Retail Traffic (May): Pyramid Companies up for sale; special feature-- top retail markets for development; China retail; retail rents; seniors and retail centers; movies and retail special section; luxury retail; Wal-Mart
Hotels (May): Tanzania; European "affordable-luxury" hotels; Macau, gaming, and hotels
Journal of Sports Economics (June): analysis of the economic impact if sports franchises on American cities
Tradeshow Week (May 14): Boise getting new convention center; Vietnam new convention center
Nation's Restaurant News (5/14): Bennigan's new sports-themed restaurant concept
Wednesday, May 23, 2007
business magazines news
Business Week (May 28): China, Disney, and piracy; golf special feature
Forbes (June 4): plans for Chicago "Spire" tower
Fortune (May 28): Generation Y demographics; China
Forbes (June 4): plans for Chicago "Spire" tower
Fortune (May 28): Generation Y demographics; China
real estate news
National Real Estate Investor (May): Japanese hotel portfolio sells for top dollar; Savannah seeing mixed-use, waterfront-driven rebirth; Boise in midst of housing boom; movie theater market expanding; New Orleans redevelopment; Vegas retail demand high and rising
Crain's Chicago Business (5/7): Chicago Bulls revenue and the NBA Playoffs
California Real Estate Journal (5/21): special edition on retail including -- tenants willing to trade revenues for prime locations; sector returns weak; strip centers evolving; retail impat on Glendale and Pasadena office markets; redevelopment and refurbishing retail; also on other fronts -- hotel-condo craze impacts; San Diego industrial assets targeted for development; Orange County losing federal affordable housing funds; Oakland A's settle land deal for new stadium
San Diego Business Journal (5/21): Irvine Co planning green office tower for Broadway site; hotel rates rising-- County say $7.7 billion in tourism dollars in 2006; National City thinking of building new arena
Crain's Chicago Business (5/7): Chicago Bulls revenue and the NBA Playoffs
California Real Estate Journal (5/21): special edition on retail including -- tenants willing to trade revenues for prime locations; sector returns weak; strip centers evolving; retail impat on Glendale and Pasadena office markets; redevelopment and refurbishing retail; also on other fronts -- hotel-condo craze impacts; San Diego industrial assets targeted for development; Orange County losing federal affordable housing funds; Oakland A's settle land deal for new stadium
San Diego Business Journal (5/21): Irvine Co planning green office tower for Broadway site; hotel rates rising-- County say $7.7 billion in tourism dollars in 2006; National City thinking of building new arena
Kiowa debut casino near Wichita Falls, OK
from today's NewsOK.com
‘Our own little Vegas'
By Tony Thornton
Staff Writer
"DEVOL — When the Kiowa Tribe re-enters the gambling industry today after a seven-year absence, don't expect much worrying by the Comanche Nation, which owns a nearby casino.
Common sense would suggest competition would dilute customers and profits. The Comanches don't see it that way.
"We're looking at that as our own little Vegas down there,” said Georgia Gibson of the Comanche gaming board.
The Kiowa Red River Casino and the Comanche Red River Casino are within a mile of each other on State Highway 36, roughly two miles north of the Texas border and within a minute of Interstate 44.
The location, drawing heavily on the Wichita Falls market, has the Apache Tribe considering the purchase of a tribe member's allotment land, Gibson said. That would create the largest concentration of Oklahoma casinos outside Miami in the state's northeast corner." ...
"The 63,000-square-foot casino features nearly 1,000 slot machines, 20 poker and blackjack tables, a 200-seat buffet and a sports bar.
Back in good graces
For the Kiowa Tribe, the casino represents a chance to emerge from decades of poverty. It also provides a second chance in the gaming industry.
The National Indian Gaming Commission closed the Kiowas' casino in Carnegie in June 2000 because the tribe repeatedly operated Class III slot machines. At the time, only Class II games, based on bingo, were allowed in Oklahoma." ...
"According to literature distributed to Kiowa members, the tribe would get $5.6 million if first-year revenue reaches $69 million, or $31.2 million if revenue reaches $101 million.
Tribal officials expect the casino will employ 575 people. "
for the complete story see: http://www.newsok.com/article/3057467
‘Our own little Vegas'
By Tony Thornton
Staff Writer
"DEVOL — When the Kiowa Tribe re-enters the gambling industry today after a seven-year absence, don't expect much worrying by the Comanche Nation, which owns a nearby casino.
Common sense would suggest competition would dilute customers and profits. The Comanches don't see it that way.
"We're looking at that as our own little Vegas down there,” said Georgia Gibson of the Comanche gaming board.
The Kiowa Red River Casino and the Comanche Red River Casino are within a mile of each other on State Highway 36, roughly two miles north of the Texas border and within a minute of Interstate 44.
The location, drawing heavily on the Wichita Falls market, has the Apache Tribe considering the purchase of a tribe member's allotment land, Gibson said. That would create the largest concentration of Oklahoma casinos outside Miami in the state's northeast corner." ...
"The 63,000-square-foot casino features nearly 1,000 slot machines, 20 poker and blackjack tables, a 200-seat buffet and a sports bar.
Back in good graces
For the Kiowa Tribe, the casino represents a chance to emerge from decades of poverty. It also provides a second chance in the gaming industry.
The National Indian Gaming Commission closed the Kiowas' casino in Carnegie in June 2000 because the tribe repeatedly operated Class III slot machines. At the time, only Class II games, based on bingo, were allowed in Oklahoma." ...
"According to literature distributed to Kiowa members, the tribe would get $5.6 million if first-year revenue reaches $69 million, or $31.2 million if revenue reaches $101 million.
Tribal officials expect the casino will employ 575 people. "
for the complete story see: http://www.newsok.com/article/3057467
Monday, May 21, 2007
Christian Aaen in the news!
from Saturday's (5/19) San Diego Union-Tribune
Walk with the animals
Theme-park visitors paying to get more access
By Penni Crabtree
UNION-TRIBUNE STAFF WRITER
May 19, 2007
"In the end, even getting hit with flecks of partially chewed raw herring spewed by a lumbering, 10-foot-long Pacific walrus had its charm.
“It was shocking because I didn't realize it would happen, but it wasn't that bad,” said New Jersey resident Rachel LeMeshow, 11, of her messy meeting with Obie the walrus during a recent behind-the-scenes tour of SeaWorld's Wild Arctic exhibit. “I'm a total animal nut, so it was all really cool and educational.”
At theme parks, zoos and museums across the United States, an increasing number of visitors are paying for the privilege of swimming with dolphins and beluga whales, feeding giraffes and antelopes, and exploring the once-off-limits corridors and crannies of natural history, science and cultural exhibits.
The private animal encounters and behind-the-scenes tours provide theme parks and other attractions with an unusual educational venue, as well as a way to reach out to the been-there, seen-that tourist, industry experts say.
“This is definitely a growing category in the tourism industry,” said Christian Aaen, a senior associate at Economics Research Associates, a Los Angeles consulting firm that does economic analysis for the tourism industry. “It is a niche market because it commands a high price and it appeals to certain people who want a total immersion experience, but in the last five years it has really come into its own.”
SeaWorld's parent company, Busch Entertainment Corp., set the commercial standard for animal-encounter programs in 2000 with the launch of Discovery Cove in Orlando, Fla., Aaen said. A thousand guests per day at the reservations-only theme park pay $279 to swim with dolphins and snorkel among rays and exotic fish.
Since then, other theme parks, resorts and zoos have introduced a variety of animal-encounter programs, big and small, to offer a different experience from that found in the mass market, Aaen said.
“Everyone is trying to think of creative ways to bring people through the gates,” he said.
SeaWorld began offering its Wild Arctic Interaction program in November, building on the success of an older Dolphin Interaction program, which allows small groups of visitors to interact in the water with dolphins.
In the Wild Arctic program, two groups of up to eight visitors each day take a tour that includes feeding seals and walruses and viewing polar bears in pens not visible to the general public. Each person in the group pays $160, on top of the regular admission fee of $57.
But the highlight of the session comes when the visitors put on wet suits and join a trainer in the 55-degree Arctic pool enclosure. There, visitors spend about 20 minutes touching and feeding two beluga whales while learning about the creatures' behavior in the wild.
The interaction programs, as well as behind-the-scenes tours, keep the theme park's attractions fresh, generate revenue and educate visitors about marine wildlife, said Dave Koontz, a spokesman for SeaWorld.
In 2006, some 70,000 visitors took a SeaWorld behind-the-scenes tour – which cost an additional $12 to $40 per person – with 60 percent of them coming from outside Southern California.
An additional 28,650 visitors paid to take part in various SeaWorld interaction programs, and of that number 49 percent came from outside Southern California." ....
"Many zoos, for an extra fee, also allow visitors to see and do things that were off-limits until a few years ago. Visitors can help wash an elephant with a scrub brush at the Oregon Zoo and hide toys in the animal enclosures at the Philadelphia Zoo.
