The building was imploded down to the concrete and rebuilt during a nine-month shutdown. Our airport properties are our greatest billboards. In one such instance, Hilton recently ceded its Boston Logan Airport presence to Ramada. Hilton will break ground early this year on a new 600-room facility on the Boston airport's property. There is also a lot to be gained for the airports themselves in this business.
Airport hotels are a significant source of concession revenue.
As with similar arrangements, a formula determines what percentage the airport takes. The latter, which primarily reflects with the golf course, results from a deal made between the parties in 1986, six years after the golf course and hotel's second tower went up. Beyond the positive financial implications of having a superior hotel at the airport, the buildings help make for a more well-rounded airport package. An airport's central location and accessibility brings commercial travelers in for meetings and conferences. Similarly, by having a hotel on property, airports can offer airlines a cheaper and quicker way of lodging distressed passengers by erasing transportation costs.