more misc news

M&C (Nov): feature on dollar-smart venues by region; destination guides on Puerto Rico, U.S. Virgin Islands, MS Gulf Coast; New Orleans, Cancun, Orlando

Harvard Business Review (Dec): feature on China and India

Sunset (Dec): Bryce, UT; Vancouver, British Columbia

Retail Traffic (Nov): bowling alleys in shopping centers; library anchoring mall; Canadian cross-border shopping; Pyramid still looking for buyer; special feature on mixed-use districts around sports facilities; special section on green building; mixed-use sector adjustments; Gen Y and retail; regional feature on the Northeast-- Manhattan, Camden, Yonkers, etc.

American Indian Report (Nov): SBA building Tribal tool

Nation's Restaurant News (11/12): casual-dining sector slow

fresh library arrivals

regional/local real estate and business news

San Fernando Valley Business Journal (11/26): NBC campus project opposition

Indian Country Today (11/28): Seminoles sign new compact

Crain's Chicago Business (11/12): O'Hare expansion plans; Wrigley Field area development plans

Los Angeles Business Journal (11/26): theater district rehabbing old movie theaters

California Real Estate Journal (11/26): changes planned for Dodger Stadium; Southern CA home prices decline in October; San Diego hotel industry considers new tourism tax

New Orleans City Business (11/19): Office of Recovery Mgt continuing series of area project maps - Jefferson and Orleans Parishes

Indian Country Today (10/31): Lacrosse Museum (MD); Santa Ana Pueblo (NM) and cultural tourism

San Diego Business Journal (11/12): Poinsettia Bowl planning

New Orleans City Business (11/12): N.O. loses out on most of the recovery bonds; targeted area recovery maps -- Jefferson and Orleans Parishes

business and real estate news roundup

Business Week (11/26): Olympic stadium plans including post-games downsizing

Forbes (11/26): feature on the Toronto Maple Leaves

Economist (11/17): MD battles over gaming

Appraisal Journal (Fall): cell phone towers and house values (FL)

MD racetrack deal stopped

from today's GlobeSt --

Penn Gaming Backs Out of Rosecroft Buy
By Marita Thomas

"WYOMISSING, PA-Penn National Gaming Inc. will not proceed with its previously announced agreement to acquire Rosecroft Raceway in Fort Washington, MD from Cloverleaf Enterprises Inc. The locally based casino and racetrack owner signed a binding letter of intent to acquire the asset in August and proceeded with a definitive agreement for the purchase the following month.

In a statement Penn National attributes its decision to not proceed with the acquisition to new legislation signed by Maryland Gov. Martin O’Malley on Nov. 19. While the legislation authorizes up to 15,000 video lottery terminals at five locations in the state, subject to a November 2008 voter referendum, it specifically excludes Prince George’s County where Rosecroft operates.

Thus, “Rosecroft, which already has been operating at a loss, will be denied the opportunity for an alternative revenue source that would enable it to compete with other tracks in the state and racing and gaming venues in neighboring states,” according to the Penn National Gaming release." ...

" today, the company moved forward on its plans for a $365-million resort casino in Sumner County, KS by filing a license application to the Kansas Lottery Commission. Like the $310-million project under way at Penn National Race Course in Grantville, PA, it will carry the Hollywood brand."

for the complete story see:
http://www.globest.com/news/1044_1044/philadelphia/16631
4-1.html

Major mixed-use project set for India

from today's GlobeSt--

Massive MXD Complex Set for India
By John Salustri

"HONG KONG-Shipra Estate Ltd. is taking the wraps off of plans for a massive mixed-use development it plans to build near the town of Chandigarh, in the northern regions of India. Plans for the 1,200-acre complex, which is estimated to cost from seven to 10 billion euros, are still shaping up" .....

"The centerpiece of the project is a five-million-sf enclosed mall, but the plans don't stop there. An 18-hole golf course, designed to British PGA standards; high-rise residential, the size of which is yet to be determined; a convention center; and sports complex will also be included. Two luxury hotels totaling nearly 500 rooms and one budget lodging are also in the plan, as is an IT-specific economic zone of roughly 50 acres. RTKL is shouldering the master-plan duties." ...

"In terms of rollout, the first phase is expected to be completed in three years. When the dust clears, that will include high-rise residential, the first phase of the mall and one of the luxury hotels, all of which will be contained on 200 acres. Final build out will take 10 to 12 years, Bhasin stated."

for the complete story see:
http://www.globest.com/news/1044_1044/gsrglobal/16633
2-1.html

Vegas Hooters Hotel deal

from today's GlobeSt --

Deposit Keeps $225M Hooters Hotel Sale Alive
By Brian K. Miller

"LAS VEGAS-The $225-million sale of the Hooters Hotel & Casino here remains on track thanks to a $1.5-million non-refundable deposit payment from the buyer, Hedwigs Las Vegas Top Tier LLC, an affiliate of the investment group led by NTH Advisory Group LLC. The seller, 155 East Tropicana LLC, says in an SEC filing this week that it accepted the payment despite it being 11 days late.

Formerly Hotel San Remo Casino and Resort, Hooters Casino Hotel is located one-half block from the intersection of Tropicana Avenue and Las Vegas Boulevard. Reopened as Hooters in February 2006, the property has been unable to achieve the average 95% hotel occupancy rate that is typical of Strip and near-Strip resorts, though it has been on the rise. Occupancy averaged 87.9% in the third quarter, up from 80.7% in the third quarter of 2006, according to SEC filings.

The agreement calls for Hedwigs to pay $95 million in cash for the 696-room property as well as assume $130 million of 8 ¾% Senior Secured Notes due 2012. In addition, the seller has agreed to lease back the casino operations for $540,000 per month until the buyer is properly licensed.

The sale, announced in January, is slated to close sometime before April 30, 2008." ....

for the complete story see:
http://www.globest.com/news/1043_1043/lasvegas/166278-1.html

Universal theme park -- South Korea

from today's Wall Street Journal:

Universal Parks Is Latest
To Build in South Korea
By EVAN RAMSTAD
November 28, 2007; Page B2

"SEOUL, South Korea -- Universal Parks & Resorts unveiled details of a $3.1 billion theme park and resort that is the biggest in a series of large-scale vacation projects under construction in South Korea.

