Downturn came at bad time for SC convention hotel
Apr 26, 2010 10:48:00 AM - thestate.com
The Great Recession came at a bad time for the hotel at the Myrtle Beach Convention Center on the South Carolina coast.
The Sun News reports the hotel is unable to pay its debt to the city. Myrtle Beach has subsidized some of the hotel debt since it opened nine years ago.
City Manager Tom Leath says hotel management has been keeping costs down. Sheraton has operated the hotel the past five years.
The hotel owes the city about $2.4 million a year in lease payments and makes a payment if it produces enough revenue. Two years ago the hotel paid the city $1.8 million. Last year it paid about $1.1 million
City budget director Michael Shelton hopes the hotel will have revenue to apply to the lease this year but says he's not assuming that.
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