GRAND HARBOR RESORT AND WATERPARK

Tokens

GRAND HARBOR RESORT AND WATERPARK. A cornerstone of the riverfront future of Dubuque, the Grand Harbor was commercially christened December 4, 2002. The complex was the first major part of Dubuque's $188 million America's River project to be completed. The original $30 million America's River concept grew to $188 million form it became by the resort project. Private investment helped to leverage $40 million in Vision Iowa money. Grand Harbor also brought together a group of tri-state area lenders who provided nearly $17 million in loans for the project. According to Jim Rix, president and chief executive officer of Platinum Hospitality LLC, the development firm behind the construction, the Grand Harbor project at $26.5 million was the largest lending package in Dubuque history. (1)

Platinum Hospitality officials announced they were "conceptually working" on a phase 2 of the resort with plans of expanding the existing 194-room hotel with 150 more rooms as well as waterpark addition. The employee base was expected to peak at about 190. (2) In the first year of business with the economic recession still present from the terrorist attacks in New York on September 11, 2001, occupancy totaled about 50%. Bookings topped 70% the following year. Grand Harbor business grew considerably after the opening of the Grand River Center, the conference facility also managed by Platinum Hospitality, in 2003. Under a development agreement with the city, the hotel had to have an average occupancy rate of 85% for two consecutive years before an expansion could be made. This could include 150 additional guest rooms, a 18,000-swqure-foot addition to the waterpark, and additional proprietary parking. (3)

In 2009 the first overhaul of the complex was begun. As part of the project estimated to cost $3 million, Tony Roma's, a restaurant chain, was expected to open in May. The restaurant would seat 250 people and create 120 jobs. Other renovations started with two floors and a a third to be finished by the end of the year. The entire hotel including public spaces was to be renovated over eighteen months. The opening of the Diamond Jo Casino helped to increase business. (4)

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Source:

1. Kittle, M. D., "Grand Harbor Christened," Telegraph Herald, December 5, 2002, p. 1A

2. Ibid.

3. Mozinski, Eileen, "Grand Harbor Adds Tony Roma's," Telegraph Herald, April 8, 2009, p. 1A

4. Kittle, M. D., "Grand Gains for Resort, Waterpark," Telegraph Herald, April 27, 2005, p. 1A