Sacramento K Street deal in jeopardy

The Sacramento Bee reported today that the City of Sacramento is suing local developers to force them to adhere to a land swap deal in an effort to save the redevelopment plan for blighted K Street.

See the full story at:
http://www.sacbee.com/101/story/123228.html

Grand Ave approval

Our Dave Wilcox was there for the glorious moment....

See the full article at: http://www.latimes.com/news/local/la-me-grand14feb14,0,5273884.story?coll=la-home-headlines

Grand Avenue project passes go
City and county OK the $2.05-billion plan to reshape downtown L.A.
By Cara Mia DiMassa and Jack Leonard
Times Staff Writers

February 14, 2007

"Despite criticism about tax breaks and land giveaways, the Los Angeles County Board of Supervisors and the Los Angeles City Council gave final approvals Tuesday to a sprawling mini-city atop Bunker Hill that will alter L.A.'s skyline and set a course for future development in downtown.

Elected officials and other backers of the Grand Avenue project described the vote as a turning point for Los Angeles, whose civic leaders have tried for decades without success to establish a central cultural hub downtown that would draw people from throughout the region."....

"The $2.05-billion Grand Avenue project would be the largest single development in downtown history, and would be built almost entirely on public land that would be leased for 99 years to mega-developer the Related Cos. It has few if any equals in the region, in part because of the complexity and scope of the private-public partnership."............

Grand Ave.... again

LABJ announced by breaking-newsfalsh this evening that the City Council and County Board of Supervisors have approved the $2 billion Grand Ave. project.

for the latest see: http://labusinessjournal.com/enews_article.asp?aID=07482545.3062429.1432990.1207422.3993512.834&aID2=110221&lid=34&sid=&cID=ZZZ

2/10/2007 Misc. News

L.A. Times (2/6): new moves in Hollywood redevelopment -- CIM Group buys Seven Seas building on Hollywood Blvd. across from Hollywood and Highland. CIM plans proper historic renovations and reuse of the building as commercial and retail for the area including drugstores, boutiques, fitness centers, etc.

M&C (Feb): destination guides on UT, MO, and L.A.

Tradeshow Week (2/5): MGM Mirage and Macau; Las Vegas Sands and Asia development; Harrah's and Uruguay

Business Week (2/12): Twin Farms resort in VT
Shopping Center Business (Feb): Burbank Town Center

San Fernando Valley Business Journal (2/5): Sheraton Universal sold for $120 million to Lowe Enterprises

Los Angeles Business Journal (2/5): AEG and L.A. Live plans; American Golf is now offering tee time reservations online; L.A. hotel market strong based on sale of Hilton and Sheraton properties

2/5/2007 San Diego military impact

The San Diego Business journal's news flash today is touting that the U.S. military, San Diego's largest employer, has a $12 billion impact on the economy.

See:
http://sdbj.com/enews_article.asp?aID=77935572.9391338.1427647.1656729.6837485.973&aID2=109810&lid=30&sid=&cID=Z

2/4/2007 L.A. 2016 Olympic bid

a little more detail on the L.A. 2016 Olympic bid can be found at:

LABJ: http://labusinessjournal.com/enews_article.asp?aID=576886802.6888193.1422655.2703761.5583597.394&aID2=109426&lid=33&sid=&cID=Z

2/4/2007 West Van Nuys planning to secede????

West Van Nuys is making plans to secede from Van Nuys and join with the community of Lake Balboa.

see: http://www.dailynews.com/ci_5153914

2/4/2007 Grand Avenue

For those of you following the soap opera.... the CRA granted approval Friday to the Grand Avenue project.

See:
LABJ: http://labusinessjournal.com/enews_article.asp?aID=14720154.1918451.1427231.5432812.1436971.815&aID2=109778&lid=37&sid=&cID=Z

Los Angeles Downtown News:
http://www.ladowntownnews.com/articles/2007/02/05/news/news_briefs/at01.txt

Los Angeles Daily News:
http://www.dailynews.com/search/ci_5139949

Los Angeles Times:
http://www.latimes.com/news/local/la-me-grandave3feb03,1,2354762.story?coll=la-headlines-california

2/4/2007 OC housing

The OC Business Journal reports that home prices in the County fell in December but that sales were up over November's totals.
see: http://www.ocbj.com/enews_article.asp?aID=37821774.2188784.1423643.96226202.1223486.526&aID2=109502&lid=30&sid=&cID=Z

2/3/2007

Tradeshow Week (1/15): Harrah's Entertainment sale

M&C (Jan): international focus on Vancouver; golf events; megaresorts; destination guides on: Long Beach, Bermuda, WI, NM, Switzerland

Tourist Attractions and Parks (Jan): large park report; La Vegas attractions; Scotty's Castle; mini golf case study on Summerland Miniature Golf

California Real Estate Journal (1/29): real estate development in Mexico (including Trump); Wal-Mart opposition

California Real Estate Journal (1/22): condo-hotels; Navy/Manchester complex; medical condos

New Orleans City Business (1/1): home values leveling off; New Orleans restaurants doing well

New Orleans City Business (1/15): NFL playoffs boom for N.O.

2/3/2007

California Real Estate Journal (2/5): eminent domain bills; Culver City/Washington Blvd. RFP issued; special feature on misc. area's office development

Los Angeles Business Journal (1/22): real estate quarterly feature including a table on the L.A. County office market

Orange County Business Journal (1/29): new Disney boss and possibilities of a third CA park

Los Angeles Business Journal (1/29): L.A. Olympic bid for 2016; people feature on founder of Chuck E. Cheese's new venture -- computer-games-themes restaurant

Street and Smiths Sports Business Journal (1/29): Super Bowl feature

Street and Smiths Sports Business Journal (1/8): Baseball Hall of Fame; Hiroshima stadium; regional feature on sports "across America" (includes Chicago, Miami, Raleigh)

Street and Smiths Sports Business Journal (1/22): Texas Rangers new suites; name change for Football Hall of Fame; sports and facilities in Sydney; Hispanic demographics

San Diego Business Journal (1/29): new plans for Balboa Park; plans for Pacific Gateway/Navy Yard complex

Indian Country Today (1/10): update on Skywalk Project; much on gaming-- Foxwoods sued, Mashantuckets Philadelphia slots, Spokane tentative deal, Osage opening new casino in OK

New Orleans City Business (1/8): Harrah's purchase may be nullified by suit

Business Week (2/5): piece on Disney under Iger including bits on the parks

Forbes (2/12): Jackson Hole ski resorts

Tradeshow Week (1/29): first tier destination cities

New Urban News (Jan-Feb): FEMA housing of post-Katrina Gulf Coast

World Waterpark (Jan): waterparks/ice rinks in the Midwest; Fort Rapids indoor waterpark (OH); Aqualandia park Benidorm, Spain

Urban Land (Jan): retail special issue; de-malling; redevelopment of medium-sized shopping centers; retail in China; inner-city retail; entertainment districts; walkable redevelopment; regional spotlight on AZ

Real Estate Southern California (Jan): L.A.'s downtown projects

1/29/2007 Legoland has record 2006

Congrats to our friends at Legoland who hit 1.66 million in attendance last year!
see: http://www.signonsandiego.com/news/business/20070126-9999-1b26lego.html

1/27/2007

from the field:

Economic Development Quarterly (Feb): riverboat casinos

California Real Estate Journal (1/16): Sacramento Rail Yards; corporate housing showing significant growth; Napa Valley eco-hotel; complaints over night games' lights for LAUSD football games

National Real Estate Investor (Jan): Westfield buys Seattle mall for redevelopment; sports-condos on the rise; medical office space; Atlanta office development rising; Columbus' Nationawide Arena District; convention hotels, especially in smaller markets; commercial space appraisals; eminent domain in the elections

Journal of Sports Economics (Feb): baseball spring training attendance

Tradeshow Week (1/22): New Orleans Morial Center running well

American Indian Report (Jan): feature on the California Nations Indian Gaming Association

Hotels (Jan): Vietnam; Parisian ice "club"

Fortune (1/22): Nashville

Forbes (1/29): pricing for movie theater tickets

Retail Traffic (Jan): Eastern Europe retail development; New Orleans retail; Biloxi/Gulf Coast gaming; retail adaptive reuse

San Fernando Valley Business Journal (1/8): Burbank Airport Hilton Hotel and Convention Center being renovated

Shopping Centers Today (Dec): existing centers too expensive to buy so the move is on to build new; bowling night spots at shopping centers; Ron Jon Surf Shop debuting lifestlye brand; retail development being used as a revival technique for dormant areas (ie. Baltimore Harbor); auto centers; Pocono development; malls in Mexico; Manhattan retail; Philippines' new developments

