from the Korea Times (12/9):
Center of Healthcare, Technology, Tourism
By Park Si-soo
Staff Reporter
"Jeju Island has been portrayed as one of the best tourist destinations with its picturesque green fields and mountains, and crystal blue ocean as a backdrop. Numerous tourists from home and abroad have visited the nation's largest island year round.
But Jeju took a bold step six years ago toward its long-cherished dream ㅡ the Northeast Asian hub of education, healthcare, tourism and high-end technology." ...
"Jeju Free International City Development Center (JDC) was established in 2002 to realize the dream through the ``Jeju Free International City Development Project.''" ...
"According to JDC, it has signed investment contracts worth $1.8 billion with a major Malaysian conglomerate Berjaya for resort-type residential facilities; a memorandum of understanding (MOU) worth $880 million with a U.S.-based entertainment firm GHL for an amusement park; and another MOU worth $330 million with Berjaya." ...
for the complete story
Tuesday, December 16, 2008
Dubai reaches new low -- refrigerated beach
Mr. Bergman found this winner -- from the Daily Mail (12/15):
World's first refrigerated BEACH to be built next to luxury hotel in Dubai
By Daily Mail Reporter
Last updated at 4:26 PM on 15th December 2008
"The world's first refrigerated beach is to be built at a luxury hotel in Dubai so the filthy rich holidaymakers don't burn their feet on the scalding hot sand.
The revolutionary beach will sit next to the new Palazzo Versace hotel and will include a system of heat-absorbing pipes built under the sand and giant wind blowers, designed to keep tourists cool in the searing 40-50C heat." ...
for the complete story
World's first refrigerated BEACH to be built next to luxury hotel in Dubai
By Daily Mail Reporter
Last updated at 4:26 PM on 15th December 2008
"The world's first refrigerated beach is to be built at a luxury hotel in Dubai so the filthy rich holidaymakers don't burn their feet on the scalding hot sand.
The revolutionary beach will sit next to the new Palazzo Versace hotel and will include a system of heat-absorbing pipes built under the sand and giant wind blowers, designed to keep tourists cool in the searing 40-50C heat." ...
for the complete story
Tuesday, December 2, 2008
San Diego businesses relying on touirsts and the military
from San Diego Business Journal (12/1):
Tourists, Military Patrons Help Business Stay Afloat Along Coast
By - 12/1/2008
San Diego Business Journal Staff
BY MARION WEBB
"The economy has tossed San Diego’s small businesses into rough waters this year and many expect that trend to continue in the year ahead, said the leaders of three coastal chambers of commerce.
The federal government’s financial bailout packages along with the slumping housing market, turmoil in the financial markets and high gas prices have led San Diegans and other beach visitors — from Oceanside in the north down through Interstate 5 communities to Imperial Beach — to cut back on spending. Fewer people enjoyed meals at area restaurants, shopped and visited the region’s attractions." ...
for the complete story
Tourists, Military Patrons Help Business Stay Afloat Along Coast
By - 12/1/2008
San Diego Business Journal Staff
BY MARION WEBB
"The economy has tossed San Diego’s small businesses into rough waters this year and many expect that trend to continue in the year ahead, said the leaders of three coastal chambers of commerce.
The federal government’s financial bailout packages along with the slumping housing market, turmoil in the financial markets and high gas prices have led San Diegans and other beach visitors — from Oceanside in the north down through Interstate 5 communities to Imperial Beach — to cut back on spending. Fewer people enjoyed meals at area restaurants, shopped and visited the region’s attractions." ...
for the complete story
Little Rock ball field bid on by Zoo and University
Arkansas Business (12/1):
UPDATED: Little Rock Receives Four Bids on Ray Winder Field
By Jamie Walden - 12/1/2008 4:45:01 PM
"The city of Little Rock on Monday received four bids to purchase its 3.82-acre portion of Ray Winder Field.
In a meeting on Monday, the University of Arkansas board of trustees approved a $1.1 million bid to buy the city-owned half of Ray Winder Field, and another $1 million to convert the 3.82-acre lot into a parking lot for the University of Arkansas for Medical Sciences, UA spokesman Ben Beaumont said." ...
"Other Bids
The Arkansas Zoological Foundation, the nonprofit that supports the Little Rock Zoo, bid to build an Asian elephant exhibit that would incorporate the grand stands at Ray Winder Field, zoo spokeswoman Susan Altrui said.
The foundation has bid $0 since the zoo is owned by the city. The property would just change hands in terms of departments.
But the foundation expects to invest $10 million to $20 million in an exhibit that will house four or five Asian elephants." ...
for the complete story
UPDATED: Little Rock Receives Four Bids on Ray Winder Field
By Jamie Walden - 12/1/2008 4:45:01 PM
"The city of Little Rock on Monday received four bids to purchase its 3.82-acre portion of Ray Winder Field.
In a meeting on Monday, the University of Arkansas board of trustees approved a $1.1 million bid to buy the city-owned half of Ray Winder Field, and another $1 million to convert the 3.82-acre lot into a parking lot for the University of Arkansas for Medical Sciences, UA spokesman Ben Beaumont said." ...
"Other Bids
The Arkansas Zoological Foundation, the nonprofit that supports the Little Rock Zoo, bid to build an Asian elephant exhibit that would incorporate the grand stands at Ray Winder Field, zoo spokeswoman Susan Altrui said.
The foundation has bid $0 since the zoo is owned by the city. The property would just change hands in terms of departments.
But the foundation expects to invest $10 million to $20 million in an exhibit that will house four or five Asian elephants." ...
for the complete story
Florida marinas moving to "rackominiums"
from Boating Industry news (12/2):
Florida marinas modify their sales strategy
Boating Industry
Tuesday December 2, 2008
"TAMPA, Fla. — The rackominium-dockominium concept has been put on hold at the Tampa Harbour Yacht Club, which is turning from sales to leases to stay afloat, the Tampa Bay Business Journal reported in a recent story.
The club — one in a network owned by Yacht Clubs of the Americas — recently decided not to close on any of its preliminary sales of wet slips and rackominiums." ...
for the complete story
*********
from the Tampa Bay Business Journal (12/1):
Friday, November 28, 2008 | Modified: Monday, December 1, 2008 - 5:08 PM
Credit squeeze hammers sales of Tampa Harbour Yacht Club
Tampa Bay Business Journal - by Jane Meinhardt Staff Writer
KATHLEEN CABBLEFriday, November 28, 2008 | Modified: Monday, December 1, 2008 - 5:08 PM
Credit squeeze hammers sales of Tampa Harbour Yacht Club spaceTampa Bay Business Journal - by Jane Meinhardt Staff Writer
"Tampa Harbour Yacht Club will lease instead of sell wet slips and dry storage space.
View Larger TAMPA —The rackominium-dockominium concept is sunk, for now." ...
"“We initially had about 90 sales,” said Jon Finstrom, president of YCOA. “Of these, for a variety of reasons, some couldn’t close and some wouldn’t. We made the decision not to close any and switch to rentals. We are still working through some issues with our lender, which has been a very good business partner.”" ...
"Buying space for a boat at the club as YCOA initially planned was not cheap. Depending on the size and location, rackominiums prices start in the $100,000 range. Wet slips — dockominiums — are priced by the linear foot, with prices ranging from $7,250 to $10,000 per foot."
for the complete story
Florida marinas modify their sales strategy
Boating Industry
Tuesday December 2, 2008
"TAMPA, Fla. — The rackominium-dockominium concept has been put on hold at the Tampa Harbour Yacht Club, which is turning from sales to leases to stay afloat, the Tampa Bay Business Journal reported in a recent story.
The club — one in a network owned by Yacht Clubs of the Americas — recently decided not to close on any of its preliminary sales of wet slips and rackominiums." ...
for the complete story
*********
from the Tampa Bay Business Journal (12/1):
Friday, November 28, 2008 | Modified: Monday, December 1, 2008 - 5:08 PM
Credit squeeze hammers sales of Tampa Harbour Yacht Club
Tampa Bay Business Journal - by Jane Meinhardt Staff Writer
KATHLEEN CABBLEFriday, November 28, 2008 | Modified: Monday, December 1, 2008 - 5:08 PM
Credit squeeze hammers sales of Tampa Harbour Yacht Club spaceTampa Bay Business Journal - by Jane Meinhardt Staff Writer
"Tampa Harbour Yacht Club will lease instead of sell wet slips and dry storage space.
View Larger TAMPA —The rackominium-dockominium concept is sunk, for now." ...
"“We initially had about 90 sales,” said Jon Finstrom, president of YCOA. “Of these, for a variety of reasons, some couldn’t close and some wouldn’t. We made the decision not to close any and switch to rentals. We are still working through some issues with our lender, which has been a very good business partner.”" ...
"Buying space for a boat at the club as YCOA initially planned was not cheap. Depending on the size and location, rackominiums prices start in the $100,000 range. Wet slips — dockominiums — are priced by the linear foot, with prices ranging from $7,250 to $10,000 per foot."
for the complete story
Cranford, NJ redevelopment nearing
from GlobeStNJ (12/1):
December 1, 2008 04:18pm
Redevelopment Deal Said to Be Near
By Eric Peterson
"CRANFORD, NJ-It was designated as an area in need of redevelopment nearly a decade ago, and now a three-acre site along this township’s Rahway River frontage may finally be close to actually getting redeveloped. Garden Commercial Properties has been actively negotiating a redevelopment agreement with township officials," ...
"According to the latest plans unveiled recently by Anthony DiGiovanni, director of development for the Short Hills-based Garden Commercial and a local resident, the riverfront redevelopment plan would encompass 106 residential units, 20,000 square feet of retail space and 14,000 square feet of professional office space" ... "Architectural plans developed by the Union, NJ-based Appel Design Group call for two three-story mixed-use buildings with a four-story residential building to the rear of the site, along with a pair of 3,000-square-foot public plazas. Projected cost of the project has not been released, but according to the source that number could be in the $75-million to $100-million range." ...
for the complete story
According to the latest plans unveiled recently by Anthony DiGiovanni, director of development for the Short Hills-based Garden Commercial and a local resident, the riverfront redevelopment plan would encompass 106 residential units, 20,000 square feet of retail space and 14,000 square feet of professional office space along South Ave., High St. and the river. Architectural plans developed by the Union, NJ-based Appel Design Group call for two three-story mixed-use buildings with a four-story residential building to the rear of the site, along with a pair of 3,000-square-foot public plazas. Projected cost of the project has not been released, but according to the source that number could be in the $75-million to $100-million range.
December 1, 2008 04:18pm
Redevelopment Deal Said to Be Near
By Eric Peterson
"CRANFORD, NJ-It was designated as an area in need of redevelopment nearly a decade ago, and now a three-acre site along this township’s Rahway River frontage may finally be close to actually getting redeveloped. Garden Commercial Properties has been actively negotiating a redevelopment agreement with township officials," ...
"According to the latest plans unveiled recently by Anthony DiGiovanni, director of development for the Short Hills-based Garden Commercial and a local resident, the riverfront redevelopment plan would encompass 106 residential units, 20,000 square feet of retail space and 14,000 square feet of professional office space" ... "Architectural plans developed by the Union, NJ-based Appel Design Group call for two three-story mixed-use buildings with a four-story residential building to the rear of the site, along with a pair of 3,000-square-foot public plazas. Projected cost of the project has not been released, but according to the source that number could be in the $75-million to $100-million range." ...
for the complete story
According to the latest plans unveiled recently by Anthony DiGiovanni, director of development for the Short Hills-based Garden Commercial and a local resident, the riverfront redevelopment plan would encompass 106 residential units, 20,000 square feet of retail space and 14,000 square feet of professional office space along South Ave., High St. and the river. Architectural plans developed by the Union, NJ-based Appel Design Group call for two three-story mixed-use buildings with a four-story residential building to the rear of the site, along with a pair of 3,000-square-foot public plazas. Projected cost of the project has not been released, but according to the source that number could be in the $75-million to $100-million range.
Canadian arts groups, the economy, and Ballet BC lay offs
from the Calgary Herald (11/27):
Arts groups yet to feel impact of downturn
By Bob Clark
November 27, 2008
"In the wake of Ballet BC's decision on Tuesday to lay off its dancers and some of its administrative staff because of the current economic decline, it's mostly a matter of steady-as-she-goes for several of Calgary's largest performing arts organizations." ...
for the complete story
************
from the Vancouver Sun (11/25):
Massive layoffs rock Ballet BC
November 25, 2008
"VANCOUVER - Ballet BC has laid off its entire company. The announcement came Tuesday at a news conference." ...
"With ticket sales down by about $270,000 because of the ongoing economic decline, Ballet BC is hoping that its annual Christmas presentation of The Nutcracker can help save the company’s season." ...
for the complete story
**********
from the Vancouver Sun (11/27):
Many arts groups still flourishing
Ballet BC's layoffs and poor ticket sales not reflective of other arts groups' experiences
By Darah Hansen, with a file from Gerry Bellett
November 27, 2008
"Arts organizations in Vancouver and across the province remained optimistic about their financial futures Wednesday, the day after Ballet BC laid off dancers and staff, citing declining ticket sales linked to the global economic crisis." ...
for the complete story
Arts groups yet to feel impact of downturn
By Bob Clark
November 27, 2008
"In the wake of Ballet BC's decision on Tuesday to lay off its dancers and some of its administrative staff because of the current economic decline, it's mostly a matter of steady-as-she-goes for several of Calgary's largest performing arts organizations." ...
for the complete story
************
from the Vancouver Sun (11/25):
Massive layoffs rock Ballet BC
November 25, 2008
"VANCOUVER - Ballet BC has laid off its entire company. The announcement came Tuesday at a news conference." ...
"With ticket sales down by about $270,000 because of the ongoing economic decline, Ballet BC is hoping that its annual Christmas presentation of The Nutcracker can help save the company’s season." ...
for the complete story
**********
from the Vancouver Sun (11/27):
Many arts groups still flourishing
Ballet BC's layoffs and poor ticket sales not reflective of other arts groups' experiences
By Darah Hansen, with a file from Gerry Bellett
November 27, 2008
"Arts organizations in Vancouver and across the province remained optimistic about their financial futures Wednesday, the day after Ballet BC laid off dancers and staff, citing declining ticket sales linked to the global economic crisis." ...
for the complete story
Monday, December 1, 2008
San Francisco Bay area hotel RevPAR up
from the California Real Estate Journal (12/1):
Bay Area Hotel Market Reported Gains in ADR and RevPAR
"SAN FRANCISCO - Amid Smith Travel Research's negative hotel figures for October, the San Francisco/San Mateo region recorded the nation's third largest gains in revenue per available room and average daily rate so far this year.
The Bay area's RevPAR increased 7.8 percent, its ADR posted a 6.4 percent gain and its occupancy climbed 1.3 percent." ...
for the complete story
Bay Area Hotel Market Reported Gains in ADR and RevPAR
"SAN FRANCISCO - Amid Smith Travel Research's negative hotel figures for October, the San Francisco/San Mateo region recorded the nation's third largest gains in revenue per available room and average daily rate so far this year.
The Bay area's RevPAR increased 7.8 percent, its ADR posted a 6.4 percent gain and its occupancy climbed 1.3 percent." ...
for the complete story
Shanghai breaks ground on tower
from the International Herald Tribune (11/29):
Shanghai to break ground on new tallest building
The Associated Press
Saturday, November 29, 2008
"SHANGHAI, China: Construction projects are grinding to a halt as financing runs dry elsewhere in the world, but in China's biggest city, they are still going strong.
On Saturday, Shanghai officially began work on what will become its tallest skyscraper — a 2,073-foot (632-meter) tower in the city's Lujiazui financial center that will tower over the current highest building, the recently completed 1,614-foot (492-meter) Shanghai World Financial Center.
While China's economy is slowing and exporters are feeling the pinch, the sinuous glass building — to be called the Shanghai Tower — is one of a slew of government-funded construction projects that authorities are using to stimulate growth and create jobs." ...
for the complete story
Shanghai to break ground on new tallest building
The Associated Press
Saturday, November 29, 2008
"SHANGHAI, China: Construction projects are grinding to a halt as financing runs dry elsewhere in the world, but in China's biggest city, they are still going strong.
On Saturday, Shanghai officially began work on what will become its tallest skyscraper — a 2,073-foot (632-meter) tower in the city's Lujiazui financial center that will tower over the current highest building, the recently completed 1,614-foot (492-meter) Shanghai World Financial Center.
