Monday, March 31, 2008
Wednesday, March 26, 2008
New Orleans office market moves above pre-Katrina levels
from this morning's GlobeSt. (3/26):
Last updated: March 26, 2008 10:55am
Office Fundamentals Peak in Greater New Orleans
By Connie Gore
"NEW ORLEANS-With attention focused on residential and retail, the Greater New Orleans' office market has been overlooked by outsiders in the post-Katrina analyses. But, the fact is most metros would envy its fundamentals: 91.5% class A occupancy in the CBD and suburbs and $1.50-per-sf to $3-per-sf rent increases since the 2005 hurricane." ...
for the complete story
Last updated: March 26, 2008 10:55am
Office Fundamentals Peak in Greater New Orleans
By Connie Gore
"NEW ORLEANS-With attention focused on residential and retail, the Greater New Orleans' office market has been overlooked by outsiders in the post-Katrina analyses. But, the fact is most metros would envy its fundamentals: 91.5% class A occupancy in the CBD and suburbs and $1.50-per-sf to $3-per-sf rent increases since the 2005 hurricane." ...
for the complete story
Monterey, CA waterfront to get new hotel
from this morning's GlobeSt (3/26):
Last updated: March 26, 2008 09:20am
$80M Waterfront Hotel Set to Open
By Brian K. Miller
"MONTEREY, CA-The first new hotel to be built here in 20 years will open in May across from the Monterey Bay Aquarium. The 208-room InterContinental-branded Clement Monterey is a development of Pacific Hotel Management LLC, a San Mateo-based company that develops and manages all of the hotels owned by affiliates of Clement Chen & Associates. The total development cost is $80 million, a source familiar with the project tells GlobeSt.com." ...
for the complete story
Last updated: March 26, 2008 09:20am
$80M Waterfront Hotel Set to Open
By Brian K. Miller
"MONTEREY, CA-The first new hotel to be built here in 20 years will open in May across from the Monterey Bay Aquarium. The 208-room InterContinental-branded Clement Monterey is a development of Pacific Hotel Management LLC, a San Mateo-based company that develops and manages all of the hotels owned by affiliates of Clement Chen & Associates. The total development cost is $80 million, a source familiar with the project tells GlobeSt.com." ...
for the complete story
Tuesday, March 25, 2008
La Quita to get green housing development
from GlobeSt (3/24):
Last updated: March 24, 2008 05:19pm
Coalition Unveils $90M Green Housing
By Bob Howard
"LA QUINTA, CA-The Coachella Valley Housing Coalition has started work on a 218-unit affordable housing and LEED-certified multifamily complex on nearly 15 acres in this upscale community near Palm Springs. The project, called Wolff Waters Place, will provide housing that is designed to be affordable for families earning 35% to 50% of the area's median income, or approximately $30,000 per year for a family of four.
Wolff Waters Place will include 22 buildings designed as townhomes, flats and garden apartments, each with a private outdoor patio or balcony. The project is unusual in that it targets large families, who often have the most difficult time finding affordable housing, coalition executive director John F. Mealey points out. Half the apartments have three or four bedrooms and will be offered at rents that are as much as 65% below market-rate apartments. The project will take nearly two years to be completed and is expected to obtain LEED certification for its construction and design.
The project site is in La Quinta's Redevelopment Area No. 2, at Avenue 48 and Dune Palms Road. The city's redevelopment agency sold the project site to CVHC for $1 and made $30 million to help fund the development. " ...
for the complete story
Last updated: March 24, 2008 05:19pm
Coalition Unveils $90M Green Housing
By Bob Howard
"LA QUINTA, CA-The Coachella Valley Housing Coalition has started work on a 218-unit affordable housing and LEED-certified multifamily complex on nearly 15 acres in this upscale community near Palm Springs. The project, called Wolff Waters Place, will provide housing that is designed to be affordable for families earning 35% to 50% of the area's median income, or approximately $30,000 per year for a family of four.
Wolff Waters Place will include 22 buildings designed as townhomes, flats and garden apartments, each with a private outdoor patio or balcony. The project is unusual in that it targets large families, who often have the most difficult time finding affordable housing, coalition executive director John F. Mealey points out. Half the apartments have three or four bedrooms and will be offered at rents that are as much as 65% below market-rate apartments. The project will take nearly two years to be completed and is expected to obtain LEED certification for its construction and design.
The project site is in La Quinta's Redevelopment Area No. 2, at Avenue 48 and Dune Palms Road. The city's redevelopment agency sold the project site to CVHC for $1 and made $30 million to help fund the development. " ...
for the complete story
Atlantic Yards in trouble?
from this morning's GlobeSt (3/25):
Last updated: March 25, 2008 08:55am
Economy Could Stall Atlantic Yards Project
By Natalie Dolce
"NEW YORK CITY-Recent published reports indicate that the slowing economy is likely to delay Forest City Ratner's proposed $4-billion Atlantic Yards project in Prospect Heights, Brooklyn, but a Forest City Ratner spokesperson tells GlobeSt.com that today’s business environment "will not determine the final face of this project or deny the borough and the city its many benefits, including the thousands of units of affordable housing."
The published reports quote Ratner as saying that construction on a $950-million basketball arena for the Nets would start by the end of the year. The arena was to be surrounded by the office tower, known as Miss Brooklyn, and three residential buildings in the first phase of the project." ...
for the complete story
Last updated: March 25, 2008 08:55am
Economy Could Stall Atlantic Yards Project
By Natalie Dolce
"NEW YORK CITY-Recent published reports indicate that the slowing economy is likely to delay Forest City Ratner's proposed $4-billion Atlantic Yards project in Prospect Heights, Brooklyn, but a Forest City Ratner spokesperson tells GlobeSt.com that today’s business environment "will not determine the final face of this project or deny the borough and the city its many benefits, including the thousands of units of affordable housing."
The published reports quote Ratner as saying that construction on a $950-million basketball arena for the Nets would start by the end of the year. The arena was to be surrounded by the office tower, known as Miss Brooklyn, and three residential buildings in the first phase of the project." ...
for the complete story
Las Vegas Citycenter development plans announced
from this morning's GlobeSt (3/25):
Last updated: March 25, 2008 10:34am
FX Details $3B Plan for Park Central Site
By Brian K. Miller
"LAS VEGAS-FX Real Estate and Entertainment Inc., the publicly traded owner of 17.72 acres across from the multibillion-dollar Citycenter development on the Las Vegas Strip, revealed its development plans Monday in a 10-K filing with the Securities and Exchange Commission. Formed in 2007 and run by Robert F.X. Sillerman and Paul C. Kanavos, the company states in its annual report that it plans to spend $3.1 billion redeveloping the site with 3,047 hotel rooms, a 93,000-sf casino, 94,000 sf of retail, 100,000 sf of entertainment venues and 147 private residences.