Shopping Centers Today (Jan): mom-and-pop shops in malls; demographic data for mixed-use development; Milan

IGWB (Jan): new Singapore license; new codes for UK casinos; market study for casino on Cyprus; Seminoles buy FL Hard Rock casino; MGM deal for non-casino development in Dubai; Age of Aquarius resort opens in Laughlin; Puerto Rico domestic market for casinos

San Diego Business Journal (1/22): new city hall complex; rugby at Petco Park

Los Angeles Business Journal (1/15): Culver City/Washington Blvd "opportunity area" developments

Los Angeles Business Journal (2007 Lists): lists of top golf courses, hotels, and meeting facilities

Shopping Center Business (Jan): Muvico movie theaters

CP&DR (Jan): eminent domain; Natomas' problems with potential flooding; City of Concord trying to halt transfer of the Concord Naval Weapons Station to an environmental engineering firm; San Bernardino County redeveloping after fire storm; Wal-Mart loses in court to the City of America's Canyon; South Bay mixed-use centers; South Pasadena

1/22/2007 CA zoo news

from this morning's San Diego Business Journal's e-news flash:

Van Nuys Lawmaker Trumpets Wild Animal Park’s Elephant Pen
By CONNIE LEWIS - 1/22/2007
San Diego Business Journal Staff

"A state Assemblyman who is crafting a bill that would dictate how much space is needed for elephant enclosures at zoos across California, says the Wild Animal Park is on the right track, but the San Diego Zoo isn’t. At least not at present.

Lloyd Levine, D-Van Nuys, said he is still working on the details. But a bill he plans to propose likely would call for zoos, circuses and other organizations to keep no more than three elephants in 5-acre enclosures. For each additional elephant, the space requirement might be expanded by a half acre.

A similar proposal last year failed to pass out of an Assembly committee and Levine wasn’t sure why.

“Nobody told me,” he said. But that was before he visited the Balboa Park zoo and Escondido’s Wild Animal Park, which are operated by the San Diego Zoological Society, in the spring of 2006.

Based on what he saw at the Wild Animal Park, he came away with ideas for some exemptions on his bill’s space dictates.

At the center of an issue that animal rights groups are focusing on nationwide is the question of how much space is needed to contain giant pachyderms outside of their natural environment. Known to roam tens of miles a day in the wild, many elephants that are confined in zoos and circuses are severely limited in their movement, which animal rights advocates claim results in chronic, debilitating foot disease and joint problems.

The Wild Animal Park currently has nine African elephants confined in 3 acres and six Asian elephants in 2.5 acres. But Levine said he observed that through play and exercise prompted by their keepers, they walk about five miles daily.

“The people I’ve talked to who are experts on elephant behavior say they roam anywhere between five and 50 miles a day in the wild,” Levine said. “So I’d say five miles would be a minimum standard.”

Their area at the Wild Animal Park, which contains dirt and sand similar to their natural habitat, is “an acceptable substrate” superior to the concrete flooring in some zoo enclosures, he added.

The Wild Animal Park’s elephants also have a watering hole they can walk into that provides entertainment and relieves the pressure on their feet and joints.

“I was impressed,” Levine added.

The elephant enclosure at the zoo in Balboa Park is another story.

Christine Simmons, a spokeswoman for the San Diego Zoological Society, said the confine for three elephants at the Balboa Park zoo is currently 17,194 square feet in size.

In Defense of Animals, meanwhile, has listed both attractions on its 2006 list of “Ten Worst Zoos for Elephants.” The list was released earlier this month.

“For all its claims of being a world-class zoo, when it comes to elephants, the pachyderms are definitely given second-class treatment,” the San Rafael-based animal rights organization said.

Catherine Doyle, a spokeswoman for the group, said the zoo plans to expand its elephant exhibit to a “stingy” 2 acres. An acre contains 43,560 square feet.

Simmons said construction on the expansion will begin sometime next year, but the start date was undetermined. She also said plans have not been finalized on the amount of space it would contain, but that it would be more than 2 acres."....

Following the earlier lead of other zoos, including the Detroit Zoo, several zoos last year announced the closure of their elephant exhibits — the Lion Country Safari in Florida, the Philadelphia Zoo and the Gladys Porter Zoo in Texas. Two other zoos, New York’s Bronx Zoo and the Santa Barbara Zoo, announced the phase-out of their elephant exhibits, Doyle said.

Bob Rauch, a local hotel owner and professor at San Diego State University’s Hospitality and Tourism Management Program, said the deaths of the three elephants sent from San Diego to Chicago should not be blamed on the San Diego Zoological Society.

“I don’t feel you can lay blame on the sender,” Rauch said.

As to whether restrictions should be put on elephant enclosures at the San Diego Zoo and Wild Animal Park, Rauch said, “Both parks are phenomenal tourist attractions and they should have the ability to use their own discretion given their track record on animal safety.”

Carl Winston, director of SDSU’s hospitality and tourism program, said he doubted attendance at the Balboa Park zoo, which stood at about 3 million last year, would drop if the elephant exhibit were closed.

“With the exception of special exhibits like the pandas, people don’t plan visits to the zoo or to San Diego just to see one exhibit,” Winston said. “Attractions aren’t built around one animal and I’m not aware of elephants being a key driver of zoo attendance anywhere.

“But it’s a slippery slope. If you take away the elephants, what’s next, the monkeys, tigers and bears, and where does it stop?”............

for the complete article see: http://sdbj.com/article.asp?aID=109338&link=perm

1/17/2007 Petco Park refi

from this morning's San Diego Business Journal news flash:

City Council OKs Ballpark Refinancing
By - 1/17/2007
San Diego Business Journal Staff

"The San Diego City Council approved a refinancing of its high-interest bonds Jan. 16 for Petco Park through a private placement arranged with Bank of America.

The city had planned to refinance the 2002 bonds, which carry a 7.66 percent rate, since 2004. But revelations about non-disclosures of expenses related to its employee pension plan triggered federal investigations and delayed annual financial audits that prevented the city from tapping into the public bond markets.

Mayor Jerry Sanders said the proposed alternative to the public market refinancing will save the city about $3.7 million annually, or $93 million during the 25-year term.

When the original ballpark bonds were issued in February 2002, the entire issue of $169.7 million was sold to underwriter Merrill Lynch.

The bonds carried the higher interest rate because of outstanding litigation on the ballpark, and the uncertainty of the bonds’ tax-exempt status.

City debt officials said the par amount on the outstanding ballpark debt is about $156.4 million. Using an estimated interest rate between 4.78 percent and 5.23 percent, the total refunding would be $172 million. The exact rate and refunding amount won’t be known until the transaction is concluded, likely in February, according to a city report.".......

"The city has been trying to get audits for fiscal years 2003 to 2006 for more than two years.

Petco Park, opened in 2004, cost about $450 million, with about two-thirds of the cost coming from public funds, and the remainder from the San Diego Padres."

— Mike Allen

for the complete article see: http://sdbj.com/article.asp?aID=109221&link=perm

1/15/2007 --- San Diego Navy/Broadway complex

From today's San Diego Business Journal news flash:

Watchdog Groups Taking Last-Ditch Stand Against Broadway Complex
By PAT BRODERICK - 1/15/2007
San Diego Business Journal Staff

"When the Manchester Financial Group was awarded the plum of redeveloping the Navy Broadway Complex into a mixed-use waterfront attraction 10 months ago, one question persisted — would the $1.2 billion project be devoted more to commerce or the common good?

Now, the new year is under way, and the debate is heating up. One local watchdog group, the Center on Policy Initiatives, is calling for a full financial accounting before ground is broken.

Questioning the premise that the project will generate transient occupancy taxes for the city, CPI contends that there are no guarantees of that, especially if the expected new rooms turn out to be condotels — a sort of time-share variation. Instead, based on CPI’s number crunching, it claims that the project could end up costing the city up to $1.2 million more than it generates in general fund revenues each year.

“We need to do due diligence,” said Murtaza Baxamusa, CPI’s director of research and policy. “We cannot leave it to chance. $1.2 million might seem like a drop in the bucket, but it’s significant.”

Nancy Graham, president and chief operating officer of Centre City Development Corp., which oversees downtown redevelopment for the city, is baffled by that argument.

“The city gets nothing from the site now,” she said. “They should and will be getting revenue from the development there. I can’t see how it will cost the city more than it will receive.”
......
"As for a new fiscal analysis of the project, Graham said that CCDC is focused on design and whether or not plans meet the criteria of the 1992 development agreement between the city and the Navy."
...........
"Anchors Awry

Meanwhile, another local watchdog group, the San Diego Navy Broadway Complex Coalition, on Jan. 4 filed suit in district court against the U.S. Department of Defense, the Navy and the Manchester Pacific Gateway LLCcontending that the Navy failed to adequately address the environmental impact of the project.