While China's economy is slowing and exporters are feeling the pinch, the sinuous glass building — to be called the Shanghai Tower — is one of a slew of government-funded construction projects that authorities are using to stimulate growth and create jobs." ...
for the complete story
Vancouver Olympic hotel space already coming up short
from Google news Canada (11/30):
People lucky enough to get tickets to 2010 Olympics now face hotel hurdle
"VANCOUVER, B.C. — To say thank you for sharing his life, Jeff Barber wants to give his adoptive father the gift of a lifetime - a trip to the 2010 Winter Olympics in Vancouver.
The Santa Clarita, Calif., resident is crossing his fingers that he'll find out this week that at least some of the tickets he's requested will come through.
In the mean time he's trying to scale the next hurdle in getting to the Games: Finding a place to stay.
Barber has called area hotels, sent e-mails to everyone he knows asking if they have any friends in Vancouver and even offered his house in California as a swap. He finally posted an online ad asking for help." ...
for the complete story
People lucky enough to get tickets to 2010 Olympics now face hotel hurdle
"VANCOUVER, B.C. — To say thank you for sharing his life, Jeff Barber wants to give his adoptive father the gift of a lifetime - a trip to the 2010 Winter Olympics in Vancouver.
The Santa Clarita, Calif., resident is crossing his fingers that he'll find out this week that at least some of the tickets he's requested will come through.
In the mean time he's trying to scale the next hurdle in getting to the Games: Finding a place to stay.
Barber has called area hotels, sent e-mails to everyone he knows asking if they have any friends in Vancouver and even offered his house in California as a swap. He finally posted an online ad asking for help." ...
for the complete story
Cubs bidders down to 3
from Crain's Chicago Business (12/1):
Cubs bidders cut to 3
Dec. 01, 2008
"(Reuters) — At least three groups submitted offers to Tribune Co.on Monday, in the latest round of bidding for the Chicago Cubs baseball team, two sources familiar with the process said on Monday.
Groups led by Tom Ricketts, chief executive of Chicago investment bank Incapital LLC and the son of the founder of TD Ameritrade Holding Corp.; Marc Utay, a managing partner with New York-based private equity firm Clarion Capital Partners LLC; and Chicago real estate executive Hersh Klaff submitted the bids, said the sources, both of whom asked not to be identified because the bidding is still ongoing." ...
for the complete story
Cubs bidders cut to 3
Dec. 01, 2008
"(Reuters) — At least three groups submitted offers to Tribune Co.on Monday, in the latest round of bidding for the Chicago Cubs baseball team, two sources familiar with the process said on Monday.
Groups led by Tom Ricketts, chief executive of Chicago investment bank Incapital LLC and the son of the founder of TD Ameritrade Holding Corp.; Marc Utay, a managing partner with New York-based private equity firm Clarion Capital Partners LLC; and Chicago real estate executive Hersh Klaff submitted the bids, said the sources, both of whom asked not to be identified because the bidding is still ongoing." ...
for the complete story
HNW travelers and the economy
from Hotels (12/1):
Affluent Travelers Less Affected By Economy
-- Hotels, 12/1/2008 9:17:00 AM
"ORLANDO, Fla. (Dec. 1, 2008) - Most travel service suppliers - both domestic and international - will have to work harder in the months ahead to capture a meaningful share of travel demand, according to the results of the most recent "travelhorizons(TM)" survey of U.S. adults conducted the week of October 13, 2008. Co-authored by Ypartnership and the Travel Industry Association in Washington, DC, this on-going national survey of over 2,200 adults explores the travel intentions of Americans during the forthcoming six months." ...
for the complete story
Affluent Travelers Less Affected By Economy
-- Hotels, 12/1/2008 9:17:00 AM
"ORLANDO, Fla. (Dec. 1, 2008) - Most travel service suppliers - both domestic and international - will have to work harder in the months ahead to capture a meaningful share of travel demand, according to the results of the most recent "travelhorizons(TM)" survey of U.S. adults conducted the week of October 13, 2008. Co-authored by Ypartnership and the Travel Industry Association in Washington, DC, this on-going national survey of over 2,200 adults explores the travel intentions of Americans during the forthcoming six months." ...
for the complete story
L.A. Live openings/impact
from the Los Angeles Business Journal (12/1):
L.A. Gets a Live One
By JOEL RUSSELL - 12/1/2008
Los Angeles Business Journal Staff
"L.A. Live passes a milestone this week as five businesses open at the $2.5-billion downtown real estate project, with more coming online before the end of the year." ...
for the complete story
L.A. Gets a Live One
By JOEL RUSSELL - 12/1/2008
Los Angeles Business Journal Staff
"L.A. Live passes a milestone this week as five businesses open at the $2.5-billion downtown real estate project, with more coming online before the end of the year." ...
for the complete story
Florida Marlins stadium stalled
from the Miami Herald (11/26):
Posted on Wed, Nov. 26, 2008
Florida Marlins push back stadium opening to 2012
BY MICHAEL VASQUEZ AND BARRY JACKSON
"The Florida Marlins said their dream 37,000-seat retractable roof stadium won't be ready until Opening Day 2012, a year later than planned, as team officials blamed a legal challenge for pushing back the deadline.
Marlins president David Samson said the stadium's designers thought the ''risk of cost overruns had become too high'' for a 2011 opening." ...
for the complete story
Posted on Wed, Nov. 26, 2008
Florida Marlins push back stadium opening to 2012
BY MICHAEL VASQUEZ AND BARRY JACKSON
"The Florida Marlins said their dream 37,000-seat retractable roof stadium won't be ready until Opening Day 2012, a year later than planned, as team officials blamed a legal challenge for pushing back the deadline.
Marlins president David Samson said the stadium's designers thought the ''risk of cost overruns had become too high'' for a 2011 opening." ...
for the complete story
CA commercial buildings, AB 1103, and energy efficiency
from GlobeSt (11/30):
November 30, 2008 06:51pm
New Law Ranks Commercial Buildings by Efficiency
By Brian K. Miller
"SAN FRANCISCO-A new law on the books means commercial building owners in California are about to see how they stack up against their peers in terms of energy consumption—and so, too, are the buildings’ prospective buyers, financiers and lessees. For owners who have been proactive, the information could push a lot of business their way as businesses look for energy efficient buildings that will help them meet their own sustainability goals. For owners who have not been proactive the imminent list could prompt improvements or result in lower occupancies and lower lease rates." ...
"Under AB 1103, beginning this January, electric and gas utilities are required to maintain records of the energy consumption data of all nonresidential buildings to which they provide service and, upon request of an owner, upload those records to a secure online interactive energy management tool maintained by the US Environmental Protection Agency that tracks and assess energy and water consumption." ...
for the complete story
November 30, 2008 06:51pm
New Law Ranks Commercial Buildings by Efficiency
By Brian K. Miller
"SAN FRANCISCO-A new law on the books means commercial building owners in California are about to see how they stack up against their peers in terms of energy consumption—and so, too, are the buildings’ prospective buyers, financiers and lessees. For owners who have been proactive, the information could push a lot of business their way as businesses look for energy efficient buildings that will help them meet their own sustainability goals. For owners who have not been proactive the imminent list could prompt improvements or result in lower occupancies and lower lease rates." ...
"Under AB 1103, beginning this January, electric and gas utilities are required to maintain records of the energy consumption data of all nonresidential buildings to which they provide service and, upon request of an owner, upload those records to a secure online interactive energy management tool maintained by the US Environmental Protection Agency that tracks and assess energy and water consumption." ...
for the complete story
RTKL closes its sports group
from Street and Smith's Sports Business Journal (12/1):
Architecture firm RTKL closes down sports group led by Turner
Published December 01, 2008 : Page 20
"The slowdown in sports construction has forced architects to lay off designers and support staff. The most noticeable cuts came at RTKL in Los Angeles, which eliminated its sports and public assembly group led by Ron Turner, a company vice president." ...
"“We are no longer in the arena and stadium design business,” McKay said. “It was a spin-off of our mixed-use work, and Ron had a small team working for him. It’s the consequences of the market and the economy.”" ...
for the complete story
Architecture firm RTKL closes down sports group led by Turner
Published December 01, 2008 : Page 20
"The slowdown in sports construction has forced architects to lay off designers and support staff. The most noticeable cuts came at RTKL in Los Angeles, which eliminated its sports and public assembly group led by Ron Turner, a company vice president." ...
"“We are no longer in the arena and stadium design business,” McKay said. “It was a spin-off of our mixed-use work, and Ron had a small team working for him. It’s the consequences of the market and the economy.”" ...
for the complete story
Atlanta Braves debut new, stored-value tickets
from Street and Smith's Sports Business Journal (12/1):
Braves make loaded offer to ticket buyers
By DON MURET
Published December 01, 2008 : Page 04
"The Atlanta Braves are offering stored-value tickets to any fan buying a full-season ticket for 2009 at Turner Field.
The Braves have embraced the new technology after introducing stored-value, or “loaded,” tickets on a limited basis in 2008 for the 1,700 Henry Aaron seats behind home plate." ...
for the complete story
Braves make loaded offer to ticket buyers
By DON MURET
Published December 01, 2008 : Page 04
"The Atlanta Braves are offering stored-value tickets to any fan buying a full-season ticket for 2009 at Turner Field.
The Braves have embraced the new technology after introducing stored-value, or “loaded,” tickets on a limited basis in 2008 for the 1,700 Henry Aaron seats behind home plate." ...
for the complete story
Sacramento posed to benefit from green development
from the Sacramento Bee (11/30):
Sacramento could get boost from green economy
By Jim Downing
jdowning@sacbee.com
Published: Sunday, Nov. 30, 2008 | Page 1D
"For Sacramento, the light at the end of the economic tunnel may be green.
The largest solar-panel factory on the continent is taking shape in McClellan Park. Economic development officials say more than half the companies checking out the region are in clean-tech. And state government is rolling out the nation's most ambitious energy-efficiency and renewable power programs, making it a huge potential ally – and customer – for the green economy." ...
for the complete story
Sacramento could get boost from green economy
By Jim Downing
jdowning@sacbee.com
Published: Sunday, Nov. 30, 2008 | Page 1D
"For Sacramento, the light at the end of the economic tunnel may be green.
The largest solar-panel factory on the continent is taking shape in McClellan Park. Economic development officials say more than half the companies checking out the region are in clean-tech. And state government is rolling out the nation's most ambitious energy-efficiency and renewable power programs, making it a huge potential ally – and customer – for the green economy." ...
for the complete story
Canadian tourism to the U.S. figures released
from the U.S. Office of Travel and Tourism Industries (12/1):
HIGHLIGHTS: 2007 Canadian Visitors to the United States
"Each of nine regions and 18 of 21 states had visitor increases in 2007 over 2006 levels.
The top five destination states were New York, Florida, Washington, Michigan, and California
Florida accounted for 14% of visitors, but 33% of visitor nights.
Ontario is the #1 origin province—producing 8.1 million and 46 percent of all visitors"
for the complete data tables -- includes visitor nights, spending, accommodations, purpose of visit, etc.
HIGHLIGHTS: 2007 Canadian Visitors to the United States
"Each of nine regions and 18 of 21 states had visitor increases in 2007 over 2006 levels.
The top five destination states were New York, Florida, Washington, Michigan, and California
Florida accounted for 14% of visitors, but 33% of visitor nights.
Ontario is the #1 origin province—producing 8.1 million and 46 percent of all visitors"
for the complete data tables -- includes visitor nights, spending, accommodations, purpose of visit, etc.
Wednesday, November 26, 2008
Greening hotels -- appraisal and tax implications
from Hotel News Resource (11/25):
Haven't Gone 'Green'? It May Mean Property Tax Relief
By Michael Shalley
Date: 2008-11-25
"In these tough economic times, hotel owners need to proactively manage their property tax liabilities. The massive movement toward 'green' construction presents a meaningful opportunity for existing hotels to reduce their property taxes because 'green' has introduced obsolescence into the property tax equation.
How Obsolescence Works
Two types of obsolescence resulting from the 'green' movement affect hotels and, for that matter, all commercial buildings. Functional obsolescence reduces the ability of a building to perform the function for which it was originally designed and built. For example, in the 1950s and 1960s, the market saw swift and substantial functional obsolescence when the innovation of central air conditioning found its way into commercial buildings. Properties that lacked this new feature quickly saw market demand dry up, causing a loss in value." ...
for the complete story
Haven't Gone 'Green'? It May Mean Property Tax Relief
By Michael Shalley
Date: 2008-11-25
"In these tough economic times, hotel owners need to proactively manage their property tax liabilities. The massive movement toward 'green' construction presents a meaningful opportunity for existing hotels to reduce their property taxes because 'green' has introduced obsolescence into the property tax equation.
How Obsolescence Works
Two types of obsolescence resulting from the 'green' movement affect hotels and, for that matter, all commercial buildings. Functional obsolescence reduces the ability of a building to perform the function for which it was originally designed and built. For example, in the 1950s and 1960s, the market saw swift and substantial functional obsolescence when the innovation of central air conditioning found its way into commercial buildings. Properties that lacked this new feature quickly saw market demand dry up, causing a loss in value." ...
for the complete story
Italy's Baglioni Hotels look to expand
from Reuters (11/25):
Italy's luxury Baglioni Hotels get personal as eye growth
Tue Nov 25, 2008 5:34pm EST
By Jo Winterbottom
"MILAN, Nov 25 (Reuters Life!) - As the credit crunch bites into travel spending, an Italian luxury hotel group has embarked on a plan to almost double by 2012, using niche offers that include jewellry consultations or meetings with opera singers.
Italy's Baglioni Hotels group, which has 14 boutique hotels in Italy, France and Britain, is eyeing growth outside Europe aided by a 30 million euros ($38.62 million) investment from Sator, a private equity group headed by Italian banker Matteo Arpe." ...
for the complete story
Italy's luxury Baglioni Hotels get personal as eye growth
Tue Nov 25, 2008 5:34pm EST
By Jo Winterbottom
"MILAN, Nov 25 (Reuters Life!) - As the credit crunch bites into travel spending, an Italian luxury hotel group has embarked on a plan to almost double by 2012, using niche offers that include jewellry consultations or meetings with opera singers.
Italy's Baglioni Hotels group, which has 14 boutique hotels in Italy, France and Britain, is eyeing growth outside Europe aided by a 30 million euros ($38.62 million) investment from Sator, a private equity group headed by Italian banker Matteo Arpe." ...
for the complete story
UT hotels occupancy down
from the Salt Lake Tribune (11/25):
Hotel occupancy slips, but still up over toughest years
Bottom line » Higher nightly room rates help make up the difference.
By Mike Gorrell
Salt Lake Tribune
Updated:11/25/2008 10:02:53 AM MST
"All things considered, a 4 percent to 5 percent drop last month in occupancy rates statewide did not cause many sleepless nights for Utah hoteliers.
"We don't like to see decreases, but it isn't a huge decrease," said Larry Hansen, executive director of the Utah Hotel & Lodging Association, citing October occupancy figures from the Rocky Mountain Lodging Association." ...
"It helps, too, that hoteliers could charge 30 percent more for a room last month than in the grim fall of 2001." ...
for the complete story with a nice chart of state and SLC ADRs
Hotel occupancy slips, but still up over toughest years
Bottom line » Higher nightly room rates help make up the difference.
By Mike Gorrell
Salt Lake Tribune
Updated:11/25/2008 10:02:53 AM MST
"All things considered, a 4 percent to 5 percent drop last month in occupancy rates statewide did not cause many sleepless nights for Utah hoteliers.
"We don't like to see decreases, but it isn't a huge decrease," said Larry Hansen, executive director of the Utah Hotel & Lodging Association, citing October occupancy figures from the Rocky Mountain Lodging Association." ...
"It helps, too, that hoteliers could charge 30 percent more for a room last month than in the grim fall of 2001." ...
for the complete story with a nice chart of state and SLC ADRs
Harrah's in suit over Bahamas resort deal
from Reuters (11/24):
Harrah's sued over Bahamas resort venture-filing
Mon Nov 24, 2008 6:41pm EST
By Megan Davies
"NEW YORK, Nov 24 (Reuters) - Casino firm Harrah's has been accused by its joint venture partner in a $2.6 billion Bahamas resort project of fraud in trying to end their deal to build the resort, according to a court filing.