The theme park, hotels and golf courses will cover more than 1,000 acres in the Seoul suburb of Hwaseong and be similar in scale to Universal Orlando Resort in Florida. The company also will build a convention center and an outlet shopping mall.

In the past few months, developers have announced plans to build three other large theme parks around the country. The burst of park construction is a sign of South Korea's rising affluence and increasing leisure time after the country a few years ago scaled back to a five-day workweek from six days.

One of the new parks, involving Viacom Inc.'s Paramount studios, will be built by 2009 in the neighboring city of Incheon. The city is home of South Korea's largest international airport.

Frank Stanek, a manager for the Universal project who was involved in the construction of Tokyo Disneyland in the 1980s, said the Hwaseong complex represents the largest investment Universal has made in a theme park. "Physically, it will match the size of our facility in Florida and will have a lot of room to expand," Mr. Stanek said." ...

"The park aims to draw 10 million visitors a year by late in the next decade.

There are two large amusement parks in South Korea, both near Seoul, and several smaller ones in other cities. Those parks generate about $1.2 billion in annual ticket sales, and the largest of them, Samsung Group's Everland park, gets about eight million visitors a year.

Last month, a real-estate developer announced plans to build a theme park connected to movies from MGM, the U.S. studio owned by private-equity investors. And the provincial government of Jeju Island, off the southern coast of South Korea, is developing a large Asia-themed park with investors from Hong Kong and the U.S."


for the complete story see:
http://online.wsj.com/article/SB119615155653405117.html?mod=g
ooglenews_wsj&apl=y&r=714294

NY MLS team buying stadium interest in Harrison MetroCentre

from this morning's GlobeStNJ:

Last updated: November 26, 2007 08:29am
New York Red Bulls Buy Out Stadium Interest
By Eric Peterson

"HARRISON, NJ-The New York Red Bulls Major League Soccer franchise has acquired the 50% interest in its new stadium that it didn't already own. The team bought the half-share from Anschutz Entertainment Group, which owned the team from 2001 to 2006, when it was known as the MetroStars.

A team spokesman declined to reveal the details of the transaction, citing company policy. Soft drink maker Red Bull bought the team from AEG in 2006, paying $30 million for the team, $45 million for a half interest in the stadium and $25 million for the venue's naming rights.

And RBNY will tweak the final product a bit, according to managing director Marc de Grandpre. The seating capacity will be bumped up to the 25,000 level, and a concert stage will be deleted, making it a soccer-only facility." ....

"Site work started for the facility a year ago, and it's now slated to be finished in 2009. It's a cornerstone project of the under-construction Harrison MetroCentre, a mixed-use redevelopment being done by the Bedminster-based Advance Realty Group." ...

for the complete story see:
http://www.globest.com/news/1041_1041/newjersey/166213-1.h
tml

Orlando concerned over Indian gaming

from today's Orlando Sentinel

Orlando-area tourism officials fear Crist's gambling compact
Jason Garcia

"An unprecedented deal struck this month by Gov. Charlie Crist and the Seminole Tribe of Florida would, for the first time, bring high-stakes gambling practically to Orlando's doorstep -- clearing the way for Vegas-style slot machines, blackjack and baccarat at a Tampa casino about an hour's drive from the gates of Disney's Magic Kingdom.

Now tourism executives in Central Florida, which has spent billions building Orlando into perhaps the best-known family-vacation destination on the planet, say it is only a matter of time until gambling interests seek access here, too.

"There'll be a movement. It's going to spread," said Tom Ackert, executive director of the Orange County Convention Center. "If the Seminoles expand and are successful -- and if there isn't a corresponding disaster related to crime or other stuff -- it's going to be hard to push against it."

The region's tourism leaders are almost uniformly opposed to gaming, at least locally. Gambling, they say, is clearly an adults-only activity that would undermine Orlando's image as a family-friendly location.

That's a reputation the region spends heavily to cultivate. The Orlando/Orange County Convention & Visitors Bureau, for example, is in the midst of a two-year, $68 million marketing campaign aimed at convincing travelers that Orlando is a destination "Built for families. Made for memories."

Gambling is "just not a good fit with the Orlando brand. The Orlando brand is largely built around the family -- and families with children, at that," said Jim Atchison, president and chief operating officer of Busch Entertainment Corp., parent company of SeaWorld Orlando, Discovery Cove and the soon-to-open Aquatica water park.

But Central Florida tourism has never before been confronted with a full-fledged gambling resort within easy driving distance. The Seminole Hard Rock Hotel & Casino in Tampa, which has been restricted to low-stakes poker and tamer, bingo-style slot machines, is one of seven sites across the state that could add Las Vegas-style slots and card games under the gaming accord signed by Crist and the tribe.

The Seminoles recently completed a $120 million expansion of the Tampa resort, which looms over Interstate 4 east of downtown Tampa. It now features 250 hotel rooms and 3,075 gambling machines. Tribal leaders are already discussing bigger additions -- including a second tower with shops, restaurants and more hotel rooms -- now that more-lucrative gambling is within reach." ....

"Crist and other supporters of the Seminole compact say it is designed to discourage any further expansion of gambling in Florida. That's because the deal stipulates that, should any other location win the right to offer similar games, the Seminoles would no longer have to pay the state annual royalties.

Any initial effort to build a casino in the Orlando area also appears certain to meet fierce opposition from the biggest players in the local tourism industry.

Walt Disney World, for instance, has contributed $600,000 through the years to No Casinos Inc., a group organized to fight pro-gambling constitutional amendments in 1986, 1994 and 2004. Universal Orlando gave $50,000 during the 1994 campaign.

"Our position on gambling has not changed. We remain opposed to the expansion of gambling in the state," Disney spokeswoman Jacquee Polak said. A spokesman for Universal would not comment.

Some local tourism executives cite the difficulties Las Vegas had when it tried to move further into the family-travel market in the 1990s, when resorts along its famed gambling strip spent heavily on amusement rides and themed environments designed to appeal to both adults and children." ...

for the complete story see:
http://www.orlandosentinel.com/news/local/state/orl-gambli
ng2407nov24,0,6860813.story

Scottish hotels too cheap?

from today's Scotsman

Tourism chief tells hotels to raise prices 'because they're too cheap'
BRIAN FERGUSON (bferguson@scotsman.com)

"HOTEL operators and guesthouse owners across Scotland have been told to raise prices during peak periods to cash in on demand from visitors.