Zoos and other nonprofit entities often charge only a nominal fee, enough to cover the cost of the program. For the San Diego Zoo and Wild Animal Park, taking guests behind the scenes is a way to get them more interested in the mission of conservation and education, zoo officials said.
For instance, both the zoo and the Wild Animal Park offer 2 ½-hour VIP tours that include visits to off-exhibit areas and up-close-and-personal animal presentations. Groups of one to 14 can participate for a $350 program fee, plus admission.
The zoo and animal park also offer several popular sleepovers, including women-only and adult-only events. And there is this summer's Safari Family Sleepover, for which families pay $109 per adult and $89 per child on top of the regular admission fee, to take a moonlight hike around the zoo, dine and bunk down for an overnight stay at the zoo's Camp Timbuktu.
Museums are also exploring additional ways to bring in money, such as renting out facilities for birthday parties, weddings and corporate events.
With the December release of Ben Stiller's blockbuster move “Night at the Museum,” in which a museum's displays come to life late at night, sleepover events at places such as Chicago's Field Museum and New York's American Museum of Natural History sold out months in advance.
The San Diego Natural History Museum also has held sleepovers and behind-the-scenes tours in the past, but recent renovations and preparations for its upcoming Dead Sea Scrolls exhibition have put some of that on hold, a museum spokeswoman said.
Other local museums, including Balboa Park's San Diego Museum of Man, are marketing after-hours events and special functions to build membership and generate revenue.
In 2004, the Museum of Man launched its Tower After Hours series, in which visitors from 6 to 8 p.m. on select nights can celebrate a different culture through food, music and dance.
Next month, the Museum of Man, in conjunction with the Mainly Mozart organization, is holding “An Evening of Archaeology and Music,” which will feature the music of Mainly Mozart and a private, pre-opening tour of the museum's upcoming Journey to the Copper Age exhibit.
“A lot of these events are designed to build membership and draw in people who might not otherwise come through the doors,” said Mari Lyn Salvador, executive director of the Museum of Man. “We want the museum to be a place where the results of scholarly research can reach a broad audience.”
for the complete article with some lovely pictures (not of Christian) see: http://www.signonsandiego.com/news/business/20070519-9999-1b19seaworld.html
Walk with the animals
Theme-park visitors paying to get more access
By Penni Crabtree
UNION-TRIBUNE STAFF WRITER
May 19, 2007
"In the end, even getting hit with flecks of partially chewed raw herring spewed by a lumbering, 10-foot-long Pacific walrus had its charm.
“It was shocking because I didn't realize it would happen, but it wasn't that bad,” said New Jersey resident Rachel LeMeshow, 11, of her messy meeting with Obie the walrus during a recent behind-the-scenes tour of SeaWorld's Wild Arctic exhibit. “I'm a total animal nut, so it was all really cool and educational.”
At theme parks, zoos and museums across the United States, an increasing number of visitors are paying for the privilege of swimming with dolphins and beluga whales, feeding giraffes and antelopes, and exploring the once-off-limits corridors and crannies of natural history, science and cultural exhibits.
The private animal encounters and behind-the-scenes tours provide theme parks and other attractions with an unusual educational venue, as well as a way to reach out to the been-there, seen-that tourist, industry experts say.
“This is definitely a growing category in the tourism industry,” said Christian Aaen, a senior associate at Economics Research Associates, a Los Angeles consulting firm that does economic analysis for the tourism industry. “It is a niche market because it commands a high price and it appeals to certain people who want a total immersion experience, but in the last five years it has really come into its own.”
SeaWorld's parent company, Busch Entertainment Corp., set the commercial standard for animal-encounter programs in 2000 with the launch of Discovery Cove in Orlando, Fla., Aaen said. A thousand guests per day at the reservations-only theme park pay $279 to swim with dolphins and snorkel among rays and exotic fish.
Since then, other theme parks, resorts and zoos have introduced a variety of animal-encounter programs, big and small, to offer a different experience from that found in the mass market, Aaen said.
“Everyone is trying to think of creative ways to bring people through the gates,” he said.
SeaWorld began offering its Wild Arctic Interaction program in November, building on the success of an older Dolphin Interaction program, which allows small groups of visitors to interact in the water with dolphins.
In the Wild Arctic program, two groups of up to eight visitors each day take a tour that includes feeding seals and walruses and viewing polar bears in pens not visible to the general public. Each person in the group pays $160, on top of the regular admission fee of $57.
But the highlight of the session comes when the visitors put on wet suits and join a trainer in the 55-degree Arctic pool enclosure. There, visitors spend about 20 minutes touching and feeding two beluga whales while learning about the creatures' behavior in the wild.
The interaction programs, as well as behind-the-scenes tours, keep the theme park's attractions fresh, generate revenue and educate visitors about marine wildlife, said Dave Koontz, a spokesman for SeaWorld.
In 2006, some 70,000 visitors took a SeaWorld behind-the-scenes tour – which cost an additional $12 to $40 per person – with 60 percent of them coming from outside Southern California.
An additional 28,650 visitors paid to take part in various SeaWorld interaction programs, and of that number 49 percent came from outside Southern California." ....
"Many zoos, for an extra fee, also allow visitors to see and do things that were off-limits until a few years ago. Visitors can help wash an elephant with a scrub brush at the Oregon Zoo and hide toys in the animal enclosures at the Philadelphia Zoo.
Zoos and other nonprofit entities often charge only a nominal fee, enough to cover the cost of the program. For the San Diego Zoo and Wild Animal Park, taking guests behind the scenes is a way to get them more interested in the mission of conservation and education, zoo officials said.
For instance, both the zoo and the Wild Animal Park offer 2 ½-hour VIP tours that include visits to off-exhibit areas and up-close-and-personal animal presentations. Groups of one to 14 can participate for a $350 program fee, plus admission.
The zoo and animal park also offer several popular sleepovers, including women-only and adult-only events. And there is this summer's Safari Family Sleepover, for which families pay $109 per adult and $89 per child on top of the regular admission fee, to take a moonlight hike around the zoo, dine and bunk down for an overnight stay at the zoo's Camp Timbuktu.
Museums are also exploring additional ways to bring in money, such as renting out facilities for birthday parties, weddings and corporate events.
With the December release of Ben Stiller's blockbuster move “Night at the Museum,” in which a museum's displays come to life late at night, sleepover events at places such as Chicago's Field Museum and New York's American Museum of Natural History sold out months in advance.
The San Diego Natural History Museum also has held sleepovers and behind-the-scenes tours in the past, but recent renovations and preparations for its upcoming Dead Sea Scrolls exhibition have put some of that on hold, a museum spokeswoman said.
Other local museums, including Balboa Park's San Diego Museum of Man, are marketing after-hours events and special functions to build membership and generate revenue.
In 2004, the Museum of Man launched its Tower After Hours series, in which visitors from 6 to 8 p.m. on select nights can celebrate a different culture through food, music and dance.
Next month, the Museum of Man, in conjunction with the Mainly Mozart organization, is holding “An Evening of Archaeology and Music,” which will feature the music of Mainly Mozart and a private, pre-opening tour of the museum's upcoming Journey to the Copper Age exhibit.
“A lot of these events are designed to build membership and draw in people who might not otherwise come through the doors,” said Mari Lyn Salvador, executive director of the Museum of Man. “We want the museum to be a place where the results of scholarly research can reach a broad audience.”
for the complete article with some lovely pictures (not of Christian) see: http://www.signonsandiego.com/news/business/20070519-9999-1b19seaworld.html
MGM Bellagio sale deal in talks
from today's Dow Jones Market Watch
Tracinda in talks to buy MGM's Bellagio, City Center
By William Spain, MarketWatch
Last Update: 8:06 PM ET May 21, 2007
"NEW YORK (MarketWatch) -- Shares of MGM Mirage soared as much as 11% in after-hours trading Monday after Kirk Kerkorian's Tracinda Corp. said it's in talks to buy two of MGM's best-known Las Vegas landmarks: the luxurious Bellagio casino, and the $7 billion City Center development now under construction.
Tracinda said it also wants to "pursue strategic alternatives with respect to its investment in MGM Mirage which may include financial restructuring transactions involving all or a substantial portion of the remainder of the company." Kerkorian is also the largest investor in MGM Mirage.
The talks could be a prelude to taking MGM Mirage" ... "private in whole or in part, a practice that has become increasingly common in the gambling business in the last few years. Among the most recent targets: Harrah's Entertainment" .... ", currently being sold to private equity groups, and Station Casinos" ... ", which is essentially being taken private by majority owners." .....
for complete story see: http://www.marketwatch.com/news/story/kerkorians-tracinda-talks-buy-bellagio/story.aspx?guid=%7B2655C270-4C1F-4F1F-A90E-781B4A8FED4D%7D
Tracinda in talks to buy MGM's Bellagio, City Center
By William Spain, MarketWatch
Last Update: 8:06 PM ET May 21, 2007
"NEW YORK (MarketWatch) -- Shares of MGM Mirage soared as much as 11% in after-hours trading Monday after Kirk Kerkorian's Tracinda Corp. said it's in talks to buy two of MGM's best-known Las Vegas landmarks: the luxurious Bellagio casino, and the $7 billion City Center development now under construction.