Already zoned for a casino resort but currently hosting other uses, the acreage sits on the southeast corner of Las Vegas Boulevard and Harmon Avenue. The six parcels that comprise the site have a combined 1,175 feet of frontage on the Strip and 600 feet on Harmon. “We are designing the project to compete within the upper strata of the luxury market,” the company states in its filing.
The first phase of the project is slated to include approximately eight million sf of development (excluding parking) consisting of a luxury hotel casino, the first for its Elvis-inspired luxury brand, as well as a luxury branded five-star hotel without a casino. The luxury hotel casino is expected to include 2,269 rooms and be wholly owned and operated by FX. The five-star non-gaming hotel is expected to include approximately 778 rooms and approximately 147 for-sale residential units.
The 93,000 sf of gaming area in the hotel casino does not include a high-limit area, race and sports book, and poker room that also are planned. The hotel casino also would include 206,000 sf of convention space including banquet space, ballrooms and break-out meeting rooms. Other plans include a 1,605-seat multi-use theater/showroom and an expansive wedding chapel complex. The 100,000 sf of entertainment uses would include Elvis-themed attractions, including an interactive multimedia experience, a boutique and a superstore. The 94,000 sf of retail would be “distributed throughout the facility” along with 14 restaurants totaling 3,400 seats and various bar/lounge areas with an additional 675 seats." ....
for the complete story
The hotel-casino tower is slated to have 2,269 rooms, including 1,866 standard rooms of approximately 611 sf and 392 suites ranging from 855 sf to more than 6,400 sf. The tower would be crowned with a rooftop restaurant that will convert to a lounge in the evening. The non-gaming hotel in the first phase, in addition to 778 hotel rooms, is currently contemplated to include 37,200 sf of meeting space, a restaurant, bar/lounge, health club and spa. The 147 for-sale residences are expected to feature one-, two- and three-bedroom units averaging 2,274 net sellable sf.
Last updated: March 25, 2008 10:34am
FX Details $3B Plan for Park Central Site
By Brian K. Miller
"LAS VEGAS-FX Real Estate and Entertainment Inc., the publicly traded owner of 17.72 acres across from the multibillion-dollar Citycenter development on the Las Vegas Strip, revealed its development plans Monday in a 10-K filing with the Securities and Exchange Commission. Formed in 2007 and run by Robert F.X. Sillerman and Paul C. Kanavos, the company states in its annual report that it plans to spend $3.1 billion redeveloping the site with 3,047 hotel rooms, a 93,000-sf casino, 94,000 sf of retail, 100,000 sf of entertainment venues and 147 private residences.
Already zoned for a casino resort but currently hosting other uses, the acreage sits on the southeast corner of Las Vegas Boulevard and Harmon Avenue. The six parcels that comprise the site have a combined 1,175 feet of frontage on the Strip and 600 feet on Harmon. “We are designing the project to compete within the upper strata of the luxury market,” the company states in its filing.
The first phase of the project is slated to include approximately eight million sf of development (excluding parking) consisting of a luxury hotel casino, the first for its Elvis-inspired luxury brand, as well as a luxury branded five-star hotel without a casino. The luxury hotel casino is expected to include 2,269 rooms and be wholly owned and operated by FX. The five-star non-gaming hotel is expected to include approximately 778 rooms and approximately 147 for-sale residential units.
The 93,000 sf of gaming area in the hotel casino does not include a high-limit area, race and sports book, and poker room that also are planned. The hotel casino also would include 206,000 sf of convention space including banquet space, ballrooms and break-out meeting rooms. Other plans include a 1,605-seat multi-use theater/showroom and an expansive wedding chapel complex. The 100,000 sf of entertainment uses would include Elvis-themed attractions, including an interactive multimedia experience, a boutique and a superstore. The 94,000 sf of retail would be “distributed throughout the facility” along with 14 restaurants totaling 3,400 seats and various bar/lounge areas with an additional 675 seats." ....
for the complete story
The hotel-casino tower is slated to have 2,269 rooms, including 1,866 standard rooms of approximately 611 sf and 392 suites ranging from 855 sf to more than 6,400 sf. The tower would be crowned with a rooftop restaurant that will convert to a lounge in the evening. The non-gaming hotel in the first phase, in addition to 778 hotel rooms, is currently contemplated to include 37,200 sf of meeting space, a restaurant, bar/lounge, health club and spa. The 147 for-sale residences are expected to feature one-, two- and three-bedroom units averaging 2,274 net sellable sf.
Aerojet land development approved
from this morning's Sacramento Bee (3/25):
Aerojet gets state OK to develop 2,300 acres in Rancho Cordova
By Dale Kasler - dkasler@sacbee.com
Published 12:24 am PDT Tuesday, March 25, 2008
"Aerojet has won final environmental clearance to develop 2,300 acres of land where dangerous chemicals were once dumped, marking a big step in realizing the company's real estate dreams – and perhaps soothing some of its impatient shareholders.
Aerojet's parent GenCorp Inc. on Monday announced what it called a "milestone" agreement with the state Department of Toxic Substances Control that declares the 2,300 acres in Rancho Cordova safe for development. The agreement lets Aerojet move ahead on a major portion of Rio del Oro, one of several developments planned by Aerojet on land south of Highway 50.
Much of Aerojet's property remains subject to environmental cleanup orders, the legacy of years of rocket-engine testing and manufacturing. But of the 6,400 acres earmarked for houses, offices and other development, Monday's agreement means only 1,100 acres are subject to some form of environmental restriction." ...
for the complete story
Aerojet gets state OK to develop 2,300 acres in Rancho Cordova
By Dale Kasler - dkasler@sacbee.com
Published 12:24 am PDT Tuesday, March 25, 2008
"Aerojet has won final environmental clearance to develop 2,300 acres of land where dangerous chemicals were once dumped, marking a big step in realizing the company's real estate dreams – and perhaps soothing some of its impatient shareholders.