VisitScotland's chairman, Peter Lederer, said accommodation providers who found themselves booked up months in advance should do all they can to maximise income.

And he has called for tourism workers to stop apologising for the cost of a visit to Scotland and instead talk up the value for money on offer.

However Mr Lederer, the chairman of Gleneagles Hotel, was criticised by industry figures and politicians who feared the impact his message may have on Scotland's reputation.

Critics warned visitors may be put off returning to the country if they believed prices had been increased in the peak season or to coincide with major events, like golf competitions, rugby internationals or festivals.

Mr Lederer was speaking out at VisitScotland's annual meeting in Edinburgh, when he also warned that the industry was being let down by rubbish-strewn roads, inconsistent service and a culture of complaining about the weather." ....

"Mr Lederer said everyone in the industry had a part to play in boosting income generated by Scotland's tourism by 50 per cent by 2015. " ....

For the complete article see:
http://news.scotsman.com/scotland.cfm?id=1845942007

fresh from the mail bin -- new Income/Expense Analysis Reports from IREM

They're here! They're here!!!!!


These reports cover U.S. and Canadian properties and sorts them by type to provide revenue, expense, and vacancy trends in dollars/sq. ft.; retail volume covers tenants and anchors, but is based solely on a sample, not detailed specifics on centers.

AECOM and ERA make LABJ --

Out of this afternoon's email --

Aecom Acquires Economic Research Frim
By ALLEN P. ROBERTS Jr. - 11/21/2007
Los Angeles Business Journal Staff

Aecom Technology Corp. said Wednesday that it has agreed to acquire Economics Research Associates of Los Angeles for undisclosed terms.

Economics Research is an international consulting firm concentrating on economic analysis for clients in entertainment, real estate, public facilities, tourism and economic development. The acquisition is a move to add to Aecom’s offerings, the Los Angeles-based provider of management and technical support services said in a statement.


This is the third acquisition for Aecom in the past four months. In August, Aecom acquired wastewater management firm KMK Consulting Ltd. and in October acquired environmental science consulting firm Gartner Lee Limited. Financial terms of either deal were not released. Both firms are based in Canada.


Shares in Aecom were up 8 cents to $29.92 in afternoon trading Wednesday on the New York Stock Exchange.

NY Subway and local development advances

from today's GlobeSt

Second Avenue Subway Gets $1.3B Boost
By Natalie Dolce

"NEW YORK CITY-Gov. Eliot Spitzer, along with James Simpson, administrator for the Federal Transit Administration, revealed an agreement that guarantees $1.3 billion in federal funding for the construction of the first phase of the Second Avenue subway. The first phase of the subway project will run along Second Avenue north from 63rd Street to 105th Street, creating three ADA-accessible stations at 72nd, 86th and 96th streets.

According to Lt. Gov. David Paterson, mass transit is the linchpin of any economic design for the 21st century, so it is no surprise that real estate insiders are also bullish about the news. Eric Lewis, a managing director of Cushman & Wakefield's hospitality and gaming group, tells GlobeSt.com that "upon completion, the Second Avenue subway should boost values significantly in the areas it will serve."

Stuart Saft, partner at Dewey & LeBoeuf LLP agrees, telling GlobeSt.com that "the existence of the subway should dramatically increase the value of the real estate on First Avenue and York Avenue, which will have greater access to mass transportation." Saft does note, however, that "it might adversely affect the value of the property which will house the subway stations along the new route."

Saft continues that "it is surprising that the 96th Street station will be located between 93rd Street and 94th Street, even though 96th Street and above is likely to have the greatest growth over future decades. Patients and visitors to Metropolitan Hospital will have much further to walk to get to and from the subway." ....

"The line is scheduled to open in 2014. Construction will continue with three additional phases that will extend the line first up to 125th Street, where it will connect with the 4, 5 and 6 subway lines and with MTA Metro-North Railroad, and then down to Hanover Square in the Financial District." ...

"When completed, the full-length Second Avenue Subway is projected to carry 560,000 people per day. New York City’s entire subway now carries nearly 6.3 million passengers on a typical weekday." ...

for the complete story see:
http://www.globest.com/news/1039_1039/newyork/166117-1.html

Las Vegas property being amassed

from today's GlobeSt

North Strip Assemblage in the Works
By Brian K. Miller

"LAS VEGAS-An entity of Triple Five Nevada has paid $180 million for a 5.4-acre site fronting the Las Vegas Strip next to the 26-acre Riviera resort-casino. Located at 2955 S. Las Vegas Blvd., the site was previously home to the La Concha Motel. The seller, Lorenzo Doumani, CEO of Majestic Resorts, tells GlobeSt.com that the buyer has optioned two adjacent parcels that, if exercised, would give it nearly 18 acres to master plan.

The buyer is listed on county records as Las Vegas Strip North Holdings LLC, whose local address matches that of Triple Five Nevada. Triple Five recently sold its 9.2% stake in Riviera Holding Corp. to Riv Acquisition Holdings, the private equity group that is trying to acquire the publicly held casino owner and operator.

The smaller of the two additional parcels optioned by the Triple Five entity is the Peppermill, a Strip-front restaurant immediately south of the Riviera that sits on a 1.13-acre site controlled by Doumani. The Triple Five entity has a three-year option to acquire the property, Doumani says.

The larger site, totaling about 9.5 acres, abuts both the east end of the Peppermill property and the south side of the Riviera. The site surrounds Kishner Drive, which is accessed off Convention Center Drive, one block south of Riviera Boulevard. Details of the Triple Five entity’s option agreement with this seller, whom Doumani describes as a friend of his, was not immediately available. The multi-parcel site currently houses Somerset Apartments, Somerset House Motel, a strip mall and the Villa Roma Inn.