The 15-acre site, at Broadway and North Harbor Drive, will include a new Navy headquarters, followed by Class A commercial and retail space, hotels, public attractions, parking and 5-plus acres of open space.

The coalition said it is concerned that the site might be prone to such hazards as earthquakes and terrorist attacks, and complain that the public has been largely shut out of the decision-making process."
....
"On Jan. 9, the San Diego City Council rejected an appeal by the coalition, asking for more environmental study of the project. The reasoning: All of the coalition’s concerns already have been taken into consideration, and will continue to be addressed.".........

"Papa Doug

All of this controversy has left “Papa Doug” Manchester, chairman of Manchester Financial Group, fuming.

“These are the same people that protested the Convention Center, the Hyatt expansion and the ballpark,” he said. “They are obstructionists who do not want anything built down there.”

Manchester dismissed the coalition’s comments about a lack of public input as “ludicrous,” noting that there had been numerous public hearings on the matter.

“That is the height of absurdity,” he said. “You have a piece of property sitting there on the western edge of our town, ugly Navy buildings. It’s like when we had tattoo parlors and girlie joints, where now we have the Hyatt and Marriott and a resurgence of downtown redevelopment.”

He also dismissed as “absolutely ludicrous” ongoing comments from opponents of his project that his financial support of Mayor Jerry Sanders’ ballot measure — to open up city services to outside competition — was designed to curry favor at City Hall.

Navy Blues

While the Navy is declining any formal comment on the lawsuit or CPI concerns, N. Scott Sutherland, spokesman for the Navy Region Southwest, commented, “We encourage the general public and organizations to come forward with their ideas on how we can make this project succeed. But as many analyses that can be shown in the negative, we expect that we can show positive outcomes as well.”

In November, the Navy signed a landmark 99-year lease with Manchester for the redevelopment, beating a Jan. 1 deadline that could have resulted in the complex being closed by the federal government.

But the project remains a work in progress, with the CCDC continuing to work with the Manchester team on design issues. The California Coastal Commission is expected to start reviewing the project during the week of Jan. 15, according to Manchester executive Perry Dealy.

Ground isn’t expected to be broken on the project until at least the end of 2007, he said."
For complete article see: http://sdbj.com/article.asp?aID=109146&link=perm

1/12/2007 Magic Mt not part of 6 Flags sale

It's all over, but just so you know......


from Forbes online 1/12/2007:

Magic Mountain Spared in Six Flags Sale
By ALEX VEIGA 01.12.07, 10:59 AM ET

"The owner of Magic Mountain will continue operating the roller-coaster theme park and its adjacent Hurricane Harbor water park in Valencia, excluding the properties from a $312 million theme park sell-off.

The move by New York-based Six Flags Inc. (nyse: SIX - news - people ) ends months of speculation on the fate of Magic Mountain, which last year appeared like it might be among a several theme parks destined for the auction block.

Six Flags announced Thursday it would sell seven of its 30 North American parks in a bid to improve its debt-laden balance sheet.

Magic Mountain and Hurricane Harbor will remain open for business this year and beyond, the company said.

Last year, real estate developers offered to buy Magic Mountain in hopes of razing it, but Six Flags ruled out any buyers who did not plan to keep the park open.

Attendance at Magic Mountain fell 12 percent during the key June through December period last year compared with the same period in 2005.

The company has blamed that attendance drop in large part to uncertainty about the park's future."
For complete story see: http://www.forbes.com/feeds/ap/2007/01/12/ap3324690.html



From Reuters 1/11/2007:

Six Flags rises after parks sale news
Thu Jan 11, 2007 8:58 AM ET

"NEW YORK (Reuters) - Shares of Six Flags Inc. rose 5.9 percent to $5.75 in trading before the market opened on Thursday after the amusement park company said it will sell seven parks."
for complete article see: http://today.reuters.com/news/articleinvesting.aspx?type=hotStocksNews&storyID=2007-01-11T135830Z_01_N11395869_RTRUKOC_0_US-MARKETS-STOCKS-BEFORETHEBELL-six.xml




From the Houston Chronicle 1/12/2007

Jan. 12, 2007, 10:18AM
S&P Keeps Six Flags on Watch Negative

"NEW YORK — Standard & Poor's Ratings Services said Friday its ratings, including the 'B-' corporate credit rating, on amusement park operator Six Flags Inc. remains on CreditWatch with negative implications.

The CreditWatch update followed Six Flags' Thursday announcement it agreed to sell seven of its parks for $312 million.

New York-based regional theme park owner and operator Six Flags had $2.5 billion of debt and preferred stock outstanding as of Sept. 30. The company said Thursday it will use the cash proceeds of the sale, which is expected to be completed in March 2007, to reduce debt.

"We remain concerned that debt reduction from the proceeds of the transaction will not reduce pro forma debt leverage, which we see as high," said Standard & Poor's credit analyst Hal F. Diamond.

The ratings agency said it will reevaluate the company's business strategies, operating outlook and liquidity in light of plans for debt reduction."
for the complete article go to: http://www.chron.com/disp/story.mpl/ap/fn/4466382.html

1/12/2007

California Real Estate Journal (1/8): Broadreach Capital buys Sunset Millennium; Wal-Mart pharmacy pricing not expected to hurt CA drug stores; Universal expects no problems leasing its new development despite its studio layoffs

Los Angeles Business Journal (1/8): hotel media programming targeting HNW guests

San Diego Business Journal (1/8): maglev train service proposed for border to Ontario airport route

New Orleans City Business (12/25): the year-end wrap-up issue includes articles on the impact of the reopening of the Superdome, the return of the Saints, the continuing visitor dearth, and manufactured housing as the solution to affordable housing in the region, as well as a list/table of the N.O area tourist destinations

Funworld (Jan) includes short pieces on Branson opening a new $600 million attraction, Disneyworld testing hand-held games for in-park visitors; Holiday World's (Santa Claus, IN) expansion, and African Lion Safari Game Farm (Ontario, Canada); and features on Mats Wedin of Liseberg (Sweden) and Serge Naim of Compagnie des Alpes' leisure parks division and their plans for international expansion

1/12/2007 REITs, NYC, L.A. contiue to grow

Mike Wright found a piece of interest to share in GlobeSt.com 1/9/2007 -- itals of particular note.... MAW .....

Lusk Center Chief Sees Steady Capital Flow
By Bob Howard

"LOS ANGELES-Real estate capital will head in new directions in 2007, according to one of the industry's longtime students of commercial real estate. Stan Ross, chairman of the board of the University of Southern California's Lusk Center for Real Estate, calls 2007 the “Year of Recycling” for real estate capital.

Ross explains that capital is not leaving property markets, but it is “being recycled into small equity funds, limited partnerships and alternative investments.” A good part of what's happening with capital this year is an outgrowth of last year's privatization push, in which some of the largest public REITs went private, according to Ross.

Ross cites New York and Los Angeles among the “leading metropolitan markets” where properties will continue to command top dollar. In addition to investing in traditional office, retail, industrial and hotel assets, investors are going to be taking a closer look at alternative investments including urban infill, adaptive reuse and multifamily-retail developments near inner city transit centers, Ross says.

Despite the disappearance of some of the largest REITs, the capital that was fueling their growth is still around and it wants to remain in real estate, according to Ross. He says that some investors who previously had been targeting public REITs “will shift to smaller private equity funds and hedge funds as well as limited partnerships, joint ventures and direct investments in niche properties.”

for the complete article see: http://www.globest.com/news/819_819/losangeles/151989-1.html?type=pf

1/8/2006 Mesa Verde National Park expansion

from the 1/6/2007 Farmington (NM) Daily Times


National park could see growth
By Lisa Meerts The Daily Times
Farmington Daily Times

"MESA VERDE NATIONAL PARK — Land neighboring Mesa Verde National Park could one day be included within its boundaries, adding more cultural sites as well as a rare daisy to the park's already abundant treasures.

U.S. Sen. Wayne Allard, R.-Colo., introduced a bill on Thursday that calls for two parcels totaling more than 360 acres to be incorporated into Mesa Verde. The Henneman family owns 324 acres and the Mesa Verde Foundation owns another 37 acres. Both lots stretch north of the park along U.S. Highway 160.

Betty Janes, assistant superintendent at Mesa Verde, said the Henneman property may eventually include nature trails. She added land from the Mesa Verde Foundation could house a new museum and visitor's center.

"The idea is that when you come into Mesa Verde, you will be able to stop immediately and find out what there is to see and do," she said. "It's going to be really cool for people to be able to understand what the park is all about without driving 15 miles (into it)."

