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The Michigan Tourism Investment Forum
In the last issue of this newsletter, we announced that the Tourism Resource Center and the MSU School of Hospitality Business are organizing the first Michigan Tourism Investment Forum. It will be held at the Hyatt Regency-Dearborn on May 26 and 27, 2004, immediately following the Michigan Hotel, Motel and Resort Association's annual conference. In this issue, we want to explain why we decided to host this event, what the purpose of an investment forum is, how it will be organized, and who should plan to attend.
Why do we need a tourism investment forum and why now?
Tourism in Michigan is a large and growing industry. It is the dominant industry in many areas of the state and serves to stimulate and diversify the economies of all of Michigan's 83 counties. And, the growth prospects for tourism in the U.S. are excellent. The bad news is that Michigan, like most other states in our region of the country, has a negative balance of trade in tourism. The net outflow of tourism dollars from Michigan's economy is long standing, and Michigan's share of overall growth in tourists' expenditures is slipping. The root causes of the deficit are clear (e.g., climate) and intractable. There are few options available to reduce the deficit. Promotion is one of these options, and the other is to improve and expand Michigan's tourism product offering. The question is: what can be done to stimulate investment in new and/or improved tourist facilities and attractions?
The climate for investment in the industry has improved markedly in recent months with the rebound in the domestic economy. Prospects for growth in tourism demand are encouraging and, with interest rates still low, the climate for adding to tourism appears to be promising. The public policy arena also appears to be tilted favorably toward tourism investments, especially those that enhance the "cool cities" image of communities. Many investments that attract tourists also provide quality of life amenities to local residents whether they are cultural enrichments or expanded entertainment options. The time seems right to initiate the Michigan Tourism Investment Forum.
What is the purpose of a tourism investment forum?
The purpose of an investment forum is to stimulate investment, in this case, investment in new or expanded tourism facilities and attractions. Forums focused on hotels and resorts are regularly offered in New York and Los Angeles in the U.S. and at several international venues. None have been offered in Michigan or elsewhere in our region of the country. We believe that what has proven to be a popular and successful model for stimulating major hotel and resort development can be adapted to serve the Michigan tourism investment community. The Michigan Tourism Investment Forum will feature the "new major hotel and resort" theme, but will also feature smaller lodging properties and a full range of developments with the potential to attract tourists. And, expansion of and improvements to existing facilities will be included across the program offered. We are working to produce a forum that offers information and networking opportunities that will appeal to a broad range of interests (e.g., hotels, motels, casinos, marinas, campgrounds, festivals and events, shopping complexes, economic development officers, builders, bankers, developers, designers, suppliers, etc.) in projects that vary in scale from small to large. In essence, we are striving to produce an event that will serve Michigan's highly diverse and loosely linked tourism industry.
How will the forum be organized?
The basic investment forum model that we will implement includes a structured component during which participants will obtain information from "experts" and an unstructured/networking component that will allow participants to meet with the full range of partners necessary to plan and implement their projects. Together, these components will provide in one place and at one time a full range of timely investment information as well as ready access to a full range of partners who are needed to engage in the development process.
We want to thank the following individuals for agreeing to serve on the forum advisory committee:
Dr. William Anderson, Director
Michigan Department of History, Arts, and Libraries
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Bill Sheffer, Director
MI Association of Recreation Vehicles & Campgrounds
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Joseph M. Banyai, Principal
Signature Associates-ONCOR International
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Chuck Skelton, President
Hospitality Advisors Consulting Group
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Mark Belanger
Western Travel Territory Sales Manager
Booth Newspapers Inc.
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Van W. Snider, Jr., President
Michigan Boating Industries Association
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Chris Holman, Publisher
Greater Lansing Business Monthly
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Dan Trotochaud, General Manager
Baymont Inn & Suites - Mackinaw City
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Joe Murgalo, General Manager
Hyatt Regency Dearborn
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Steve Yencich, President and CEO
Michigan Hotel, Motel & Resort Association
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Tom Nemachek, Executive Director
Upper Peninsula Travel & Recreation Association
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Bill Zehnder, President
Frankenmuth Bavarian Inn Restaurant
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Carl Osentoski, Director
Huron County Economic Development Corporation
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George Zimmerman, Vice President
Travel Michigan
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The Honorable David Palsrok
Representative, District 101
Michigan House of Representatives |
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Who should plan to attend?
Anyone who is involved or wants to be involved in tourism development should consider attending this forum. These include:
- Those currently engaged in tourism businesses that are considering making new investments;
- Those who are considering entering the industry for the first time;
- Those who provide financing for tourism developments;
- Those who design, construct, furnish, or provide consulting or other products or services to developers;
- Those who frame development policies/regulations and those who implement them;
- Those who are engaged in promoting economic development (e.g., state, county, region, tribal economic development officials);
- Those associated with destination marketing organizations;
If you are interested in participating in or supporting this first Michigan Tourism Investment Forum, there are several ways to become engaged now.
- If you are considering registering for the forum, please e-mail Alex Nikoloff who is serving as the forum coordinator (nikoloff@msu.edu). This will ensure that you will receive program and registration materials as soon as they become available. Space will be limited, so register early if you decide to attend.
- If you are interested in being a financial sponsor, please e-mail Gary Warnell (warnell@msu.edu) and we will surely contact you immediately to discuss sponsorship levels and associated benefits. This event will entail considerable costs and sponsorships are critical to producing a high quality product and to keep the registration fee modest. We are please to acknowledge our first major financial sponsor, the Michigan Economic Development Corporation.
- If you are interested in exhibiting at the forum, contact Alex. Exhibit space is very limited and will be offered first to our major financial sponsors.
We will provide updates in future issues of Michigan Tourism Business and will also be posting information on our website in the near future.
Finally, the members of the forum planning committee are listed below, should you want to communicate with one of us concerning the forum.
Jim Burba
President
Horwath Hospitality Investment Advisors
Phone: 949-574-8525
E-mail: jburba@burba.com
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Alex Nikoloff
Research and Outreach Specialist
Tourism Resource Center, MSU
Phone: 517-353-0793
E-Mail: nikoloff@msu.edu
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Ronald F. Cichy, Ph.D.
Director and Professor
The School of Hospitality Business, MSU
Phone: 517-355-5080
E-Mail: cichy@msu.edu
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AJ Singh, Ph.D.
Professor
The School of Hospitality Business, MSU
Phone:517-353-9211
E-Mail: singharj@msu.edu
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Donald F. Holecek, Ph.D.
Director and Professor
Tourism Resource Center, MSU
Phone: 517-353-0793
E-Mail: dholecek@msu.edu
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Gary Warnell
Management Analyst
Tourism Resource Center, MSU
Phone: 517-353-0793
E-Mail: warnell@msu.edu
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David Morris
Director of Research and Web Services
Travel Michigan/MEDC
Phone: 517-373-0673
E-Mail: morrisd1@michigan.org
Lena L. Loeffler, CHS
Assistant to the Director
The School of Hospitality Business, MSU
Phone: 517-353-9211
E-mail: loeffle5@msu.edu |
Brad R. Van Dommelen
Senior Vice President, Strategic Business Development
Detroit Metro Convention & Visitors Bureau
Phone: 313-202-1920
E-Mail: bvandommelen@visitdetroit.com |
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