Tracinda said it also wants to "pursue strategic alternatives with respect to its investment in MGM Mirage which may include financial restructuring transactions involving all or a substantial portion of the remainder of the company." Kerkorian is also the largest investor in MGM Mirage.
The talks could be a prelude to taking MGM Mirage" ... "private in whole or in part, a practice that has become increasingly common in the gambling business in the last few years. Among the most recent targets: Harrah's Entertainment" .... ", currently being sold to private equity groups, and Station Casinos" ... ", which is essentially being taken private by majority owners." .....
for complete story see: http://www.marketwatch.com/news/story/kerkorians-tracinda-talks-buy-bellagio/story.aspx?guid=%7B2655C270-4C1F-4F1F-A90E-781B4A8FED4D%7D
Indian gaming news from WA -- economic impact
from todays Kitsapsun News
Suquamish Tribe Drives Millions in Kitsap Spending
By Derek Sheppard, DSHEPPARD@KITSAPSUN.COM
"The Suquamish Tribe was big business for Kitsap County in 2006.
It was $138.5 million big, according to a recently-released study on the economic impacts of the tribe and its businesses on the county last year.
"I think a lot of us knew that was occurring, but we didn’t know what the actual numbers were," Suquamish Chairman Leonard Forsman said.
The tribe commissioned the study to look at the direct and indirect economic effects on Kitsap County last year by the tribe and its business arm, Port Madison Enterprises.
The study, completed by economic consulting firm ECONorthwest, looked at not only tribal government and business spending, but indirect boosts to the economy like construction jobs added by building projects." ....
"The tribe built a new government center and early learning center. Port Madison Enterprises built a resort hotel, opened a new gas station and has been remodeling Kiana Lodge.
Some of the study’s key findings include:
• There were 1,531 more jobs and $52.2 million more in personal income generated that wouldn’t exist without the tribe or its businesses.
• For every net increase of 100 jobs by the tribe, the county gained 101 jobs in various industries.
• Tribal government spent $24.2 million in Kitsap County.
• The tribe’s activities generated $10.8 million in tax payments, accounting for its payments and those of business partners and employees." ....
for the complete story see: http://www.kitsapsun.com/bsun/business/article/0,2403,BSUN_19063_5547439,00.html
Suquamish Tribe Drives Millions in Kitsap Spending
By Derek Sheppard, DSHEPPARD@KITSAPSUN.COM
"The Suquamish Tribe was big business for Kitsap County in 2006.
It was $138.5 million big, according to a recently-released study on the economic impacts of the tribe and its businesses on the county last year.
"I think a lot of us knew that was occurring, but we didn’t know what the actual numbers were," Suquamish Chairman Leonard Forsman said.
The tribe commissioned the study to look at the direct and indirect economic effects on Kitsap County last year by the tribe and its business arm, Port Madison Enterprises.
The study, completed by economic consulting firm ECONorthwest, looked at not only tribal government and business spending, but indirect boosts to the economy like construction jobs added by building projects." ....
"The tribe built a new government center and early learning center. Port Madison Enterprises built a resort hotel, opened a new gas station and has been remodeling Kiana Lodge.
Some of the study’s key findings include:
• There were 1,531 more jobs and $52.2 million more in personal income generated that wouldn’t exist without the tribe or its businesses.
• For every net increase of 100 jobs by the tribe, the county gained 101 jobs in various industries.
• Tribal government spent $24.2 million in Kitsap County.
• The tribe’s activities generated $10.8 million in tax payments, accounting for its payments and those of business partners and employees." ....
for the complete story see: http://www.kitsapsun.com/bsun/business/article/0,2403,BSUN_19063_5547439,00.html
SD hotel/visitation news
from today's San Diego Business Journal:
Demand for Rooms, Upgrades Ramping Hotel Rates Up Steadily
By CONNIE LEWIS - 5/21/2007
"Like a retailer at Christmastime, the Willis Bros. School of Surfing depends on the summer’s influx of business to make its year.
“In a three-month time period this summer we will do 80 percent to 85 percent of our business,” said Milt Willis, who owns the Del Mar firm with his identical twin brother, Mike. “It’s our boom season and we couldn’t survive without it.”
Neither could the county’s third-largest industry, tourism, which drew 32 million out-of-town visitors who shelled out $7.7 billion to stay in local hotels, visit attractions, dine in restaurants, party in clubs and bars, shop and gas up their cars in 2006, according to the San Diego Convention & Visitors Bureau. Some also spent $150 an hour for a private surfing lesson with one of the Willis brothers.
By all indications, the high tourism season, which kicks into gear Memorial Day weekend and ends Labor Day weekend, should be better than last, and the hotel industry should end the year on a high note."....
"Many major properties have sold within the last couple of years. Meanwhile, a host of those also underwent improvements and upgrades that will enable their owners to push room rates up.
For the 28 days ending May 5 — the latest report available from Smith Travel — the county’s hotels were operating at 73.3 percent occupancy, an increase of 2.5 percent from the like year-ago period.
On average, room rates stood at $139 a night, up 10.3 percent, while the amount of money hotels took in from the rooms, known as revenue per available rooms, averaged $102 — a hike of 13 percent from the same time frame a year ago.
In the first quarter, which is typically a slow tourism period, occupancy at the county’s lodges was 70.5 percent, down 2.4 percent from the first quarter of 2006. However, the average daily rate was up 6.3 percent to $135." ...
"Because 2,000 new rooms are expected to be added this year, the average overall occupancy rate is likely to flatten in 2007...."
for complete story see: http://sdbj.com/enews_article.asp?aID=88707545.948997.1476878.6617182.8687082.649&aID2=113597&lid=33&sid=&cID=Z
Demand for Rooms, Upgrades Ramping Hotel Rates Up Steadily
By CONNIE LEWIS - 5/21/2007
"Like a retailer at Christmastime, the Willis Bros. School of Surfing depends on the summer’s influx of business to make its year.
“In a three-month time period this summer we will do 80 percent to 85 percent of our business,” said Milt Willis, who owns the Del Mar firm with his identical twin brother, Mike. “It’s our boom season and we couldn’t survive without it.”
Neither could the county’s third-largest industry, tourism, which drew 32 million out-of-town visitors who shelled out $7.7 billion to stay in local hotels, visit attractions, dine in restaurants, party in clubs and bars, shop and gas up their cars in 2006, according to the San Diego Convention & Visitors Bureau. Some also spent $150 an hour for a private surfing lesson with one of the Willis brothers.
By all indications, the high tourism season, which kicks into gear Memorial Day weekend and ends Labor Day weekend, should be better than last, and the hotel industry should end the year on a high note."....
"Many major properties have sold within the last couple of years. Meanwhile, a host of those also underwent improvements and upgrades that will enable their owners to push room rates up.
For the 28 days ending May 5 — the latest report available from Smith Travel — the county’s hotels were operating at 73.3 percent occupancy, an increase of 2.5 percent from the like year-ago period.
On average, room rates stood at $139 a night, up 10.3 percent, while the amount of money hotels took in from the rooms, known as revenue per available rooms, averaged $102 — a hike of 13 percent from the same time frame a year ago.
In the first quarter, which is typically a slow tourism period, occupancy at the county’s lodges was 70.5 percent, down 2.4 percent from the first quarter of 2006. However, the average daily rate was up 6.3 percent to $135." ...
"Because 2,000 new rooms are expected to be added this year, the average overall occupancy rate is likely to flatten in 2007...."
for complete story see: http://sdbj.com/enews_article.asp?aID=88707545.948997.1476878.6617182.8687082.649&aID2=113597&lid=33&sid=&cID=Z
Chicago Uptown Theatre redevelopment fight
from today's Crain's Chicago Business
Uptown Theatre draws crowd of suitors
By Eddie Baeb
" The historic Uptown Theatre, which has defied redevelopment attempts and slowed the resurgence of its neighborhood since closing in 1981, is suddenly a hot property.
Local concert promoter Jerry Mickelson and Block 37 developer Joseph Freed & Associates LLC are battling a group led by real estate investor David Husman over control of the foreclosed 1920s-era landmark, which also has attracted the attention of national concert promoters.
Mr. Mickelson, co-founder of Jam Productions Ltd., wants to restore the 4,500-seat theater, which once hosted Prince, the Grateful Dead and other big acts, as a concert venue. In a foreclosure sale, a buyer may have to pay upward of $3.5 million to satisfy the outstanding mortgages, liens and money the city is owed for repairs. Renovation would cost about $40 million.
The fight for control of the theater reflects the Uptown neighborhood's improving fortunes. That revival would gain momentum from a redevelopment of the cavernous 1925 movie palace, which sits prominently on Broadway, Uptown's main drag.
