enough capital from the private sector to build them. Consequently, most of
these projects that have been developed in the United State in recent years
have involved public sector incentives and subsidies. Many times these subsidies
are quite substantial. As Table 1 shows, public-private hotel transactions
tracked by Garfield Traub Development since 2005 had public sector investments
that ranged from 13 to 82% with an average public sector investment
of 40% of the total project.