Mesa Verde, which celebrated its centennial in 2006, spans roughly 52,000 acres and includes some of the largest and best preserved cliff dwellings within the United States. Visitors drive 15 miles along a road that requires low-speed travel before they reach the visitor's center, built in the 1960s. There they can plan their tour of the park. The museum is located five miles further and was built in the 1920s.

Allard's bill is one of many steps needed to acquire the Mesa Verde Foundation land and construct new buildings, said Janes. She noted the park can only purchase the land after U.S. Congress extends the boundary. Once the National Park Service owns the land, it can acquire money for the museum. Janes said the museum is in the design phase and the park service expects to request funding in 2009.

The Henneman property, which includes many Native American resources, has been held within the family for more than three decades. Should it become part of Mesa Verde, it will add something entirely new — the Gray's Townsend Daisy.

"It's very unusual and we're very interested in helping preserve it," said Janes, who added the globally at-risk flower likes the chemical make-up of Mancos shale.

Jerry Henneman, whose family owns the 324 acres, described the land as a peninsula within Mesa Verde National Park. Its water line runs through the property as does wildlife, he said. "It's a natural fit for them."
...........
For the full article see: http://daily-times.com/news/ci_4961370

1/8/2007 Mohegan Sun expansion announced

from the Akron Beacon Journal online -- 1/7/2007


Tribal casino announces $740 million expansion

Associated Press

"Mohegan Sun, already one of the world's largest casinos, has unveiled plans for an estimated $740 million expansion in Uncasville, Conn., that will include the return of poker and a new House of Blues music hall.
.....

Mohegan Sun, which has been celebrating its 10th anniversary, has about 10,000 employees and expects to add about another 2,000 in the next five years. The tribe's casino attracts 35,000 visitors daily and generates about $1.5 billion annually in revenue.

The expansion, known as ``Project Horizon,'' will include a 38-story, 1,000-room hotel slated to open in 2010. Inside will be a smaller, House of Blues-themed hotel. The House of Blues music hall, which will hold about 1,500 people, is scheduled to open in 2009. There will also be an adjoining restaurant and store.

The casino already has a 1,200-room hotel, but it is 93 percent full on an average night, meaning the casino has had trouble accommodating larger conventions because it can't guarantee hotel space.

The new hotel tower, which will also include a new spa, is set to open in 2010. Other elements of the project are expected to open sooner, spring of 2008, including more restaurants and shops, and a new Casino of the Wind, which will add 964 slot machines to the 6,000 the casino already has.

A new Casino of the Earth opening in the summer of 2007 will aim to draw Asian customers with table games and a Hong Kong street food outlet.

Casino officials are also hoping to bring in more young people by opening a 45-table poker room." .....

For the complete story see: http://www.ohio.com/mld/ohio/living/travel/16397533.htm

1/7/2007 New museum for AR

from Arkansas Business' online newsletter January 5th --

U.S. Marshals Choose Fort Smith For Museum
By Arkansas Business Staff - 1/5/2007 9:54:46 AM

"The U.S. Marshals Service said Friday that it has selected Fort Smith as the host city for the agency's new museum.
Director John F. Clark made the announcement after receiving recommendations from a 10-person museum committee that has studied the issue for two years.
"This was a tough decision, as we were very pleased with the enthusiasm of both finalists," Clark said. "Now that we have selected Fort Smith, we are excited about this new opportunity to tell the story of the U.S. Marshals Service's 217-year history to the country."
Fort Smith was chosen over Staunton, Va. It will be home to a museum that will feature artifacts and special exhibits from America's oldest federal law enforcement agency. The museum also will serve as an educational center and will memorialize the Marshals Service's past, present and future law enforcement roles, the agency said."
........
for complete article see: http://arkansasbusiness.com/article.aspx?lID=87&sID=88&ms=89&cID=Z&aID=96655.93092.108781

1/7/2007

Nevada Magazine (Jan-Feb) includes a rather nice article with a directory-review of ski resorts in the Reno-Tahoe area

Indian Country Today (12/13) has pieces on the death of the off-reservation gaming bill in Congress; the defeat of the Narragansett casino referendum; the Heard Museum's plans for a satellite museum in Gilbert, AZ; the attendance flood that welcomed the opening of PA's first casino (in Wilkes-Barre); MT tribe's decision to not expand gaming compacts; the Pequots' bid for a casino in PA; problems with development of the Gun Lake (WA) casino

Indian Country Business 2007 -- includes a directory of all federally-recognized tribes

World Waterpark (Dec) has a feature on the Country Springs Hotel in Waukesha and its indoor waterpark

Street and Smith's Sports Business Journal (12/25) has a piece on college basketball programs upgrading their practice arenas; the year in sports review contains a list of new facilities, their teams, locations, and cost

New Orleans City Business (12/25) has pieces on the Saints becoming a "beacon of recovery;" the reopening of the Superdome; modular housing providing affordable housing for now in NO; airport incentives as an effort to get airlines to return to the market; continuing Katrina impacts on the tourist market with a detailed table on local attractions

San Diego Business Journal (1/1) covers plans for the Chargers to move elsewhere; and casino development projects

Street and Smith's Sports Business Journal (12/18) has pieces on the Cowboys' plans for field-level suites

Street and Smith's Sports Business Journal (12/11) has pieces on NFL owners putting up $300m for a NY stadium; the University of Louisville's plans for selling suites and tickets in its new arena; and lists of the top branding deals in sports and their costs

1/6/2007

NGF's Golf Industry Report (4th Quarter 2006) has previews of their "upbeat" outlook on the industry for 2007

IGWB (Dec) has features on NM as well as on Russia's impending restrictions on gaming; also pieces on the UK "super casino" selection process and a new Manchester casino from LCI, and bidding for Singapore casino lisence and funding for the City of Dreams casino in Macau

San Diego Business Journal (12/18) has a significant piece on space tourism

New Orleans City Business (12/4) has a piece on the city's hotel industry excitement over the Sugar Bowl, and a piece on the continuing negative impacts of Katrina on ecotourism businesses

New Orleans City Business (12/11) has an article on the City's junk bond rating

Retail Traffic (Dec) includes articles on: 9 states restricting eminent domain post-Kelo; movie theaters returning to America's malls; Wal-Mart opening its first Canadian supercenters; progress on Nut Tree Village's redevelopment; Mills Corp. being hit by another lawsuit; the coming death of music stores; mall blogs; and a special supplementary article on the rise of mixed-use development; the regional feature is on the Northeast and includes articles on Stamford, Boston, New Haven, northern NJ, large-scale retail developments, and grocery stores

Urban Land (Nov-Dec) has pieces on: New Orleans on the anniversary of Katrina; 10 design cities "to watch" (Atlanta, Chicago, L.A., Miami, Minneapolis, NYC, San Francisco, Seattle, Portland, OR, and Kansas City, MO; architectural design in China; high-density design in Europe; historic preservation and reuse of old movie theaters and restaurants; Coney Island's arty subway station; the Indian market; state restrictions on Kelo; with a regional spotlight on PA

1/5/2007

San Fernando Valley Business Journal (12/18): NBC Universal/Universal City is courting public support for its major development plans; Newhall Land is preparing to submit its EIR for the Landmark Village residential mixed-use development along the Santa Clarita River

Indian Country Today (12/20) has a piece on the Seminole purchase of Hard Rock Cafe; and another on tribal sovereignty protecting businesses from employee suits

New Orleans City Business (12/18) includes a list of shopping centers arranged by GLA including centers not yet reopened

California Real Estate Journal (12/26) has a piece on the pending San Diego General Plan; "The Legacy" park/mixed use development is underway at Tustin MCAS

California Real Estate Journal (1/2) includes a significant piece on Grand Avenue requesting parking and hotel tax breaks; has the development updates for the state regions (San Diego, OC, IE, L.A., Sacramento, SF)

Orange County Business Journal (12/18) has the 2007 "preview" of tourism for the area in 2007

Los Angeles Business Journal (12/18) has a wonderful piece on fashion-forward space suit designing for space tourists; a feature on Magic Mountain remaining open after 6 Flags canceled plans to sell off properties; a piece on area hotel remodeling to include spas; and a data-heavy article on L.A. home prices

California Real Estate Journal (12/18) Garden Grove developing a 520-acre entertainment resort district along Harbor Blvd between Chapman and the garden Grove Freeway; a piece on the L.A. CRA making "Hollywood Central Park" a "priority" in their development plans; Coachella Valley trying to balance tourism and affordable housing with the environment

Business Week (12/18) has a feature on the Russian economy

Business Week (12/25) has a brief bit on the installation of "personal shoppers" at the nation's major airports to help travelers select the perfect gifts from airport retail offerings

National Real Estate Investor (Dec) features the 2007 hotel forecast; has a piece on private equity firms snapping up golf courses and resorts; has a city review of the Twin Cites and and international review of Budapest

Forbes (12/11) has a real estate feature piece on dorms and college residence developments; and a piece on Montenegro as the new Mediterranean hot sport for real estate

1/5/2007 Sacramento Railyard

The saga continues in the 12/30/2006 Sacramento Bee:

Railyard deal pulls into station
The developer closes escrow, and the city takes historic depot.
By Mary Lynne Vellinga - Bee Staff Writer
Published 12:00 am PST Saturday, December 30, 2006

"After a week of tension and last minute hold-ups, Georgia developer Thomas Enterprises closed escrow Friday on the downtown Sacramento railyard -- birthplace of the transcontinental railroad and centerpiece of the city's history.