In addition to the court fight between Messrs. Mickelson and Husman — a matter complicated by uncertainty over who actually owns the building — the New York owner of Madison Square Garden and Radio City Music Hall tried to buy the Uptown last fall. The deal fell through in February. Los-Angeles concert giant Live Nation Inc. also considered buying it, sources say."
for the entire sordid story see: http://chicagobusiness.com/cgi-bin/news.pl?id=25055
Uptown Theatre draws crowd of suitors
By Eddie Baeb
" The historic Uptown Theatre, which has defied redevelopment attempts and slowed the resurgence of its neighborhood since closing in 1981, is suddenly a hot property.
Local concert promoter Jerry Mickelson and Block 37 developer Joseph Freed & Associates LLC are battling a group led by real estate investor David Husman over control of the foreclosed 1920s-era landmark, which also has attracted the attention of national concert promoters.
Mr. Mickelson, co-founder of Jam Productions Ltd., wants to restore the 4,500-seat theater, which once hosted Prince, the Grateful Dead and other big acts, as a concert venue. In a foreclosure sale, a buyer may have to pay upward of $3.5 million to satisfy the outstanding mortgages, liens and money the city is owed for repairs. Renovation would cost about $40 million.
The fight for control of the theater reflects the Uptown neighborhood's improving fortunes. That revival would gain momentum from a redevelopment of the cavernous 1925 movie palace, which sits prominently on Broadway, Uptown's main drag.
In addition to the court fight between Messrs. Mickelson and Husman — a matter complicated by uncertainty over who actually owns the building — the New York owner of Madison Square Garden and Radio City Music Hall tried to buy the Uptown last fall. The deal fell through in February. Los-Angeles concert giant Live Nation Inc. also considered buying it, sources say."
for the entire sordid story see: http://chicagobusiness.com/cgi-bin/news.pl?id=25055
Friday, May 18, 2007
misc news
Tradeshow Week (4/23): Tucson Convention Center expansion approved; Austin Convention Center's continuing problems; Latin American convention market report; feature on Southern US tradeshow market
Forbes (5/21): India in midst of infrastructure boom
Indian Country Today (4/25); Cheyenne River Sioux business development; Coeur d'Alene Tribe economic boom from resort casino
Forbes (5/21): India in midst of infrastructure boom
Indian Country Today (4/25); Cheyenne River Sioux business development; Coeur d'Alene Tribe economic boom from resort casino
retail news
Shopping Center Business (May): Philadelphia mixed-use development; MOA expansion; Austin (TX) developments; FL mixed-use development; Hollywood, CA plans; China, India, and Dubai; Atlanta; movie theater box office receipts; Puerto Rico; lifestyle retailing in HI
rec news
Tourist Attractions and Parks (Apr/May): feature on feasibility analyses and remodeling of facilities; Kalahari; concessions at zoos and performing arts centers
location-centered publications
M&C (May): luxury brand hotels; Fresno CVB reshaping; city branding; ports; destination guides for: Boston, Kauai, LA, Northern CA, and Germany
Sunset (May): feature on the Seattle waterfront
Nevada (June): golf special issue including course listings, profiles, and golf housing; feature on Reno's rebirth as a resort city
Sunset (May): feature on the Seattle waterfront
Nevada (June): golf special issue including course listings, profiles, and golf housing; feature on Reno's rebirth as a resort city
state and city real estate business news
CP&DR (May): Dixon Downs track development plan falls to defeat in local election
California Real Estate Journal (5/7): Sacramento housing caught in court fight over global warming; UCR plans new medical center; LAX redevelopment needs; military base reuse problems (featuring El Toro); redevelopment plans for San Diego Shelter and Harbor Islands
Crain's Chicago Business (4/23): USOC stepping up to help manage Chicago Olympics bid
Crain's Chicago Business (4/16); fight over O'Hare airport expansion plans; 50-story hotel development in planning for Michigan Ave.
Los Angeles Business Journal (5/7); high-end condo developments and trends on Wilshire Corridor; housing prices rising in L.A.
New Orleans City Business (4/30): retail slowdown looking to break
New Orleans City Business (5/7); continuing fight over music venues; French Quarter rebounding with festival success
New Orleans City Business (4/16): New Orleans concert series as part of recovery effort; film tax credit renewal up for debate
California Real Estate Journal (5/7): Sacramento housing caught in court fight over global warming; UCR plans new medical center; LAX redevelopment needs; military base reuse problems (featuring El Toro); redevelopment plans for San Diego Shelter and Harbor Islands
Crain's Chicago Business (4/23): USOC stepping up to help manage Chicago Olympics bid
Crain's Chicago Business (4/16); fight over O'Hare airport expansion plans; 50-story hotel development in planning for Michigan Ave.
Los Angeles Business Journal (5/7); high-end condo developments and trends on Wilshire Corridor; housing prices rising in L.A.
New Orleans City Business (4/30): retail slowdown looking to break
New Orleans City Business (5/7); continuing fight over music venues; French Quarter rebounding with festival success
New Orleans City Business (4/16): New Orleans concert series as part of recovery effort; film tax credit renewal up for debate
Thursday, May 17, 2007
misc news
Tradeshow Week (5/7): Gaylord Resort to open in D.C. in 2008
Nation's Restaurant News (5/7): restaurant sales decline in cold snap
Nation's Restaurant News (5/7): restaurant sales decline in cold snap
Rec news
Funworld (May): Wuhu Chinese theme park under construction; Disney expanding cruise fleet; Polish theme park under development; MOA and Nickelodeon deal; Kalahari Resort (OH) announces expansion plans; Wild Bear Park (TN) opened in March as the largest indoor waterpark in the U.S.; Hoffman's Playland (NY) reviewed; Wild Wadi (UAE) reviewed; feature on Schlitterbahn; Disney World's outdoor adventures; Halloween special events; MD Zoo sets opening day attendance record
World Waterpark (April): feature on Crystal Falls (AR); Wet n Wild Water World (Gold Coast, Australia); Wild Water Kingdom (Toronto)
World Waterpark (April): feature on Crystal Falls (AR); Wet n Wild Water World (Gold Coast, Australia); Wild Water Kingdom (Toronto)
News from the business/real estate journals
Crain's Chicago Business (4/30): special focus section on India
New Orleans City Business (5/14): update on the redevelopment of mid-city New Orleans, namely the North Carrollton Avenue corridor
California Real Estate Journal (5/14): SDSU plans to double the number of on-campus residences by 2025; Anaheim approved the construction of affordable housing in the Disneyland resort area over Disney's strong opposition; L.A. Wilshire Blvd. corridor redevelopment
San Diego Business Journal (5/7): San Diego City hotel tax
San Diego Business Journal (5/14): San Diego Unified Port District board rejected Gaylord plans to expand a convention hotel center in Chula Vista
New Orleans City Business (5/14): update on the redevelopment of mid-city New Orleans, namely the North Carrollton Avenue corridor
California Real Estate Journal (5/14): SDSU plans to double the number of on-campus residences by 2025; Anaheim approved the construction of affordable housing in the Disneyland resort area over Disney's strong opposition; L.A. Wilshire Blvd. corridor redevelopment
San Diego Business Journal (5/7): San Diego City hotel tax
San Diego Business Journal (5/14): San Diego Unified Port District board rejected Gaylord plans to expand a convention hotel center in Chula Vista
Wednesday, May 16, 2007
Bearfire ski resort plans in Dallas
From today's Wall Street Journal
Texans Bet Big
On Summer Skiing On Snowless Slopes Defying 100-Degree Days, Fort Worth Bearfire Resort Plans an Alpine Village
By JENNIFER S. FORSYTH
May 16, 2007; Page A1
"FORT WORTH, Texas -- When summer hits the parched, flat prairie here, temperatures can spike to 100 degrees and firefighters get busy responding to the grass fires that routinely flare. To Charlie Aaron, it's a perfect time to go snowboarding.
Mr. Aaron and several investors have ambitious plans to build a 25-story mountain with slopes for year-round, outdoor skiing and snowboarding. Surrounding the mountain will be an "Alpine Village" with chairlifts, ice rinks, a bobsled track, a winter wonder-park for children, a retail center, a 600-room hotel and a convention center. Total cost of the proposed Bearfire Resort: $696 million.
Bearfire is just the latest outdoor leisure venture to make a giant bet on defying nature in wildly improbable places. Dubai, in the Persian Gulf region, has an indoor ski dome that is part of its Mall of the Emirates. It plans to open another next year that revolves and has polar bears. A $35 million artificial whitewater-rafting center opened outside Charlotte, N.C., in September." ...
For full report see page one of the WSJ or email Ruth for a copy.
Texans Bet Big
On Summer Skiing On Snowless Slopes Defying 100-Degree Days, Fort Worth Bearfire Resort Plans an Alpine Village
By JENNIFER S. FORSYTH
May 16, 2007; Page A1
"FORT WORTH, Texas -- When summer hits the parched, flat prairie here, temperatures can spike to 100 degrees and firefighters get busy responding to the grass fires that routinely flare. To Charlie Aaron, it's a perfect time to go snowboarding.
