc said:
Marriott is a big name but these are very low risk deals for them. They provide the marketing, booking platform, loyalty, but they don't own the hotels. The Dorian/Courtyard and Element are owned by PBA Group, and these are owned by Truman/other investors. If the hotel never gets built, doesn't really matter to them.
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I'd disagree slightly, in that Marriot carries all the reputational harm if a property fails, is delayed, or carries a poor operational standard. Nobody blames or knows the operator. They are by the far the world's leader in business and mid-upper travelers, their Bonvoy program is a behemoth. I'd say the fact they have attached their name to so many projects means they have a level of trust with the financing and ability to see through a project.
 
Tothewest said:
I'd disagree slightly, in that Marriot carries all the reputational harm if a property fails, is delayed, or carries a poor operational standard. Nobody blames or knows the operator. They are by the far the world's leader in business and mid-upper travelers, their Bonvoy program is a behemoth. I'd say the fact they have attached their name to so many projects means they have a level of trust with the financing and ability to see through a project.
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That all happens once it opens. Then yes, they'd have a stake for sure, so they don't want their properties owned by a bad developer, and they have contracting terms on the level of maintenance, appearance, etc. But whether the project gets built is of pretty little signficance to them. Truman quietly cancels any of these projects, 99% of the population and almost all of their customers (out of town visitors) would have no idea.
 
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