At the same time, the city of Sacramento took ownership of the train station on I Street, a key piece of the region's rail transportation system since 1926.
...........
Negotiations with Omaha, Neb.-based Union Pacific proved difficult and complex until the end. The deal, scheduled to close Thursday, was delayed after a last-minute dispute over who would pay to move an underground pipe.

Plans for the 240-acre property -- now a contaminated Superfund site -- include a new transportation complex, a railroad technology museum and public market inside the historic shop buildings, plus 10,000 housing units, stores, offices and hotels.

A Bass Pro fishing outlet has signed a letter of intent to be the first retail tenant.
....
Crucial to closing the deal was $55 million from the city of Sacramento. That money
bought the city immediate control of the depot and eight surrounding acres.

Once a fair price is determined through negotiation and possible arbitration, the city will apply any money left over from the depot purchase to another 24 acres it plans to buy for a transportation complex serving trains, buses and light rail.

In addition to the city money, Thomas received a loan for about $16 million from Union Pacific, according to documents filed with the Sacramento County Recorder.

Deborah Pacyna, a spokeswoman for Thomas Enterprises, said those two sums did not equal the entire purchase price, however.

She stressed that Thomas Enterprises has already spent about $40 million on the railyard deal in planning and legal expenses.

The company also has promised to finish the toxic cleanup begun by Union Pacific, a task expected to take about two years. Totah would not say how much the remaining cleanup is expected to cost.

Decades of uncontrolled dumping of diesel fuel, heavy oil, battery acid and other chemicals into the ground in the once-bustling industrial complex left extensive groundwater and soil contamination. The groundwater is being pumped out and cleaned -- a process that will take many years, but won't affect development.
....
Transfer of the railyard to a private developer is a historic step in the redevelopment of one of the largest urban "infill" sites in the nation.

The problem of how to get things moving at the dormant yard has vexed politicians for years. The last crews in the rail shops, once the city's largest employer, punched out in 1999.
....."
For the entire article see: http://www.sacbee.com/245/v-print/story/100556.html

1/4/2007 Seminole/Hard Rock

from the South Florida Sun-Sentinel (1/3/2006)


Developer sues Seminoles, accuses tribe of rigging sale of Hard Rock empire
By John Holland
South Florida Sun-Sentinel
January 3, 2007

"The Seminole Tribe cut a secret deal guaranteeing it would win control of the Hard Rock Cafe empire at the expense of shareholders and potential bidders, according to a lawsuit filed by a rival suitor.
The Cordish Co., which built the tribe's lucrative casinos in Hollywood and Tampa, accuses the Seminoles of orchestrating a bid-rigging scheme in the months before buying the Hard Rock trademark, memorabilia and most of its properties for $965 million. Baltimore-based Cordish claims it would have paid substantially more but was blocked from bidding because the tribe conspired with some Hard Rock executives to discourage competition and keep the price low. ........
The suit, filed Friday in Broward Circuit Court, seeks triple damages that would likely reach hundreds of millions of dollars if it is successful, based on financial projections of future profits announced at the time of the Dec. 7 sale.
When Rank Group LLC of London, which is not named as a defendant in the suit, announced the sale of its Hard Rock Cafe International to the Seminoles, both sides hailed the deal as historic. For the first time, an American Indian tribe was expanding boldly into the international financial arena.
But financial analysts quickly questioned the price, with many saying the Rank Group could have made as much as $100 million more. Since the sale was announced, Rank's stock price has fallen almost 15 percent, according to the lawsuit. .......
Cordish, which negotiated the initial Hard Rock and tribe partnership, stands to make at least $1.5 billion over the course of its various agreements with the Seminoles, which run between 10 and 15 years. The tribe's profits are expected to top $17 billion over that period, both sides have said.
But that hasn't translated into a happy relationship. There are three lawsuits, plus countersuits, pending in state and federal courts stemming from the partnership, including one by Donald Trump claiming Cordish Co. and others stole his idea of building a Seminole casino hotel.
The latest lawsuit involves Rank Group's attempts to sell its Hard Rock group and streamline the company, which has significant holdings in the United Kingdom. According to letters and other correspondence attached to the lawsuit, Cordish and Power Plant set out to buy Hard Rock in August 2005, only to be told by Rank executives it wasn't for sale. .....
for the entire article see: http://www.sun-sentinel.com/news/local/southflorida/sfl-sseminole03jan03,0,6467768.story?coll=sfla-news-front

1/2/2007 Japan's ski resorts

from 1/2/2007's Business Week Asia Insider:

Investing December 26, 2006, 8:46AM EST
Japan's Ski Areas: The Next Investment Bonanza?
Resorts are being snapped up by investors who count on attracting older skiers and foreigners to the best snow and slopes in East Asia
by Ian Rowley and Hiroko Tashiro
"A feature of Japan's economic recovery has been savvy investors making a mint by acquiring, sprucing up, and selling diverse assets ranging from failed banks to bunkered golf course operations (see BusinessWeek.com, 10/4/06, "Japan: Cashing In On Golf's Comeback"). Could ski resorts be the next big investment opportunity?
A couple of announcements in December suggest that might be the case. On Dec. 8, Citigroup Principal Investments Japan, a unit of Citigroup (C), acquired 12 ski resorts from Prince Hotels, a Japanese hotel group, for $52 million. A few days later Hoshino Resort, a Japanese resort operator with ties to Goldman Sachs, revealed it planned to spend around $119 million over the next five years to spruce up failed ski resorts acquired in 2003 and 2004. Goldman isn't participating directly in the deal, but has a joint venture partnership with Hoshino to help turn around 50 hot springs or onsen resorts in 2005.
More deals could follow. Prince Hotels, a big ski-resort operator, is eager to offer up more of its slopes. The group plans to sell another 13 resorts by the end of March, 2007. But perhaps more important is that ski resorts in Japan have the potential to be money-spinners if properly managed.
Bad Loan Leftovers
Indeed, just as investors like Goldman Sachs and Texas-based Lone Star Group, which has a stake in Japan's largest golf course operator, have made vast sums turning around troubled golf courses, new investors in Japan's ski resorts are convinced they'll strike gold on the slopes. "I'm confident we can get more people skiing again," says Yoshiharu Hoshino, president of Hoshino Resort.
One reason for the interest is that many operators made ill-judged investments in ski resorts at the height of Japan's real estate bubble in the late 1980s and early 1990s. While Japan's bad-loan problems are on their way to being resolved, ailing ski resorts are still available at reasonable prices, particularly if their owners must sell. Citigroup bought its resorts from Prince Hotels for $21 million less than their book value.
What's more, after years of under-investment, there's potential for improvement in the Japan skiing experience. Hoshino says that that many struggling ski resort operators have lost sight of who are their core customers. Rather than focusing on families and older skiers, most still target Japan's younger generation. That's not the smartest move in a country where 20.4% of the population is over 65.
Family Friendly
"It's amazing that most Japanese stop skiing after they get married and have a family because Japanese ski resorts are designed for young and single skiers," says Hoshino. "That is one of the main reasons why the popularity of skiing in Japan plummeted."
By investing to attract young and old at its resorts in Fukushima and Hokkaido, Japan's northern island, Hoshino says his company is already enjoying some success. At the Alts Bandai Resort in Fukushima, which it acquired in 2003, the company has installed daycare centers, enabling parents to ski while their children are being looked after, and family-oriented restaurants. As well as increasing visitor numbers that is also attracting a wealthier, bigger-spending demographic, helping get the resort back in profit, and giving Hoshino the confidence to make additional investment.
Hoshino adds that there is also room for improvement in the way many resorts are operated. For example, rather than have a single owner-operator, many Japanese ski resorts traditionally divide responsibilities between several companies. For instance, different companies might operate the ski lifts, accommodations, and restaurants, so decision-making can be painfully slow.
Bleak Leisure Prognosis
For all that, even proponents of Japan's ski business accept that domestic skiers alone won't be enough shake off the doldrums. According to the Japan Productivity Center for Socio-Economic Development, the number of skiers and snowboarders in Japan had fallen to 12.3 million in 2005, compared to a peak of 17.6 million in 1992.
Throw in Japan's demographics—the population began falling in 2005—and the fact that Japan's young professionals complain they don't have enough free time to spend on leisure, and the prognosis is bleak. "Taking a long-distance train to get to a ski resort doesn't fit people's lifestyle anymore," says Kosho Yamada, a professor specializing in the leisure industry at Bunkyo University in Kanagawa, just outside Tokyo.
Instead, foreign tourists, particularly from Asia, are expected to fill the void. The hope is that rising incomes in China and other fast-growing economies in Asia will grow a new generation of skiers. One big pull is that Japan is relatively close. Shanghai, for instance, is just a two and a half hour flight, while Seoul is even closer. Even for Australians, the Japanese Alps in Nagano are much closer than Europe.
Signs of Progress
Another attraction is the quality of snow on offer in Japan. The prime skiing regions of Nagano, Hokkaido, Niigata, and Fukushima offer perhaps the best snow and slopes in Asia. Despite catering to an estimated 3.2 million skiers, China's 180 ski slopes all use artificial snow. Taiwan has no ski resorts at all.
While it's still early days, there are signs of progress. The number of Korean tourists visiting Yamagata, a couple of hours north of Tokyo, has doubled in the last year. Most head for the Zao skiing and hot spring bathing resort. Meanwhile, the number of non-Japanese visitors to the Niseko skiing resort in Hokkaido has increased more than tenfold in the last five years. "As skiing becomes more popular in Asia, more people will think about coming to Japan for the better snow," says Hoshino. Investors in Japan's ski resorts will hope he's right. "
to see the full article with slide show, see: http://www.businessweek.com/globalbiz/content/dec2006/gb20061226_877208.htm?link_position=link4