Mr. Aaron and several investors have ambitious plans to build a 25-story mountain with slopes for year-round, outdoor skiing and snowboarding. Surrounding the mountain will be an "Alpine Village" with chairlifts, ice rinks, a bobsled track, a winter wonder-park for children, a retail center, a 600-room hotel and a convention center. Total cost of the proposed Bearfire Resort: $696 million.
Bearfire is just the latest outdoor leisure venture to make a giant bet on defying nature in wildly improbable places. Dubai, in the Persian Gulf region, has an indoor ski dome that is part of its Mall of the Emirates. It plans to open another next year that revolves and has polar bears. A $35 million artificial whitewater-rafting center opened outside Charlotte, N.C., in September." ...
For full report see page one of the WSJ or email Ruth for a copy.
Friday, May 4, 2007
Wetfield sues Caruso over Arcadia retail development
from the Pasadena Star News 5/3/2007:
Westfield plans suit over Shops
Mall owner seeks to stop Caruso project
By Patricia Jiayi Ho Staff Writer
Pasadena Star-News
Article Launched:05/03/2007 11:23:16 PM PDT
"ARCADIA - Rejecting a ballot-box battle in the city's mall wars, Westfield says it will now sue to block a rival's neighboring project.
The Australian shopping-center giant said late Thursday it plans to sue both Arcadia and developer Caruso Affiliated to prevent an 830,000-square-foot outdoor mall from being built.
"We've made our choice," said Ken Wong, president of U.S. operations at Westfield, which operates the Westfield Santa Anita mall on Baldwin Avenue. "We believe strongly in the case. We think an impartial judicial review is the way to go."
Attorneys will file a lawsuit under the California Environmental Quality Act in the next week or two, Wong said. Caruso's development partners, Magna Entertainment, owner of Santa Anita Park, will also be named as a defendant.
City officials had long anticipated either a lawsuit or a referendum, or both, from Westfield to block developer Rick Caruso's The Shops at Santa Anita, but the company itself had been mum." ...
"In a prepared statement, Westfield attacks the legitimacy of the project's impact report, describing it as "fatally flawed" and reflective of "a political process where the City of Arcadia's haste and desire to approve the project outweighed proper and objective consideration of critical issues and long-term impacts."
"We're prepared to defend it," said Arcadia Assistant City Manager Don Penman. "It's a more-than legally adequate Environmental Impact Report. This is the most thorough EIR I've ever seen. City staff and consultants would say the same."" ...
"Westfield's announcement comes after the City Council voted 5-0 on April 17 to formally move forward Caruso's project, slated for the Santa Anita Park race track parking lot." ...
for the complete story see: http://www.pasadenastarnews.com/news/ci_5814749
Westfield plans suit over Shops
Mall owner seeks to stop Caruso project
By Patricia Jiayi Ho Staff Writer
Pasadena Star-News
Article Launched:05/03/2007 11:23:16 PM PDT
"ARCADIA - Rejecting a ballot-box battle in the city's mall wars, Westfield says it will now sue to block a rival's neighboring project.
The Australian shopping-center giant said late Thursday it plans to sue both Arcadia and developer Caruso Affiliated to prevent an 830,000-square-foot outdoor mall from being built.
"We've made our choice," said Ken Wong, president of U.S. operations at Westfield, which operates the Westfield Santa Anita mall on Baldwin Avenue. "We believe strongly in the case. We think an impartial judicial review is the way to go."
Attorneys will file a lawsuit under the California Environmental Quality Act in the next week or two, Wong said. Caruso's development partners, Magna Entertainment, owner of Santa Anita Park, will also be named as a defendant.
City officials had long anticipated either a lawsuit or a referendum, or both, from Westfield to block developer Rick Caruso's The Shops at Santa Anita, but the company itself had been mum." ...
"In a prepared statement, Westfield attacks the legitimacy of the project's impact report, describing it as "fatally flawed" and reflective of "a political process where the City of Arcadia's haste and desire to approve the project outweighed proper and objective consideration of critical issues and long-term impacts."
"We're prepared to defend it," said Arcadia Assistant City Manager Don Penman. "It's a more-than legally adequate Environmental Impact Report. This is the most thorough EIR I've ever seen. City staff and consultants would say the same."" ...
"Westfield's announcement comes after the City Council voted 5-0 on April 17 to formally move forward Caruso's project, slated for the Santa Anita Park race track parking lot." ...
for the complete story see: http://www.pasadenastarnews.com/news/ci_5814749
Walton/WalMart Mseum begun in AR
From Arkansas Business 5/3/2007
UPDATED: Walton Dedicates Site for Crystal Bridges Museum
By Mike Capshaw - 5/3/2007 10:23:31 AM
"Under gray skies, about 150 community leaders crammed beneath a white canvas canopy for the site dedication for Crystal Bridges Museum of American Art on Thursday in Bentonville.
After a long, hugging embrace with an old friend, Alice Walton spoke about her first trip in to the construction zone that's turned a wooded valley of her family's property into piles of limestone and red clay." ...
"Announced in May 2005, the $50 million museum is expected to lure more than 250,000 people through its doors each year after it opens in 2009.
At the dedication, Walton joked about not climbing the stage more gracefully after "climbing these hills for years." " ...
"At more than 100,000-SF, Crystal Bridges museum will sit within 100 wooded acres and include galleries for permanent collections and special exhibits, a public education center with an auditorium, a professional education center with classrooms, walking trails and a central pond.
So far, the museum's collection includes paintings by Charles Wilson Peale, Charles Bird King, Winslow Homer, Norman Rockwell and an 1849 painting called “Kindred Spirits” by Asher B. Durand, which Walton paid $35 million for in 2005.
There will be about 30,000 SF of total gallery space with about 17,000 SF dedicated to the permanent collection."
for the full story see: http://arkansasbusiness.com/article.aspx?lID=84&sID=85&ms=86&cID=Z&aID=98002.21263.110128
UPDATED: Walton Dedicates Site for Crystal Bridges Museum
By Mike Capshaw - 5/3/2007 10:23:31 AM
"Under gray skies, about 150 community leaders crammed beneath a white canvas canopy for the site dedication for Crystal Bridges Museum of American Art on Thursday in Bentonville.
After a long, hugging embrace with an old friend, Alice Walton spoke about her first trip in to the construction zone that's turned a wooded valley of her family's property into piles of limestone and red clay." ...
"Announced in May 2005, the $50 million museum is expected to lure more than 250,000 people through its doors each year after it opens in 2009.
At the dedication, Walton joked about not climbing the stage more gracefully after "climbing these hills for years." " ...
"At more than 100,000-SF, Crystal Bridges museum will sit within 100 wooded acres and include galleries for permanent collections and special exhibits, a public education center with an auditorium, a professional education center with classrooms, walking trails and a central pond.
So far, the museum's collection includes paintings by Charles Wilson Peale, Charles Bird King, Winslow Homer, Norman Rockwell and an 1849 painting called “Kindred Spirits” by Asher B. Durand, which Walton paid $35 million for in 2005.
There will be about 30,000 SF of total gallery space with about 17,000 SF dedicated to the permanent collection."
for the full story see: http://arkansasbusiness.com/article.aspx?lID=84&sID=85&ms=86&cID=Z&aID=98002.21263.110128
Disney and the Hispanic demographic
from LABJ's newsflash 5/3/2007
Disney World to Add Quinceañeras
By ALLEN P. ROBERTS Jr. - 5/2/2007
"Walt Disney Co. said that it is adding a lineup of quinceañera events to the party offerings at its Orlando-based Disney World resorts.
Quinceañeras – which are celebrated when girls turn 15 – are a tradition coming-of-age event in many Latin cultures, symbolizing the passage from childhood to womanhood. Disney also offers planning and facilities for corporate parties as well as customized weddings.
Disney said more than 1 million Latin girls turn 15 in an average year and by adding the quinceañera Disney said it hopes to connect the event to a family vacation.
Disney says packages start at $1,800 for a basic party including a fireworks show and go all the way up to $20,000 for a fantasy ball with 100 attendees. Disney also said it offers “custom” events which can cost even more."
for more info see: http://labusinessjournal.com/enews_article.asp?aID=05284967.5624401.1469650.8113791.199755.654&aID2=113041&lid=35&sid=&cID=Z
Disney World to Add Quinceañeras
By ALLEN P. ROBERTS Jr. - 5/2/2007
"Walt Disney Co. said that it is adding a lineup of quinceañera events to the party offerings at its Orlando-based Disney World resorts.
Quinceañeras – which are celebrated when girls turn 15 – are a tradition coming-of-age event in many Latin cultures, symbolizing the passage from childhood to womanhood. Disney also offers planning and facilities for corporate parties as well as customized weddings.
Disney said more than 1 million Latin girls turn 15 in an average year and by adding the quinceañera Disney said it hopes to connect the event to a family vacation.
