Downtown Des Moines hotel stalled, seeks tax incentives

A plan to build a four-star hotel next to Hy-Vee Hall and Wells Fargo Arena won't happen unless Des Moines city leaders can convince the state's economic development authority to provide millions in tax incentives for the project.

Des Moines Assistant City Manager Matthew Anderson said this week is a prime example that proves why a hotel is needed next to the Iowa Events Center. Fans from across the state are coming to downtown Des Moines in droves to cheer on their favorite teams at the boy's state basketball tournament.

On Monday, City Council members signed off on submitting an application to the Iowa Economic Development Authority to create a downtown reinvestment district. The district would span Fifth Avenue from Center Street to Cherry Street and would connect the Court Avenue District and the Convention Hotel. It would allow the city to use a portion of the hotel/motel and sales tax generated from the district's projects to help pay for those very same projects.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Suggested Articles

Formerly Driftwood Acquisitions & Development, Driftwood Capital has secured new capital allowing $3 billion in deployments over five years.

Accor has signed with Sabre to create a new product combining property management and central reservation systems, which it hoped would drive growth.

Easyhotel said that it would focus on France and Spain as part of its “ambitious strategy” for growth.