12/29/2006

From Friday's LABJ email news flash:

KB Drops New Orleans Project
By ALLEN P. ROBERTS Jr. - 12/29/2006
Los Angeles Business Journal Staff
"Amid a slumping national housing market, KB Home is dropping its plans to build about 12,000 homes on 3,000 acres of farmland west of New Orleans.
The Los Angeles-based homebuilder decided to forego the project in an area called Waggaman by letting the expiration date on its option to purchase the land run out 30 days ago, according to news reports.
However, KB’s partner in the project, Baton Rouge-based Shaw Group Inc., may acquire a smaller parcel of land from the owner.
KB Home was one of the first major homebuilders to move into the New Orleans market after Hurricane Katrina. The company initially planned to build condominiums, town homes, single-family homes and retail stores on the property.
The company maintained it still has an interest in the area where it has purchased other property, but it has given no timetable or details about any development. ....."
for entire article and other useful news see: www.labusinessjournal.com

12/29/2006

If you are following the drama surrounding the Sacramento Railyard it continues in the news today.

From today's Sacramento Bee:

Drama, but no deal yet
Developer hopes to close escrow today on the railyard site.
By Mary Lynne Vellinga and Terri Hardy - Bee Staff Writers
Published 12:00 am PST Friday, December 29, 2006

"As the sun set on Sacramento Thursday, Suheil Totah remained ensconced in his brightly lit office overlooking the dark and empty downtown railyard, his ear pressed to the phone as he tried to resolve a last-minute issue holding up his company's purchase of the 240-acre site from Union Pacific.
Reporters and camera crews waited in the chilly air below for an announcement that the purchase was complete. But the announcement never came.
Despite a day of nonstop action that included a special Sacramento City Council meeting, Georgia-based developer Thomas Enterprises was unable to close escrow on the railyard by the end of Thursday.
.........
Pacyna wouldn't disclose what the issue was, and Assistant City Manager Marty Hanneman said he didn't know. But he said he was confident it wasn't a deal breaker for one of the most important real estate transactions in Sacramento's history -- one that could double the size of downtown with 10,000 housing units, offices, shops, a museum and a new transportation hub.
.....
The city has waited for years for someone to buy the dormant railyard.
City Council members came back from their break for a special meeting Thursday in order to make sure that Thomas Enterprises would have in hand $55 million in city funds the developer needs to close the deal.
The money -- $30 million in cash and a $25 million note -- was wired to Thomas Enterprises Thursday morning so it could be paid to Omaha, Neb.-based Union Pacific.
.....
For its $55 million contribution -- most of which comes from the county's Measure A transportation sales tax -- the city gets immediate title to the historic train depot and 8 surrounding acres.
........
The City Council approved the $55 million expenditure earlier this month, but members were nonetheless pulled back Thursday for a special session after a snafu involving the lender that was purchasing the $25 million note from Thomas Enterprises.
Comerica Bank said it needed more details about the city's sources of repayment. Needing to get the issue resolved quickly, City Treasurer Tom Friery, away in Arizona, called Bank of America, which handles much of the city's business to see if it would buy the note instead, Hanneman said.
........
If the price for the depot and the surrounding acreage turns out to be less than $55 million, as is very likely, the city will apply the money to the purchase of 24 additional acres it has agreed to buy from Thomas Enterprises for a future transportation complex, Hanneman said.
Any money left over from that purchase will be put toward the $40 million cost -- also being borne by the city -- of moving the freight and passenger tracks about 300 feet to the north to accommodate the new transportation center.
"We have not agreed to pay $55 million (for the depot) -- we've agreed to pay fair market value," said Sacramento City Councilman Steve Cohn. "(Thomas) believes it's $55 million, and we don't believe it's anywhere near that amount. ... This was just a way of showing Thomas how serious we were."........
For the complete story see: http://www.sacbee.com/101/v-print/story/100040.html

12/22/2006

from this morning's GlobeSt.com AM Alert

Last updated: December 22, 2006 07:45am
Meadowlands Ground Lease Propels Project
By Sean Ryan
"EAST RUTHERFORD, NJ-The ground lease for the land that will hold the new Giants/Jets stadium was approved by the New Jersey Sports and Exposition Authority, in a 14-to-2 vote. “The approval of this agreement represents the culmination of more than two years of hard work by us,” says a spokesperson for the New Meadowlands Stadium Corp.
The Giants and Jets will share the new $1.2-billion, 81,000-seat stadium, which will be built to the northeast of the current Giants stadium. The stadium recently got a $300-million loan from the National Football League for construction. The NFL grants up to $150 million in funding for new stadiums, but gave $300 million since the stadium being built is for two teams.
Construction will be under way at the same time as construction for the adjacent Xanadu mixed-use complex.............."
for additional information see: http://www.globest.com/news/808_808/newjersey/151605-1.html

12/21/2006

from today's STR News Clippings of top hospitality news:


Harrah's Board Agrees to a $17.1 billion, or $90 per share, Buyout from
Loveman "This Will be a Change in Ownership, Not a Change in Direction"

"LAS VEGAS - Harrah's Entertainment, Inc. (NYSE: HET) today announced it has entered into a definitive agreement for affiliates of Texas Pacific Group (TPG) and Apollo Management, L.P. to acquire Harrah’s in an all-cash transaction valued at approximately $27.8 billion, including the assumption of approximately $10.7 billion of debt.
Under the terms of the agreement, Harrah’s stockholders will receive $90.00 in cash for each outstanding Harrah’s share. This represents a premium of approximately 36% over Harrah’s closing share price on September 29, 2006, the last trading day before disclosure of the initial offer made by Apollo and TPG to acquire Harrah’s for $81.00 per share.
The Harrah’s Board of Directors, based on the recommendation of a Special Committee of non-management directors which conducted a thorough review of Harrah’s strategic alternatives, has approved the agreement and has recommended that Harrah’s stockholders vote in favor of the agreement.
.........
Under the merger agreement, Harrah's may solicit superior proposals from third parties during the next 25 days. The board of directors of Harrah's, through its special committee and with assistance of its independent advisors, intends to solicit superior proposals during this period. There can be no assurances that the solicitation of superior proposals will result in an alternative transaction. Harrah's does not intend to disclose developments with respect to this solicitation process unless and until its board of directors has made a decision.
The transaction is expected to be completed in approximately one year, and is subject to stockholder approval, regulatory approvals, and customary closing conditions. It is not subject to a financing condition.
Harrah’s intends to pay stockholders its regular quarterly dividend of $0.40 per share until the transaction closes. Apollo and TPG have agreed to increase the purchase price at a rate of $0.01973 per day per Harrah’s common share beginning March 1, 2008, if closing has not occurred by that date, less an adjustment for any dividends paid on or after March 1, 2008. ......"
For the complete story go to: http://www.smithtravelresearch.com/smithtravelresearch/news/findnewsarticle.aspx?article=25242

12/17/2006

News from all over for your enjoyment:

Los Angeles Business Journal (12/4) has a news flash on Swiss theme park operator, Center-Tainment AG announcing plans for a hostile takeover of Euro Disney; the "People" feature is an interview with Rick Caruso.

