This signature full-service, first class, upscale DoubleTree® Hotel and Conference Center in downtown Bay City, Michigan includes 25,000 square feet of conference, ballroom, and pre-function space, as well as 310 structured and surface parking spaces.
Although private financing was unfeasible, Garfield arranged alternative financing using non-recourse, tax-exempt hotel revenue bonds, with the City receiving all property cash flow and residual value.
Financed with the first tax-exempt hotel bonds placed without municipal credit enhancement after the 2001 terrorist attacks, other project funds included nearly $20 million in federal, state and local grants, low-interest and no-interest loans.
This property is the centerpiece of the redevelopment of Bay City’s historic Riverwalk. As the beneficial owner of the property, the City’s contributions are truly an investment, rather than a subsidy to a private developer as originally contemplated.
I cannot speak highly enough of Garfield and its principals. In their absence, Bay City would not be celebrating the fulfillment of an otherwise impossible development dream.”
— James M. Palenick, City Manager (1996 – 2002)