Aerojet's parent GenCorp Inc. on Monday announced what it called a "milestone" agreement with the state Department of Toxic Substances Control that declares the 2,300 acres in Rancho Cordova safe for development. The agreement lets Aerojet move ahead on a major portion of Rio del Oro, one of several developments planned by Aerojet on land south of Highway 50.
Much of Aerojet's property remains subject to environmental cleanup orders, the legacy of years of rocket-engine testing and manufacturing. But of the 6,400 acres earmarked for houses, offices and other development, Monday's agreement means only 1,100 acres are subject to some form of environmental restriction." ...
for the complete story
Monday, March 24, 2008
PANYNJ leaseback deal
from this afternoon's GlobeSt (3/24):
Last updated: March 24, 2008 10:49am
Port Authority Cuts $60M Lease Buy-Back Deal
By Eric Peterson
"JERSEY CITY-The Port Authority of NY/NJ has cut a deal to buy back the long-term leasehold of the Northeast Auto-Marine Terminal, involving 119 acres occupied by that facility. The operator is a private company dba Northeast Auto-Marine Terminal, and the deal is valued at $60 million.
What the PA has in mind for the site, surrounding on three sides by water, is to demolish the existing import auto processing center and turn the acreage into a container shipping terminal. PA and state officials say it is part of an effort to prepare the port for the coming expansion of the Panama Canal and an expected influx of new shipping traffic. Combined with ongoing dredging and channel widening, as well as a new rail system, it’s also part of the authority’s 10-year, $2-billion capital improvement plan. " ....
for the complete story
Last updated: March 24, 2008 10:49am
Port Authority Cuts $60M Lease Buy-Back Deal
By Eric Peterson
"JERSEY CITY-The Port Authority of NY/NJ has cut a deal to buy back the long-term leasehold of the Northeast Auto-Marine Terminal, involving 119 acres occupied by that facility. The operator is a private company dba Northeast Auto-Marine Terminal, and the deal is valued at $60 million.
What the PA has in mind for the site, surrounding on three sides by water, is to demolish the existing import auto processing center and turn the acreage into a container shipping terminal. PA and state officials say it is part of an effort to prepare the port for the coming expansion of the Panama Canal and an expected influx of new shipping traffic. Combined with ongoing dredging and channel widening, as well as a new rail system, it’s also part of the authority’s 10-year, $2-billion capital improvement plan. " ....
for the complete story
NOLA hotel nights back to pre-Katrina levels
from the Times Picayune (3/19):
Local hotel occupany is at pre-Katrina levels
But rates are higher, tourism panel told
Friday, March 21, 2008
By Ann Barks
"Hotel occupancy in St. Tammany Parish has leveled off to pre-Katrina levels, according to the St. Tammany Parish Tourist and Convention Commission.
However, because the market has changed since the storm, rates for those hotel and motel rooms are projected to remain higher, in some cases 40 percent more than before the storm. Therefore, the commission is banking that the revenue generated by hotel/motel taxes has stabilized. Its projected 2008-09 budget reflects this expectation. " ...
for the complete story
Local hotel occupany is at pre-Katrina levels
But rates are higher, tourism panel told
Friday, March 21, 2008
By Ann Barks
"Hotel occupancy in St. Tammany Parish has leveled off to pre-Katrina levels, according to the St. Tammany Parish Tourist and Convention Commission.
However, because the market has changed since the storm, rates for those hotel and motel rooms are projected to remain higher, in some cases 40 percent more than before the storm. Therefore, the commission is banking that the revenue generated by hotel/motel taxes has stabilized. Its projected 2008-09 budget reflects this expectation. " ...
for the complete story
Indonesia resort
from todays' Hotels newsfeed (3/24):
Asia Pulse
March 24, 2008 Monday 3:06 PM EST
UAE'S EMAAR CLOSER TO BUILDING BEACH RESORT PROJECT IN LOMBOK
"JAKARTA March 24
United Arab of Emirates property giant Emaar Properties is closer to implementing its resort project in Bali's neighboring island of Lombok after signing a new agreement to establish a joint venture to operate the project. " ...
"Chairman of Emaar Properties Mohamed Ali Alabbar was quoted as saying work will start next month in the project occupying 1,175 hectares of coast land including 7 hectares for a special port, luxurious residential area, and a gold course." ...
for the complete story
Asia Pulse
March 24, 2008 Monday 3:06 PM EST
UAE'S EMAAR CLOSER TO BUILDING BEACH RESORT PROJECT IN LOMBOK
"JAKARTA March 24
United Arab of Emirates property giant Emaar Properties is closer to implementing its resort project in Bali's neighboring island of Lombok after signing a new agreement to establish a joint venture to operate the project. " ...
"Chairman of Emaar Properties Mohamed Ali Alabbar was quoted as saying work will start next month in the project occupying 1,175 hectares of coast land including 7 hectares for a special port, luxurious residential area, and a gold course." ...
for the complete story
Deloitte on China's hotel future
from today's STR & The Bench newsfeed (3/24):
A Year Full Of Promise For China's Hotels
Deloitte Reports
"19 March 2008 | With a strong economy, massive inward investment, a newly-mobile middle class and one of the biggest fixtures in world of sport just months away, China’s influence on world tourism is going to become more and more significant.
Government investment in tourism infrastructure is already paying off, and despite some well-publicised criticism of China’s stance on human rights in the run up to the Olympics, the outlook for 2008 – the year of the rat – looks excellent.
The country’s GDP - at 10% - is still more than double the global average, and analysts expect the economy to remain buoyant.
According to Hotelbenchmark Survey by Deloitte, China’s hotel operators managed to increase revPAR by 3.2% - to US$86 - during 2007, with occupancy at 67.9%. Secondary* cities did best with revPAR growth of 6.9%, compared to 4.0% in primary locations. Primary* locations with more than 5m inhabitants did not perform as well as secondary cities and now operators are hoping that recent investments, increased tourism and the Olympic effect will help them achieve sustainable growth in both occupancy and revenue per available room (revPAR)."
for the complete story
A Year Full Of Promise For China's Hotels
Deloitte Reports
"19 March 2008 | With a strong economy, massive inward investment, a newly-mobile middle class and one of the biggest fixtures in world of sport just months away, China’s influence on world tourism is going to become more and more significant.