The dispute is over a deal announced in January 2007 between resort operator Baha Mar Resorts Ltd and casino company Harrah's Entertainment to build a resort in the Bahamas. Starwood Hotels & Resorts Worldwide Inc (HOT.N: Quote, Profile, Research, Stock Buzz) was to manage four hotels at the resort." ...
for the complete story
Harrah's sued over Bahamas resort venture-filing
Mon Nov 24, 2008 6:41pm EST
By Megan Davies
"NEW YORK, Nov 24 (Reuters) - Casino firm Harrah's has been accused by its joint venture partner in a $2.6 billion Bahamas resort project of fraud in trying to end their deal to build the resort, according to a court filing.
The dispute is over a deal announced in January 2007 between resort operator Baha Mar Resorts Ltd and casino company Harrah's Entertainment to build a resort in the Bahamas. Starwood Hotels & Resorts Worldwide Inc (HOT.N: Quote, Profile, Research, Stock Buzz) was to manage four hotels at the resort." ...
for the complete story
Goldman Sachs on hotel rates in 2009
from Forbes (11/25):
Ahead of the Bell: Lodging companies
Associated Press, 11.25.08, 09:25 AM EST
"Pressure on hotel and timeshare companies is likely to intensify in the near term as businesses attempt to negotiate lower corporate rates and U.S. consumers continue to hold off on travel spending, an analyst said.
In a note to investors late Monday, Goldman Sachs analyst Steven Kent said he expects hotel room rates to suffer as corporate travel managers try to bring down the cost on existing deals and as hotel operators offer price cuts to fill rooms." ...
for the complete story
Ahead of the Bell: Lodging companies
Associated Press, 11.25.08, 09:25 AM EST
"Pressure on hotel and timeshare companies is likely to intensify in the near term as businesses attempt to negotiate lower corporate rates and U.S. consumers continue to hold off on travel spending, an analyst said.
In a note to investors late Monday, Goldman Sachs analyst Steven Kent said he expects hotel room rates to suffer as corporate travel managers try to bring down the cost on existing deals and as hotel operators offer price cuts to fill rooms." ...
for the complete story
Golf spending predicted to fall (ski news also)
from Bloomberg (11/18):
Half of Golfers May Spend Less Because of Recession (Update1)
By Mason Levinson
"Nov. 18 (Bloomberg) -- Almost half of U.S. golfers and skiers likely will cut back spending on their sports because of the recession, according to the Seton Hall Sports Poll.
The poll also found that consumers probably will spend less on tickets to sports events and buy less team merchandise this year because of the economic slump." ...
for the complete story
Half of Golfers May Spend Less Because of Recession (Update1)
By Mason Levinson
"Nov. 18 (Bloomberg) -- Almost half of U.S. golfers and skiers likely will cut back spending on their sports because of the recession, according to the Seton Hall Sports Poll.
The poll also found that consumers probably will spend less on tickets to sports events and buy less team merchandise this year because of the economic slump." ...
for the complete story
Retail holiday sales forecast bleak
from the Chicago Sun-Times (11/20):
Expert: Half of retailers facing crisis in 2009
November 20, 2008
BY SANDRA GUY sguy@suntimes.com
"Retail analyst Britt Beemer forecasted Wednesday that half of today's retailers will be in big trouble some time next year due to the country's financial meltdown." ...
for the complete story
for the detail on the report on which the article is based
Expert: Half of retailers facing crisis in 2009
November 20, 2008
BY SANDRA GUY sguy@suntimes.com
"Retail analyst Britt Beemer forecasted Wednesday that half of today's retailers will be in big trouble some time next year due to the country's financial meltdown." ...
for the complete story
for the detail on the report on which the article is based
NJ redevelopment project announced
from GlobeStNJ (11/26):
November 26, 2008 10:06am
$200M Redevelopment Unveiled
By Eric Peterson
"MORRISTOWN, NJ-Mayor Donald Cresitello has unveiled formal plans for the Speedwell Avenue Redevelopment, carrying an estimated price tag of $200 million. The city council--in its dual role as the redevelopment agency--was slated to vote this week on a redevelopment agreement with Atlanta-based Trammell Crow Residential to set the project in motion, but a failure to generate a quorum because of the holiday week has put that vote off to Dec. 4." ...
"The latest site plan is a slightly scaled back version of an earlier proposal, both designed by the locally based NK Architects. The previous version called for 800 housing units and 75,000 square feet of retail space on 12 acres along Speedwell Ave.; Early and Spring streets; and Clinton Place in this city’s downtown. The new plan--covered in the proposed redeveloper agreement with TCR--calls for 650 residences, 35,000 square feet of street-level retail and office space and 822 parking spaces on a site reduced by about one-third." ...
for the complete story
November 26, 2008 10:06am
$200M Redevelopment Unveiled
By Eric Peterson
"MORRISTOWN, NJ-Mayor Donald Cresitello has unveiled formal plans for the Speedwell Avenue Redevelopment, carrying an estimated price tag of $200 million. The city council--in its dual role as the redevelopment agency--was slated to vote this week on a redevelopment agreement with Atlanta-based Trammell Crow Residential to set the project in motion, but a failure to generate a quorum because of the holiday week has put that vote off to Dec. 4." ...
"The latest site plan is a slightly scaled back version of an earlier proposal, both designed by the locally based NK Architects. The previous version called for 800 housing units and 75,000 square feet of retail space on 12 acres along Speedwell Ave.; Early and Spring streets; and Clinton Place in this city’s downtown. The new plan--covered in the proposed redeveloper agreement with TCR--calls for 650 residences, 35,000 square feet of street-level retail and office space and 822 parking spaces on a site reduced by about one-third." ...
for the complete story
Construction loan default rates up
from GlobeSt (11/25):
November 25, 2008 06:32pm
Condo Construction Loan Default Rate Passes 20%
By Brian K. Miller
"SAN FRANCISCO-In concert with the continuing economic malaise the delinquency rate for all construction and land loans nationally jumped 150 basis points during the third quarter to 9.6%, which equates to $59.5 billion in loans. One year ago, the delinquency rate was 3.2%, or just under $20 billion." ...
for the complete story
November 25, 2008 06:32pm
Condo Construction Loan Default Rate Passes 20%
By Brian K. Miller
"SAN FRANCISCO-In concert with the continuing economic malaise the delinquency rate for all construction and land loans nationally jumped 150 basis points during the third quarter to 9.6%, which equates to $59.5 billion in loans. One year ago, the delinquency rate was 3.2%, or just under $20 billion." ...
for the complete story
Tuesday, November 25, 2008
OC home prices off but market hot
from the Orange County Business Journal (11/25):
OC Home Prices Off 29% from Year Ago; Sales Surge
By Mark Mueller
"The price of an existing Orange County home stands nearly $200,000 below its year-ago price, after slipping another $5,650 in October from September, the California Association of Realtors said on Tuesday.
The median price for an existing stand-alone OC home sold in October was $490,360, a 1.1% decline from September and a 28.6% decrease from a year ago." ...
for the complete story
OC Home Prices Off 29% from Year Ago; Sales Surge
By Mark Mueller
"The price of an existing Orange County home stands nearly $200,000 below its year-ago price, after slipping another $5,650 in October from September, the California Association of Realtors said on Tuesday.
The median price for an existing stand-alone OC home sold in October was $490,360, a 1.1% decline from September and a 28.6% decrease from a year ago." ...
for the complete story
Dubai hotel rates down 30%
from AME Info (11/24):
Dubai luxury hotel rates down 30%
United Arab Emirates: Monday, November 24 - 2008 at 13:53
for the news brief
Dubai luxury hotel rates down 30%
United Arab Emirates: Monday, November 24 - 2008 at 13:53
for the news brief
Dubai meets/sets tourism targets and marketing plan
from Trade Arabia (11/25):
Dubai eyes new tourism strategy
Dubai: Tue, 25 Nov 2008
"Dubai is preparing a new strategy to lure travelers during the global financial crisis and will review its target of attracting 10 million tourists by 2010 and 15 million by 2015, a report said." ...
for the complete story
*************
from Emirates Business (11/25):
Dubai to meet 10m tourist target by 2010
By Shweta Jain on Tuesday, November 25, 2008
"Having received seven million tourists last year, Dubai is on track to meet its target for attracting 10 million tourists by 2010 and 15 million tourists by 2015 despite travel and tourism sectors slowing down, said a top executive at the Department of Tourism and Commerce Marketing (DTCM).
"Our tourism target is still intact but what we are doing at the moment is trying to gather information, looking at trends and patterns around the world related to travel and tourism. We are having daily meetings o monitor the same," Khalid Ahmed bin Sulayem, Director-General of DTCM, told Emirates Business." ...
"He added that the strategy would include aggressive marketing programmes for tourist from markets such as Saudi Arabia, Russia, China, and the United Kingdom." ...
for the complete story
Dubai eyes new tourism strategy
Dubai: Tue, 25 Nov 2008
"Dubai is preparing a new strategy to lure travelers during the global financial crisis and will review its target of attracting 10 million tourists by 2010 and 15 million by 2015, a report said." ...
for the complete story
*************
from Emirates Business (11/25):
Dubai to meet 10m tourist target by 2010
By Shweta Jain on Tuesday, November 25, 2008
"Having received seven million tourists last year, Dubai is on track to meet its target for attracting 10 million tourists by 2010 and 15 million tourists by 2015 despite travel and tourism sectors slowing down, said a top executive at the Department of Tourism and Commerce Marketing (DTCM).
"Our tourism target is still intact but what we are doing at the moment is trying to gather information, looking at trends and patterns around the world related to travel and tourism. We are having daily meetings o monitor the same," Khalid Ahmed bin Sulayem, Director-General of DTCM, told Emirates Business." ...
"He added that the strategy would include aggressive marketing programmes for tourist from markets such as Saudi Arabia, Russia, China, and the United Kingdom." ...
for the complete story
New Orleans shrinking
from the Times-Picayune (11/23):
THINK SMALL
It's time to get real, experts say: New Orleans is a shrinking city. Redirecting resources can help the city not only survive its population losses, but also thrive.
Sunday, November 23, 2008
By Gordon Russell
"Buffalo. Pittsburgh. Cincinnati.
The poets will never compare them to Paris -- or, for that matter, to New Orleans, the fountainhead of so much American culture.
Still, those humble burgs are New Orleans' peers these days, in at least two important respects: About 300,000 people now call them home, and their zenith, in terms of population, has passed. And cities like these have something to teach New Orleans: how to cope with getting smaller.
It's not easy. Lost population usually translates into widespread blight, crumbling infrastructure, stretched budgets and the loss of civic confidence and clout. But more than three years after Hurricane Katrina, New Orleans must confront the reality of a reduced population, as resettlement has slowed to a trickle." ...
for the complete story
THINK SMALL
It's time to get real, experts say: New Orleans is a shrinking city. Redirecting resources can help the city not only survive its population losses, but also thrive.
Sunday, November 23, 2008
By Gordon Russell
"Buffalo. Pittsburgh. Cincinnati.
The poets will never compare them to Paris -- or, for that matter, to New Orleans, the fountainhead of so much American culture.
Still, those humble burgs are New Orleans' peers these days, in at least two important respects: About 300,000 people now call them home, and their zenith, in terms of population, has passed. And cities like these have something to teach New Orleans: how to cope with getting smaller.
It's not easy. Lost population usually translates into widespread blight, crumbling infrastructure, stretched budgets and the loss of civic confidence and clout. But more than three years after Hurricane Katrina, New Orleans must confront the reality of a reduced population, as resettlement has slowed to a trickle." ...
for the complete story
Dallas may opt for streetcars
from the Dallas Morning News (11/24):
More are jumping on streetcar proposal in Fort Worth
12:00 AM CST on Monday, November 24, 2008
By DEBRA DENNIS / The Dallas Morning News
"FORT WORTH – The old could become new again as Fort Worth looks to streetcars to ease traffic congestion, promote development and help tourists and central-city residents get around.
Last week, city officials hosted three public meetings to gauge interest in the project and found residents receptive to the idea." ...
for the complete story
More are jumping on streetcar proposal in Fort Worth
12:00 AM CST on Monday, November 24, 2008
By DEBRA DENNIS / The Dallas Morning News
"FORT WORTH – The old could become new again as Fort Worth looks to streetcars to ease traffic congestion, promote development and help tourists and central-city residents get around.
Last week, city officials hosted three public meetings to gauge interest in the project and found residents receptive to the idea." ...
for the complete story
Big Bend State park (TX) expanding offering new amenities
from the Houston Chronicle (11/23):
Big Bend state park expands boundaries
With a conservancy's recent acquisition of the 7,000-acre Fresno Ranch, backcountry enthusiasts will have more to explore and a new entry point
By MATTHEW TRESAUGUE
Copyright 2008 Houston Chronicle
Nov. 23, 2008, 11:17PM
"Big Bend Ranch State Park, considered by many the best wilderness experience Texas has to offer, will gain thousands of acres of unspoiled desert backcountry as part of a deal intended to increase public use of the land.
The agreement between the state and a conservation group ends years of speculation over the fate of the 7,000-acre Fresno Ranch, which represents the largest piece of privately held property remaining within the boundaries of Texas' largest state park.
The Nature Conservancy of Texas recently purchased the land for $2.6 million from the estate of a Houston artist for the purpose of transferring it to the state Parks and Wildlife Department, officials said." ...
for the complete story
Big Bend state park expands boundaries
With a conservancy's recent acquisition of the 7,000-acre Fresno Ranch, backcountry enthusiasts will have more to explore and a new entry point
By MATTHEW TRESAUGUE
Copyright 2008 Houston Chronicle
Nov. 23, 2008, 11:17PM
"Big Bend Ranch State Park, considered by many the best wilderness experience Texas has to offer, will gain thousands of acres of unspoiled desert backcountry as part of a deal intended to increase public use of the land.
The agreement between the state and a conservation group ends years of speculation over the fate of the 7,000-acre Fresno Ranch, which represents the largest piece of privately held property remaining within the boundaries of Texas' largest state park.
The Nature Conservancy of Texas recently purchased the land for $2.6 million from the estate of a Houston artist for the purpose of transferring it to the state Parks and Wildlife Department, officials said." ...
for the complete story
WA municipal golf course sold
from Golf Inc (11/25):
$2 million paid for Washington course
November 2008
"The city of Tacoma, Wash., has sold Madrona Links Golf Course in Gig Harbor, Wash., to the Peninsula Metropolitan Parks District.
Sale price for the course was $2 million." ...
for the complete story
$2 million paid for Washington course
November 2008
"The city of Tacoma, Wash., has sold Madrona Links Golf Course in Gig Harbor, Wash., to the Peninsula Metropolitan Parks District.
Sale price for the course was $2 million." ...
for the complete story
Higlands Cove Golf Club (NC) sold, to be made private
from Golf Inc (11/25):
Highlands Cove goes private after sale
November 2008
"Highlands Cove Golf Club in Highlands, N.C., has been sold to Old Edwards Hospitality Group for a reported $5.2 million.
The seller was Highlands Cove Golf Club LLC." ...
for the complete story
Highlands Cove goes private after sale
November 2008
"Highlands Cove Golf Club in Highlands, N.C., has been sold to Old Edwards Hospitality Group for a reported $5.2 million.
The seller was Highlands Cove Golf Club LLC." ...
for the complete story
San Pasqual casino (CA) threatened by intertribal split
from Indian Country Today (11/25):
Tribe’s schism threatens casino
By Victor Morales, Today correspondent
Story Published: Nov 25, 2008
"VALLEY CENTER, Calif. – The latest meditation attempt by BIA officials Oct. 12 to resolve a rift between members of a tribal council has failed, possibly threatening the legality of its lucrative casino operations, a senior BIA official said.
As it stands, the BIA does not recognize the split tribal government of the San Pasqual Band of Mission Indians in inland San Diego County, said James Fletcher, superintendent of the Southern California Agency of the BIA." ...
for the complete story
Tribe’s schism threatens casino
By Victor Morales, Today correspondent
Story Published: Nov 25, 2008
"VALLEY CENTER, Calif. – The latest meditation attempt by BIA officials Oct. 12 to resolve a rift between members of a tribal council has failed, possibly threatening the legality of its lucrative casino operations, a senior BIA official said.
As it stands, the BIA does not recognize the split tribal government of the San Pasqual Band of Mission Indians in inland San Diego County, said James Fletcher, superintendent of the Southern California Agency of the BIA." ...
for the complete story
MI Indian casino profits
from MLive/The Bay City Times (11/25):
Indians share Arenac jackpot
Posted by Helen Lounsbury | The Bay City Times
November 25, 2008 09:31AM
"STANDISH - The economic winter settling across Michigan has yet to chill the casino business near Standish.
