NEWS RELEASE

For Immediate Release: December 21, 2006

Albany Convention Center Authority Selects HVS International To Update Market Study

ALBANY, N.Y. (Dec. 21, 2006) – Albany Convention Center Authority  (ACCA) Chairman George Leveille today announced that HVS Convention, Sports & Entertainment Facilities Consulting – a division of Hospitality Valuation Services International with headquarters in Chicago and offices in New York City, has been selected to update the market study for the proposed convention center and hotel on the preferred site in downtown Albany. The preferred site is the area between Broadway, South Pearl Street, State Street and Madison Avenue.

HVS has conducted many such studies, providing similar convention center and hotel services to a number of communities including: Austin, TX; Santa Fe, NM; Raleigh, NC; Columbus, OH, Denver, CO; Overland Park, KS; Branson, MO, Schaumburg, IL: and Colorado Springs, CO.

Action by authority members selected the firm, based on an RFP  (Response for Proposals) issued by the board in November. The contract for services performed by HVS is not to exceed $85,000.

The new market study is to include recommendations for the appropriate size of the facility, appropriate amenities, estimated costs of and revenue to be derived from the facility, and the best potential location within the preferred site.

“This new study will be a key document for the authority to use in connection with the project’s financing,” Mr. Leveille said.

The new market study will be a comprehensive analysis with recommendations that reflect current facts and conditions surrounding the project.

For the new market study, HVS will provide the Albany Convention Center Authority with the following services:

• Product Definition
• To identify the special needs of Albany, its hotel industry, citizens and those traveling to the city including associations and meeting planners.
• Market Demand Analysis
• Albany’s hotel inventory and locations for the use of convention, meeting, trade and exhibition business.
• The area’s hotel inventory and locations for the use of convention, meeting, trade and exhibition business.
• The current and future market potential for hotel growth, including a survey of hotel/motel statistics that includes and forecasts available rooms, occupancy rates and room rates.
• Identification of the type and size of the facility to best meet the needs of Albany and its hotel industry.
• Evaluation of the market potential for a convention facility.
• Identification of trends including event growth, usage and market share that would further support the need for a convention facility within Albany.
• Evaluation of comparable facilities in similar cities regarding operational characteristics.
• Determination of the optimal size and amenities of the convention center and desired use.
• Forecast for the convention market demand and market share.
• Comparison of the proposed facility with others already in the market.

ABOUT THE ACCA

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MEDIA CONTACT:
Al Sorrentino, Project Manager
Albany Convention Center Authority
25 Quackenbush Square
Albany, New York 12207
518-434-1217, x203
asorrentino@albanynewyorkconventioncenter.com
www.albanynewyorkconventioncenter.com

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