Given its activity thus far, it is likely the Triple Five entity also is trying to acquire the parcel at the corner of Las Vegas Boulevard and Convention Center Drive and the two on either side of it because all three would be surrounded by the parcels it already has acquired or optioned." ....

for complete story see:
http://www.globest.com/news/1039_1039/lasvegas/166126-1.html

New parking volumes for your enjoyment

For your research fun --

news from all fronts

Journal of Sports Economics (Dec): effects of competitive balance on MLB attendance; stadium naming rights valuation

Funworld (Nov): regional spotlight on South America; Niagara Falls tourism; new amusement-water park in Ontario, Canada; Parque Reunidos bought Palace Entertainment; Disney changing MGM Studios name to "Disney's Hollywood Studios;" IAAPA demographics on customers; parks and neighboring developments; run-away train rides; Philippine park owner; bio of BRC's Bob Rogers; Canada's Wonderland's new coaster; race-themed FEC opending in Mooresville, NC; Venetian Macau opening; Schlitterbahn Vacation Village (Kansas City, KS) opening delayed

Economist (11/10): Channel tunnel renovation completes rail link

Business Week (11/12): Golf Business special section -- features an article on how golf home developments are doing in the current market

Preservation (Nov-Dec): feature on Historic Eastfield village (NY); preservation awards announced (including Griffith Observatory)

It's all the Red Sox' fault!

from today's The Day (CT)

Foxwoods marks steep decline in slot revenue for October.
By Patricia Daddona

"Foxwoods Resort Casino posted a steep drop of more than 11 percent in slot winnings for the month of October.

The Mohegan Sun slot revenue also declined by a little more than 3 percent.

In its monthly report to the state, Foxwoods' owner, the Mashantucket Pequot Tribal Nation, said the casino won $61.6 million of its $728 million handle - the total amount played on its machines last month. The drop is down 11.5 percent from its winnings a year ago of $69.6 million.

Foxwoods President John O'Brien attributed to drop to the continuous roadwork along Route 2 as improvements are made to the Rainmaker Casino, plus a dearth of players who are Red Sox fans who spent time watching the World Series instead of visiting Foxwoods last month." ...

for the complete story see:
http://www.theday.com/re.aspx?re=dc862832-7b73-48a2-84
5b-dcd7be6632ee

local/regional real estate news

Indian Country Today (11/7): govt defining Indian slots/bingo debate; NIGC regs on bingo games; OK and tribal gaming; Navajo approval of casino development funding; SD casino expansion; Wyandotte casino (CO); Harrah's casino problem

Crain's Chicago Business (10/29): office building adapted as boutique hotel

California Real Estate Journal (10/29): Inland Empire development; CA Indian casino and hotel developments; sustainable buildings development issues

Orange County Business Journal (11/5): Lennar Corp. halts condo development in Irvine; Santa Ana lifestyle center redeveloping

Los Angeles Business Journal (11/5): L.A. film studio real estate boom; UFL football team for Los Angeles?

California Real Estate Journal (10/15): CA stadium proposals (SF, Santa Clara); gaming, tribes, tracks team up for mega-casinos; San Diego receives Federal approval to quit public housing; Bay Area mixed use review; New Urban development trends

New Orleans City Business (10/22): recovery plan review; Halloween tourism; map of recovery target areas

New Orleans City Business (10/29): costs to return NBA Hornets to New Orleans; tax program for redevelopment

California Real Estate Journal (11/5): Inland Empire affordable housing issues; Grand Del Mar Resort, San Diego

San Diego Business Journal (11/5): economic impact of 2007 fires

San Fernando Valley Business Journal (10/29): new Sun Valley plan

Crain's Chicago Business (10/22): proposed city-owned casino economic impact; hotel outlook; green district debated

misc news

New Urban News (Oct-Nov): new urban projects; smart growth on the rise; TNDs; charrette for Towson, MD

Shopping Center Business (Nov): mixed-use profiles from throughout the U.S.

Urban Land (Oct): TOD in L.A.; New Orleans recovery; China housing market; water and sustainability; Western (U.S.) development; Las Vegas and water; rebuilding after disasters; Portland, OR and waterfront development; Brooklyn Bridge Park and waterfront redevelopment; North Delaware River (Philadelphia) waterfront; Middle East Gulf development; European travel on the rise and pushing airport development; European transit developments; Bogota, Columbia; India-- real estate and economic development trends; Cambodia; Macau-- gaming and over-development?; regional spotlight on MD

Tradeshow Week (10/22): Philadelphia convention center expansion

new cost books are in --

Turnberry Golf Resort up for sale

From yesterday's Glasgow Herald (11/8):

That’s some course fee: £100m price tag for Turnberry golf resort

"Turnberry, the Scottish golf resort that will host the 2009 Open Championship, has been put up for sale for up to £100m by its American owners.

Starwood Hotels & Resorts, which runs the 219-room five-star hotel under its luxury Westin brand, is seeking an outside investor to buy the property and fund a multimillion-pound development programme." ...

"Starwood said that it had appointed Jones Lang LaSalle Hotels to handle the process, although any deal was dependent on Starwood being retained to manage the resort.

It is also understood to be willing to retain a minority stake in the resort, which features two 18-hole courses, the Ailsa and Kintyre, as well as a nine-hole course, The Arran.

Westin's purchase of Turnberry in 1997 was followed by a £10m investment programme, which the owners claim has now placed Turnberry among an elite handful of the best golf resorts in the world."

for the complete story see:
http://www.theherald.co.uk/search/display.var.1817291.0.that
s_some_course_fee_100m_price_tag_for_turnberry_golf_resort.php

Glasgow wins 2014 Commonwealth Games

from tomorrow morning's (today's) Glasgow Herald (11/10):

It’s Glasgow’s Games as city wins 2014 bid

"Glasgow struck gold yesterday when the city landed the 2014 Commonwealth Games with a convincing 47-24 vote majority over Nigerian capital Abuja.

The decision sparked massive celebrations among the Scottish bid team in Sri Lanka and thousands of Glaswegians 5600 miles away, watching the declaration live on giant TV screens at a series of public events.

Now Glasgow plans to use the gift of the Games to change the face of the city and major sport forever, an intention which had been shared by the losing team. But Nigeria's hopes of becoming the first African country to host the event were dashed." ...

"The Games are expected to cost Scotland around £300m to stage, with the costs split 80-20 between the Scottish Government and the city. However, the potential financial benefits have been estimated to top £1bn. Council leader Steven Purcell pledged the city's £60m share of expenditure would not cause a council tax increase.

"It's a contract with the Scottish Government. At no point will this be added to council tax. Glasgow, as second city of the Empire, took plenty out of the Commonwealth and now it's our turn to put something back," he said." ...

"The Games will open at Celtic Park on July 23, with athletes able to walk to the ceremony from the nearby village in Dalmarnock for the first time. Competition will begin the next day and run to August 4, with the closing ceremony at Hampden.