Saganing Eagles Landing Casino generated nearly $37 million in net proceeds in the six-month period ending Sept. 30, new figures show.
On Monday, tribal officials affirmed that Eagles Landing continues to surpass planners' expectations." ...
for the complete story
Indians share Arenac jackpot
Posted by Helen Lounsbury | The Bay City Times
November 25, 2008 09:31AM
"STANDISH - The economic winter settling across Michigan has yet to chill the casino business near Standish.
Saganing Eagles Landing Casino generated nearly $37 million in net proceeds in the six-month period ending Sept. 30, new figures show.
On Monday, tribal officials affirmed that Eagles Landing continues to surpass planners' expectations." ...
for the complete story
Cowlitz Tribe and County trying for new pact
from the Columbian News (WA) (11/23):
County-tribe casino deal in works
If new pact will have needed support from board is unknown
Sunday, November 23 | 10:23 p.m.
BY JEFFREY MIZE
"Clark County and the Cowlitz Indian Tribe are making progress toward replacing a casino agreement that was struck down two years ago." ...
for the complete story
County-tribe casino deal in works
If new pact will have needed support from board is unknown
Sunday, November 23 | 10:23 p.m.
BY JEFFREY MIZE
"Clark County and the Cowlitz Indian Tribe are making progress toward replacing a casino agreement that was struck down two years ago." ...
for the complete story
Seminole Hard Rock fights against state-forced closure
from the Tampa Tribune (11/24):
McCollum Tries Again To Stop Blackjack At Hard Rock
By TED JACKOVICS | The Tampa Tribune
"Florida Attorney General Bill McCollum for the third time has sought a temporary closure of the new blackjack and baccarat tables at the Seminole Hard Rock Casino & Hotel in Tampa." ...
for the complete story
for earlier, more complete coverage of the fight
McCollum Tries Again To Stop Blackjack At Hard Rock
By TED JACKOVICS | The Tampa Tribune
"Florida Attorney General Bill McCollum for the third time has sought a temporary closure of the new blackjack and baccarat tables at the Seminole Hard Rock Casino & Hotel in Tampa." ...
for the complete story
for earlier, more complete coverage of the fight
Aecom in the news
from this morning's Los Angeles Business Journal (11/25):
Posted date: 11/25/2008
New Aecom Orders Worth Nearly $180 Million
By DEBORAH CROWE
Los Angeles Business Journal Staff
"Aecom Technology Corp. said Tuesday it received three contracts worth $163 million from the U.S. Air Force, plus a separate smaller contract in Saudi Arabia.
Under the first contract, Aecom, a Los Angeles-based technology company, will provide support for Navy F-18 fighter jets in Lemoore. The other two contracts call for support operations at the U.S. Marine Corps Air Station in Cherry Point, N.C.; and the Marine Corps Logistics Base in Albany, Ga." ...
for the complete story
Posted date: 11/25/2008
New Aecom Orders Worth Nearly $180 Million
By DEBORAH CROWE
Los Angeles Business Journal Staff
"Aecom Technology Corp. said Tuesday it received three contracts worth $163 million from the U.S. Air Force, plus a separate smaller contract in Saudi Arabia.
Under the first contract, Aecom, a Los Angeles-based technology company, will provide support for Navy F-18 fighter jets in Lemoore. The other two contracts call for support operations at the U.S. Marine Corps Air Station in Cherry Point, N.C.; and the Marine Corps Logistics Base in Albany, Ga." ...
for the complete story
Monday, November 24, 2008
Days Inn upscale in China
from NY Times (11/23):
A Hotel Chain Turns Upscale in China
By FRED A. BERNSTEIN
"TRY to picture a Days Inn in a provincial Chinese city. Forget the rows of rooms facing a parking lot — that’s the American version — and think instead of a palatial lobby with marble floors and walls and ornate crystal chandeliers.
Like hotels built in China by other American chains, Days Inns are almost unrecognizable to those familiar with their American counterparts.
But in a country where labor costs are cheap — construction workers earn as little as $100 a month — hotel owners can afford to lay the luxuries on thick. And Chinese customers, “when they hear an American name, expect something special,” said Harry Tan, the chief executive of the Frontier Group and the mastermind behind the expansion of the Days Inn chain in China." ...
for the complete story
A Hotel Chain Turns Upscale in China
By FRED A. BERNSTEIN
"TRY to picture a Days Inn in a provincial Chinese city. Forget the rows of rooms facing a parking lot — that’s the American version — and think instead of a palatial lobby with marble floors and walls and ornate crystal chandeliers.
Like hotels built in China by other American chains, Days Inns are almost unrecognizable to those familiar with their American counterparts.
But in a country where labor costs are cheap — construction workers earn as little as $100 a month — hotel owners can afford to lay the luxuries on thick. And Chinese customers, “when they hear an American name, expect something special,” said Harry Tan, the chief executive of the Frontier Group and the mastermind behind the expansion of the Days Inn chain in China." ...
for the complete story
Saudi Arabia to get 3 Starwood hotels
from Khaleej Times Online (11/23):
Starwood to Open Hotel in Saudi Arabia
"JEDDAH - Starwood Hotels & Resorts Worldwide, Inc. plans to open three new hotels in Saudi Arabia. It has signed a long-term management agreement with the Alhokair Group to open Four Points by Sheraton Mall of Arabia in Jeddah, Four Points by Sheraton Dhahran and Aloft Riyadh." ...
for the complete story
Starwood to Open Hotel in Saudi Arabia
"JEDDAH - Starwood Hotels & Resorts Worldwide, Inc. plans to open three new hotels in Saudi Arabia. It has signed a long-term management agreement with the Alhokair Group to open Four Points by Sheraton Mall of Arabia in Jeddah, Four Points by Sheraton Dhahran and Aloft Riyadh." ...
for the complete story
HI projects stopped by Marriott and Starwood
from Pacific Business News (11/21):
Marriott, Starwood stop big Hawaii projectsPacific Business News (Honolulu) - by Janis L. Magin Pacific Business News
"Marriott has halted construction at its $1.4 billion Kauai Lagoons resort project, one of the largest Hawaii construction projects to be interrupted by the ailing national economy.
Starwood Vacation Ownership also has put a $304 million Maui time-share project on hold. Construction on the 1,010-acre Kukuiula project also on Kauai has been scaled back, and work on a new high-rise condominium in Honolulu was cut back considerably a couple of weeks ago.
The decisions to stop or slow work on some of the biggest private construction projects in Hawaii will add to the 36 percent decline in the dollar-volume of building permits in the third quarter." ...
for the complete story
Marriott, Starwood stop big Hawaii projectsPacific Business News (Honolulu) - by Janis L. Magin Pacific Business News
"Marriott has halted construction at its $1.4 billion Kauai Lagoons resort project, one of the largest Hawaii construction projects to be interrupted by the ailing national economy.
Starwood Vacation Ownership also has put a $304 million Maui time-share project on hold. Construction on the 1,010-acre Kukuiula project also on Kauai has been scaled back, and work on a new high-rise condominium in Honolulu was cut back considerably a couple of weeks ago.
The decisions to stop or slow work on some of the biggest private construction projects in Hawaii will add to the 36 percent decline in the dollar-volume of building permits in the third quarter." ...
for the complete story
Green news
Forbes (11/24): wind energy; designer biofuels; ethanol; Abu Dhabi plans world's first car-free, green-powered city
National Real Estate Investor (also in Retail Traffic) (Nov): special feature section on green building
Waterpark Resorts Now (Fall): green initiatives for waterparks
M&C (Oct): greening hotels and their meeting facilities
National Real Estate Investor (also in Retail Traffic) (Nov): special feature section on green building
Waterpark Resorts Now (Fall): green initiatives for waterparks
M&C (Oct): greening hotels and their meeting facilities
Locales news
Business Week (11/17); Middle East-Asia trade and investment links; Bangalore, India tech and development boom
Nevada (Nov): Las Vegas monorail
M&C (Oct): destination guides on: FL West Coast, San Diego, and Mexico
Nevada (Nov): Las Vegas monorail
M&C (Oct): destination guides on: FL West Coast, San Diego, and Mexico
Rec, fairs, waterparks, and mueum news
Venues Today (Nov): equestrian facilities and fairgrounds construction report (with tables of specific facility construction and costs)
Curator (Oct): review of the opening of the California Academy of Sciences; review of the Colorado Plateau Biodiversity Center
Waterparks Resorts Today (Fall): German indoor waterpark; indoor waterpark market steady
World Waterpark (Oct-Nov): greening through landscaping; Hershey waterpark; Copa Copana (Athens, Greece); La Mirada (CA) Regional Aquatics Center; Aquaparque Santa Cruz, Portugal; Raptor Reef indoor waterpark (ID); Wild Waters Mombasa (Kenya)
Venues Today (Oct) attendance/revenues art fairs (table of selected fairs, their attendance, ticket costs, and carnival take)
Curator (Oct): review of the opening of the California Academy of Sciences; review of the Colorado Plateau Biodiversity Center
Waterparks Resorts Today (Fall): German indoor waterpark; indoor waterpark market steady
World Waterpark (Oct-Nov): greening through landscaping; Hershey waterpark; Copa Copana (Athens, Greece); La Mirada (CA) Regional Aquatics Center; Aquaparque Santa Cruz, Portugal; Raptor Reef indoor waterpark (ID); Wild Waters Mombasa (Kenya)
Venues Today (Oct) attendance/revenues art fairs (table of selected fairs, their attendance, ticket costs, and carnival take)
Retail news
Shopping Centers Today (Nov): mall landlords make big opening day plans for new developments; airport retail in emerging markets
Retail Traffic (Nov): TX region review
Value Retail News (Oct): Tanger opens near Pittsburgh (includes list of stores)
International Outlet Journal (Fall): outlet sales up; European outlet plans (with list of planned centers, GLA, and opening date schedule); Romania; Prague's Fashion Arena has great first year; German outlets expand; UK projects (in Kendall and Northern Ireland); Value Retail portfolio posting strong growth and planning expansion; UK outlet sales dominated by fashionistas; outlet opens in Croatia
Shopping Center Business (Oct): Creme de la Creme childhood learning centers expansion plans; Omaha's midtown development review; TX retail roundtable; retail financing questions
Retail Traffic (Oct): military bases provide great sales opps (focus on southeast); Midwest shopping more at local malls rather than regional centers; chain retailers decide on opening new locations
Retail Traffic (Nov): TX region review
Value Retail News (Oct): Tanger opens near Pittsburgh (includes list of stores)
International Outlet Journal (Fall): outlet sales up; European outlet plans (with list of planned centers, GLA, and opening date schedule); Romania; Prague's Fashion Arena has great first year; German outlets expand; UK projects (in Kendall and Northern Ireland); Value Retail portfolio posting strong growth and planning expansion; UK outlet sales dominated by fashionistas; outlet opens in Croatia
Shopping Center Business (Oct): Creme de la Creme childhood learning centers expansion plans; Omaha's midtown development review; TX retail roundtable; retail financing questions
Retail Traffic (Oct): military bases provide great sales opps (focus on southeast); Midwest shopping more at local malls rather than regional centers; chain retailers decide on opening new locations
Conventions, tradeshows, meetings, venues news
Venues Today (Oct): listing of convention center construction with opening date, owner/operator, cost, and features; expansion trends in convention center/meetings market
Tradeshow Week (10/20): Oregon Convention Center gets silver LEED rating; venues companies, Global Spectrum and SMG, move into overseas markets
Tradeshow Week (10/13): CA top tradeshow and conventions; plans for West Palm Beach convention center hotel stalled; Dallas CVB embroiled in fight about convention center hotel plan
M&C (Oct): Hawaii worried about convention industry with death of two airlines
Tradeshow Week (10/20): Oregon Convention Center gets silver LEED rating; venues companies, Global Spectrum and SMG, move into overseas markets
Tradeshow Week (10/13): CA top tradeshow and conventions; plans for West Palm Beach convention center hotel stalled; Dallas CVB embroiled in fight about convention center hotel plan
M&C (Oct): Hawaii worried about convention industry with death of two airlines
Gaming news
Business Week (11/17): Atlantic City casino market
Indian Gaming Today (Nov 2008 special issue of ICT): pros and cons of tribal gaming; Seneca Gaming Corp revenues; Indian gaming market slowdown
IGWB (Nov): Treasure Island Resort and Casino (MN) review; Mohegan Casino of the Wind review
Indian Country Today (11/12): Isleta Casino and Resort review (Albuquerque, NM)
New Orleans City Business (11/3): focus section on gaming including ruminations on whether the Gulf Coast casinos could survive another hurricane
IGWB (Oct): Macau numbers down; Penghu, Taiwan approves resort casino; Sky City Entertainment Group (New Zealand's largest casino operator) profits down; Tinian, Northern Marianas considering 2 casinos; South Korea's National Gaming Control Commission plans to limit annual revenue of gaming industry; Stanley Ho's Lisboa (Macau) seeks to return to prominence; Beijing considers further restrictions on travel to Macau; Seneca casino declared illegal by federal court; Las Vegas Plaza development on hold; Mohegan Sun opens Casino of the Wind; Harrah's fails to land Slovenia deal with HIT Group; Mexican gaming industry
Indian Gaming Today (Nov 2008 special issue of ICT): pros and cons of tribal gaming; Seneca Gaming Corp revenues; Indian gaming market slowdown
IGWB (Nov): Treasure Island Resort and Casino (MN) review; Mohegan Casino of the Wind review
Indian Country Today (11/12): Isleta Casino and Resort review (Albuquerque, NM)
New Orleans City Business (11/3): focus section on gaming including ruminations on whether the Gulf Coast casinos could survive another hurricane
IGWB (Oct): Macau numbers down; Penghu, Taiwan approves resort casino; Sky City Entertainment Group (New Zealand's largest casino operator) profits down; Tinian, Northern Marianas considering 2 casinos; South Korea's National Gaming Control Commission plans to limit annual revenue of gaming industry; Stanley Ho's Lisboa (Macau) seeks to return to prominence; Beijing considers further restrictions on travel to Macau; Seneca casino declared illegal by federal court; Las Vegas Plaza development on hold; Mohegan Sun opens Casino of the Wind; Harrah's fails to land Slovenia deal with HIT Group; Mexican gaming industry
Hotels news
Hotels (Oct): vacation ownership secotr only slightly slowing; Chengdu, China gets mixed-use hotel
M&C (Oct): QE2 to open as a hotel in Dubai; midscale hotel brands growing
M&C (Oct): QE2 to open as a hotel in Dubai; midscale hotel brands growing
Sports news
Journal of Sports Economics (Dec): economic impacts of sports -- featuring CO golf as case study
Los Angeles Business Journal (11/10): L.A. women's pro soccer
Venues Today (Nov): Phillies-Rays Series ticket prices
Nation's Restaurant News (11/3): stadium food concessions retool for new market
Aquatics International (Oct): surge in interest in swimming
Los Angeles Business Journal (11/10): L.A. women's pro soccer
Venues Today (Nov): Phillies-Rays Series ticket prices
Nation's Restaurant News (11/3): stadium food concessions retool for new market
Aquatics International (Oct): surge in interest in swimming
Planning, development, real estate news
Business Week (11/17): colleges, hospitals, and other nonprofits feeling debt squeeze
Retail Traffic (Nov): Carson, CA $850m mixed-use project underway
Indian Country Today (11/12): Cherokee Nation Businesses awarded $60m in tax credits to foster development in northeastern OK; Havasupai announce post-fire economic recovery plan
New Orleans City Business (11/10): NOLA potential master plan given "force of law" in election; NOLA intl airport trying for new carrier leases for the first time since Katrina
CA Real Estate Journal (11/10): L.A. Live Ritz Carlton condo-hotel has sold 50% of its units; Aliso Viejo aiming to be tech hub
San Fernando Valley Business Journal (11/10): Filmtools success in area industry support
Los Angeles Business Journal (11/10): Hollywood retail rebirth on Cahuenga; L.A. bonds passage may foster building boom
Architectural Record (Oct): Greensburg, KS community arts center rebuilt; Gentry, AR library restored as part of downtown redevelopment
Retail Traffic (Nov): Carson, CA $850m mixed-use project underway
Indian Country Today (11/12): Cherokee Nation Businesses awarded $60m in tax credits to foster development in northeastern OK; Havasupai announce post-fire economic recovery plan
New Orleans City Business (11/10): NOLA potential master plan given "force of law" in election; NOLA intl airport trying for new carrier leases for the first time since Katrina
CA Real Estate Journal (11/10): L.A. Live Ritz Carlton condo-hotel has sold 50% of its units; Aliso Viejo aiming to be tech hub
San Fernando Valley Business Journal (11/10): Filmtools success in area industry support
Los Angeles Business Journal (11/10): Hollywood retail rebirth on Cahuenga; L.A. bonds passage may foster building boom
Architectural Record (Oct): Greensburg, KS community arts center rebuilt; Gentry, AR library restored as part of downtown redevelopment
Sunday, November 23, 2008
Caribbean resort troubles
from the AP (11/18):
Crisis in paradise: Meltdown leaves ghost resorts
By DANICA COTO
"PUNTA CANA, Dominican Republic (AP) — The ocean glows a milky turquoise. Tiny waves lap at the powder-beige sand, in no rush to reach the line of postcard-perfect palm trees.
