MADISON, Wis. -- A preliminary downtown Madison hotel study said the Monona Terrace Convention and Community Center has lost tens of millions of dollars in meeting business over the years because it doesn't have a block of 300 hotel rooms close by.

A city committee received a $40,000 study in draft form late Tuesday.

A private consultant said the report's recommendation is to build a 400-room, full-service "meetings" hotel, like a Westin, within a block of Monona Terrace or the current Hilton Hotel.

The report said that in a survey of meeting planners, nearly 60 percent said they did not believe Madison had enough quality hotel rooms to be adequate for their event.

The committee was told the best hotel would be a full-service one that has a minimum block of 300 rooms available. It would also have a spa, restaurant, two ballrooms and 24-hour room service.

Surveys said that with such facilities available, people would be willing to pay $150 to $200 a night for a room.

Mario Mendoza, the business liaison for the Madison mayor, said the study proves what others only suspected -- that there aren't enough hotel rooms in downtown Madison.

"Now, we have confirmation that's the case," Mendoza said.

The private consultant, Hunden Strategic Partners, said building a large hotel downtown would only increase the Madison hotel "pie," not just cut it into different-sized pieces.

Other city hotel owners have said they're worried that another downtown hotel would hurt their businesses.

The draft said Monona Terrace could increase its "universe" of meeting business by as much as 44 percent with the right kind of hotel close by.