The rugby sevens tournament will be held at Ibrox, highlighting access to three world-class facilities already in place, another powerful plank in the Glasgow submission."

for the complete story see:
http://www.theherald.co.uk/news/news/display.var.182349
7.0.0.php

1st post-Katrina new hotel in NOLA to be a condohotel

from yesterday's Times-Picayune

Condo hotel and tower on Royal to take shape
$50 million job to start in 2008
Thursday, November 08, 2007
By Jaquetta White

"Construction on a $50 million project to renovate a long-vacant Royal Street hotel into a luxury condo hotel is set to begin early next year, the developers said.

Developers Angelo Farrell and Lee Laporte, doing business as Royal Cosmopolitan LLC, also announced this week that they have hired Salamander Hospitality LLC of Virginia to operate and manage the site.

The Royal Cosmopolitan will be the state's first condo hotel and, when construction begins, the first new hotel project to break ground in the city post-Katrina" ....

"Farrell and Laporte bought the more than 100-year-old Astor Hotel building at 121-25 Royal St. in 2005 for $3.2 million. They are spending $50 million to renovate the site, which has been closed for decades except for a few retail operations on the bottom floor. The plan also calls for building a new 26-story, 259-foot tower behind it, in the middle of the block bounded by Royal, Canal, Bourbon and Iberville streets.

The 131-room Royal Cosmopolitan will be a condominium hotel, or "condotel," which means its rooms are available for sale as condominiums but the buyers can share in the revenue from guests who stay there when they don't.

The project first became public in 2005, when a version of it won approval from the City Planning Commission, the Central Business District panel of the Historic District Landmarks Commission, and the City Council with no opposition from French Quarter residential and preservation groups. That proposal was for a 17-story, 178-foot tower, a building only slightly taller than the Astor Crown Plaza in the same block.

But after Katrina, the developers went back to those groups asking to increase the height of the unbuilt tower by nine floors, to 26, because they needed to increase the number of rooms and suites from 80 to 152 to cover construction costs that had risen by 35 percent to 40 percent since Katrina. The new 268-foot proposed tower would be significantly taller than the Astor Crown Plaza.

That proposal drew objections from French Quarter preservation leaders and two City Planning Commission members, but it eventually was approved in a 6-2 vote by the planning panel and unanimously by the landmarks commission in December 2006. The project also won unanimous support from the City Council in February after the developers made a last-minute decision to reduce the structure's height from 268 feet to 259 feet.

Previous attempts to rehabilitate the hotel failed to gain either financing or city approval.

The condotel is scheduled to open in early 2009. It will feature 107 condominium suites and 24 guest rooms in the original building. The units range in price from $349,000 for the smallest one-bedroom unit to $879,000 for a penthouse suite.

The property also will feature valet parking, a skytop bar and lounge, and an infinity pool.

The hotel will employ about 600 people during the construction phase and 250 when it opens." ...

for the complete story see:
http://www.nola.com/timespic/stories/index.ssf?/base/mone
y-1/1194502939317450.xml&coll=1

$1B resort plans unvieled for Henderson, NV

from today's GlobeSt

UPDATE Last updated: November 9, 2007 09:18am

Plans Take Shape for $1B M Resort
By Daniel D. Williams

"HENDERSON, NV-The M Resort, Spa and Casino has taken on a more specific shape as the company unveiled the project's master plan yesterday. The specs for the proposed $1-billion project includes an 11-story resort totaling 390 rooms and suites.
Other details include 90,000 sf of gaming space and more than 40,000 sf of meeting and conference space. The amenities include a 20,000-sf spa as well as multiple restaurants and entertainment options that have not yet been specified.

The project will be located 10 miles south of the Strip, and sits on some 80 acres at the southeast corner of St. Rose Parkway and Las Vegas Boulevard. It is set for a spring 2009 completion. The project is said to be the largest resort built within the city limits, according to M Resort officials.

The site is at an elevation 400 feet higher than the typical casinos found on the Las Vegas Strip. That elevation will play into the architecture and design, according to M Resort chairman and CEO Anthony A. Marnell III. In a company statement, Marnell says the site allows views of the Las Vegas skyline from all rooms, restaurants and the lobby. The design includes a 100,000-sf canyon feature pool area that will include waterfalls." ...

"As earlier reported on GlobeSt.com, MGM Mirage Inc. is investing $160 million in M Resort." ...

"MGM's investment is in the form of a subordinated convertible note. 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.

Henderson has seen other activity springing up in the area. Cater-corner from the M Resort site, Olympia Gaming is planning to develop Southern Highlands Resort. Olympia received approval for the 100-acre, $2-billion mixed-use project a year ago from the Clark County Commission. The $750-million first phase is slated to include 600 hotel rooms and an undisclosed amount of retail, entertainment and convention space.

In other Marnell news, in May, the firm agreed to acquire two MGM casinos in Laughlin for $200 million. The properties--the Colorado Belle and Edgewater hotel-casinos on the Colorado River--are being acquired with an affiliate of Sher Gaming LLC, led by Ed Sher." ...

for the complete story see:
http://www.globest.com/news/1032_1032/lasvegas/165864-1.html

MI theme park plans

from today's GlobeSt

Last updated: November 8, 2007 07:28am

Axiom Pushes $160M Up North Theme Park
By Robert Carr

"GRAYLING TOWNSHIP, MI-A group of Midwest investors known as Main Street America Inc. has a Dec. 6 meeting date with state officials to work out concerns to buy 1,800 acres of public land, for an ambitious plan to build a $160-million, year-round theme park that would include roller coasters, a water park and even a real life World War II aircraft carrier. Axiom Entertainment of Rochester Hills is representing the investors, who include Jack Rouse Associates, the developer and manager of parks such as Universal Studios and various Legolands.

The state is trying to make sure the company has safe plans for the land at the northeast corner of Interstate 75 and Four Mile Road, including wastewater concerns, in an area dominated by tourists and second-home owners. An Axiom spokeswoman says the company environmental plans will meet state and federal requirements.

The property was offered to the township by the state as an industrial park, but no buildings were ever built. The township Planning Commission has approved a concept plan and zoning, and will accept the formal proposal if the state allows the sale of the land, reportedly for about $5.2 million, to proceed. The partnership’s preliminary agreement to buy the property from the state expires in late December. A proposed timetable has the project completed by 2010, if the approval is given next month.