Government investment in tourism infrastructure is already paying off, and despite some well-publicised criticism of China’s stance on human rights in the run up to the Olympics, the outlook for 2008 – the year of the rat – looks excellent.
The country’s GDP - at 10% - is still more than double the global average, and analysts expect the economy to remain buoyant.
According to Hotelbenchmark Survey by Deloitte, China’s hotel operators managed to increase revPAR by 3.2% - to US$86 - during 2007, with occupancy at 67.9%. Secondary* cities did best with revPAR growth of 6.9%, compared to 4.0% in primary locations. Primary* locations with more than 5m inhabitants did not perform as well as secondary cities and now operators are hoping that recent investments, increased tourism and the Olympic effect will help them achieve sustainable growth in both occupancy and revenue per available room (revPAR)."
for the complete story
San Diego Padres ticket sales down
from today's San Diego Business Journal (3/24):
Posted date: 3/24/2008
Padres Tickets Not a Big Hit Anymore
But for Some Firms, Season Seats Lead to Home Runs With Clients
By MIKE ALLEN
"Jeff Overton, executive vice president of business services for the San Diego Padres, expects to sell more than 16,000 season tickets this year.
Despite an 11 percent decline in 2008 season ticket sales as of last week, executives for the San Diego Padres aren’t panicking about meeting their sales goals." ...
"At the end of 2007, the Padres had the equivalent of 16,515 season ticket holders. The number includes partial season ticket packages that add up to 81 home games in addition to full season tickets. As of March 18, the number of full season equivalent seats sold for 2008 was 14,720." ...
for the complete story
Posted date: 3/24/2008
Padres Tickets Not a Big Hit Anymore
But for Some Firms, Season Seats Lead to Home Runs With Clients
By MIKE ALLEN
"Jeff Overton, executive vice president of business services for the San Diego Padres, expects to sell more than 16,000 season tickets this year.
Despite an 11 percent decline in 2008 season ticket sales as of last week, executives for the San Diego Padres aren’t panicking about meeting their sales goals." ...
"At the end of 2007, the Padres had the equivalent of 16,515 season ticket holders. The number includes partial season ticket packages that add up to 81 home games in addition to full season tickets. As of March 18, the number of full season equivalent seats sold for 2008 was 14,720." ...
for the complete story
San Diego (City) returns to bond market
from today's San Diego Business Journal (3/24):
Posted date: 3/24/2008
City on Road Back to Bond Market
"The city of San Diego has received an auditor’s opinion for its 2006 fiscal year, clearing the way for the city to re-enter the municipal bond market, it said March 23.
Mayor Jerry Sanders says the city plans to submit the audited financial statements to the City Council, and notify the three Wall Street credit rating agencies in hopes of securing favorable ratings and return to issuing tax-free bonds to help finance delayed capital improvement projects." ...
for the complete story
Posted date: 3/24/2008
City on Road Back to Bond Market
"The city of San Diego has received an auditor’s opinion for its 2006 fiscal year, clearing the way for the city to re-enter the municipal bond market, it said March 23.
Mayor Jerry Sanders says the city plans to submit the audited financial statements to the City Council, and notify the three Wall Street credit rating agencies in hopes of securing favorable ratings and return to issuing tax-free bonds to help finance delayed capital improvement projects." ...
for the complete story
WalMart and Chicago
from today's Crain's Chicago Business (3/24):
Wal-Mart rolls back city expansion plans
By: Monée Fields-White March 24, 2008
"A shifting political landscape has upended Wal-Mart Stores Inc.'s expansion plans in Chicago.
The retailer has suffered a series of setbacks in Chicago after its City Council allies in 2006 narrowly defeated a proposed law that would have required it to pay higher wages. Mayor Richard M. Daley's recent rejection of a Wal-Mart store in Chatham has only added to the Bentonville, Ark., company's woes." ....
[includes a ncie timeline of Wal-Mart/Cichago interactions]
for the complete story
Wal-Mart rolls back city expansion plans
By: Monée Fields-White March 24, 2008
"A shifting political landscape has upended Wal-Mart Stores Inc.'s expansion plans in Chicago.
The retailer has suffered a series of setbacks in Chicago after its City Council allies in 2006 narrowly defeated a proposed law that would have required it to pay higher wages. Mayor Richard M. Daley's recent rejection of a Wal-Mart store in Chatham has only added to the Bentonville, Ark., company's woes." ....
[includes a ncie timeline of Wal-Mart/Cichago interactions]
for the complete story
Friday, March 21, 2008
Voluntourism at the Ritz Carlton
from USA Today (3/20):
New Ritz-Carlton amenity: Charitable work
By Kitty Bean Yancey, USA TODAY
Guests go to a luxury hotel to be pampered. Starting April 1, Ritz-Carltons will have "them planting trees, protecting endangered species and preparing food for the needy — and paying for the privilege.
The Ritz-Carlton's chainwide "Give Back Getaways," billed as a first for a hotel company, will offer guests "a chance to partner with us in making a difference," says Sue Stephenson, the Ritz "social responsibility" chief who proposed the program and is overseeing it.
"Voluntourism" is now a travel buzzword, and "even the luxury consumer is philanthropic," she says. "It gives them the opportunity to feel they've done something … touched the community where they're staying, and have the pampering and luxury, too." ...
for the complete story
New Ritz-Carlton amenity: Charitable work
By Kitty Bean Yancey, USA TODAY
Guests go to a luxury hotel to be pampered. Starting April 1, Ritz-Carltons will have "them planting trees, protecting endangered species and preparing food for the needy — and paying for the privilege.
The Ritz-Carlton's chainwide "Give Back Getaways," billed as a first for a hotel company, will offer guests "a chance to partner with us in making a difference," says Sue Stephenson, the Ritz "social responsibility" chief who proposed the program and is overseeing it.
"Voluntourism" is now a travel buzzword, and "even the luxury consumer is philanthropic," she says. "It gives them the opportunity to feel they've done something … touched the community where they're staying, and have the pampering and luxury, too." ...
for the complete story
Pechanga casino closing nightclubs
from today's San Diego Business Journal (3/21):
Posted date: 3/21/2008
Pechanga Closes Nightclubs Indefinitely
"Pechanga Resort & Casino has shut down its Silk and Eagle’s Nest nightclubs for an unspecified period of time, resort management said March 20.
The venues are on the Pechanga reservation near Temecula.
