Grand Hyatt San Antonio Announces 10th Anniversary; Hotel Honors Form

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>> THE CITY OF SAN ANTONIO COULD SOON CHECK OUT OF ITS DEBT OBLIGATIONS WITH THE GRAND HYATT HOTEL CITY COUNCIL APPROVED SEVERAL MEASURES TODAY THAT PAVES THE WAY FOR HYATT TO SELL ITS 1003 ROOM, RIVERWALK HOTEL. >> IN A DEAL WORTH UP TO 450 MILLION DOLLARS. THE CITY NOT ON THE HOOK FOR ANY OF THAT. IN FACT, IT WILL GET A PIECE OF IT. CITY HALL REPORTER GARRETT BRNGER WITH THE DETAILS. >> MOTION CARRIES CITY COUNCIL TODAY SIGNING OFF ON KEY ITEMS THAT WILL ALLOW HIGH TO SELL ITS GRAND HYATT HOTEL BUILDING TO AN ARIZONA BASED NONPROFIT CONTINUING TO RUN THE HOTELS BUSINESS. WE SOUTHBOUND INITIATIVE RELATIVE TO OUR OWN REAL ESTATE. THE INS AND OUTS ARE COMPLICATED. BUT THE BOTTOM LINE FOR THE CITY IS THAT IT WON'T BE ON THE HOOK ANYMORE FOR ANY OF THE HOTELS DEBT, BUT IT WOULD GET CONTROL OF THE BUILDING ANYWAYSROUGHLY YEARS DOWN THE LINE ONCE THE DEBT FROM THIS NEW DEAL IS PAID OFF AND WHAT BROUGHT TODAY, THEN I HAVE TO CAN'T BE DESCRIBED ANYTHING OTHER THAN A WIN WIN. THE CITY DOESN'T