Public-private partnerships (P3s) are not a new phenomenon, but they are an expanding and increasingly necessary one. As local governments compete with each other for tourism dollars and finicky and demanding workforce, the hospitality industry has become a focus of potential P3s as a way to revitalize fatigued districts and compete with the city next door. With more governments seeking to partner with private industry in this way, a unique opportunity has been created for hospitality developers. P3s can come in different forms, but the basic concept is not different from what the name implies. The government — often with land and resources, always with a need — partners with a private entity. The project often includes infrastructure or other public improvements, which can be partly or entirely funded and built by the private entity.
To read the full article: Public-Private Partnerships and the Hospitality Industry