“Tribal leaders have determined that an unacceptable number of incidents involving alcohol consumption have occurred at Pechanga Resort & Casino,” said a statement issued by Amy Minniear, president of Pechanga Development Corp." ...
for the complete story
Posted date: 3/21/2008
Pechanga Closes Nightclubs Indefinitely
"Pechanga Resort & Casino has shut down its Silk and Eagle’s Nest nightclubs for an unspecified period of time, resort management said March 20.
The venues are on the Pechanga reservation near Temecula.
“Tribal leaders have determined that an unacceptable number of incidents involving alcohol consumption have occurred at Pechanga Resort & Casino,” said a statement issued by Amy Minniear, president of Pechanga Development Corp." ...
for the complete story
Wednesday, March 19, 2008
US economy impacting emerging international markets
from today's GlobeSt. (3/19);
Last updated: March 19, 2008 09:08am
Global Slowdown Benches Many Emerging Markets
By Connie Gore
"MIDDLE EAST-On Tuesday, as the financial markets see-sawed, Global Insight Inc.'s experts forewarned the US recession, no longer an "if" in their world, is preordained to impact all corners of the world except the Middle East and North Africa. The webcast included emerging markets in Greater China, Asia and Latin America.
"Clearly, a global economic slowdown is under way, and it's exacerbated by the financial market turbulence," said Nariman Behravesh, chief economist and webcast moderator for Waltham, MA-based Global Insight. "The US clearly is in a recession. The only question is how deep and how long."
Behravesh predicts the US recession will be "mild" and have ripple effects throughout the world, but not enough to trigger a global recession. His odds are that there's a 30% chance of a worldwide recession due to the US recession and a softening of China's fast-paced growth." ...
for the complete story
Last updated: March 19, 2008 09:08am
Global Slowdown Benches Many Emerging Markets
By Connie Gore
"MIDDLE EAST-On Tuesday, as the financial markets see-sawed, Global Insight Inc.'s experts forewarned the US recession, no longer an "if" in their world, is preordained to impact all corners of the world except the Middle East and North Africa. The webcast included emerging markets in Greater China, Asia and Latin America.
"Clearly, a global economic slowdown is under way, and it's exacerbated by the financial market turbulence," said Nariman Behravesh, chief economist and webcast moderator for Waltham, MA-based Global Insight. "The US clearly is in a recession. The only question is how deep and how long."
Behravesh predicts the US recession will be "mild" and have ripple effects throughout the world, but not enough to trigger a global recession. His odds are that there's a 30% chance of a worldwide recession due to the US recession and a softening of China's fast-paced growth." ...
for the complete story
Tejon Ranch's foreign trade zone development
from this morning's GlobeSt (3/19):
Last updated: March 19, 2008 09:06am
Tejon, Rockefeller Debut 606,000-SF Warehouse
By Bob Howard
"TEJON RANCH, CA-The Tejon Ranch Co. and Rockefeller Group Development Corp. have unveiled their joint venture's first warehouse project, a 606,000-sf building on a site that has won foreign trade zone designation. The US Department of Commerce has recognized an initial 177 acres as an FTZ at Tejon Industrial Complex, the 1,450-acre master planned commercial development north of Los Angeles along the Interstate 5 near its intersection with Route 99.
The 606,000-sf warehouse is being marketed for single or multi-tenant use" ...
for the complete story
Last updated: March 19, 2008 09:06am
Tejon, Rockefeller Debut 606,000-SF Warehouse
By Bob Howard
"TEJON RANCH, CA-The Tejon Ranch Co. and Rockefeller Group Development Corp. have unveiled their joint venture's first warehouse project, a 606,000-sf building on a site that has won foreign trade zone designation. The US Department of Commerce has recognized an initial 177 acres as an FTZ at Tejon Industrial Complex, the 1,450-acre master planned commercial development north of Los Angeles along the Interstate 5 near its intersection with Route 99.
The 606,000-sf warehouse is being marketed for single or multi-tenant use" ...
for the complete story
Tuesday, March 18, 2008
Cruise industry steadily rising
from MSNBC (3/17):
Recession? Not for the cruise industry
Executives have rosy outlook despite record oil prices, struggling economy
By Anita Dunham-Potter
Travel columnist
Tripso.com
updated 8:16 a.m. PT, Mon., March. 17, 2008
"Cruise line executives speaking at the annual Seatrade Cruise Shipping Convention in Miami last week presented a surprisingly rosy outlook despite record oil prices and the U.S. economy’s bleak outlook.
While not immune to a weakening economy, the cruise industry has a track record for standing strong in harsh economic times. Gerald Cahill, Carnival Cruise Lines’ president and chief executive, pointed to the tough years of 1990 and 2001." ....
"Cruise executives cite the cruise product’s tremendous value at a low price as the main reason for optimism." ... "Indeed, Cahill noted that on average cruises are about 20 to 50 percent cheaper than comparable land-based vacations." ...
"Executives also hinted at the next big destination — Asia. Singapore, Taiwan and Korea announced new cruise terminals anticipating the growth. Cruise executives say the new cruise terminals aren’t just targeted at North American cruise travelers but are also aimed at the people who live in the region." ...
for the complete story
Recession? Not for the cruise industry
Executives have rosy outlook despite record oil prices, struggling economy
By Anita Dunham-Potter
Travel columnist
Tripso.com
updated 8:16 a.m. PT, Mon., March. 17, 2008
"Cruise line executives speaking at the annual Seatrade Cruise Shipping Convention in Miami last week presented a surprisingly rosy outlook despite record oil prices and the U.S. economy’s bleak outlook.
While not immune to a weakening economy, the cruise industry has a track record for standing strong in harsh economic times. Gerald Cahill, Carnival Cruise Lines’ president and chief executive, pointed to the tough years of 1990 and 2001." ....
"Cruise executives cite the cruise product’s tremendous value at a low price as the main reason for optimism." ... "Indeed, Cahill noted that on average cruises are about 20 to 50 percent cheaper than comparable land-based vacations." ...