Hundreds of luxury villas are positioned to take in the view, but there are no guests. There are no roofs either; neatly tied bundles of red tiles are stacked outside. The wind slams doors and rustles the yellowed newspaper taped to the windows.
The paralyzed work scene at the Cap Cana resort, a development including four luxury hotels, three golf courses and a mega-yacht marina, is a victim of the global financial crisis that has hit the Caribbean's tourism industry especially hard." ...
for the complete story
Crisis in paradise: Meltdown leaves ghost resorts
By DANICA COTO
"PUNTA CANA, Dominican Republic (AP) — The ocean glows a milky turquoise. Tiny waves lap at the powder-beige sand, in no rush to reach the line of postcard-perfect palm trees.
Hundreds of luxury villas are positioned to take in the view, but there are no guests. There are no roofs either; neatly tied bundles of red tiles are stacked outside. The wind slams doors and rustles the yellowed newspaper taped to the windows.
The paralyzed work scene at the Cap Cana resort, a development including four luxury hotels, three golf courses and a mega-yacht marina, is a victim of the global financial crisis that has hit the Caribbean's tourism industry especially hard." ...
for the complete story
Charleston, SC hotel occupancy rates
from the Charleston Regional Business Journal (11/19):
Charleston hotels see two straight months of double-digit drops in occupancy
By Ashley Fletcher Frampton
Published Nov. 19, 2008
"Charleston County hotel occupancy rates were down 11% in October compared with the same month last year, according to a new report from the Office of Tourism Analysis at the College of Charleston.
October’s drop follows a similar decline in September, when occupancy for Charleston County hotels was off 12.8% from the same month in 2007.
Occupancy rates at Charleston hotels have declined every month in 2008 when compared with last year, though the past two months represent the largest drop-off. Year-to-date hotel occupancy is down nearly 5% compared with 2007 numbers, according to the report." ...
for the complete story
Charleston hotels see two straight months of double-digit drops in occupancy
By Ashley Fletcher Frampton
Published Nov. 19, 2008
"Charleston County hotel occupancy rates were down 11% in October compared with the same month last year, according to a new report from the Office of Tourism Analysis at the College of Charleston.
October’s drop follows a similar decline in September, when occupancy for Charleston County hotels was off 12.8% from the same month in 2007.
Occupancy rates at Charleston hotels have declined every month in 2008 when compared with last year, though the past two months represent the largest drop-off. Year-to-date hotel occupancy is down nearly 5% compared with 2007 numbers, according to the report." ...
for the complete story
Dallas committee opts for Omni Hotel at downtown Convention centec
Dallas City Hall blog (11/20):
Dallas City Council committee recommends Omni Hotels in 5-1 vote
12:07 PM Thu, Nov 20, 2008 | Permalink | Yahoo! Buzz
Dave Levinthal
"Omni Hotels should operate a planned, publicly owned Dallas Convention Center hotel, the Dallas City Council's economic development committee recommended to the full City Council in a 5-1 vote.
"Each of the hotels had pluses and each of the hotels had minuses," economic development committee chairman Ron Natinsky said. "At the end of the day, you have to make a decision."
The decision to choose Omni Hotels over Marriott to operate the planned $500 million hotel project hinged on a most cost-effective proposal to Dallas, as well as the company's local ownership, reputation for quality and growing brand, Assistant City Manager A.C. Gonzalez said." ...
for the complete entry
Dallas City Council committee recommends Omni Hotels in 5-1 vote
12:07 PM Thu, Nov 20, 2008 | Permalink | Yahoo! Buzz
Dave Levinthal
"Omni Hotels should operate a planned, publicly owned Dallas Convention Center hotel, the Dallas City Council's economic development committee recommended to the full City Council in a 5-1 vote.
"Each of the hotels had pluses and each of the hotels had minuses," economic development committee chairman Ron Natinsky said. "At the end of the day, you have to make a decision."
The decision to choose Omni Hotels over Marriott to operate the planned $500 million hotel project hinged on a most cost-effective proposal to Dallas, as well as the company's local ownership, reputation for quality and growing brand, Assistant City Manager A.C. Gonzalez said." ...
for the complete entry
Latin America hotel opportunities
from Hotels (11/21):
Latin America Counter-Cyclical Investment Opportunity
-- Hotels, 11/21/2008 12:15:00 PM
"MIAMI – SÃO PAULO, Nov. 21, 2008 – Jones Lang LaSalle Hotels reports today that an increasing number of hotel investors are turning to Latin America for counter-cyclical investment opportunities. Hotel companies are researching market entrance strategies, conducting acquisition and new development due diligence, and analyzing future hotel demand in the 2014 FIFA Soccer World Cup candidate cities in Brazil.
“While all future expansions are being strategically weighed heavily in this current economic environment, many groups have accelerated their canvassing efforts. In the past three months, we met with over a dozen international investors who are seeking opportunities in Latin America, with a focus on Brazil, Columbia, and Peru,” said Manuela Gorni, senior vice president for Jones Lang LaSalle Hotels in São Paulo." ...
for the complete story
Latin America Counter-Cyclical Investment Opportunity
-- Hotels, 11/21/2008 12:15:00 PM
"MIAMI – SÃO PAULO, Nov. 21, 2008 – Jones Lang LaSalle Hotels reports today that an increasing number of hotel investors are turning to Latin America for counter-cyclical investment opportunities. Hotel companies are researching market entrance strategies, conducting acquisition and new development due diligence, and analyzing future hotel demand in the 2014 FIFA Soccer World Cup candidate cities in Brazil.
“While all future expansions are being strategically weighed heavily in this current economic environment, many groups have accelerated their canvassing efforts. In the past three months, we met with over a dozen international investors who are seeking opportunities in Latin America, with a focus on Brazil, Columbia, and Peru,” said Manuela Gorni, senior vice president for Jones Lang LaSalle Hotels in São Paulo." ...
for the complete story
Las Vegas casino CFOs discuss financing
from the Las Vegas Review Journal (11/20):
Casino company CFOs: Money hard to come by
By HOWARD STUTZ
LAS VEGAS REVIEW-JOURNAL
"A panel of casino company chief financial officers, reflecting a cross section of the gaming industry, on Wednesday painted a bleak picture for businesses looking to raise money over the next few years.
The sinking national and global economies aren't going to cooperate, panel members said.
The panel, which included representatives from MGM Mirage, regional casino operator Penn National Gaming, Macau casino operator Melco PBL and the Mohegan Sun Indian casino, all said money for expansions and other projects is tough to secure." ...
for the complete story
Casino company CFOs: Money hard to come by
By HOWARD STUTZ
LAS VEGAS REVIEW-JOURNAL
"A panel of casino company chief financial officers, reflecting a cross section of the gaming industry, on Wednesday painted a bleak picture for businesses looking to raise money over the next few years.
The sinking national and global economies aren't going to cooperate, panel members said.
The panel, which included representatives from MGM Mirage, regional casino operator Penn National Gaming, Macau casino operator Melco PBL and the Mohegan Sun Indian casino, all said money for expansions and other projects is tough to secure." ...
for the complete story
CA entry level housing affordability
From the California Association of Realtors (11/20):
Entry-level housing affordability more than doubles
For release:
Thursday, Nov. 20, 2008
C.A.R. reports entry-level housing affordability more than doublesin third quarter
"LOS ANGELES (Nov. 20) The percentage of households that could afford to buy an entry-level home in California stood at 53 percent in the third quarter of 2008, compared with 24 percent for the same period a year ago, according to a report released today by the CALIFORNIA ASSOCIATION OF REALTORS®.
C.A.R.’s First Time Buyer Housing Affordability Index (FTB-HAI) measured the percentage of households that can afford to purchase an entry-level home in California. C.A.R. also reports first-time buyer indexes for regions and select counties within the state. The Index is the most fundamental measure of housing well-being for first-time buyers in the state." ...
for the complete news release
Entry-level housing affordability more than doubles
For release:
Thursday, Nov. 20, 2008
C.A.R. reports entry-level housing affordability more than doublesin third quarter
"LOS ANGELES (Nov. 20) The percentage of households that could afford to buy an entry-level home in California stood at 53 percent in the third quarter of 2008, compared with 24 percent for the same period a year ago, according to a report released today by the CALIFORNIA ASSOCIATION OF REALTORS®.
C.A.R.’s First Time Buyer Housing Affordability Index (FTB-HAI) measured the percentage of households that can afford to purchase an entry-level home in California. C.A.R. also reports first-time buyer indexes for regions and select counties within the state. The Index is the most fundamental measure of housing well-being for first-time buyers in the state." ...
for the complete news release
CA Treasurer speaks on bond markets
from the Sacramento Bee (11/22)
Lockyer, local officials urge Fed to pump cash into municipal bond markets
By Andrew McIntosh
Published: Saturday, Nov. 22, 2008 | Page 9B
"Treasurer Bill Lockyer joined Sacramento County and 18 other municipal bond issuers Friday to lobby federal lawmakers and the Federal Reserve to shore up battered municipal bond markets.
Lockyer, Sacramento County chief operations officer Nav Gill and 18 other top state and local officials argued that weak demand for variable rate bonds is crippling already tight local and state finances by forcing issuers to pay higher interest rates on bonds and related costs.
The group wants the Federal Reserve to pump cash into short-term bond markets. They said the plea for financial help was not a bid for a bailout or subsidy." ...
for the complete story
Lockyer, local officials urge Fed to pump cash into municipal bond markets
By Andrew McIntosh
Published: Saturday, Nov. 22, 2008 | Page 9B
"Treasurer Bill Lockyer joined Sacramento County and 18 other municipal bond issuers Friday to lobby federal lawmakers and the Federal Reserve to shore up battered municipal bond markets.
Lockyer, Sacramento County chief operations officer Nav Gill and 18 other top state and local officials argued that weak demand for variable rate bonds is crippling already tight local and state finances by forcing issuers to pay higher interest rates on bonds and related costs.
The group wants the Federal Reserve to pump cash into short-term bond markets. They said the plea for financial help was not a bid for a bailout or subsidy." ...
for the complete story
NM Fire Rock Casino opens to crowds
from teh Gallup Independent (11/21):
Huge traffic jam
Cars line up for miles along Route 66 during Fire Rock Casino’s opening
By Gaye Brown de Alvarez
Staff writer
"GALLUP — It looked like a NASCAR race track between Gallup and the Fire Rock Casino Wednesday night as people tried to get to the casino for its grand opening.
Thousands of people lined the frontage road and Interstate Highway 40 trying to bypass the traffic pileup somehow to find a place to park and go inside and gamble. Eastbound traffic on I-40 was backed up from Exit 26, the exit for the casino, back to Exit 20." ...
for the complete story
Huge traffic jam
Cars line up for miles along Route 66 during Fire Rock Casino’s opening
By Gaye Brown de Alvarez
Staff writer
"GALLUP — It looked like a NASCAR race track between Gallup and the Fire Rock Casino Wednesday night as people tried to get to the casino for its grand opening.
Thousands of people lined the frontage road and Interstate Highway 40 trying to bypass the traffic pileup somehow to find a place to park and go inside and gamble. Eastbound traffic on I-40 was backed up from Exit 26, the exit for the casino, back to Exit 20." ...
for the complete story
Friday, November 21, 2008
Canadian inflation rate down
from the Royal Bank of Canada's Daily Economic Update (11/21):
Canada’s inflation rate sharply lower as energy prices tumble
"Canadian consumer prices fell by a greater-than-expected 1% in October with the year-over-year rate slipping to 2.6% from 3.4% in September. The monthly decline was the largest since June 1959. Expectations had been for prices to fall by a more modest 0.6%. The seasonally adjusted index fell 0.5% in October relative to September. The Bank of Canada’s core measure, which eliminates the impact of eight volatile series plus indirect taxes, also fell more than expected, dipping 0.2% in October with forecasters looking for the index to hold steady. The year-over-year core rate was 1.7%, unchanged from September." ...
for the complete data
Canada’s inflation rate sharply lower as energy prices tumble
"Canadian consumer prices fell by a greater-than-expected 1% in October with the year-over-year rate slipping to 2.6% from 3.4% in September. The monthly decline was the largest since June 1959. Expectations had been for prices to fall by a more modest 0.6%. The seasonally adjusted index fell 0.5% in October relative to September. The Bank of Canada’s core measure, which eliminates the impact of eight volatile series plus indirect taxes, also fell more than expected, dipping 0.2% in October with forecasters looking for the index to hold steady. The year-over-year core rate was 1.7%, unchanged from September." ...
for the complete data
SANDAG gets approval for 2nd border crossing for San Diego County
from the San Diego Business Journal (11/21):
Posted date: 11/20/2008
Border Crossing Proposal Clears Hurdle
"A planned second border crossing a few miles west of the existing Otay Mesa crossing passed another hurdle when the agency overseeing the project, the San Diego Association of Governments, was granted a presidential permit Nov. 20 to proceed with the project.
The second crossing, along with land acquisition and construction of a 2.1-mile connecting road to state Route 905, is estimated to cost at least $700 million." ...
for the complete story
Posted date: 11/20/2008
Border Crossing Proposal Clears Hurdle
"A planned second border crossing a few miles west of the existing Otay Mesa crossing passed another hurdle when the agency overseeing the project, the San Diego Association of Governments, was granted a presidential permit Nov. 20 to proceed with the project.
The second crossing, along with land acquisition and construction of a 2.1-mile connecting road to state Route 905, is estimated to cost at least $700 million." ...
for the complete story
Thursday, November 20, 2008
Green development/sustainability still crucial to real estate industry
from GlobeSt (11/20):
Last updated: November 20, 2008 07:40am
Despite Economy, Sustainability a Priority
By Ian Ritter
"BOSTON-Chaos on the economy has been at the top of real estate professionals’ minds for months now, but according to a recent GlobeSt.com and Real Estate Forum’s second annual Existing Buildings survey, green building is still a priority. The report, which was done in conjunction with the US Green Building Council and BOMA (Building Owners and Managers Association) was released yesterday here at the USGBC’s Greenbuild conference.
Nearly 87% of the 251 professionals that responded to the survey said that greening their portfolios is a priority for their business, up from 81.5% last year." ...
for the complete story
Last updated: November 20, 2008 07:40am
Despite Economy, Sustainability a Priority
By Ian Ritter
"BOSTON-Chaos on the economy has been at the top of real estate professionals’ minds for months now, but according to a recent GlobeSt.com and Real Estate Forum’s second annual Existing Buildings survey, green building is still a priority. The report, which was done in conjunction with the US Green Building Council and BOMA (Building Owners and Managers Association) was released yesterday here at the USGBC’s Greenbuild conference.
Nearly 87% of the 251 professionals that responded to the survey said that greening their portfolios is a priority for their business, up from 81.5% last year." ...
for the complete story
Indian casino debt downgraded by Moody's
from Forbes online (11/19):
Moody's downgrades Native American casino debt
Associated Press, 11.19.08, 03:40 PM EST
"Moody's Investors Service on Wednesday cut credit ratings on $2.2 billion of collective debt issued by two Native American casino companies, citing a downturn in gambling revenue.
The credit rating agency lowered Mohegan Tribal Gaming Authority's corporate family rating and probability default rating to 'B1' from 'Ba2.' The 'B1' rating is assigned to securities that "lack characteristics of a desirable investment," Moody's (nyse: MCO - news - people ) said.
Moody's also cut Mohegan's $971.4 million senior subordinated notes to 'B3' from 'Ba3' and its $250 million senior notes to 'Ba3' from 'Ba1.' The rating agency assigned a 'stable' rating outlook." ...
for the complete story
Moody's downgrades Native American casino debt
Associated Press, 11.19.08, 03:40 PM EST
"Moody's Investors Service on Wednesday cut credit ratings on $2.2 billion of collective debt issued by two Native American casino companies, citing a downturn in gambling revenue.