Disney says packages start at $1,800 for a basic party including a fireworks show and go all the way up to $20,000 for a fantasy ball with 100 attendees. Disney also said it offers “custom” events which can cost even more."
for more info see: http://labusinessjournal.com/enews_article.asp?aID=05284967.5624401.1469650.8113791.199755.654&aID2=113041&lid=35&sid=&cID=Z
MGM Mirage Laughlin sale
from today's GlobeSt
UPDATE Last updated: May 4, 2007 12:59am
$200M Casino Sale Gains Preliminary Nod
By Brian K. Miller
"LAS VEGAS-The Nevada Gaming Control Board has signed off on MGM Mirage Inc.‘s sale of two casinos in Laughlin, NV, to a partnership led by Anthony A. Marnell III, developer of the planned M Resort in Henderson, NV. The Nevada Gaming Commission is expected to give final approval on May 17 for the $200-million transaction.
Marnell III is son of casino developer and builder Anthony Marnell II, whose firm Marnell Corrao Associates built Wynn Las Vegas and Bellagio and will design and build M Resort. Laughlin sits 90 miles south of Las Vegas, near the confluence of Nevada, California and Arizona. The transaction was announced in October.
The two assets are the Colorado Belle and Edgewater hotel-casinos on the Colorado River. Marnell III is acquiring the properties in partnership with an affiliate of Sher Gaming LLC, led by Ed Sher. Combined, the Edgewater and Colorado Belle properties sit on 57 acres and hold 2,535 guest rooms and 138,000 sf of casino space. MGM acquired the properties in April 2005 as part of its acquisition of Mandalay Resort Group. The two casinos will give the Marnell-Sher partnership a total of three casino-resort properties. In June 2006, the partnership purchased the Saddle West Hotel and Casino in Pahrump, NV.
Marnell III plans to take his portfolio to four properties with M Resort, an 80-acre project that fronts Las Vegas Boulevard about 10 miles south of the six-mile stretch commonly referred to as the Las Vegas Strip. The $1.8-billion multi-phase development is slated to a 1,000-room casino-resort and a commercial center. The $700-million first phase is slated to include a 400-room resort with a 100,000-sf casino, a 70,000-sf events center, a full-service spa and several restaurants on 40 acres. Planned amenities include an outdoor canyon pool and entertainment venue, oversized guest rooms, suites, a top-of-the-tower lounge and a convention center.
Site work is under way. Actual construction is slated to begin in the next several weeks. First phase completion is slated for mid-2009. No updated information was available regarding the second phase. Previously, plans called for the remainder of the hotel rooms, an unknown amount of retail and approximately 1,950 condominiums in multiple mid-rise towers.
The project is being funded in part with a $160-million subordinated convertible note from MGM Mirage that was announced last week. The note matures eight years from its effective date and contains certain optional and mandatory redemption provisions. MGM has the right to convert the note into a 50% equity interest in The M Resort after 18 months of the note's issuance if not repaid.
In addition to its Laughlin casinos, MGM last month closed on the sale of three casinos in Primm, NV, which sits on the California border 40 miles south of the Las Vegas Strip. Terrible’s” casinos operator Herbst Gaming paid $400 million for the Buffalo Bill's, Primm Valley and Whiskey Pete's hotel-casinos. Collectively known as Primm Valley Resorts, the group totals 2,644 guest rooms, 136,000 sf of casino space, 2,816 slot machines, three gas stations and a convenience store on 143 acres. Not included in the deal is MGM Mirage’s Primm Valley Golf Club, which Herbst will manage for MGM.
The only Vegas gateway market where MGM is maintaining a gaming stake is Jean, NV, where it owns the 302-room Nevada Landing property, the 800-room Gold Strike Hotel and Casino and two gas stations/rest stops catering to truckers The properties cover 166 acres straddling Interstate 15 just 30 miles south of the Strip. MGM plans to master plan, develop and operate gaming casinos and housing on the property along with other commercial and retail elements. MGM Mirage Inc. is selling a 50% stake in the existing portfolio for $75 million en route to the redevelopment. "
for more information see: http://www.globest.com/news/899_899/gsrwest/160352-1.html
UPDATE Last updated: May 4, 2007 12:59am
$200M Casino Sale Gains Preliminary Nod
By Brian K. Miller
"LAS VEGAS-The Nevada Gaming Control Board has signed off on MGM Mirage Inc.‘s sale of two casinos in Laughlin, NV, to a partnership led by Anthony A. Marnell III, developer of the planned M Resort in Henderson, NV. The Nevada Gaming Commission is expected to give final approval on May 17 for the $200-million transaction.
Marnell III is son of casino developer and builder Anthony Marnell II, whose firm Marnell Corrao Associates built Wynn Las Vegas and Bellagio and will design and build M Resort. Laughlin sits 90 miles south of Las Vegas, near the confluence of Nevada, California and Arizona. The transaction was announced in October.
The two assets are the Colorado Belle and Edgewater hotel-casinos on the Colorado River. Marnell III is acquiring the properties in partnership with an affiliate of Sher Gaming LLC, led by Ed Sher. Combined, the Edgewater and Colorado Belle properties sit on 57 acres and hold 2,535 guest rooms and 138,000 sf of casino space. MGM acquired the properties in April 2005 as part of its acquisition of Mandalay Resort Group. The two casinos will give the Marnell-Sher partnership a total of three casino-resort properties. In June 2006, the partnership purchased the Saddle West Hotel and Casino in Pahrump, NV.
Marnell III plans to take his portfolio to four properties with M Resort, an 80-acre project that fronts Las Vegas Boulevard about 10 miles south of the six-mile stretch commonly referred to as the Las Vegas Strip. The $1.8-billion multi-phase development is slated to a 1,000-room casino-resort and a commercial center. The $700-million first phase is slated to include a 400-room resort with a 100,000-sf casino, a 70,000-sf events center, a full-service spa and several restaurants on 40 acres. Planned amenities include an outdoor canyon pool and entertainment venue, oversized guest rooms, suites, a top-of-the-tower lounge and a convention center.
Site work is under way. Actual construction is slated to begin in the next several weeks. First phase completion is slated for mid-2009. No updated information was available regarding the second phase. Previously, plans called for the remainder of the hotel rooms, an unknown amount of retail and approximately 1,950 condominiums in multiple mid-rise towers.
The project is being funded in part with a $160-million subordinated convertible note from MGM Mirage that was announced last week. The note matures eight years from its effective date and contains certain optional and mandatory redemption provisions. MGM has the right to convert the note into a 50% equity interest in The M Resort after 18 months of the note's issuance if not repaid.
In addition to its Laughlin casinos, MGM last month closed on the sale of three casinos in Primm, NV, which sits on the California border 40 miles south of the Las Vegas Strip. Terrible’s” casinos operator Herbst Gaming paid $400 million for the Buffalo Bill's, Primm Valley and Whiskey Pete's hotel-casinos. Collectively known as Primm Valley Resorts, the group totals 2,644 guest rooms, 136,000 sf of casino space, 2,816 slot machines, three gas stations and a convenience store on 143 acres. Not included in the deal is MGM Mirage’s Primm Valley Golf Club, which Herbst will manage for MGM.
The only Vegas gateway market where MGM is maintaining a gaming stake is Jean, NV, where it owns the 302-room Nevada Landing property, the 800-room Gold Strike Hotel and Casino and two gas stations/rest stops catering to truckers The properties cover 166 acres straddling Interstate 15 just 30 miles south of the Strip. MGM plans to master plan, develop and operate gaming casinos and housing on the property along with other commercial and retail elements. MGM Mirage Inc. is selling a 50% stake in the existing portfolio for $75 million en route to the redevelopment. "
for more information see: http://www.globest.com/news/899_899/gsrwest/160352-1.html
MGM Mirage Laughlin sale
from today's GlobeSt
UPDATE Last updated: May 4, 2007 12:59am
$200M Casino Sale Gains Preliminary Nod
By Brian K. Miller
"LAS VEGAS-The Nevada Gaming Control Board has signed off on MGM Mirage Inc.‘s sale of two casinos in Laughlin, NV, to a partnership led by Anthony A. Marnell III, developer of the planned M Resort in Henderson, NV. The Nevada Gaming Commission is expected to give final approval on May 17 for the $200-million transaction.
Marnell III is son of casino developer and builder Anthony Marnell II, whose firm Marnell Corrao Associates built Wynn Las Vegas and Bellagio and will design and build M Resort. Laughlin sits 90 miles south of Las Vegas, near the confluence of Nevada, California and Arizona. The transaction was announced in October.
The two assets are the Colorado Belle and Edgewater hotel-casinos on the Colorado River. Marnell III is acquiring the properties in partnership with an affiliate of Sher Gaming LLC, led by Ed Sher. Combined, the Edgewater and Colorado Belle properties sit on 57 acres and hold 2,535 guest rooms and 138,000 sf of casino space. MGM acquired the properties in April 2005 as part of its acquisition of Mandalay Resort Group. The two casinos will give the Marnell-Sher partnership a total of three casino-resort properties. In June 2006, the partnership purchased the Saddle West Hotel and Casino in Pahrump, NV.