Grayling is seen by many as either a last stop along I-75 before going over the Mackinac Bridge into the Upper Peninsula, or a rest stop before heading east (toward Traverse City) or west (toward Alpena) for vacation homes. The area is also home to a large Army National Guard base. The Axiom spokeswoman tells GlobeSt.com that with nine million people driving through a year, it has to be a good spot. “This is the gateway to the north,” she says. The “north” part has made some question a plan to include racing coaster cars in an area more known for feet-deep snowdrifts during the winter. “We’re proud of the fact that we’ll have our 70 mph runs during winter snow, with heated tunnels. They’ll be all kinds of stuff to do during the winter, like horse carriage rides and snowmobiling, and other activities,” the spokeswoman says.

Axiom, which also puts together DVDs and television shows, doesn’t have successful theme park experience. Project manager Patrick Crosson had been COO of a company in 1993, GRP Development Corp., which was to build a theme park in Indiana. However, the project ran into problems and legal claims, and the company declared bankruptcy."

for the complete story see:
http://www.globest.com/news/1031_1031/gsrmidwest/165820-1.html

NYC -- new hotel AND city library

from today's Newsday and GlobeSt

Newsday:
newsday.com/news/local/newyork/ny-nylib085451462nov08,0,738253.story

New York Public Library moving branch to new hotel
THE ASSOCIATED PRESS

... "The New York Public Library is selling its branch in midtown Manhattan, across the street from the Museum of Modern Art, to Orient-Express Hotels Ltd. and plans to share space in a new building with the luxury hotel.

Under the agreement, the five-story Donnell Library on West 53rd Street will be razed and replaced with an 11-story building, the hotelier and the library announced yesterday. Construction is set to begin in 2009 and be completed in 2011.

The library will receive $59 million in cash and will own and occupy the first floor and two floors below ground of the new building. The library and the 150-room hotel will have separate entrances.

This will not be the first mixed-use arrangement for a New York Public Library facility. A branch in SoHo is housed in a residential building and another in Morningside Heights shares space with a Columbia University dorm.

Five floors of the hotel, where rooms will go for $750 to $2,000 a night, will connect to the celebrated 21 Club on 52nd Street, a former speakeasy housed in a four-story town house." ....

for the complete story see:
newsday.com/news/local/newyork/ny-nylib085451462nov08,0,738253.story
_________________
from GlobeSt.

$220M Hotel Project Revamps Library
By Natalie Dolce

"NEW YORK CITY-Orient-Express Hotels Ltd. has signed an agreement to acquire the land and building of the Donnell branch of the New York Public Library, located at 24 W. 53rd St. here. Under the terms of the transaction, Orient-Express will pay the library $59 million in cash, in addition to the value of the library space, which the library will own and occupy. Orient-Express plans to build a 150-room luxury hotel, including a rebuilt "state-of-the-art" Donnell Library location within it.
The overall project is estimated at $220 million inclusive of the purchase of the library. Construction, which is subject to Orient-Express obtaining all necessary permits, is scheduled to start in 2009. The hotel is expected to open in early 2011.

The hotel will house dining, spa and wellness facilities, as well as expanded banqueting and dining space for the company's existing restaurant and dining business, '21' Club. '21' Club backs onto the library premises in its location at 21 W. 52nd St. and the two buildings will be connected. The property will be marketed under a new '21' Hotel brand name. The original '21' Club will be preserved at its current location, with enhanced facilities." ...
David Offensend, COO of the New York Public Library, notes that the agreement presents an "extraordinary opportunity for us to create a modern, new circulating library at the same location as our current Donnell facility, which was opened in 1955, and is outdated. The cost of renovating Donnell is prohibitive. With this agreement, we'll be able to embark on the creation of a technologically advanced Donnell Library for our users, one that can set the standard for the 21st century." ...

"The New York Public Library will retain approximately 28,000 sf in the building for the new Donnell Library, which will occupy three levels, including the ground floor of the '21' Hotel building. The Orient-Express project will provide upgrades to the library's outdated infrastructure, including overhauls to its HVAC system and elevators.

The library will close to the public in fall 2008, and the rebuilding is expected to be completed in no more than three and one half years. During construction, the library will seek a temporary site to provide Donnell's essential services to the public and develop a detailed plan to make its collections available at other New York Public Library locations.

Orient-Express noted that over the past several years, the conversion of many New York City hotels into condominiums has taken much high-end lodging supply out of the market. Smith Travel Research data shows 23 hotels have closed in New York since 2000, with many of the hotels converted to luxury condominiums during the housing boom. The hotel room reduction coincides with demand surging from overseas travelers capitalizing on a weak US dollar. This has resulted in higher rates and corresponding profits for the New York hotel industry. Recent industry studies show that New York City could absorb a further 10,000 room supply without affecting overall occupancy and pricing."

for the complete story see:
http://www.globest.com/news/1031_1031/newyork/165808-1.html

Planey hollywood LV financing deal

from today's GlobeSt

UPDATE Last updated: November 8, 2007 08:07am

Planet Hollywood Project Picks Up $400M Loan
By Daniel D. Williams

"LAS VEGAS-Although Hollywood has taken a sabbatical, with the writer’s strike, Planet Hollywood Towers is moving forward. The project picked up a $400-million construction and development loan last month and the adjacent Planet Hollywood Hotel & Casino will have its star-studded grand opening Nov. 15.

Orlando-based Westgate Resorts Ltd., a national leader in the resort and timeshare industry, closed on the loan, which was arranged by Providence, RI-based Textron Financial Corp. According to a company statement, Textron is also providing through a subsidiary, “presales and receivables financing for the project totaling approximately $250 million.”

According to company officials, the project is the largest so far for Westgate. The privately held timeshare company has 28 developments in 11 states, with more than $800 million in annual revenues. The first phase of Planet Hollywood Towers is scheduled to open in the fall 2009.

The project will have direct access to the Planet Hollywood Resort & Casino, and will feature 1,200 luxuriously appointed vacation villas, including 28 exclusive penthouse suites. Total sales revenues upon project completion are estimated to exceed $3 billion.