The credit rating agency lowered Mohegan Tribal Gaming Authority's corporate family rating and probability default rating to 'B1' from 'Ba2.' The 'B1' rating is assigned to securities that "lack characteristics of a desirable investment," Moody's (nyse: MCO - news - people ) said.
Moody's also cut Mohegan's $971.4 million senior subordinated notes to 'B3' from 'Ba3' and its $250 million senior notes to 'Ba3' from 'Ba1.' The rating agency assigned a 'stable' rating outlook." ...
for the complete story
Romulus, MI still positive about casino development possibilities
from the Inkster Ledger Star (11/19):
Romulus casinos are still a possibility
Molly Tippen
Staff Writer
"Casinos in Romulus will move back to the front burner, and what’s happening in the auto industry and in the state economy means that it’s not a moment too soon, city officials said Tuesday.
Mayor Alan Lambert and other key city employees will meet with the members of the Sioux Indians, who hoped to build a casino in the city until Congress nixed the plan. Also, a partner with the Hannahville Tribe has contacted the city to possibly move forward on a deal that would not require congressional approval." ...
for the complete story
Romulus casinos are still a possibility
Molly Tippen
Staff Writer
"Casinos in Romulus will move back to the front burner, and what’s happening in the auto industry and in the state economy means that it’s not a moment too soon, city officials said Tuesday.
Mayor Alan Lambert and other key city employees will meet with the members of the Sioux Indians, who hoped to build a casino in the city until Congress nixed the plan. Also, a partner with the Hannahville Tribe has contacted the city to possibly move forward on a deal that would not require congressional approval." ...
for the complete story
Navajo Nation opens its first casino
from KRQE (11/19):
Navajo Nation opens first casino
Resisted gambling 20 years
Last Edited: Wednesday, 19 Nov 2008, 10:25 PM MST
Created On: Wednesday, 19 Nov 2008, 10:25 PM MST
* Reporter: Maria Medina
* Web Producer: Bill Diven
"GALLUP, N. M. (KRQE) - After years of saying no to gambling, the Navajo Nation is betting its first casino will be a boost to the tribal economy.
"It's taken more than twenty years for the Navajo tribe to call a casino their own."
From the very old to the very young members of the Navajo nation celebrated a historic day. As officials cut the ribbon
Wednesday afternoon thousands were waiting in line, some who had driven from hours away. At the first opportunity people literally pushed and fought their way in." ...
for the complete story and video
Navajo Nation opens first casino
Resisted gambling 20 years
Last Edited: Wednesday, 19 Nov 2008, 10:25 PM MST
Created On: Wednesday, 19 Nov 2008, 10:25 PM MST
* Reporter: Maria Medina
* Web Producer: Bill Diven
"GALLUP, N. M. (KRQE) - After years of saying no to gambling, the Navajo Nation is betting its first casino will be a boost to the tribal economy.
"It's taken more than twenty years for the Navajo tribe to call a casino their own."
From the very old to the very young members of the Navajo nation celebrated a historic day. As officials cut the ribbon
Wednesday afternoon thousands were waiting in line, some who had driven from hours away. At the first opportunity people literally pushed and fought their way in." ...
for the complete story and video
Cities' bond troubles slowing projects
from USA Today (11/20):
Cities, schools delay projects in tough climate for muni bonds
By Pallavi Gogoi, USA TODAY
"Spring Hill is one of the fastest-growing cities in the U.S. With its picturesque location in the rolling hills of Tennessee, just 30 miles south of Nashville, plentiful jobs, reputable schools and affordable housing, the town has attracted people from all corners of the country, and its population has swelled to 25,000 from just 7,000 in 2000.
"We have been the epicenter of growth in this area," says Mayor Danny Leverette.
But it is an ascendancy under siege from 900 miles away: Wall Street. A badly needed new elementary school for which ground would have been broken next year has been shelved, and existing schools might have to make do with extra portable classrooms. Why? Because Williamson County, where Spring Hill is located, is finding it very difficult to raise the $42 million it needs for the construction from its usual source by selling municipal bonds on Wall Street." ...
for the complete story
Cities, schools delay projects in tough climate for muni bonds
By Pallavi Gogoi, USA TODAY
"Spring Hill is one of the fastest-growing cities in the U.S. With its picturesque location in the rolling hills of Tennessee, just 30 miles south of Nashville, plentiful jobs, reputable schools and affordable housing, the town has attracted people from all corners of the country, and its population has swelled to 25,000 from just 7,000 in 2000.
"We have been the epicenter of growth in this area," says Mayor Danny Leverette.
But it is an ascendancy under siege from 900 miles away: Wall Street. A badly needed new elementary school for which ground would have been broken next year has been shelved, and existing schools might have to make do with extra portable classrooms. Why? Because Williamson County, where Spring Hill is located, is finding it very difficult to raise the $42 million it needs for the construction from its usual source by selling municipal bonds on Wall Street." ...
for the complete story
Chicago O'Hare, Seattle-Tacoma, and Washington Dulles airports open new runways
from USA Today (11/20):
Runways open at Chicago, Seattle, Washington airports
By Alan Levin, USA TODAY
"Three of the nation's busiest airports will open new runways today, creating the largest one-day increase in aviation capacity in more than a decade.
Flights are expected to land on new runway strips today at Chicago O'Hare International, Seattle-Tacoma International and Washington Dulles International.
More runways mean more capacity — the number of planes an airport can handle at peak times. At Seattle alone, the new runway will allow as many as 20 more planes an hour in bad weather — about a 60% increase, according to the airport." ...
for the complete story
Runways open at Chicago, Seattle, Washington airports
By Alan Levin, USA TODAY
"Three of the nation's busiest airports will open new runways today, creating the largest one-day increase in aviation capacity in more than a decade.
Flights are expected to land on new runway strips today at Chicago O'Hare International, Seattle-Tacoma International and Washington Dulles International.
More runways mean more capacity — the number of planes an airport can handle at peak times. At Seattle alone, the new runway will allow as many as 20 more planes an hour in bad weather — about a 60% increase, according to the airport." ...
for the complete story
Oklahoma City breaks ground on outlet mall
from GlobeSt (11/20):
Last updated: November 19, 2008 06:28pm
Experts Say Area Ready For Outlet Mall
By Amy Wolff Sorter
"OKLAHOMA CITY, OK-The groundbreaking delay of the 341,400-square-foot Outlet Shoppes at Oklahoma is due to financing, rather than demand. But according to area retail experts, when the mall is complete it will have a ready and waiting market.
Outlet Shoppes at Oklahoma City is being developed by Horizon Group Properties Inc. at Interstate 40 and Council Road in the far west submarket. The Norton Shores, MI developer hoped to start construction last summer, but a recent story in The Oklahoman reported that uncertain financial markets pushed the construction launch to spring 2009, with opening scheduled for summer 2010. Meanwhile, Atlanta-based Cousins Properties Inc. is providing financial and other assistance to move the project forward." ...
for the complete story
for the Oklahoman article cited in the above
Last updated: November 19, 2008 06:28pm
Experts Say Area Ready For Outlet Mall
By Amy Wolff Sorter
"OKLAHOMA CITY, OK-The groundbreaking delay of the 341,400-square-foot Outlet Shoppes at Oklahoma is due to financing, rather than demand. But according to area retail experts, when the mall is complete it will have a ready and waiting market.
Outlet Shoppes at Oklahoma City is being developed by Horizon Group Properties Inc. at Interstate 40 and Council Road in the far west submarket. The Norton Shores, MI developer hoped to start construction last summer, but a recent story in The Oklahoman reported that uncertain financial markets pushed the construction launch to spring 2009, with opening scheduled for summer 2010. Meanwhile, Atlanta-based Cousins Properties Inc. is providing financial and other assistance to move the project forward." ...
for the complete story
for the Oklahoman article cited in the above
Casinos see changes in develeopment trends
from GlobeSt (11/20):
Last updated: November 20, 2008 12:24am
Loveman: Sea Change for Casino Companies
By Brian K. Miller
"LAS VEGAS-A “significant sea change” is occurring within the casino industry, according to the top dog of Harrah’s Entertainment, the world's largest gambling company by revenue and a private company since January. Speaking at a casino industry conference Wednesday, Gary Loveman said Harrah’s and its competitors will have to change how they do business." ...
for the complete story
Last updated: November 20, 2008 12:24am
Loveman: Sea Change for Casino Companies
By Brian K. Miller
"LAS VEGAS-A “significant sea change” is occurring within the casino industry, according to the top dog of Harrah’s Entertainment, the world's largest gambling company by revenue and a private company since January. Speaking at a casino industry conference Wednesday, Gary Loveman said Harrah’s and its competitors will have to change how they do business." ...
for the complete story
Rocklin, CA approves class A office development in Stanford Ranch
from GlobeSt (11/20):
Last updated: November 20, 2008 12:26am
City of Rocklin OKs Opus West Office Project
By Brian K. Miller
"SAN FRANCISCO-Opus West Corp. said Wednesday that it has received approval from the City of Rocklin for Opus Point Stanford Ranch, a three-building, 360,000-sf class A office development on 20 acres of the 3,500-acre Stanford Ranch master-planned community." ...
for the complete story
Last updated: November 20, 2008 12:26am
City of Rocklin OKs Opus West Office Project
By Brian K. Miller
"SAN FRANCISCO-Opus West Corp. said Wednesday that it has received approval from the City of Rocklin for Opus Point Stanford Ranch, a three-building, 360,000-sf class A office development on 20 acres of the 3,500-acre Stanford Ranch master-planned community." ...
for the complete story
St. Charles, MO breaks ground on mixed-use redevelopment
from GlobeSt (11/20):
Last updated: November 20, 2008 12:07am
Cullinan Breaks Ground on $385M Mixed-Use
By Robert Carr
"ST. CHARLES, MO-Peoria, IL-based Cullinan Properties has broken ground on a $385 million mixed-use project that is to include a hotel, 250,000 square feet of retail, a 250,000 square feet of office and more than 750 apartments. Because of the late start, the firm will finish grading the 26-acre site, and will knock off construction until early next year to avoid the bad weather.
The 1.4-million-square-foot project is going on the site of the former Noah’s Ark restaurant, which was demolished after 40 years in operation. The company has cut back on the development plans, but still hopes to have its phase one, which will include 65,000 square feet of retail and a movie theater, as well as a third of the apartments, finished by 2010." ....
for the complete story
Last updated: November 20, 2008 12:07am
Cullinan Breaks Ground on $385M Mixed-Use
By Robert Carr
"ST. CHARLES, MO-Peoria, IL-based Cullinan Properties has broken ground on a $385 million mixed-use project that is to include a hotel, 250,000 square feet of retail, a 250,000 square feet of office and more than 750 apartments. Because of the late start, the firm will finish grading the 26-acre site, and will knock off construction until early next year to avoid the bad weather.
The 1.4-million-square-foot project is going on the site of the former Noah’s Ark restaurant, which was demolished after 40 years in operation. The company has cut back on the development plans, but still hopes to have its phase one, which will include 65,000 square feet of retail and a movie theater, as well as a third of the apartments, finished by 2010." ....
for the complete story
Intl visitation to U.S. up 9%
from TI News (11/7):
INTERNATIONAL VISITATION UP 9 PERCENT IN FIRST EIGHT MONTHS OF 2008
SPENDING AT $96.3 BILLION FOR THE YEAR
August Arrivals 6 Percent Above August 2007
"The U.S. Department of Commerce announced that 34.9 million international visitors traveled to the United States during the first eight months of 2008, an increase of nine percent over the same period in 2007. In August 2008, total visitation was 5.6 million, an increase of six percent over August 2007.
International visitors spent $96.3 billion from January through August 2008, an increase of 24 percent over the first eight months of 2007. In August 2008, visitors spent a record $12.7 billion, an increase of 20 percent over August 2007." ...
for the complete press release and data
INTERNATIONAL VISITATION UP 9 PERCENT IN FIRST EIGHT MONTHS OF 2008
SPENDING AT $96.3 BILLION FOR THE YEAR
August Arrivals 6 Percent Above August 2007
"The U.S. Department of Commerce announced that 34.9 million international visitors traveled to the United States during the first eight months of 2008, an increase of nine percent over the same period in 2007. In August 2008, total visitation was 5.6 million, an increase of six percent over August 2007.
International visitors spent $96.3 billion from January through August 2008, an increase of 24 percent over the first eight months of 2007. In August 2008, visitors spent a record $12.7 billion, an increase of 20 percent over August 2007." ...
for the complete press release and data
LEED restructuring
from Green Source enews (11/20):
Building a New LEED
LEED 2009 looks to the future by standardizing the sometimes disparate LEED categories and providing a point model with more basis in hard scientific data
11/2008
By Nadav Malin
"The U.S. green building council’s (USGBC) LEED rating system was a victim of its own success almost from the moment it launched. Overextended staff and hypergrowth led to spotty customer service and complaints from many users and stakeholders about a lack of responsiveness. But as LEED has matured, USGBC has gotten better at managing its success and focusing its efforts. Now it is ready with LEED 2009 (which until recently had the working title of “LEED version 3.0”), the most substantial restructuring of the LEED rating systems in the program’s history." ...
for the complete story
Building a New LEED
LEED 2009 looks to the future by standardizing the sometimes disparate LEED categories and providing a point model with more basis in hard scientific data
11/2008
By Nadav Malin
"The U.S. green building council’s (USGBC) LEED rating system was a victim of its own success almost from the moment it launched. Overextended staff and hypergrowth led to spotty customer service and complaints from many users and stakeholders about a lack of responsiveness. But as LEED has matured, USGBC has gotten better at managing its success and focusing its efforts. Now it is ready with LEED 2009 (which until recently had the working title of “LEED version 3.0”), the most substantial restructuring of the LEED rating systems in the program’s history." ...
for the complete story
Boston Children's Museum case study
from Green Source Web Insider (11/20):
CASE STUDY:
Boston Children’s Museum
Boston, Massachusetts
Small Footprint, Small Clientele: Boston's children's museum broadens its green agenda with sustainable renovation and expansion
By Ted Smalley Bowen
"The plaza in front of the recently expanded Boston Children’s Museum is one of the most frenetic outdoor spaces in the downtown area--barely controlled chaos. Inside, glass, steel, and brick amplify the din of hyper-stimulated kids. The energy-harvesting potential is staggering. The museum literally put that exuberance to work, inviting visitors to help plant the trays of sedum (a hardy succulent) that make up the three green roofs on its 23,000-square-foot addition. On a more abstract level, the museum seeks to cultivate environmental awareness in its juvenile clientele. The building functions as both classroom for lessons on human and environmental health, and experiment, providing a chance to learn about and monitor the performance of a green building. Completed in the spring of 2007, the project was designed by Cambridge Seven Associates." ...
for the case study
CASE STUDY:
Boston Children’s Museum
Boston, Massachusetts
Small Footprint, Small Clientele: Boston's children's museum broadens its green agenda with sustainable renovation and expansion
By Ted Smalley Bowen
"The plaza in front of the recently expanded Boston Children’s Museum is one of the most frenetic outdoor spaces in the downtown area--barely controlled chaos. Inside, glass, steel, and brick amplify the din of hyper-stimulated kids. The energy-harvesting potential is staggering. The museum literally put that exuberance to work, inviting visitors to help plant the trays of sedum (a hardy succulent) that make up the three green roofs on its 23,000-square-foot addition. On a more abstract level, the museum seeks to cultivate environmental awareness in its juvenile clientele. The building functions as both classroom for lessons on human and environmental health, and experiment, providing a chance to learn about and monitor the performance of a green building. Completed in the spring of 2007, the project was designed by Cambridge Seven Associates." ...
for the case study
Wednesday, November 19, 2008
MGM Mirage in Vietnam
From GlobeSt (11/19):
Last updated: November 19, 2008 01:01pm
MGM Mirage to Anchor $4B Development in Vietnam
By Brian K. Miller
"LAS VEGAS-An MGM Mirage-branded resort will anchor a $4.2-billion integrated beachfront resort complex being developed in southwest Vietnam by Asian Coast Development Ltd., a Toronto-based company in which New York City-based Harbinger Capital has a stake. ACDL and MGM Mirage announced the news Tuesday, saying the first phase of the development will consist of a Greg Norman-designed golf course and MGM Ho Tram, an 1,100-room resort with gaming, retail, convention and entertainment venues.