Marnell III plans to take his portfolio to four properties with M Resort, an 80-acre project that fronts Las Vegas Boulevard about 10 miles south of the six-mile stretch commonly referred to as the Las Vegas Strip. The $1.8-billion multi-phase development is slated to a 1,000-room casino-resort and a commercial center. The $700-million first phase is slated to include a 400-room resort with a 100,000-sf casino, a 70,000-sf events center, a full-service spa and several restaurants on 40 acres. Planned amenities include an outdoor canyon pool and entertainment venue, oversized guest rooms, suites, a top-of-the-tower lounge and a convention center.
Site work is under way. Actual construction is slated to begin in the next several weeks. First phase completion is slated for mid-2009. No updated information was available regarding the second phase. Previously, plans called for the remainder of the hotel rooms, an unknown amount of retail and approximately 1,950 condominiums in multiple mid-rise towers.
The project is being funded in part with a $160-million subordinated convertible note from MGM Mirage that was announced last week. The note matures eight years from its effective date and contains certain optional and mandatory redemption provisions. MGM has the right to convert the note into a 50% equity interest in The M Resort after 18 months of the note's issuance if not repaid.
In addition to its Laughlin casinos, MGM last month closed on the sale of three casinos in Primm, NV, which sits on the California border 40 miles south of the Las Vegas Strip. Terrible’s” casinos operator Herbst Gaming paid $400 million for the Buffalo Bill's, Primm Valley and Whiskey Pete's hotel-casinos. Collectively known as Primm Valley Resorts, the group totals 2,644 guest rooms, 136,000 sf of casino space, 2,816 slot machines, three gas stations and a convenience store on 143 acres. Not included in the deal is MGM Mirage’s Primm Valley Golf Club, which Herbst will manage for MGM.
The only Vegas gateway market where MGM is maintaining a gaming stake is Jean, NV, where it owns the 302-room Nevada Landing property, the 800-room Gold Strike Hotel and Casino and two gas stations/rest stops catering to truckers The properties cover 166 acres straddling Interstate 15 just 30 miles south of the Strip. MGM plans to master plan, develop and operate gaming casinos and housing on the property along with other commercial and retail elements. MGM Mirage Inc. is selling a 50% stake in the existing portfolio for $75 million en route to the redevelopment. "
for more information see: http://www.globest.com/news/899_899/gsrwest/160352-1.html
UPDATE Last updated: May 4, 2007 12:59am
$200M Casino Sale Gains Preliminary Nod
By Brian K. Miller
"LAS VEGAS-The Nevada Gaming Control Board has signed off on MGM Mirage Inc.‘s sale of two casinos in Laughlin, NV, to a partnership led by Anthony A. Marnell III, developer of the planned M Resort in Henderson, NV. The Nevada Gaming Commission is expected to give final approval on May 17 for the $200-million transaction.
Marnell III is son of casino developer and builder Anthony Marnell II, whose firm Marnell Corrao Associates built Wynn Las Vegas and Bellagio and will design and build M Resort. Laughlin sits 90 miles south of Las Vegas, near the confluence of Nevada, California and Arizona. The transaction was announced in October.
The two assets are the Colorado Belle and Edgewater hotel-casinos on the Colorado River. Marnell III is acquiring the properties in partnership with an affiliate of Sher Gaming LLC, led by Ed Sher. Combined, the Edgewater and Colorado Belle properties sit on 57 acres and hold 2,535 guest rooms and 138,000 sf of casino space. MGM acquired the properties in April 2005 as part of its acquisition of Mandalay Resort Group. The two casinos will give the Marnell-Sher partnership a total of three casino-resort properties. In June 2006, the partnership purchased the Saddle West Hotel and Casino in Pahrump, NV.
Marnell III plans to take his portfolio to four properties with M Resort, an 80-acre project that fronts Las Vegas Boulevard about 10 miles south of the six-mile stretch commonly referred to as the Las Vegas Strip. The $1.8-billion multi-phase development is slated to a 1,000-room casino-resort and a commercial center. The $700-million first phase is slated to include a 400-room resort with a 100,000-sf casino, a 70,000-sf events center, a full-service spa and several restaurants on 40 acres. Planned amenities include an outdoor canyon pool and entertainment venue, oversized guest rooms, suites, a top-of-the-tower lounge and a convention center.
Site work is under way. Actual construction is slated to begin in the next several weeks. First phase completion is slated for mid-2009. No updated information was available regarding the second phase. Previously, plans called for the remainder of the hotel rooms, an unknown amount of retail and approximately 1,950 condominiums in multiple mid-rise towers.
The project is being funded in part with a $160-million subordinated convertible note from MGM Mirage that was announced last week. The note matures eight years from its effective date and contains certain optional and mandatory redemption provisions. MGM has the right to convert the note into a 50% equity interest in The M Resort after 18 months of the note's issuance if not repaid.
In addition to its Laughlin casinos, MGM last month closed on the sale of three casinos in Primm, NV, which sits on the California border 40 miles south of the Las Vegas Strip. Terrible’s” casinos operator Herbst Gaming paid $400 million for the Buffalo Bill's, Primm Valley and Whiskey Pete's hotel-casinos. Collectively known as Primm Valley Resorts, the group totals 2,644 guest rooms, 136,000 sf of casino space, 2,816 slot machines, three gas stations and a convenience store on 143 acres. Not included in the deal is MGM Mirage’s Primm Valley Golf Club, which Herbst will manage for MGM.
The only Vegas gateway market where MGM is maintaining a gaming stake is Jean, NV, where it owns the 302-room Nevada Landing property, the 800-room Gold Strike Hotel and Casino and two gas stations/rest stops catering to truckers The properties cover 166 acres straddling Interstate 15 just 30 miles south of the Strip. MGM plans to master plan, develop and operate gaming casinos and housing on the property along with other commercial and retail elements. MGM Mirage Inc. is selling a 50% stake in the existing portfolio for $75 million en route to the redevelopment. "
for more information see: http://www.globest.com/news/899_899/gsrwest/160352-1.html
Economic Development Quarterly news
Economic Development Quarterly (May): Native American economic development; a research note on whether metro areas with rich central districts tend to less sprawl; economic impact of NC motorsports
Urban Land news
Urban Land (April): redevelopment of old retail centers as live-work/mixed use; hot "downtown turnarounds" (includes: Brooklyn, Charleston, Des Moines, Fargo, Kalamazoo, Long Beach, Memphis, Pasadena, Philadelphia, and D.C.); defining and finding great cities; Curitiba, Brazil; Manchester, England; Beirut, Lebanon; Qatar; Tokyo new downtown green, mixed-use project; Cincinnati revitalization; parks built over highways; Hong Kong's airport; rapid transit developments; regional spotlight -- Texas
retail news
Retail Traffic (April): sub-prime meltdown causing problems for retail; new Gulf Coast retail; inner city retail; top-100 owners listing; area feature on the Mid-Atlantic with nice pieces on Baltimore and VA
Shopping Centers Today (April): Mills Corp and Simon Group; new retail in historic districts; how malls are finding new ways to meet tenant demand for space; Brazilian retail; retail boom in Mexico; retail in Warsaw
Shopping Centers Today (April): Mills Corp and Simon Group; new retail in historic districts; how malls are finding new ways to meet tenant demand for space; Brazilian retail; retail boom in Mexico; retail in Warsaw
CA real estate journals news
California Real Estate Journal (4/30): San Deigo's Centre City Development Corp is looking to fund affordable housing projects to the tune of $103.8 million; Tejon Ranch has started construction of 1000+ acres of industrial property; in a special report on urban development, the journal muses on whether mixed-use is dead, on the rise of walkability in urban settings especially urban-infill development, and that cities and developers are looking for a "retail mix" over an area not in single buildings.
Los Angeles Business Journal (4/23): real estate quarterly issue; real estate special feature on the Marina del Rey area; list of top L.A. County meeting facilities; large table on the 1st quarter 2007 L.A. County office market
Orange County Business Journal (4/30): the TIA-sponsored O.C. pow wow predicts Anaheim will see $350 million in travel-related business in the next year
San Diego Business Journal (4/30): has a special feature on the new "green" downtown library development
L.A. Business Journal (4/30): Koreatown developments; Beverly Center problems surrounding upgrades
San Diego Business Journal (4/23): Boom in new hotel development and old hotel renovation
San Diego Business Journal (4/16): Legoland Carlsbad up 16% in 2006 with new rides and models
California Real Estate Journal (4/23): waterfront redevelopment progress in San Diego; office tower redeveloped as a boutique hotel in downtown Sacramento
Kiplinger CA (4/18): CA housing slump not effecting L.A. luxury market; high-end hotels booming in L.A.