"Executives also hinted at the next big destination — Asia. Singapore, Taiwan and Korea announced new cruise terminals anticipating the growth. Cruise executives say the new cruise terminals aren’t just targeted at North American cruise travelers but are also aimed at the people who live in the region." ...
for the complete story
Pullman Hotels and resorts moving into Brazil
from Hotels online newsfeed (3/18):
Gazeta Mercantil Online (Brazil)
March 17, 2008 Monday
Accor will have Pullman brand for Brazil
"SÃO PAULO (SP), 17 de março de 2008 - Expected in the second half of 2008 is the debut of the new brand of the Accor Hotels group in Brazil. Pullman Hotels & Restors, a five-star chain oriented toward the corporative market, launched last year, already counts 12 hotels in cities in France, Germany, Belgium, Thailand and China. And it is expected to finish this year with 50 units in 23 countries, according to an international communiqué from the company. Most are the fruit of a conversion of hotels of the Sofitel banner, which is also gaining a new configuration. The brand was repositioned to operate in the luxury hotel segment." ...
for the complete story
Gazeta Mercantil Online (Brazil)
March 17, 2008 Monday
Accor will have Pullman brand for Brazil
"SÃO PAULO (SP), 17 de março de 2008 - Expected in the second half of 2008 is the debut of the new brand of the Accor Hotels group in Brazil. Pullman Hotels & Restors, a five-star chain oriented toward the corporative market, launched last year, already counts 12 hotels in cities in France, Germany, Belgium, Thailand and China. And it is expected to finish this year with 50 units in 23 countries, according to an international communiqué from the company. Most are the fruit of a conversion of hotels of the Sofitel banner, which is also gaining a new configuration. The brand was repositioned to operate in the luxury hotel segment." ...
for the complete story
JPMorgan Chase pulls out of WTC site
from today's GlobeSt
Last updated: March 18, 2008 10:42am
JPMorgan Chase Could Bail From Downtown Move
By Natalie Dolce
"NEW YORK CITY-JPMorgan Chase & Co. said it is deserting plans to move its Downtown headquarters to the World Trade Center site in the wake of its deal to acquire the Bear Stearns Cos. Inc., according to numerous reports. Those reports note that spokesman Brian Marchiony confirmed that the company was scrapping plans to move the company's investment-banking and trading operations to a building planned for the WTC site.
The bank has a 90-year lease with the Port Authority of New York and New Jersey for the spot where the former Deutsche Bank building now stands near Ground Zero. The firm had expected to construct and occupy a 1.3-million-sf tower on the site, as GlobeSt.com previously reported." ....
for the complete story
Last updated: March 18, 2008 10:42am
JPMorgan Chase Could Bail From Downtown Move
By Natalie Dolce
"NEW YORK CITY-JPMorgan Chase & Co. said it is deserting plans to move its Downtown headquarters to the World Trade Center site in the wake of its deal to acquire the Bear Stearns Cos. Inc., according to numerous reports. Those reports note that spokesman Brian Marchiony confirmed that the company was scrapping plans to move the company's investment-banking and trading operations to a building planned for the WTC site.
The bank has a 90-year lease with the Port Authority of New York and New Jersey for the spot where the former Deutsche Bank building now stands near Ground Zero. The firm had expected to construct and occupy a 1.3-million-sf tower on the site, as GlobeSt.com previously reported." ....
for the complete story
Scottish tourism
from The Scotsman (3/13):
Wind farms 'could drive away tourists and mean big job losses'
By Joe Quinn
"WIND farms could cost the Scottish tourism industry millions of pounds and hundreds of lost jobs in a "worst case scenario", a report warned yesterday.
The findings came in research that found wind farms had the potential for hitting jobs in tourism.
The research was commissioned by the Scottish Government from Glasgow Caledonian University to assess what effect official priorities for wind farms were likely to have on tourism, for good or ill.
Four areas were studied – the Borders; Caithness and Sutherland; Dumfries and Galloway, and Stirling, Perth and Kinross.
For each area, the researchers estimated the likely impact on the tourism economy by 2015 of all the wind farms needed to meet the renewables obligation, compared to a situation where there were no wind farms.
It was estimated that Stirling, Perth and Kinross would lose £6.3 million in tourism income and 339 jobs; Dumfries and Galloway £4.1 million and 277 jobs; the Borders £1.7 million and 81 jobs, and Caithness and Sutherland £700,000 and 30 jobs." ...
for the complete story
Wind farms 'could drive away tourists and mean big job losses'
By Joe Quinn
"WIND farms could cost the Scottish tourism industry millions of pounds and hundreds of lost jobs in a "worst case scenario", a report warned yesterday.
The findings came in research that found wind farms had the potential for hitting jobs in tourism.
The research was commissioned by the Scottish Government from Glasgow Caledonian University to assess what effect official priorities for wind farms were likely to have on tourism, for good or ill.
Four areas were studied – the Borders; Caithness and Sutherland; Dumfries and Galloway, and Stirling, Perth and Kinross.
For each area, the researchers estimated the likely impact on the tourism economy by 2015 of all the wind farms needed to meet the renewables obligation, compared to a situation where there were no wind farms.
It was estimated that Stirling, Perth and Kinross would lose £6.3 million in tourism income and 339 jobs; Dumfries and Galloway £4.1 million and 277 jobs; the Borders £1.7 million and 81 jobs, and Caithness and Sutherland £700,000 and 30 jobs." ...
for the complete story
Monday, March 17, 2008
India's hotel problems
from Hotels' news service (3/14):
Indo-Asian News Service
March 14, 2008 Friday 11:35 AM EST
India's skyrocketing hotel prices figure at Berlin tourism show
Report from Indo-Asian News Service brought to you by HT Syndication.
"Berlin, March 14 -- For many Indian exhibitors at Berlin's International Tourism Bourse (ITB), the world's largest tourism show, their country's skyrocketing hotel room prices could seriously hit the inbound leisure tourism traffic.
India's tourism industry, plagued for decades with inadequate infrastructure, seemed to have got some respite when the government, in the course of its liberalisation policy, announced that it would build up the infrastructure." ...
for the complete story
Indo-Asian News Service
March 14, 2008 Friday 11:35 AM EST
India's skyrocketing hotel prices figure at Berlin tourism show
Report from Indo-Asian News Service brought to you by HT Syndication.
"Berlin, March 14 -- For many Indian exhibitors at Berlin's International Tourism Bourse (ITB), the world's largest tourism show, their country's skyrocketing hotel room prices could seriously hit the inbound leisure tourism traffic.