MGM Ho Tram is under construction and slated for completion in 2011, the duo said. ACDL will own and finance the project while MGM Mirage will provide development assistance, brand equity, and will operate the property upon completion." ...
"The overall development plan calls for 10,000 rooms in five resorts on the so-called Ho Tram Strip, a 430-acre area that includes 1.4-mile stretch of white-sand beachfront and forest in Xuyen Moc, Ba Ria Vung Tau Province, eighty miles from Ho Chi Minh City (formerly Saigon). Only plans for MGM Ho Tram have been announced. If completed, it would be the largest tourism complex in Vietnam, competing with integrated resorts in neighboring China, Malaysia and Singapore." ...
for the complete story
Last updated: November 19, 2008 01:01pm
MGM Mirage to Anchor $4B Development in Vietnam
By Brian K. Miller
"LAS VEGAS-An MGM Mirage-branded resort will anchor a $4.2-billion integrated beachfront resort complex being developed in southwest Vietnam by Asian Coast Development Ltd., a Toronto-based company in which New York City-based Harbinger Capital has a stake. ACDL and MGM Mirage announced the news Tuesday, saying the first phase of the development will consist of a Greg Norman-designed golf course and MGM Ho Tram, an 1,100-room resort with gaming, retail, convention and entertainment venues.
MGM Ho Tram is under construction and slated for completion in 2011, the duo said. ACDL will own and finance the project while MGM Mirage will provide development assistance, brand equity, and will operate the property upon completion." ...
"The overall development plan calls for 10,000 rooms in five resorts on the so-called Ho Tram Strip, a 430-acre area that includes 1.4-mile stretch of white-sand beachfront and forest in Xuyen Moc, Ba Ria Vung Tau Province, eighty miles from Ho Chi Minh City (formerly Saigon). Only plans for MGM Ho Tram have been announced. If completed, it would be the largest tourism complex in Vietnam, competing with integrated resorts in neighboring China, Malaysia and Singapore." ...
for the complete story
UK hotel industry sees plans for help
from HNN (11/19):
Three measures to help UK hotel industry
19 November 2008 8:57 AM
By HNN Newswire
"20 November 2008 -- The government should allow VAT and NI payments to be deferred, reinstate the capital allowances that were withdrawn in the 2007 Budget and stop introducing more regulations, Bob Cotton, chief executive of the British Hospitality Association, has told MPs." ...
for the complete story
Three measures to help UK hotel industry
19 November 2008 8:57 AM
By HNN Newswire
"20 November 2008 -- The government should allow VAT and NI payments to be deferred, reinstate the capital allowances that were withdrawn in the 2007 Budget and stop introducing more regulations, Bob Cotton, chief executive of the British Hospitality Association, has told MPs." ...
for the complete story
2 large CMBS loans near default
from Reuters (11/18):
UPDATE 2-Big CMBS loans seen near default, index yields soar
Tue Nov 18, 2008 4:08pm EST
(Recasts lead, adds analyst comment)
By Al Yoon
"NEW YORK, Nov 18 (Reuters) - Two of the largest loans in recent commercial mortgage bonds, including one for two Westin hotels, appear near default, underscoring the stress that has upended the $700 billion market and sending yields soaring.
A $209 million loan for Westin hotels in Tucson, Arizona, and Hilton Head, South Carolina, in October was transferred to a special servicer in October "due to imminent default," Credit Suisse analysts said in a research note on Tuesday." ...
for the complete story
UPDATE 2-Big CMBS loans seen near default, index yields soar
Tue Nov 18, 2008 4:08pm EST
(Recasts lead, adds analyst comment)
By Al Yoon
"NEW YORK, Nov 18 (Reuters) - Two of the largest loans in recent commercial mortgage bonds, including one for two Westin hotels, appear near default, underscoring the stress that has upended the $700 billion market and sending yields soaring.
A $209 million loan for Westin hotels in Tucson, Arizona, and Hilton Head, South Carolina, in October was transferred to a special servicer in October "due to imminent default," Credit Suisse analysts said in a research note on Tuesday." ...
for the complete story
Host Hotels revises projections and withdraws 2008 guidance
from HNN (11/19):
Host Hotels revises RevPAR projections
19 November 2008 8:01 AM
By HNN Newswire
"BETHESDA, MD; November 18, 2008 – Host Hotels & Resorts, Inc. (NYSE:HST) today announced that as a result of the worsening economy, which is significantly slowing travel and negatively impacting the Company’s operations, the Company is revising its fourth quarter and full year 2008 comparable hotel RevPAR guidance, and withdrawing its remaining 2008 guidance" ...
for the complete annuoncement
Host Hotels revises RevPAR projections
19 November 2008 8:01 AM
By HNN Newswire
"BETHESDA, MD; November 18, 2008 – Host Hotels & Resorts, Inc. (NYSE:HST) today announced that as a result of the worsening economy, which is significantly slowing travel and negatively impacting the Company’s operations, the Company is revising its fourth quarter and full year 2008 comparable hotel RevPAR guidance, and withdrawing its remaining 2008 guidance" ...
for the complete annuoncement
STR comments on RevPAR
from HNN (11/19):
STR: Weekly RevPAR takes double-digit dip
19 November 2008 1:24 PM
By HNN Newswire
"HENDERSONVILLE, Tennessee—The U.S. hotel industry posted declines in three key performance measurements during the week of 9-15 November 2008, according to data from STR.
In year-over-year measurements, the industry’s revenue per available room fell 13.2 percent to end the week at US$59.78—down from US$68.86 during the comparable week in 2007. The U.S. hotel industry’s year-over-year occupancy rate fell 11.6 percent to finish the week at 56.3 percent (63.7 percent in 2007). Average daily rate dropped 1.7 percent to end the week at US$106.26 (US$108.15 in 2007).
“It is disappointing and certainly worse than we expected,” said Mark Lomanno, president of STR. “The deteriorating economic conditions have become so pervasive that it is affecting all areas of travel—nearly all of which have an impact on hotels.
“Having said that, we expect the worst to be over in the second quarter of 2009, and we expect improvement in the overall hotel industry performance in the second half of ’09,” he added." ...
for the complete story
STR: Weekly RevPAR takes double-digit dip
19 November 2008 1:24 PM
By HNN Newswire
"HENDERSONVILLE, Tennessee—The U.S. hotel industry posted declines in three key performance measurements during the week of 9-15 November 2008, according to data from STR.
In year-over-year measurements, the industry’s revenue per available room fell 13.2 percent to end the week at US$59.78—down from US$68.86 during the comparable week in 2007. The U.S. hotel industry’s year-over-year occupancy rate fell 11.6 percent to finish the week at 56.3 percent (63.7 percent in 2007). Average daily rate dropped 1.7 percent to end the week at US$106.26 (US$108.15 in 2007).
“It is disappointing and certainly worse than we expected,” said Mark Lomanno, president of STR. “The deteriorating economic conditions have become so pervasive that it is affecting all areas of travel—nearly all of which have an impact on hotels.
“Having said that, we expect the worst to be over in the second quarter of 2009, and we expect improvement in the overall hotel industry performance in the second half of ’09,” he added." ...
for the complete story
Tuesday, November 18, 2008
Westwood (CA) Crest Theater up for sale
from the California Real Estate Journal (11/18):
CB Richard Ellis Selling One of Last Single-Screen Movie Theaters
"LOS ANGELES - CB Richard Ellis has listed Westwood's 460-seat Crest Theater for $4.75 million." ...
for the complete story
CB Richard Ellis Selling One of Last Single-Screen Movie Theaters
"LOS ANGELES - CB Richard Ellis has listed Westwood's 460-seat Crest Theater for $4.75 million." ...
for the complete story
MGM Mirage still looking to sell
from GlobeSt (11/18):
November 18, 2008 12:13pm
MGM Mirage Looking to Sell Non-Core Assets
By Brian K. Miller
"LAS VEGAS- MGM Mirage is actively exploring the sale of undeveloped land on the Las Vegas Strip and elsewhere as it looks to improve its liquidity position in these tough economic times. The potential land sales, revealed Monday morning at an investor conference, are part of a larger disposition of non-core assets by the company that includes three company airplanes.
"We have an awful lot of land on the Strip, in the county and in the state," Murren reportedly said, estimating the company could raise about $300 million from such dispositions. "Land prices may be down but in many cases they are still far above what we have on our books." "...
for the complete story
November 18, 2008 12:13pm
MGM Mirage Looking to Sell Non-Core Assets
By Brian K. Miller
"LAS VEGAS- MGM Mirage is actively exploring the sale of undeveloped land on the Las Vegas Strip and elsewhere as it looks to improve its liquidity position in these tough economic times. The potential land sales, revealed Monday morning at an investor conference, are part of a larger disposition of non-core assets by the company that includes three company airplanes.
"We have an awful lot of land on the Strip, in the county and in the state," Murren reportedly said, estimating the company could raise about $300 million from such dispositions. "Land prices may be down but in many cases they are still far above what we have on our books." "...
for the complete story
San Antonio condo-hotel condo component on market
from GlobeSt (11/18):
November 18, 2008 10:01am
1,000-Room Hotel's Residence Comes To Market
By Amy Wolff Sorter
"SAN ANTONIO, TX-Alteza, the 147-unit residential condominium component topping the 1,000-room Grand Hyatt San Antonio is coming to market. Though 39 luxury condos have already been sold, the remaining 108 units are being offered as a single asset.
The condominium component topping the city's convention hotel at 600 E. Market St. doesn't come with an offering price. However, Joshua Shatz, principal with Custom Properties LLC of Dallas says the condos could attract an end market price of $400,000 per unit." ...
for the complete story
November 18, 2008 10:01am
1,000-Room Hotel's Residence Comes To Market
By Amy Wolff Sorter
"SAN ANTONIO, TX-Alteza, the 147-unit residential condominium component topping the 1,000-room Grand Hyatt San Antonio is coming to market. Though 39 luxury condos have already been sold, the remaining 108 units are being offered as a single asset.
The condominium component topping the city's convention hotel at 600 E. Market St. doesn't come with an offering price. However, Joshua Shatz, principal with Custom Properties LLC of Dallas says the condos could attract an end market price of $400,000 per unit." ...
for the complete story
Plantation (FL) Midtown District development plan is underway
from GlobeStFL (11/18):
Last updated: November 7, 2008 08:02pm
Midtown District Moves Forward
By Crystal Proenza
"PLANTATION, FL-As part of the City of Plantation’s Midtown District development plan, 321 North, an $800-million mixed-use community, has received master plan approval by the City Council. Developer US Capital Holdings Group will begin redeveloping the former Plantation Fashion Mall at 321 N University Drive and building 550,000 square feet of retail, 613,000 square feet of office and up to 590 residential units on the site." ...
for the complete story
Last updated: November 7, 2008 08:02pm
Midtown District Moves Forward
By Crystal Proenza
"PLANTATION, FL-As part of the City of Plantation’s Midtown District development plan, 321 North, an $800-million mixed-use community, has received master plan approval by the City Council. Developer US Capital Holdings Group will begin redeveloping the former Plantation Fashion Mall at 321 N University Drive and building 550,000 square feet of retail, 613,000 square feet of office and up to 590 residential units on the site." ...
for the complete story
Gaylord backs out of Chula Vista convention center/hotel project
from the San Diego Business Journal (11/18):
Gaylord Pulls Out of $1B Project
By - 11/17/2008
San Diego Business Journal Staff
"Gaylord Entertainment, a Tennessee developer and operator of hotels, said Nov. 17 that it is withdrawing its plans to build a $1 billion convention center/hotel at Chula Vista’s bay front." ...
for the complete story
Gaylord Pulls Out of $1B Project
By - 11/17/2008
San Diego Business Journal Staff
"Gaylord Entertainment, a Tennessee developer and operator of hotels, said Nov. 17 that it is withdrawing its plans to build a $1 billion convention center/hotel at Chula Vista’s bay front." ...
for the complete story
Hawaii visitor numbers down
from the Wall Street Journal (11/17):
TRAVEL NOVEMBER 17, 2008, 9:20 P.M. ET
In Hawaii, Paradise Goes on Sale
Besieged hotels, retailers post serious deals; 'there's hardly anybody here'
By CANDACE JACKSON
"HAWAII -- On a recent sunny, 84-degree Saturday afternoon at the Sheraton Keauhou Bay Resort & Spa on Hawaii's Big Island, dozens of pool chairs and canopied cabanas sat empty. At dinnertime, the hotel's restaurants had plenty of free tables. In town, "50% Off!" signs hung in the windows of many souvenir shops. Bars advertised recently lowered prices like $2 mai tais and $12.95 lunch specials.
There's trouble in Polynesian paradise, as Hawaii's tourism industry reels from a global economic slump as well as the shuttering of two of the state's major air carriers. The upshot for visitors: a wave of deals and steep discounts in what's traditionally been considered one of the priciest resort destinations.
The Hotel Hana Maui now has ocean-view cottages that go for $495 a night -- down from $650 last November. Stays also come with a new $150-a-day resort credit that guests can spend on activities like horseback riding on the beach. Guests at the Hyatt Regency Maui Resort & Spa are getting a third night free, room upgrade and daily breakfast. At the Kiahuna Golf Club, a Robert Trent Jones Jr.-designed course on Kauai, a second or third round of golf is about 40% off, and golf-club rentals are half-off." ...
for the complete story
TRAVEL NOVEMBER 17, 2008, 9:20 P.M. ET
In Hawaii, Paradise Goes on Sale
Besieged hotels, retailers post serious deals; 'there's hardly anybody here'
By CANDACE JACKSON
"HAWAII -- On a recent sunny, 84-degree Saturday afternoon at the Sheraton Keauhou Bay Resort & Spa on Hawaii's Big Island, dozens of pool chairs and canopied cabanas sat empty. At dinnertime, the hotel's restaurants had plenty of free tables. In town, "50% Off!" signs hung in the windows of many souvenir shops. Bars advertised recently lowered prices like $2 mai tais and $12.95 lunch specials.
There's trouble in Polynesian paradise, as Hawaii's tourism industry reels from a global economic slump as well as the shuttering of two of the state's major air carriers. The upshot for visitors: a wave of deals and steep discounts in what's traditionally been considered one of the priciest resort destinations.
The Hotel Hana Maui now has ocean-view cottages that go for $495 a night -- down from $650 last November. Stays also come with a new $150-a-day resort credit that guests can spend on activities like horseback riding on the beach. Guests at the Hyatt Regency Maui Resort & Spa are getting a third night free, room upgrade and daily breakfast. At the Kiahuna Golf Club, a Robert Trent Jones Jr.-designed course on Kauai, a second or third round of golf is about 40% off, and golf-club rentals are half-off." ...
for the complete story
Palm Beach hopeful for tourist season
from the Palm Beach Post (11/16):
Businesses hopeful for tourist season
By ANDREW ABRAMSON
Palm Beach Post Staff Writer
Sunday, November 16, 2008
"WEST PALM BEACH — The tourist season might not seem so touristy this year.
But even with the economy in a tailspin and Palm Beach County's annual rush of tourists and seasonal residents expected to decline, there are some bright spots - including Lake Worth and Wellington." ...
for the complete story
Businesses hopeful for tourist season
By ANDREW ABRAMSON
Palm Beach Post Staff Writer
Sunday, November 16, 2008
"WEST PALM BEACH — The tourist season might not seem so touristy this year.
But even with the economy in a tailspin and Palm Beach County's annual rush of tourists and seasonal residents expected to decline, there are some bright spots - including Lake Worth and Wellington." ...
for the complete story
Memphis "Pyramid" riverfront arena becomes Bass Pro Shop
from Arkansas Business (11/18):
Pyramid Arena in Memphis to Become Bass Pro Shops
By The Associated Press - 11/17/2008 5:02:01 PM
"MEMPHIS, Tenn. (AP) _ The Shelby County Commission on Monday approved a development agreement that would turn the vacant, 32-story Pyramid arena into a Bass Pro Shops retail location.
Under the agreement, Bass Pro Shops has 12 months to sign a long-term lease on the arena. The company will pay $35,000 a month for 12 months, and there will be a $500,000 penalty if it backs out of the deal." ...
for the complete story
Pyramid Arena in Memphis to Become Bass Pro Shops
By The Associated Press - 11/17/2008 5:02:01 PM
"MEMPHIS, Tenn. (AP) _ The Shelby County Commission on Monday approved a development agreement that would turn the vacant, 32-story Pyramid arena into a Bass Pro Shops retail location.