IGWB (Nov) has a major feature on the Sands; offers the annual Indian Gaming Report; a brief piece on Green Valley Ranch's expansion plans; a feature on Indian gaming in CA; and a feature on the Asian market

M&C (Dec) has features on the hotel boom and one on ski resorts; the month's destination guides are on Boston and Paris.

Forbes (12/25) has a feature on condo-hotels; and a piece on the private museum of Francois Pinault

Tradeshow Week (12/4) has a piece on the Indiana Convention Center expansion plans

CP&DR features plans for downtown Stockton; and includes a piece on the continuing saga of the battle between the city of Santa Cruz and UCSC over development plans

Shopping Center Business (Dec) has coverage of a roundtable on NY retail expansion; and a feature on how lifestyle centers are changing the retail industry

California Real Estate Journal (12/4) has a piece on the plans for Hardage Suite Hotels to develop a condo-hotel on Harbor Island and the problems faced by the development with the California Coastal Commission

California Real Estate Journal (12/11) has a summary piece on trends for the year in the CA big box industry as well as a retail feature on the San Diego ban on some big boxes; the Hardage Suite deal is featured in an article on the San Diego Port District's decision to develop two hotels rather than the Manchester Financial plan for one, large tower hotel; there is a brief article on a campaign to bring a subway station to Beverly Hills; the brokerage feature offers a piece on CA developers selling residential land at a loss and the impact of such on the market

San Diego Business Journal (12/4) follows up its online news flash about the Manchester-Navy waterfront deal with a cover article

New Orleans City Business (11/27) has a cover piece on the city's hotel room inventory

San Fernando Valley Business Journal (12/4) Has a piece on the concerns of Valley businesses regarding the mayor's recent legislative move requiring a special living wage for the hotel workers near LAX

San Diego Business Journal (11/27) announces the convention center's news that for 2007 it is booked solid and expects to pull 28 million visitors to the city; also there is an article on the "clout" that retail businesses have in San Diego's 18 BIDs.

San Diego Business Journal (12/11) has a mini list of video production companies in the county

12/7/2006

From Tuesday's Times Picayune:

"LESSONS FROM ABROAD
Japanese city's rebuilding began with a plan that was to be imposed on its citizens, but ultimately relied on discussion and compromise"
Tuesday, December 05, 2006
By Gordon Russell
"KOBE, Japan -- Nearly 12 years after being mostly leveled in a cataclysmic earthquake, this port city halfway around the globe has a glittering new skyline, a model for New Orleans as it negotiates the early stages of recovery ....."
for the rest of the comparative redevelopment lesson see: http://www.nola.com/search/index.ssf?/base/library-116/1165301955225120.xml?ZZLIBB&coll=1

12/4/2006 Mr. Cohen's Malaise

Look what ERA's own Jeff Cohen is in the midst of---
"RSL secrecy may kill stadium
With no open financial records, team risks losing county funds"
By Derek P. Jensen
The Salt Lake Tribune
Article Last Updated:12/01/2006 01:33:58 AM MST
"After promising to reveal its finances, Real Salt Lake has called for a confidentiality agreement to keep the Major League Soccer team's business plan and investors secret - even from Salt Lake County leaders who control the funding fate for a Sandy stadium.
The move not only jeopardizes turbulent stadium talks, but also threatens to torpedo the deal itself.
Without the financial details, ''the entire stadium would be at stake,'' Doug Willmore, the county's chief administrative officer, warned Thursday.
The disclosure dispute marks the latest and perhaps steepest hurdle in the plan to erect a 20,000-seat soccer-specific venue, which needs at least $55 million in public money to get off the now-frozen ground...."
......" New York investment banker David Kerschner, an RSL financial adviser, wrote to Willmore and referred to a "nondisclosure statement" to be signed with Economics Research Associates (ERA), a Los Angeles-based consulting firm hired by the county to do the financial review.
In a letter to ERA principal Jeffrey Cohen, Willmore wrote, "please ensure, though, that we are not included in the confidentiality agreement. As a public agency, any documents we receive may be classified as public documents."
And Willmore and Campbell insist county number crunchers must see those financial documents to determine the team's solvency.
"They're not just going to rely on a study [from ERA]," Willmore said. "That's not acceptable." ..........."
For the entire article see: http://www.sltrib.com/search/ci_4753193


And then, as if this wasn't fun enough for Jeff---

"RSL vows to show the money
CEO says it was always the intention; Corroon 'cautiously optimistic' "
By Derek P. Jensen
The Salt Lake Tribune Article Last Updated:12/02/2006 02:47:01 AM MST

"Wonder if Real Salt Lake is solvent? Who is bankrolling the club? And how will the team pay for its suites, stars and other trimmings for a $100 million soccer palace in Sandy? ...."
.....Salt Lake County Mayor "Corroon, who did not learn about the team's disclosure plans until told by The Tribune, said ERA had "some heartburn" with the confidentiality agreement."......
for the rest of the story see: http://www.sltrib.com/search/ci_4760183


You may forward donations of actacids to Jeff via the L.A. office.

12/6/2006

From LABJ's newsflash this afternoon:

"Facelift Proposed for Universal City"
By DANIEL MILLER - 12/6/2006
Los Angeles Business Journal Staff

"After months of discussions with city officials, NBC Universal Inc. is proposing a major expansion and upgrade of its Universal City property, including 2,900 apartments, lofts and condominiums; additional office space; and an upgrade of its studio and entertainment facilities.

Mayor Antonio Villaraigosa and Universal Studios Inc. President Ron Meyer are expected to announce the 25-year plan this afternoon at the Universal Studios Hollywood theme park.

The plan specifically calls for a 124-acre development of 2,900 homes on an open hillside adjacent to Universal Studios. Some 35 acres would be set aside for open space with the residences grouped into three “villages,” according to a press release issued by NBC Universal, a unit of General Electric Co.

NBC Universal plans to discuss with the Metropolitan Transportation Authority building a studio and office campus at the Universal City MTA Station. Thomas Properties Group Inc., which served as an advisor to NBC Universal on the plan, would develop the complex, which would include 450,000 square feet of office space and 200,000 square feet of production facilities. A second 400,000-square-foot office building could also be built by Thomas Properties.

A refreshed Universal Studios theme park and City Walk is another key to the plan." .... for the rest of the article see: http://labusinessjournal.com/enews_article.asp?aID=35595245.2886927.1403753.1746136.4840749.151

12/6/2006

Hot news out of San Diego from yesterday's SDBJ newsflash for all you BRAC and waterfront development folks:

"Manchester, Navy OK $1.2B Broadway Waterfront Redo"
After Months of Delay, Two Sides Agree to Sign 99-Year LeaseBy PAT BRODERICK
San Diego Business Journal Staff

"The Manchester Financial Group has entered into a landmark 99-year lease with the Navy for the $1.2 billion redevelopment of the Navy Broadway Complex in downtown San Diego.

If the agreement had not been signed by Jan. 1, the federal government could have closed the complex, which is located on a prime 14.7-acre site at Broadway and North Harbor Drive.

Under the deal that was set to be announced Dec. 1, the Manchester group will assume development rights in a master plan previously negotiated between the Navy and San Diego.

Manchester will give the Navy $160 million, to apply to new headquarters on the site. Manchester is also covering costs associated with demolition and environmental remediation, ....."
for the rest of the article see: http://www.sdbj.com/article.asp?aID=34625821.6620395.1401283.3070146.8295477.327&aID2=107782


And for the Indian gaming people amongst us The Albany Times Union reported today that the Oneidas have hit another road block:

"High court rejects Oneida appeal
Tribe sought to contest state rulings that it lacked a valid compact for Turning Stone"
By JAMES M. ODATO, Capitol bureau
First published: Tuesday, December 5, 2006

"ALBANY -- The U.S. Supreme Court on Monday turned down the appeal of the Oneida Indian Nation, providing the tribe no legal basis for the operation of the Turning Stone Casino in Verona.
The high court would not take up the tribe's appeal of state court rulings that the casino, open since 1993, lacks a valid gaming compact because it was never ratified by the Legislature.


