-- Connecting the dots between our economy, government and business --
As a massive foreclosure lawsuit against the owner of the Palmer House enters its fourth year, the hotel's State Street retail space is poised to be seized by a lender.The bid price shows how far the property's value has fallen in the wake of the COVID-19 pandemic.
With $162 billion more from taxpayers, couldn’t you deliver a few bond upgrades, too
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Everybody needs a side hustle these days, and mine is Ukraine, where I am now.
Summary and audio linked here.
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Audio and summary
Tip of the iceberg.
Yeah, the pandemic; that’s what made the property value fall.
Truly awful watching Chicago fall piece by piece. I was married in that hotel.
But but but…
The fake news fraud said that Chicago hotels were booming!
What they didn’t day was that revenues were only up due to massively inflated room rates, while actual occupancy was still in the toilet.
https://www.chicagotribune.com/business/ct-biz-illinois-tourism-recovery-hotel-revenue-record-20230710-r44mho43yre2jmsvhwcweaxh6e-story.html#:~:text=J.B.,Chicago%2C%20the%20city’s%20tourism%20arm.
They had to inflate room rates. Chasing occupancy during 2020/2021 lead to nearly two full years of thuggery, pimping & parties in high end hotels, which scared away most visitors.