Under the agreement, Bass Pro Shops has 12 months to sign a long-term lease on the arena. The company will pay $35,000 a month for 12 months, and there will be a $500,000 penalty if it backs out of the deal." ...
for the complete story
review of the new Art Gallery of Ontario
from the Globe and Mail (11/14):
Unmasking art's dazzling pleasures – and its dirty secrets, too
SARAH MILROY
From Saturday's Globe and Mail
November 14, 2008 at 4:18 PM EST
"Writing in 1940, against the deepening shadow of Nazism, the great German Jewish theoretician Walter Benjamin had a few things to say about museumgoing. The thoughtful visitor, he wrote, may well be moved to tears by the beauty that he finds therein, but he will understand as well that “the cultural treasures he surveys have an origin which he cannot contemplate without horror. They owe their existence not only to the efforts of the great minds and talents who have created them, but also to the anonymous toil of their contemporaries.” Benjamin continues: “There is no document of civilization that is not, at the same time, a document of barbarism.” Power, made manifest through the splendid material of art, was, for him, the subliminal theme of the museum." ...
"Can there be such a thing as a non-violent museum?
These are the questions that animate the new galleries of the Art Gallery of Ontario, which opens to the public for the first time this weekend, an institution which has gracefully managed the transition from art gallery to museum, now housing important collections of Inuit, African and North American aboriginal art, as well as art made by men and women working the white European tradition." ...
for the complete review of the Art Gallery of Ontario
Unmasking art's dazzling pleasures – and its dirty secrets, too
SARAH MILROY
From Saturday's Globe and Mail
November 14, 2008 at 4:18 PM EST
"Writing in 1940, against the deepening shadow of Nazism, the great German Jewish theoretician Walter Benjamin had a few things to say about museumgoing. The thoughtful visitor, he wrote, may well be moved to tears by the beauty that he finds therein, but he will understand as well that “the cultural treasures he surveys have an origin which he cannot contemplate without horror. They owe their existence not only to the efforts of the great minds and talents who have created them, but also to the anonymous toil of their contemporaries.” Benjamin continues: “There is no document of civilization that is not, at the same time, a document of barbarism.” Power, made manifest through the splendid material of art, was, for him, the subliminal theme of the museum." ...
"Can there be such a thing as a non-violent museum?
These are the questions that animate the new galleries of the Art Gallery of Ontario, which opens to the public for the first time this weekend, an institution which has gracefully managed the transition from art gallery to museum, now housing important collections of Inuit, African and North American aboriginal art, as well as art made by men and women working the white European tradition." ...
for the complete review of the Art Gallery of Ontario
Canda looks into selling assets? -- museums, bridges, prisons, etc.
from the Times Colonist (Ottawa) (11/14):
Government could sell planes, trains, museums to cover deficit
Meagan Fitzpatrick and Kirsten Smith, Canwest News Service
Published: Friday, November 14, 2008
"OTTAWA - Forget shopping online or tuning in to The Shopping Channel, the government of Canada may have just what you're looking for - office space, housing, planes, boats or if you're on the hunt for more unusual items including dinosaur bones and Harlequin romance novels, you may be in luck.
Federal Finance Minister Jim Flaherty said Thursday the government is considering selling real estate and other Crown assets to help balance the books as the economy continues its downward slide. Flaherty, speaking at the Conservative policy convention in Winnipeg, said the government plans to review its capital assets and determine if any should be sold.
On Friday, Prime Minister Stephen Harper said the government does not, however, intend to hold a fire sale of properties, Crown corporations and other assets to avoid a deficit." ...
for the complete story
Government could sell planes, trains, museums to cover deficit
Meagan Fitzpatrick and Kirsten Smith, Canwest News Service
Published: Friday, November 14, 2008
"OTTAWA - Forget shopping online or tuning in to The Shopping Channel, the government of Canada may have just what you're looking for - office space, housing, planes, boats or if you're on the hunt for more unusual items including dinosaur bones and Harlequin romance novels, you may be in luck.
Federal Finance Minister Jim Flaherty said Thursday the government is considering selling real estate and other Crown assets to help balance the books as the economy continues its downward slide. Flaherty, speaking at the Conservative policy convention in Winnipeg, said the government plans to review its capital assets and determine if any should be sold.
On Friday, Prime Minister Stephen Harper said the government does not, however, intend to hold a fire sale of properties, Crown corporations and other assets to avoid a deficit." ...
for the complete story
Canada's new Museum for Human Rights facing site issues
from the Globe and Mail (11/17):
Canada's cultural travellers won't warm to Winnipeg, survey finds
BILL CURRY
From Monday's Globe and Mail
November 17, 2008 at 4:49 AM EST
"OTTAWA — Canadians, particularly francophones, think Winnipeg is too cold, boring and far away, so they will probably view exhibits at the new $265-million Canadian Museum for Human Rights in the city online rather than in person, according to government research.
The negative view of the Manitoba capital surfaced in small focus group discussions conducted for the federal Department of Canadian Heritage.
"These [French-speaking] participants suggested that the city suffers from negative stereotypes such as: cold, nothing to do, far away, and not interesting to visit," according to an internal government report in April. "Very few of these participants would put the museum on their list of things to see given the distance."
Ottawa is giving $100-million for construction and $22-million annually for operating costs of what will be the country's first national museum built outside of the National Capital Region. Last week, the Conservative government in an effort to save money scrapped plans for a national portrait gallery that might have been built outside of Ottawa." ...
for the complete story
Canada's cultural travellers won't warm to Winnipeg, survey finds
BILL CURRY
From Monday's Globe and Mail
November 17, 2008 at 4:49 AM EST
"OTTAWA — Canadians, particularly francophones, think Winnipeg is too cold, boring and far away, so they will probably view exhibits at the new $265-million Canadian Museum for Human Rights in the city online rather than in person, according to government research.
The negative view of the Manitoba capital surfaced in small focus group discussions conducted for the federal Department of Canadian Heritage.
"These [French-speaking] participants suggested that the city suffers from negative stereotypes such as: cold, nothing to do, far away, and not interesting to visit," according to an internal government report in April. "Very few of these participants would put the museum on their list of things to see given the distance."
Ottawa is giving $100-million for construction and $22-million annually for operating costs of what will be the country's first national museum built outside of the National Capital Region. Last week, the Conservative government in an effort to save money scrapped plans for a national portrait gallery that might have been built outside of Ottawa." ...
for the complete story
Canadian arts/cultrual festivals prepare for battle
from Metro Ottawa (11/17):
City groups plan culture cutback backlash
Tracey Tong /Metro Ottawa
17 November 2008 05:41
"Proposed cuts to city festivals, special events and the arts would have “devastating” effects here, the president of Ottawa Festivals said on the eve of a planned counter-offensive." ...
"As a part of 2009 budget deliberations, council has proposed cutting festival funding completely and arts and heritage funding nearly in half. Various festivals, arts and heritage organizations will be pushing back, beginning at city hall tomorrow morning." ...
"The cuts are counterproductive, supporters argue. The $1 million that the city would put into a festival would generate $50 million that residents and tourists would spend on businesses, stores and restaurants, Armour said.
“For every dollar that the city puts into festivals, the festivals are able to raise another $21,” he said. “The city is getting a really fantastic deal.”"
for the complete story
City groups plan culture cutback backlash
Tracey Tong /Metro Ottawa
17 November 2008 05:41
"Proposed cuts to city festivals, special events and the arts would have “devastating” effects here, the president of Ottawa Festivals said on the eve of a planned counter-offensive." ...
"As a part of 2009 budget deliberations, council has proposed cutting festival funding completely and arts and heritage funding nearly in half. Various festivals, arts and heritage organizations will be pushing back, beginning at city hall tomorrow morning." ...
"The cuts are counterproductive, supporters argue. The $1 million that the city would put into a festival would generate $50 million that residents and tourists would spend on businesses, stores and restaurants, Armour said.
“For every dollar that the city puts into festivals, the festivals are able to raise another $21,” he said. “The city is getting a really fantastic deal.”"
for the complete story
Friday, November 14, 2008
NSGA reports golf course openings down
from the NSGA Newsletter (11/10):
Golf Course Openings Continue Decline
"U.S. golf course developers are on track to post the lowest number of openings in two decades, according to the National Golf Foundation (NGF). Measured in 18-hole equivalents, 65 courses have opened so far this year. NGF estimates, based on the number of courses currently under construction, that another 10-20 will open by December 31. That would bring total 2008 openings to 75-85 18-hole equivalents, the lowest number in over 20 years." ....
for more information
Golf Course Openings Continue Decline
"U.S. golf course developers are on track to post the lowest number of openings in two decades, according to the National Golf Foundation (NGF). Measured in 18-hole equivalents, 65 courses have opened so far this year. NGF estimates, based on the number of courses currently under construction, that another 10-20 will open by December 31. That would bring total 2008 openings to 75-85 18-hole equivalents, the lowest number in over 20 years." ....
for more information
US Golf rounds down in September
from the NSGA Newsletter (11/10):
September Golf Rounds Down Sharply; Year-To-Date Negative
"Rounds played in the U.S. fell 7.5%% in September 2008 versus September 2007, according to the new National Golf Rounds Played Report. Rounds played had risen 4.4% in August. Rounds played for the first nine months of 2008 are down 1.4%. The reporting is based on data from operators at more than 4,500 golf facilities.
For the full year 2007, rounds played were down 0.5%; in 2006, they had been up 0.8%." ...
for further info
September Golf Rounds Down Sharply; Year-To-Date Negative
"Rounds played in the U.S. fell 7.5%% in September 2008 versus September 2007, according to the new National Golf Rounds Played Report. Rounds played had risen 4.4% in August. Rounds played for the first nine months of 2008 are down 1.4%. The reporting is based on data from operators at more than 4,500 golf facilities.
For the full year 2007, rounds played were down 0.5%; in 2006, they had been up 0.8%." ...
for further info
Green building popularity continues
from the New York Observer (11/13):
Recession or Not, Green Building to Keep Growing
by Lydia DePillis | 8:30 AM November 13, 2008 |
"The Wall Street crash and nose-diving gas prices have taken the air out of some environmental initiatives lately—federal climate change legislation, for example, and a few big renewable energy projects.
But in New York City, by at least one metric, environmentalism is going strong: Driven by growing demand for eco-friendly living and working space, developers are forging full steam ahead on plans to obtain green certification for both commercial and residential projects." ...
for the complete story
Recession or Not, Green Building to Keep Growing
by Lydia DePillis | 8:30 AM November 13, 2008 |
"The Wall Street crash and nose-diving gas prices have taken the air out of some environmental initiatives lately—federal climate change legislation, for example, and a few big renewable energy projects.
But in New York City, by at least one metric, environmentalism is going strong: Driven by growing demand for eco-friendly living and working space, developers are forging full steam ahead on plans to obtain green certification for both commercial and residential projects." ...
for the complete story
ADR trends predicted
from HNN (11/10):
ADR, inflation and moving forward
10 November 2008 11:12 AM
By Chad Church
Manager, Industry Research
Smith Travel Research
"As the industry moves into the final quarter of 2008, hotels across all industry segments are beginning to slow average daily rate growth. This is of concern, because over the past three years the majority of industry revenue per available room growth was the result of increased room rates. STR forecasts released last month pegged the 2008 ADR growth rate at 3.4 percent and expected 2009 ADR growth to be 1.0 percent. This is expected as both business and leisure demand continues to dip in the face of worsening economic conditions. With slowing ADR growth and occupancy expected to drop 3.5 percent in 2009, RevPAR will suffer." ...
for the complete story
ADR, inflation and moving forward
10 November 2008 11:12 AM
By Chad Church
Manager, Industry Research
Smith Travel Research
"As the industry moves into the final quarter of 2008, hotels across all industry segments are beginning to slow average daily rate growth. This is of concern, because over the past three years the majority of industry revenue per available room growth was the result of increased room rates. STR forecasts released last month pegged the 2008 ADR growth rate at 3.4 percent and expected 2009 ADR growth to be 1.0 percent. This is expected as both business and leisure demand continues to dip in the face of worsening economic conditions. With slowing ADR growth and occupancy expected to drop 3.5 percent in 2009, RevPAR will suffer." ...
for the complete story
Middle Eastern hotel RevPAR besting US and Europe
from HNN (11/11):
Middle East RevPAR outshines U.S., Europe
11 November 2008 9:30 AM
By Martha Lomanno
STR Global
"Recent events involving the global economy have had a huge effect on the hospitality industry. The recession that started in the United States is beginning to spread across Europe, creating trouble for many hotels. Hotels in the Middle East seem to be holding steady—despite recent declines in occupancy throughout the area, they are, for the most part, still seeing slight increases in room rates. This is similar to the situation throughout the U.S., where, despite hints of a recession and falling levels of occupancy and demand, hotels have been able to keep average daily rate growing." ...
for the complete story
Middle East RevPAR outshines U.S., Europe
11 November 2008 9:30 AM
By Martha Lomanno
STR Global
"Recent events involving the global economy have had a huge effect on the hospitality industry. The recession that started in the United States is beginning to spread across Europe, creating trouble for many hotels. Hotels in the Middle East seem to be holding steady—despite recent declines in occupancy throughout the area, they are, for the most part, still seeing slight increases in room rates. This is similar to the situation throughout the U.S., where, despite hints of a recession and falling levels of occupancy and demand, hotels have been able to keep average daily rate growing." ...
for the complete story
Luxury hotel market
from HNN (11/11:
Luxury hotels face headwinds
11 November 2008 9:01 AM
By Jan Freitag
jan@wwstar.com
"As I prepare for the annual meeting of the owners and operators of Leading Hotels of this weekend, I am struck by the rapidly changing performance of luxury hotels in the U.S. During the last upturn, between 2004 and 2006, we reported that hotels in this chain scale achieved double-digit RevPAR growth in all three years. During these heady days the notion of luxury hotels as “recession proof” came into being. Now that a real recession is shaking the U.S. economy and consumer confidence, we observed that RevPAR year-to-date through September dropped 0.8 percent. This drop is a function of the decrease in occupancy (-2.9 percent) and the increase in ADR of around +2.1 percent. While demand continued to increase (+1.4 percent year-to-date), the past performance of this chain scale has attracted a slew of new luxury hotels over the last couple of years. Through September, the number of luxury hotel rooms increased 4.4 percent. And several luxury projects are still under development are slated to open in 2009." ...
from the complete story
Luxury hotels face headwinds
11 November 2008 9:01 AM
By Jan Freitag
jan@wwstar.com
"As I prepare for the annual meeting of the owners and operators of Leading Hotels of this weekend, I am struck by the rapidly changing performance of luxury hotels in the U.S. During the last upturn, between 2004 and 2006, we reported that hotels in this chain scale achieved double-digit RevPAR growth in all three years. During these heady days the notion of luxury hotels as “recession proof” came into being. Now that a real recession is shaking the U.S. economy and consumer confidence, we observed that RevPAR year-to-date through September dropped 0.8 percent. This drop is a function of the decrease in occupancy (-2.9 percent) and the increase in ADR of around +2.1 percent. While demand continued to increase (+1.4 percent year-to-date), the past performance of this chain scale has attracted a slew of new luxury hotels over the last couple of years. Through September, the number of luxury hotel rooms increased 4.4 percent. And several luxury projects are still under development are slated to open in 2009." ...
from the complete story
Top 10 U.S. hotel markets lead by NOLA
from HNN (11/12):
10 good markets
12 November 2008 11:17 AM
By Bobby Bowers
bobby@wwstar.com
"HENDERSONVILLE, Tennessee—Amid the bleak news of declining occupancies, lower room-rate growth and forecasts of a difficult 2009 operating environment, it’s good to stop and find a few rays of light in the storm clouds. We identified the top 10 U.S. markets based on September 2008 year-to-date revenue-per-available-room growth, then added preliminary October 2008 performance for each market. The news, at least in these markets, is surprisingly good." ...
for the complete story
10 good markets
12 November 2008 11:17 AM
By Bobby Bowers
bobby@wwstar.com
"HENDERSONVILLE, Tennessee—Amid the bleak news of declining occupancies, lower room-rate growth and forecasts of a difficult 2009 operating environment, it’s good to stop and find a few rays of light in the storm clouds. We identified the top 10 U.S. markets based on September 2008 year-to-date revenue-per-available-room growth, then added preliminary October 2008 performance for each market. The news, at least in these markets, is surprisingly good." ...
for the complete story
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