As for Planet Hollywood Resort & Casino, the project has witnessed a makeover and rebranding of the former Aladdin Resort & Casino. Development saw the renovation of about half of its 2,600 rooms with movie themes. The development group behind the Planet Hollywood Resort & Casino includes Douglas P. Teitelbaum, Robert I. Earl and Theodore W. Darnall. Earl is one of the founders of Planet Hollywood." ...

for the complete story see:
http://www.globest.com/news/1031_1031/lasvegas/165822-1.html

NJ waterfront condo conversion finished

from today's GlobeSt

Last updated: November 8, 2007 08:09am

$100M Condo Conversion Wraps Up
By Eric Peterson

"EDGEWATER, NJ-Savanna Partners has completed the construction phase of a $100-million project that has turned the Peninsula at City Place from a 201-unit apartment complex into a condo property. Originally built in 2003, the three-building property, which nets out to 218,000 sf, was acquired by the New York City-based Savanna in early 2006.

That acquisition, after multiple sale contracts with the original developer, a local group, fell through, launched a redevelopment that began in August 2006 with the 201 units themselves. The just-completed phase of the redevelopment included a makeover of all of the property’s common areas, including its three main lobbies and the residents’ lounge.

And Peninsula at City Place is currently 35% sold out, says Jamie Anthony, project and asset manager for Savanna Partners." ...

"Said to be the largest condo conversion to date along New Jersey’s Hudson River waterfront, the Peninsula is also Savanna Partners’ second in the region. Most of the company’s projects are in Manhattan and the previous New Jersey conversion was Zephyr Lofts in Jersey City."

for the complete story see:
http://www.globest.com/news/1031_1031/newjersey/1658
03-1.html

Meadowlands to be rescued by Trump?

from today's GlobeSt

UPDATE Last updated: November 8, 2007 09:45am
Trump Will Rescue Meadowlands Project
By Brianne Harrison

"LYNDHURST, NJ-A troubled redevelopment project in New Jersey’s Meadowlands has apparently found a rescuer in the form of the Trump Organization. According to a source familiar with the deal, Donald Trump yesterday signed an agreement with Cherokee Investment Partners to take over redevelopment of the 800-acre former landfill site from Encap Golf Holdings, which had been chosen by the New Jersey Meadowlands Commission to remediate and redevelop the tract. Cherokee is Encap’s parent company.

Encap's plan had called for two golf courses and upwards of 2,000 residences. Although it had a promising start, the project stalled earlier this year as Encap struggled to raise funds and was issued fines from the New Jersey Department of Environmental Protection for failing to control methane emissions from the site and violating several state environmental protection laws. In September and October, the NJMC issued letters threatening to terminate Encap’s development agreement on Nov. 20 unless the company resumed work on the site and paid a $16-million security guarantee. On Oct. 5, the State Environmental Infrastructure Trust cut Encap off from the $300-million pool of low-interest loans that were issued to cover the costs of the project.

According to GlobeSt.com’s source, Trump is in the process of retaining a new master planner for the site. Although no plans have been finalized, Trump envisions an ambitious plan for the site that includes a single, world-class golf course designed by world renowned golf course architect Tom Fazio, who designed the Trump National Golf Club in Bedminster.

Also likely in the works for the site are a hotel and more housing than Encap’s plan called for." ...

for the complete story see:
http://www.globest.com/news/1031_1031/newjersey/16582
7-1.html

More new stuff....

Edinburgh Intl Conference Centre economic impact

from The Scotsman today:

Conference centre talks up £23m boost
JIM STANTON BUSINESS EDITOR (jstanton@edinburghnews.com)

"THE Edinburgh International Conference Centre (EICC) delivered a £23.6 million boost to the Capital's economy last year, the company reported." ...

"EICC, which runs Edinburgh's flagship conference venue and oversees the development of the surrounding ten-acre Exchange district site, reported a pre-tax loss of £634,909 in the year to December 31, according to its latest accounts sent to Companies House.

That was an improvement of almost 28 per cent on the £881,739 deficit booked the year before.

Turnover was up by 9.1 per cent "as a result of an increase in sales of additional event services and from increased site development revenues".

And although the cost of boosting business rose by 7.4 per cent it was offset by savings in operating and administration expenses." ...

"Despite the overall loss the company said it had exceeded its financial targets for the year with the actual activities at the conference centre producing a profit at the operating level for the fourth successive year.

Over the reporting period, EICC, which employs around 60 staff and is run by chief executive Hans Rissmann, said it had continued to target "high yield" business. Of the 99 events staged at the Morrison Street venue in 2006, 17 were "international" gatherings." ...

"EICC said the 117,465 "delegate days" generated an economic impact for the city of £23.6m, a rise of 7.2 per cent on the year before." ....

"In its report, EICC said it continued to progress plans to add additional conference and exhibition facilities next to the current venue.

A previous £80m scheme to expand capacity was shelved, setting the EICC's plans back.

But two weeks ago, the plans looked to be back on track after council leaders unveiled plans to kick-start the creation of a major underground extension to the 12-year-old complex below a new office block next door." ...

"But the extra space is not expected to be ready until 2012 - three years later than planned." ...

For the complete article:
http://business.scotsman.com/media.cfm?id=1759732007

military housing deal

from GlobeSt (11/2):

Last updated: November 2, 2007 03:23pm

GMH Closes Air Force Deal, Goes for More
By Marita Thomas

"NEWTOWN SQUARE, PA-GMH Communities Trust’s military housing division has closed on a private sector military housing project at Vandenberg Air Force Base near Lompoc, CA. At the same time, the Department of the Air Force has selected the locally based specialty housing REIT as highest ranked offeror for its three-base AMC West housing privatization project.

The Vandenberg project has a 50-year term, beginning with a five-year initial development period that includes the design, construction and/or renovation along with overall management and maintenance of approximately 867 end-state housing units. The project cost for the initial period is estimated at $163 million." ....

"GMH will earn management and development fees throughout the term of the project. It is utilizing Fresno, CA-based Meyer Architecture & Planning Inc. and Greeley, CO-based Hensel Phelps Construction Co. on this project.

Having been selected as HRO among competitors for the AMC West project, GMH begins exclusive negotiations with the Air Force for an estimated 2,435 end-state housing units at Fairchild AFB near Spokane, WA; Travis AFB near Fairfield, CA, and Tinker AFB near Oklahoma City, OK. This 50-year project begins with a seven-year initial development period that will provide an estimated aggregate of 2,435 end-state housing units. The project cost for the initial seven years is valued at in excess of $400 million." ...