The court also ruled in 2005 that the casino isn't built on Indian land, another violation of Indian gaming laws....."
for the complete article see: http://timesunion.com/AspStories/story.asp?storyID=541618&category=STATE&newsdate=12/5/2006

12/4/2006

From MSNBC's TradeArabia 11/29/2006

"$40 BILLION: Abu Dhabi says ‘Yas’ to leisure island"
Posted: Wednesday, November 29, 2006
Abu Dhabi

"Aldar Properties, a leading UAE developer, said on Wednesday it would start building a $40 billion project on Yas Island, off the coast of Abu Dhabi next year, to host a leisure complex including a Ferrari theme park.
Yas Island, one of the largest natural islands in Abu Dhabi, will be a prestigious world-class leisure destination with mixed-use tourist attractions including beaches, entertainment, shopping, hotels, residences, golfing, equestrian facilities and motor racing. .........." See the rest of the article at http://www.tradearabia.com/msn/article.asp?Article=115368&Sn=CONS

12/3/2006

Street and Smith's Sports Business (10/30) reports that the NFL has given the bad news to League owners that the Jets-Giants stadium plans will cost the teams in the League $914 million over 15 years; the NHL in upping their services in terms of business practices assistance to clubs (the services dept shares info and assistance on ticket pricing, marketing, and revenue enhancement plans of all stripes); the Orlando Magic arena is nearing an $8million naming rights deal with Ginn Co.; the Chiefs rethinking seriously about branding their stadium, but want to keep "Chiefs" on it regardless; the in-depth feature is on concessions; and there is an interesting piece on the value of information in team's efforts to up attendance

Street and Smith's Sports Business Journal (11/6) there's a nifty page 1 article on the financial wherewithal of the unions including a certain amount of breakdowns on sports-affiliated revenues; also on page 1 is a piece on BMX as a demonstration sport at the 2008 Beijing Olympics; attendance at the MLS playoff is down in the early games; the facilities focus is on smart cards and whether the systems will be viable for games concessions

Los Angeles Business Journal (11/27) The lead article is on the shelving of a downtown condo project by Astani Enterprises; and, just because it's personally fascinating there's a page 3 piece on pigeon racing which I grew up doing every weekend--but I can tell you, we never had the $100k purses the article talks about. Sheesh. Inflation!

Western City (Dec) has a piece on cities' attempts to build affordable senior housing

Western City (Nov) offers a feature Long Beach and its movement to "fiscal health."

Tradeshow Week (11/6) has a feature on the convention space in Hong Kong

Tradeshow Week (11/27) features second-tier cities

Fortune (12/11) has a small bit on Rancho El Cojo in Santa Barbara County being listed in the the Sotheby's fall catalog for an estimated $155 million; there's a piece on those who fight WalMarts; and a feature on Vietnam "Asia's second fastest-growing economy."

11/29/2006

The latest news that's apparently fit to print:
California Real Estate Journal (11/27) seems most intrigued in sports this week since it offers up a plethora of articles: the Raiders lost their $34+ million jury award against the Alameda on appeal; Senator Feinstein is contemplating introducing a bill to keep the 49ers in San Francisco (their lease expires in 2008); the A's and Cisco Systems have come to an agreement to build a stadium in Fremont; and the City of Berkeley is planning to sue UCB to stop upgrades and development at the University's Memorial Stadium. In non-sports news: Disney is concerned that a housing plan backed by the City of Anaheim that would put1500 condos and apartments next to Disenyland would be an "eyesore" [The article includes a memorable quote from City Councilwoman Lorri Galloway -- "...time and society have altered... Disney is just going to have to change with the times."]; the Nut Tree mixed use development is finally underway in Vacaville; Hemet is losing retail revenue to other places in Riverside County; Liberty Station (formerly the Naval Training Center in San Diego -- BRACed in 1997)is beginning development as a retail-arts district
Orange County Business Journal (11/27) has a detail-laden piece on Dana Point ocean lots in The Strand at Headlands. Details of the sales for the initial lot offering are included
Los Angeles Business Journal (11/20) has an article on the future of KB Home's downtown convention center hotel project given the departure of KB's CEO
Business Week (12/4) offers an article on the fighting tactics of retail developers in an increasingly land-scare world.
Tourist Attractions and Parks (Nov) includes coverage of: merchandising at large parks; Chicaog's first indoor waterpark hotel, Chula Vista Resort in the Dells; the basics of an fec; the demographics of bowling
The Economist (11/25) catches us up on the gossip and troubles surrounding the costs of the prep for the London Olympics
American Indian Report (Nov) In a historic turn, the Eastern Shoshone (Wind River reservation, WY) have become the first Indian tribe to join the NAACP; Richard West has resigned as head of the NMAI
New Orleans City Business (11/13) reports that Mayor Nagin has a plan via his 2007 budget to upgrade the city's bond rating. NO had fallen to "junk Bond" status after Katrina; it has risen to a rating of "stable," but still hasn't reached the necessary "investment grade." Also there's a thoughtful, but not data-driven piece on redevelopment of post-tsunami Indonesia v. post-Katrina NO.

ULI is now 89 days late with Dollars and Cents of Shopping Centers.

11/27/2006

It seems to have been fairly peaceful over Thanksgiving so the mail does not herald much.
Before we take our tour of the recent publications, I picked up the annual Worldwide Spa Guide which offers nice, concise "bios" of their picks for the 20 best spas in the world. The directory presents the spas in regions (US and Canada; Caribbean and Bermuda; Mexico and Latin America; Hawaii, Asia, and the South pacific; Europe, Middle East, and Indian Ocean), but has geographic and alphabetic indexes as well.
Now for the news round up:
San Fernando Valley Business Journal (11/20) The special feature of the issue is the "50 Fastest Growing Private Companies" in the Valley, including a piece on NewMark Merrill the #1 fastest Valley grower> NewMark specializes in rehabbing malls and has worked on te Westridge Shopping Center in Canoga Park,Tarzana Village, and Marketplace at The Oaks. The issue also announces that Valley officials were "stunned" by the State's decision to not renew the Northeast Valley Enterprise Zone. The Zone was created in 1986 and renewed in 2001.
Journal of the American Planning Association (Autumn) has a couple interesting pieces -- "Targeting Investments for Neighborhood Revitalization" which looks at how public money can best be spent in revitalizing urban areas; "Which Reduces Vehicle Travel More: Jobs-Housing Balance or Retail-Housing Mixing?" a study based on data from the San Francisco area.
Kiplinger California Letter (11/15) has interesting tidbits on the developments surrounding the Oakland A's and the 49ers including the A's deal that includes housing development and predictions that neither the A's or the 49ers deal will have great economic impact on the communities they are moving to.
New Orleans City Business (11/6-- nice of it to arrive *today*!!!) has a feature on Harrah's new general mamager with an appended table of LA nad Gulf Coast MS casinos and their particulars; and an article on the questionable demographics of the city focusing on how hard it is to tell how many residents have returned (it includes a table on building permits for commercial and residential structures)
Sunset (Dec)features their top 10 ski resorts "from British Columbia to New Mexico" and recommends an off-season getaway to Mendocino for those in need of some R&R
Fortune (11/27) To save you some time, when you go to read your copy, flip directly to page 53. The articles don't start until there. If you like reading the letters to the editor, those start on page 49. Yes, I just adore magazines where 50 pages are useless piffle. Oh and about the last 20% of the magazine is ads too. Just rip out the middle 100 pages and you've got the actual magazine.
Business Week (11/27) For those of you tracking the trends impacting everything, BW has a nice piece on businesses "developing" inside Second Life. Don't know about Second Life? Well, possibly you don't care, but if you are interested in demographics trends, especially in gen X and younger, in entertainment and recreation, and in corporate branding, you need to at least "meet" Second Life. If you are friendly with Second Life, want to start a contest to come up with an ERA avatar? :) Preservation (Nov-Dec) has an article on the shuttered Smithsonian Arts and Industries building.
Califronia Real Estate Journal (11/20) leads its front page with a story on the Sacramento arena tax failure in the recent election. The week's issue includes pieces on City modernization incentive in downtown Riverside, biotech developments in San Francisco, and Escondido landlords taking the City to court over the passage of the initiative requiring landlords not rent to illegal immigrants.
Meetings and Conventions (Nov) has a brief, but informative sidebar on developments in Denver (namely the opening of the expansion of the Denver Art Museum, the switch to union control of the 1,100-room Hyatt Regency Denver at the Colorado Convention Center, and the plans to open a 202-room Ritz-Carlton in Denver in 2007 with 13,00 sq. ft. of meeting space); a short piece on Canada ceasing their GST rebate program; an article on spas as a locale for small group meetings; and the destination guides for the month are: Orlando/Central FL, New Orleans, MS, and Puerto Rico/U.S. Virgin Islands.
MSNBC has news on a proposed Bruce Lee theme park in China today.
Arkansas Business announced (11/14) that the Little Rock Zoo got a record donation of $775k for naming rights to 2 new exhibits.