OKC MAPS Economic Impact - Executive Summary

OKC MAPS PROJECTS – 25 YEARS

Lodging, Tourism, and Cultural Attractions The MAPS projects carried significant expectations for increased visitor attractions and a much more vibrant downtown tourism and hotel sector. Hotel development began along with construction of the Bricktown ballpark and canal and has continued nearly unabated. What was once an undersized hotel sector in the pre-MAPS era has been transformed into an important and growing strength of the Oklahoma City economy. Lodging Pre-MAPS Lodging Prior to the approval of the initial MAPS projects, few hotel options were available in the downtown business district. No lodging options were available in Bricktown in the pre-MAPS era. The 396-room Sheraton-Oklahoma City was the only downtown hotel with modern rooms at the onset of the initial MAPS projects but needed upgrading. Constructed in 1976, the Sheraton’s proximity to the Cox Convention Center made it the de facto headquarters hotel for the city’s conference industry. The aging downtown Skirvin Hotel closed in 1988 and sat abandoned until revitalized nearly two decades later. Along with limited lodging options downtown, few entertainment, food service and recreational offerings were available to serve visitors to the area. MAPS-Era Lodging Between 2000 and 2009, the decade following the introduction of the initial MAPS projects, the study area added a total of 1,220 hotel rooms. The number of rooms in the central business district and Bricktown tripled relative to pre-MAPS levels. Most of the development in the period was in the central business district where 869 of the 1,220 new rooms were located. Hotel development in the study area slowed after 2009 due to the combined effects of increased room supply and the 2007-09 national recession. Construction resumed in 2013 as multiple developments broke ground in both the business district and Bricktown. Since early 2014, 12 new hotels with 1,532 rooms have opened in the study area. Bricktown is now the fastest growing destination for new rooms, with more than two-thirds (1,148) of the 1,532 new rooms located in the entertainment district. Development has continued unabated through 2019. In total, the downtown Oklahoma City study area is currently home to 20 hotels with 3,163 rooms. A slightly higher number of rooms are in the business district (1,664 rooms) than in Bricktown (1,499 rooms). Figure 7 provides a timeline of hotel development in the downtown study area. Omni Convention Hotel Most recently, the development of a new 17-story Omni conference hotel is underway adjacent to the new MAPS 3-funded downtown convention center. The $241 million hotel will have 605 luxury guest rooms and serve as the city’s official convention hotel. The larger room base of a major convention hotel is anticipated to move the city into a higher tier of convention destinations, much like the Renaissance did for the city nearly 20 years ago. In a public-private partnership, Oklahoma City will provide $85 million in financing funded through a city bond offering while Omni is investing more than $150 million. The hotel is slated to offer seven restaurants, a coffee shop, burger bar and rooftop poolside bar. Groundbreaking took place in October

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