"The Air Force plan is to convey a little under 4,000 housing units at the bases, Taylor says, and under its proposal, GMH would demolish excess capacity to bring the total to the projected 2,435 that would support the needs of the bases. The exact configuration of the housing is determined in the negotiations" ....

"The Vandenberg project is one of three GMH has landed with the Air Force and the company’s 12th military housing privatization project. As GlobeSt.com previously reported, this October it took over management of housing projects at 11 US Navy bases, paving the way for final negotiations to obtain a contract to provide 5,501 end-state housing units on those bases." .....

for the complete story see:
http://www.globest.com/news/1028_1028/philadelphia/1656
85-1.html

NH Intl Speedway deal

from this morning's GlobeSt

Last updated: November 5, 2007 08:51am

$340M Propels Race Track Giant Into NH
By Joe Clements

"LOUDON, NH-In a deal that could represent the priciest single-asset real estate transaction in the state’s history, Speedway Motorsports Inc. has agreed to buy the New Hampshire International Speedway for $340 million. The 1,100-acre complex opened in 1990 and today can accommodate up to 92,000 spectators." ....

"To maintain a consistent brand, the raceway will be recast as New Hampshire Motor Speedway by the new ownership. Existing operations for the group include Atlanta Motor Speedway; Bristol Motor Speedway in Bristol, TN; Las Vegas Motor Speedway; Lowe’s Motor Speedway in Concord, NC; and Texas Motor Speedway in Fort Worth.

The NH raceway is being acquired from Gary and Robert Bahre. Smith reports that Robert Bahre has been offered an opportunity to remain associated as a consultant with the track that he established nearly two decades earlier. Initially a blip on the professional racing circuit’s radar screen, Loudon has emerged in recent years as a venue for some of the sport’s top events, especially for Nascar-related races. Loudon today, for example, hosts the Nascar Busch East Series, its Grand National Division and the Whelan Modified Tour. Numerous amateur events and special programs for motorcycle racing are also held at the facility, which features a 1.1-mile oval speedway and 1.6-mile road course.

Smith cited the rapid ascension of racing in New England as a reason for making such a substantial investment. Besides a demographic of 18 million people within a 200-mile radius, Smith says the track is also expected to draw from fans residing in eastern Canada. Proximity to several major highways should help in accommodating such visitors, says Smith, whose group is planning to make a number of additions to the complex. As for the scope of the deal, commercial real estate brokers spoken with could not recall any single asset ever trading for more in the state than what New Hampshire International Speedway is slated to fetch."

for the complete story see:
http://www.globest.com/news/1028_1028/boston/165691-1.html

jeez, MORE new volumes

Possibly Mr. Postman should not have saved all the boxes for today....

general business news

Forbes Life (Oct): best golf courses list and review; best spas; Parker Ranch (HI); Laos as tourist destination

Business Week SmallBiz (Oct-Nov): money to be made in Second Life

Fortune (10/29): Canadian exchange rate and tourism to the U.S.; college sports as a business

misc news

Tradeshow Week (10/15): Salt Palace changing name

Golf Business and Real Estate (10/8): big moves in major operators-- Troon, American, EAGL, ClubCorp, etc.

Kiplinger California Letter (10/17): San Diego Chargers stadium news and city attorney opposition

real estate, planning, and retail news

Planning (Aug-Sept): Monterey County (CA) continues to have general plan problems

Journal of Planning Literature (Nov): brownfield redevelopment impacts on employment

Urban Land (Sep): Approximately 3 million articles on Las Vegas including green development, new casinos, residential development, water issues, real estate market overview, evolution on the Strip, downtown urban renewal, TIF redevelopment, non-gaming resort venues, transport, suburban development, Summerlin Centre
In non-Vegas news -- sheilding/hiding big box retail; Seattle condo-park; Houston anchoring midtown development with a college; sustainable communities; performing arts centers; Reno, NV; Lake Tahoe, NV; Singapore tourism; Gunwarf Quays redevelopment (Portsmouth, England); manufactured housing; TIF problems; workforce housing; condo conversion issues; CA sustainability goals

Shopping Centers Today (Oct): Taiwan high-end retail; what $1 million will buy in retail real estate across the globe; statistics of the U.S. shopping center industry; AK retail; Latin America retail redevelopment; Beijing's retail development

Retail Traffic (Oct): geo features on the Midwest and Southeast

National Real Estate Investor (Oct): Beijing hotel boom; New Orleans rebuilding housing; city review-- Chicago; Hollywood studios real estate sales; airports as commercial hubs; special section on senior housing; boom in soccer

Even more new stuff has arrived

A handy way to find out what individual retail establishments require--


The motherlode of nicely-detailed info on entertainment and media-related data -- for instance theme parks, film industry, gaming, and sports

local/regional reat estate news

New Orleans City Business (10/2): New Orleans neighborhood recovery program; Halloween as a tourism mini-Mardi Gras; great map of the targeted recovery zones with specific, plan listings

Indian Country Today (10/24): Episcopal Church announces support for Passamaquoddy racino (Bangor, ME)

San Diego Business Journal (10/15): Hard Rock downtown planning soft opening

Los Angeles Business Journal (10/15): AEG Nokia Theater ready to open; Beverly Center pushing out mid-market stores for luxury boutiques

Orange County Business Journal (10/8): office market in flux; Disney brings educational field trips to theme park; Mexican ports and Southern CA port business

California Real Estate Journal (10/22): water shortage and new development; Charges deciding between 2 Chula Vista sites for new stadium; LEED condos in development

Crain's Chicago Business (10/8): Cubs bidding

New Orleans City Business (10/15): new film studio in Algiers

New Orleans City Business (10/8): University of NO arena repair advancing; film industry tax credits; NO promoting itself to international film fests; modular home industry

Orange County Business Journal (10/22): mall redevelopment (MainPlace and Buena Park Downtown); upscale housing slowdown; Pelican Hill Phase 1 opening; condo hotel trend fizzling in San Diego

Los Angeles Business Journal (10/22): Disney upgrading CA Adventure; academic marine research facility proposed for Port of L.A.; real estate quarterly features section

San Diego Business Journal (10/22): light rail progress; hotel sales in decline