India's tourism industry, plagued for decades with inadequate infrastructure, seemed to have got some respite when the government, in the course of its liberalisation policy, announced that it would build up the infrastructure." ...
for the complete story
Dubailand timeshares
from Hotels' news service (3/13):
Middle East Company News Wire
March 13, 2008 Thursday 8:46 AM GMT
Dubailand enters timeshare industry with launch of 'Dubailand Vacations'
"Dubailand, a member of Tatweer, announced the launch of Dubailand Vacations LLC a new entity specialising in developing timeshare and fractional business models for the region's biggest leisure, tourism and entertainment destination.
The creation of Dubailand Vacations LLC will introduce timeshare developments within Dubailand generating synergy amongst various theme parks within the destination, creating new market opportunities and contributing to the sophistication of the consumer-driven Dubai tourism, leisure and entertainment markets. Timesharing vacation ownership has been included as a key component of the overall development strategy for Dubailand." ...
for the complete story
Middle East Company News Wire
March 13, 2008 Thursday 8:46 AM GMT
Dubailand enters timeshare industry with launch of 'Dubailand Vacations'
"Dubailand, a member of Tatweer, announced the launch of Dubailand Vacations LLC a new entity specialising in developing timeshare and fractional business models for the region's biggest leisure, tourism and entertainment destination.
The creation of Dubailand Vacations LLC will introduce timeshare developments within Dubailand generating synergy amongst various theme parks within the destination, creating new market opportunities and contributing to the sophistication of the consumer-driven Dubai tourism, leisure and entertainment markets. Timesharing vacation ownership has been included as a key component of the overall development strategy for Dubailand." ...
for the complete story
Middle East tourism/hotel projections
from today's STR's Bench and Global Hospitality enews (3/17):
Hotel Investment Sector Is Soaring But Still Room For Growth, Say Experts
Region’s hotel sector to grow by 7.1% per annum; Projects worth $3.63 trillion earmarked for 2020; 80,000 rooms, 100,000 more employees in Dubai alone by 2010
"Dubai | The region’s tourism growth potential is far from realised, according to Jonathan Worsley, conference co-organiser, Arabian Hotel Investment Conference (AHIC).
“Although the Middle East is pegged to be the fastest-growing region by 2020, with estimated growth of 7.1 per cent per annum, 69 million tourists arrivals1 and almost US$4 trillion in tourism investments announced, there is more to come,” he predicted." ...
for the complete story
Hotel Investment Sector Is Soaring But Still Room For Growth, Say Experts
Region’s hotel sector to grow by 7.1% per annum; Projects worth $3.63 trillion earmarked for 2020; 80,000 rooms, 100,000 more employees in Dubai alone by 2010
"Dubai | The region’s tourism growth potential is far from realised, according to Jonathan Worsley, conference co-organiser, Arabian Hotel Investment Conference (AHIC).
“Although the Middle East is pegged to be the fastest-growing region by 2020, with estimated growth of 7.1 per cent per annum, 69 million tourists arrivals1 and almost US$4 trillion in tourism investments announced, there is more to come,” he predicted." ...
for the complete story
NFL debt figure released
from today's Street and Smith's Sports Business Journal (3/17):
Court filing: NFL carrying $9B of debt
By DANIEL KAPLAN
Staff writer
Published March 17, 2008 : Page 01
"The NFL, through the league and its 32 teams, has more than $9 billion of debt. The figure, which has never before been public, is disclosed in a letter that the league’s outside general counsel, Gregg Levy, wrote last October to the NFL Players Association in response to the union’s questions about a league resolution to reduce team debt." ...
"The NFL debt figure is far higher than that of other leagues. MLB clubs owe $3.1 billion, according to MLB CFO Jonathan Mariner, though that number does not include the roughly $2 billion in financing for the two pending New York ballparks because that debt, technically, is not carried by the teams. The NBA declined to make public its debt total, but the league’s policies limit all team borrowings to $175 million per club. The NHL also declined to discuss any aspect of its debt, but finance sources have previously said that the league allows teams to carry debt up to half of their franchise value." ...
for the complete story
Court filing: NFL carrying $9B of debt
By DANIEL KAPLAN
Staff writer
Published March 17, 2008 : Page 01
"The NFL, through the league and its 32 teams, has more than $9 billion of debt. The figure, which has never before been public, is disclosed in a letter that the league’s outside general counsel, Gregg Levy, wrote last October to the NFL Players Association in response to the union’s questions about a league resolution to reduce team debt." ...
"The NFL debt figure is far higher than that of other leagues. MLB clubs owe $3.1 billion, according to MLB CFO Jonathan Mariner, though that number does not include the roughly $2 billion in financing for the two pending New York ballparks because that debt, technically, is not carried by the teams. The NBA declined to make public its debt total, but the league’s policies limit all team borrowings to $175 million per club. The NHL also declined to discuss any aspect of its debt, but finance sources have previously said that the league allows teams to carry debt up to half of their franchise value." ...
for the complete story
Dubai and Liverpool Football
from The Economist's City Guide for Dubai (3/17):
No luck with Liverpool
"Dubai International Capital (DIC), a state-owned investment company, has been thwarted again in its pursuit of Liverpool Football Club. Shortly after DIC announced it was in advanced talks about buying a 49% stake from George Gillett, one of Liverpool's American co-owners, the other co-owner, Tom Hicks, ended negotiations." ...
for the complete story
No luck with Liverpool
"Dubai International Capital (DIC), a state-owned investment company, has been thwarted again in its pursuit of Liverpool Football Club. Shortly after DIC announced it was in advanced talks about buying a 49% stake from George Gillett, one of Liverpool's American co-owners, the other co-owner, Tom Hicks, ended negotiations." ...
for the complete story
Ft. Myers, FL retail/mixed-use development
from GlobeSt. (3/14):
Last updated: March 14, 2008 02:23pm
Forum at Fort Myers Hits 90% Preleased Mark
By Natalie Keith
"FORT MYERS, FL-Several new tenants have been secured for the $60-million retail component of the mixed-use Forum at Fort Myers project with construction expected to begin this month on a Hyatt Place that is also part of the project.
Bed Bath & Beyond, Books-A-Million, Petco and Rack Room Shoes have been signed for the 480,000-sf power center and SunTrust Bank secured one of three outparcels for the project. Target, Best Buy, Ross Dress for Less, Staples and Home Depot have previously committed to the retail portion, also called the Forum at Fort Myers, which is being developed by Cincinnati-based North American Properties." ...
for the complete story
Last updated: March 14, 2008 02:23pm
Forum at Fort Myers Hits 90% Preleased Mark
By Natalie Keith
"FORT MYERS, FL-Several new tenants have been secured for the $60-million retail component of the mixed-use Forum at Fort Myers project with construction expected to begin this month on a Hyatt Place that is also part of the project.
