Yellowknife (Sep 03/03) - The owner of the Explorer Hotel says the hospitality industry has taken a beating over the past year and for that reason, he is offering up his convention centre to the city for $1 a year.

Harry Symington, general manager of the Explorer Hotel and chief operating officer for the hotel's parent company, Grandfield Pacific, says hotel occupancy in the Explorer has floated in the 50- to 65-per-cent range over the past year.

"The hospitality business was decimated," said Symington, of the Sept. 11 terrorist attacks, SARS and Mad Cow Disease.

"Every time you thought you were getting ahead, on came another event like SARS. SARS really scared people off. This industry really follows the airline industry and if people aren't in the airplanes they're not in the hotels," said Symington.

To get the hospitality industry back on track, Symington argued there must be a concentrated effort to bring Japanese tourists back to the city.

Symington also argued strongly against government development of a local convention centre.

"It's going to cost at least $20 million to build the convention centre. I believe the community of Yellowknife needs to have a good hard look at this.

"The Explorer Hotel has a 350-seat convention facility with an average usage of only 10 per cent. We actively promote and market our convention centre and it is only utilized 10 per cent of the time," he said.

Symington also said the building and marketing of the convention centre would have to be paid for by the taxpayers.

"If it's something the city or the territorial government want to get into, I'll give it to you for a minimal cost. I'll give it to you for $1 a year so long as I have the opportunity to service the business coming out of that facility," he said.

The tough times in the hospitality industry led to the decision by Grandfield Pacific to request voluntary removal from the Toronto Stock Exchange (TSX). The company expects to be up on the TSX Venture Exchange by Sept. 22 -- one month after the initial "suspension" from the TSX.

"Even though we asked to be delisted, they still had to go ahead and make their decision," said Symington.

Earlier, on April 24, 2003, the TSX extended its review of the eligibility of Grandfield Pacific until Aug. 21. The revenue reporting requirements from the TSX are very strict. Hitting those revenue targets is key, said Andrea Kurjata, Western Canada communications co-ordinator for Calgary TSX Group Inc.

"We do have companies that move down from the senior exchange to the junior exchange," said Kurjata.

"Companies are required to meet certain listing criteria on the TSX and when they can't meet those they have other options. One of those options is to move to another market like TSX Venture," she said.