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Feasibility Study for Potential Convention Center Development in Lane County, Oregon

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Feasibility Study for Potential Convention Center Development in Lane County, Oregon FEASIBILITY STUDY FOR POTENTIAL CONVENTION CENTER DEVELOPMENT IN LANE COUNTY, OREGON OctoberAugust 2019,, 2016 2016 October 20, 2016 Ms. Kari Westlund President & CEO Travel Lane County 754 Olive Street Eugene, Oregon 97440 Dear Ms. Westlund: Conventions, Sports & Leisure International (CSL) has completed a report related to Phase One findings of a feasibility analysis of potential convention center development in Lane County, Oregon. The study was commissioned by Travel Lane County, with participation by the City of Eugene and the City of Springfield. Phase One of the potential two-phased study focuses on analysis of market demand, supportable programmatic, and site/location aspects of the project, as well as issues related to headquarter hotel needs. The attached report presents our research, analysis and findings and is intended to assist Travel Lane County, the Cities of Eugene and Springfield, and other project stakeholders in evaluating the viability of facility development. The analysis presented in this report is based on estimates, assumptions and other information developed from industry research, data provided by study stakeholders, surveys of potential facility users, discussions with industry participants and analysis of competitive/comparable facilities and communities. The sources of information, the methods employed, and the basis of significant estimates and assumptions are stated in this report. Some assumptions inevitably will not materialize and unanticipated events and circumstances may occur. Therefore, actual results achieved will vary from those described and the variations may be material. The findings presented herein are based on analysis of present and near-term conditions in the Lane County area as well as existing interest levels by the potential base of users for a new/expanded convention center and/or hotel project. Any significant future changes in the characteristics of the local community, such as change in population, corporate inventory, competitive inventory and visitor amenities/attractions, could materially impact the key market conclusions developed as a part of this study. As in all studies of this type, the estimated results are based on competent and efficient management of the potential facilities and assume that no significant changes in the event markets or assumed immediate and local area market conditions will occur beyond those set forth in this report. Furthermore, all information provided to us by others was not audited or verified and was assumed to be correct. This report has been prepared for the internal use of Travel Lane County, the City of Eugene, and the City of Springfield, and should not be relied upon by any other party. The report has been structured to provide study stakeholders with a foundation of research to provide decision makers with the information necessary to evaluate issues related to a potential new/expanded convention center and/or hotel project and should not be used for any other purpose. This report, its findings or references to CSL may not be included or reproduced in any public offering statement or other financing document. We sincerely appreciate the assistance and cooperation we have been provided in the compilation of this report and would be pleased to be of further assistance in the interpretation and application of our findings. Very truly yours, CSL International Conventions, Sports & Leisure International 520 Nicollet Mall • Suite 440 • Minneapolis, MN 55402 • Telephone 612.294.2000 • Facsimile 612.294.2045 TABLE OF CONTENTS ______ Executive Summary 1.0 Introduction .................................................................................................. 1 2.0 Analysis of Local Market Conditions ................................................................ 4 3.0 Industry Characteristics & Trends .................................................................. 15 4.0 Competitive and Comparable Facilities Analysis .............................................. 23 5.0 Market Demand Analysis ............................................................................... 36 6.0 Analysis of Program, Development Options & Site/Location ............................. 60 Appendix A: Comparable Facility Case Studies Appendix B: Comparable Facility Hotel Support Appendix C: Comparable Market Demographic Data Appendix D: Additional Market Survey Responses FEASIBILITY STUDY FOR POTENTIAL CONVENTION CENTER DEVELOPMENT IN LANE COUNTY Table of Contents EXECUTIVE SUMMARY Conventions, Sports & Leisure International (CSL) was retained by Travel Lane County, with participation by the City of Eugene and the City of Springfield, to conduct Phase One of a potential two-phased feasibility analysis related to potential convention center development in Lane County, Oregon. Phase One focuses on analysis of market demand, supportable programmatic, and site/location aspects of the project, as well as issues related to headquarter hotel needs. This executive summary outlines the key findings associated with Phase One of the study. The full written report should be reviewed in its entirety to gain an understanding of the study’s methods, limitations and implications. Introduction / Background Precipitating the commission of this study was the belief by Travel Lane County and other community constituents that Lane County presently lacks a large, quality convention space suitable for accommodating many types of conventions, conferences, tradeshows, meetings and other such events. An initial goal of this study is to investigate and determine if there is market support for new or expanded convention facility product in Lane County that would serve to grow visitation, hotel room nights, and new economic impact. A new or expanded convention center, as envisioned, would act as an economic generator and a public resource for the local community, hosting conventions, tradeshows, public/consumer shows, conferences, meetings, sports tournaments/competitions, civic events, and other events of both a non-local and local nature. An important goal of the facility would be to attract non-local events to the area that presently cannot be accommodated by existing local facilities, providing new visitation and related economic impact in the local area. Much of the quantifiable economic impacts and non-quantifiable benefits the convention center provides in any local community and to its residents would not be possible if it were not for the initial (and, oftentimes, ongoing) investment by a public sector partner. This study provides a foundation for strategic planning to provide decision makers with the information necessary to strategically plan for Lane County’s future in the convention industry, with a focus on protecting and growing its competitive position in the evolving regional and national convention/conference industry. This research provides direction not only as to the facility components that may be supportable from market demand perspectives, but also the visitor amenities surrounding Lane County’s potential new convention facility, including hotel support. Throughout the country, cities of all sizes have expanded or developed new public sector-owned convention/conference centers within the past decade or two. Further, many of these communities have also invested substantial public sector dollars into enhancing the convention/conference industry’s supporting amenity infrastructure, including incentivizing appropriate headquarter hotel products and entertainment/mixed use districts and infrastructure nearby the convention/conference center. Ideally leveraging private sector dollars when possible, all this investment is geared towards enhancing the attractiveness of the destination and its infrastructure in order to better compete for economic impact- generating events and visitation. This study process consisted of detailed research and analysis, including a comprehensive set of market- specific information derived from the following: ü Experience garnered through more than 500 convention/conference facility projects throughout the country. ü Local market visit at the outset of the project, including community and site tours. FEASIBILITY STUDY FOR POTENTIAL CONVENTION CENTER DEVELOPMENT IN LANE COUNTY Executive Summary Page ES-1 ü In-person interviews/meetings with Lane County individuals, including representatives from Travel Lane County, the Cities of Eugene and Springfield, University of Oregon and Lane Community College leadership and staff, representatives of key area conference/meeting and hotel facilities, potential development partners and business leaders, local facility users, and other local visitor industry stakeholders. A number of follow-up telephone interviews were also conducted with these types of local area individuals. ü Research and analysis of local market conditions. ü Comparative analysis of socioeconomic data from competitive/regional and comparable facility markets. ü Completed telephone interviews with state and regional convention planners representing more than 120 potential rotating events. ü Completed telephone interviews with national convention event planners of more than 95 potential rotating events. ü Completed telephone interviews with corporate meeting planners representing over 600 off-site events. Local Market Conditions The demographic and socioeconomic characteristics of a local market are important components in assessing the market potential for new convention center space in a community. The strength of a market
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