Food & Beverage Services - Success Stories

Westin Lombard Hotel and Conference Center - Market Study for Bond Financing

Project

Both the developer and the Village of Lombard, Illinois wanted to construct a hotel and conference center with a major independent restaurant, in the Yorktown Mall. Piper Jaffray was engaged by the Village of Lombard to arrange bond financing. Richard D. Williams, President/Managing Director of HVS Food & Beverage Services, was retained first by the developer and then by Piper Jaffray to perform a market study. Because more than half of the projected revenue was to be generated by food & beverage operations, HVS Food & Beverage Services was uniquely qualified to assist with this project.

The HVS Assignment

HVS Food & Beverage Services began work on this assignment in 2003 and performed services through the successful placement of the bond offering in September 2005. During the two-year period of this engagement, Richard Williams first assisted the developer by performing a market study of the proposed hotel and conference center, and testifying in support of the market study before the Village of Lombard. After the Village Council voted to proceed with the project and retained Piper Jaffray to arrange tax-exempt bond financing, Richard Williams assisted Piper Jaffray by performing a market study that was used in the bond official statement and by performing consulting services during the bond sales period.

Results

The $150-million bond offering closed in September 2005, and construction of the $195-million hotel and conference center has commenced. The hotel will contain 500 rooms, a 50,000-square-foot conference center, a Harry Caray’s Restaurant, and a Holy Mackerel! American Fish House Restaurant. The hotel is anticipated to open in September 2007.

Exterior Perspective

Village of Lombard Hotel and Convention Hall
HARP MID-AMERICA, LLC
LOMBARD, ILLNOIS
JULY 21, 2004