Los Angeles Business Journal (4/23): real estate quarterly issue; real estate special feature on the Marina del Rey area; list of top L.A. County meeting facilities; large table on the 1st quarter 2007 L.A. County office market
Orange County Business Journal (4/30): the TIA-sponsored O.C. pow wow predicts Anaheim will see $350 million in travel-related business in the next year
San Diego Business Journal (4/30): has a special feature on the new "green" downtown library development
L.A. Business Journal (4/30): Koreatown developments; Beverly Center problems surrounding upgrades
San Diego Business Journal (4/23): Boom in new hotel development and old hotel renovation
San Diego Business Journal (4/16): Legoland Carlsbad up 16% in 2006 with new rides and models
California Real Estate Journal (4/23): waterfront redevelopment progress in San Diego; office tower redeveloped as a boutique hotel in downtown Sacramento
Kiplinger CA (4/18): CA housing slump not effecting L.A. luxury market; high-end hotels booming in L.A.
Wednesday, May 2, 2007
Continuing BRAC fight in PA
from today's GlobeSt
UPDATE Last updated: May 2, 2007 07:47am
Navy Shoots Down Willow Grove Proposal
By Marita Thomas
"WILLOW GROVE, PA-A complicated deal that would have ultimately put excess Navy property at the Willow Grove Naval Air Station Joint Reserve base in the hands of the state has come apart. It called for the Navy to transfer the base to the Air Force, which would lease it to the commonwealth short term as a joint interagency base.
In 2005, the BRAC Commission designated Willow Grove for closure. The proposal for a joint interagency base, as GlobeSt.com previously reported, was developed by Gov. Ed Rendell and Pennsylvania Congressional representatives and approved by Air Force Secretary Michael Wynne.
Under the proposal, during the lease-term, the state would work to attract governmental users, such as the Department of Homeland Security, the Federal Emergency Management Association, and the Environmental Protection Agency. Once that was accomplished, the Air Force would transfer base ownership to the state.
The Navy, however, notified the governor that it has rejected the Air Force’s request for a military to military transfer of the property. Gen. Jessica Right, adjutant general of the Pennsylvania National Guard, tells GlobeSt.com, “Under BRAC Commission law, the commonwealth could not get Willow Grove, but mil-to-mil transfers are possible under BRAC law. We are extremely disappointed that the Navy has turned down this proposal.”
Willow Grove is one of few bases that houses both US military and state National Guard." ...
for complete story see: http://www.globest.com/news/897_897/philadelphia/160262-1.html
UPDATE Last updated: May 2, 2007 07:47am
Navy Shoots Down Willow Grove Proposal
By Marita Thomas
"WILLOW GROVE, PA-A complicated deal that would have ultimately put excess Navy property at the Willow Grove Naval Air Station Joint Reserve base in the hands of the state has come apart. It called for the Navy to transfer the base to the Air Force, which would lease it to the commonwealth short term as a joint interagency base.
In 2005, the BRAC Commission designated Willow Grove for closure. The proposal for a joint interagency base, as GlobeSt.com previously reported, was developed by Gov. Ed Rendell and Pennsylvania Congressional representatives and approved by Air Force Secretary Michael Wynne.
Under the proposal, during the lease-term, the state would work to attract governmental users, such as the Department of Homeland Security, the Federal Emergency Management Association, and the Environmental Protection Agency. Once that was accomplished, the Air Force would transfer base ownership to the state.
The Navy, however, notified the governor that it has rejected the Air Force’s request for a military to military transfer of the property. Gen. Jessica Right, adjutant general of the Pennsylvania National Guard, tells GlobeSt.com, “Under BRAC Commission law, the commonwealth could not get Willow Grove, but mil-to-mil transfers are possible under BRAC law. We are extremely disappointed that the Navy has turned down this proposal.”
Willow Grove is one of few bases that houses both US military and state National Guard." ...
for complete story see: http://www.globest.com/news/897_897/philadelphia/160262-1.html
Mets stadium-area development plans
From today’s GlobeSt
Last updated: May 2, 2007 07:15am
Mets Stadium Area To Become Green Mixed-Use
By Katie Hinderer
"NEW YORK CITY-On Tuesday, Mayor Michael Bloomberg revealed plans to create the city’s largest green development in an attempt to clean up and revitalize the 60-acre area surrounding the new Citi Field. The long-term plan is expected to create 6,100 jobs and have a $1.5-billion impact on the city’s economy.
The Willets Point peninsula, between Shea Stadium and Downtown Flushing, will be transformed into a mixed-use area that will combine affordable housing, retail, office and park space." ....
"Willets Point is considered one of the most contaminated locations in New York City. Petroleum covers a majority of the area due to spillage and neglect, a situation only made worse by the high water table that spreads the pollution into Flushing Bay and Flushing River, according to the mayor. “Through the remediation of heavily contaminated land, the use of innovative green building technologies and the development of considerable parks and open space, Willets Point can and will serve as a model for sustainable development," Bloomberg said.
Current plans call for the development of 5,500 residential units, some of which will be affordable housing, 500,000 sf of office, one million sf of retail and a convention center and hotel. "We need to reclaim and remediate brownfields and we need to foster the development of green buildings and create mixed-use neighborhoods. When realized, this master plan will do precisely that, and it will dramatically augment Downtown Flushing's continued growth," said deputy mayor Daniel Doctoroff.
In order to go forward the project must pass a public approval process through the Uniform Land Use Review Procedure. The process to receive the necessary go-aheads will begin this fall. The city will likely choose a developer in the summer or fall 2008, with acquisition of necessary buildings happening at that time. Environmental remediation is slated to start in 2010."
for the complete story see: http://www.globest.com/news/897_897/newyork/160264-1.html
Last updated: May 2, 2007 07:15am
Mets Stadium Area To Become Green Mixed-Use
By Katie Hinderer
"NEW YORK CITY-On Tuesday, Mayor Michael Bloomberg revealed plans to create the city’s largest green development in an attempt to clean up and revitalize the 60-acre area surrounding the new Citi Field. The long-term plan is expected to create 6,100 jobs and have a $1.5-billion impact on the city’s economy.
The Willets Point peninsula, between Shea Stadium and Downtown Flushing, will be transformed into a mixed-use area that will combine affordable housing, retail, office and park space." ....
"Willets Point is considered one of the most contaminated locations in New York City. Petroleum covers a majority of the area due to spillage and neglect, a situation only made worse by the high water table that spreads the pollution into Flushing Bay and Flushing River, according to the mayor. “Through the remediation of heavily contaminated land, the use of innovative green building technologies and the development of considerable parks and open space, Willets Point can and will serve as a model for sustainable development," Bloomberg said.
Current plans call for the development of 5,500 residential units, some of which will be affordable housing, 500,000 sf of office, one million sf of retail and a convention center and hotel. "We need to reclaim and remediate brownfields and we need to foster the development of green buildings and create mixed-use neighborhoods. When realized, this master plan will do precisely that, and it will dramatically augment Downtown Flushing's continued growth," said deputy mayor Daniel Doctoroff.
In order to go forward the project must pass a public approval process through the Uniform Land Use Review Procedure. The process to receive the necessary go-aheads will begin this fall. The city will likely choose a developer in the summer or fall 2008, with acquisition of necessary buildings happening at that time. Environmental remediation is slated to start in 2010."
for the complete story see: http://www.globest.com/news/897_897/newyork/160264-1.html
Wal Mart and RFID
from today's Arkansas Business newsflash
Wal-Mart to Expand RFID to 400 Stores
By Andrew Jensen - 5/2/2007
"Wal-Mart Stores Inc. of Bentonville on Monday announced an expansion of its RFID, or radio frequency identification, capability to 400 stores by the end of the fiscal year.
In a speech to the RFID Journal Live conference in Orlando, Fla., Wal-Mart executive vice president and CIO Rollin Ford said the program will have benefits to customers and suppliers.
Ford said benefits include a 30 percent reduction of out-of-stocks, reduction of excess inventory in the supply chain and sustainability impacts.
He said future benefits could include better grocery freshness; software, CD and DVD authentication; and 30-second store checkouts."
for complete article see: http://arkansasbusiness.com/article.aspx?lID=81&sID=82&ms=83&cID=Z&aID=97994.44192.110120
Wal-Mart to Expand RFID to 400 Stores
By Andrew Jensen - 5/2/2007
"Wal-Mart Stores Inc. of Bentonville on Monday announced an expansion of its RFID, or radio frequency identification, capability to 400 stores by the end of the fiscal year.
In a speech to the RFID Journal Live conference in Orlando, Fla., Wal-Mart executive vice president and CIO Rollin Ford said the program will have benefits to customers and suppliers.
Ford said benefits include a 30 percent reduction of out-of-stocks, reduction of excess inventory in the supply chain and sustainability impacts.
He said future benefits could include better grocery freshness; software, CD and DVD authentication; and 30-second store checkouts."
for complete article see: http://arkansasbusiness.com/article.aspx?lID=81&sID=82&ms=83&cID=Z&aID=97994.44192.110120
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