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Hotel Madison representatives tell BOE full-service operations and meetings business raise operating costs
Summary
Representatives for Hotel Madison and related entities described the hotel's full-service operations, staffing and meeting-space reliance and told the Board of Equalization those factors affect market value and cap-rate considerations; no immediate assessment change was recorded at the hearing.
Mike Andrews, chief financial officer of DPM Partners (the managing member for Hotel Madison and related entities), told the Board of Equalization that Hotel Madison operates as a full-service, group-oriented hotel and that its operating profile differs from smaller select-service hotels often used as comparisons.
“Hotel Madison is a full service hotel. ... We have 230 rooms,” Andrews said, describing the…
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