Bed Bath & Beyond, Books-A-Million, Petco and Rack Room Shoes have been signed for the 480,000-sf power center and SunTrust Bank secured one of three outparcels for the project. Target, Best Buy, Ross Dress for Less, Staples and Home Depot have previously committed to the retail portion, also called the Forum at Fort Myers, which is being developed by Cincinnati-based North American Properties." ...
for the complete story
Midway airport privatization
from today's Crain's Chicago Business (3/17):
Investors circling Midway
By: Paul Merrion March 17, 2008
"Some of the world's biggest investors are lining up to land at Chicago's Midway Airport — a level of interest that increases the likelihood Mayor Richard M. Daley will get the $2.5 billion to $3.5 billion experts believe the city could garner by privatizing the airport.
At least six teams of airport operators and investment banks have formed to bid on the city's proposed long-term lease of the Southwest Side airfield, according to market sources and several firms involved.
Except for a group anchored by an arm of the Houston Airport System, and another headed by Washington, D.C.-based private-equity firm Carlyle Group and J. P. Morgan Asset Management, the other known teams involve foreign airport operators and a mixture of U.S. and foreign investment banks." ...
for the complete story
Investors circling Midway
By: Paul Merrion March 17, 2008
"Some of the world's biggest investors are lining up to land at Chicago's Midway Airport — a level of interest that increases the likelihood Mayor Richard M. Daley will get the $2.5 billion to $3.5 billion experts believe the city could garner by privatizing the airport.
At least six teams of airport operators and investment banks have formed to bid on the city's proposed long-term lease of the Southwest Side airfield, according to market sources and several firms involved.
Except for a group anchored by an arm of the Houston Airport System, and another headed by Washington, D.C.-based private-equity firm Carlyle Group and J. P. Morgan Asset Management, the other known teams involve foreign airport operators and a mixture of U.S. and foreign investment banks." ...
for the complete story
Sunday, March 16, 2008
local and regional real estate/business news
Crain's Chicago Business (3/3): Related Cos. moves on Chicago high-rise market
San Diego Business Journal (3/10): Los Coyotes Band trying for casino; Chula Vista convention center project
Indian Country Today (3/12): OR casino hearings; MA casino meetings
CA Real Estate Journal (3/3): Coastal Commission and hotel developments; condo hotels out of favor
Orange County Business Journal (3/3): mixed-use development with hotels for Tustin
New Orleans City Business (3/3): Mardi Gras Marathon troubles
New Orleans City Business (2/25): NBA All-Stars and New Orleans recovery
Real Estate Southern CA (Feb): industrial market up; feature on San Diego County commercial sector
San Diego Business Journal (3/10): Los Coyotes Band trying for casino; Chula Vista convention center project
Indian Country Today (3/12): OR casino hearings; MA casino meetings
CA Real Estate Journal (3/3): Coastal Commission and hotel developments; condo hotels out of favor
Orange County Business Journal (3/3): mixed-use development with hotels for Tustin
New Orleans City Business (3/3): Mardi Gras Marathon troubles
New Orleans City Business (2/25): NBA All-Stars and New Orleans recovery
Real Estate Southern CA (Feb): industrial market up; feature on San Diego County commercial sector
real estate, planning, hotels, golf, resorts, and facilities news
Urban Land (Feb): sustainable Loreto Bay resort in Baja, Mexico; Atlantis Resort, Bahamas adding towers; worker housing in Dubai; retail Dubai; golf resort fight in Scotland; Central and Eastern European development prospects; resort development future; workforce housing and climate change; land use and climate change; eco resorts; U.S. resort trends; urban timeshares; resort trends in Europe; Asian medical tourism; Qatar resort development; Beijing post-Olympics; Vancouver and 2010 Olympics; English public housing redevelopment; U.S. public housing and Hope IV; special events and urban development (nice tables); USGBC new LEED program; world investment in the UAE; green hotels; special feature section on resorts
Golf Business and Real Estate (3/10): golf gaining in Gulf Coast, Sotheast, and South Central U.S.
Hotels (Mar): hotel spas; Jumeirah debuts in NYC
M&C (Mar): gaming revenue up on Gulf Coast, down in Atlantic City; plans for Miami Convention Center expansion and redevelopment on hold; green resorts; convention center performance review; destination guides on: Las Vegas; Scottsdale, AZ; Caribbean/Bahamas; the Mid-Atlantic; and Monaco
Tradeshow Week (3/10): San Antonio hotel fiasco; MGM Mirage earnings up
ULI Multifamily Trends special issue (Jan-Feb): Detroit; St. Louis; San Francisco; cohousing; affordable condos
Venues Today (Mar): top CA venues chart; TX music festivals and venues
Golf Business and Real Estate (3/10): golf gaining in Gulf Coast, Sotheast, and South Central U.S.
Hotels (Mar): hotel spas; Jumeirah debuts in NYC
M&C (Mar): gaming revenue up on Gulf Coast, down in Atlantic City; plans for Miami Convention Center expansion and redevelopment on hold; green resorts; convention center performance review; destination guides on: Las Vegas; Scottsdale, AZ; Caribbean/Bahamas; the Mid-Atlantic; and Monaco
Tradeshow Week (3/10): San Antonio hotel fiasco; MGM Mirage earnings up
ULI Multifamily Trends special issue (Jan-Feb): Detroit; St. Louis; San Francisco; cohousing; affordable condos
Venues Today (Mar): top CA venues chart; TX music festivals and venues
rec, culture, restaurants, and retail news
Funworld (Mar): Richard Petty Driving Experience - Disney; Europe's largest waterpark opening on Tenerife; animal access changes at Busch Gardens Africa; Las Vegas mob museum planned; Spyland theme park planned for Spain; T-Rex restaurant opening at Disney World; AutoWorld theme park planned for Shanghai; Las Vegas Springs feature; museum fund raising
Museum (Mar-Apr): museum debuts briefs (includes Museum of Eldridge Street-NY, Philadelphia Museum of Art, San Antonio Museum of Art, Lincoln Cottage-DC, MIT Museum, L.A. Co. Museum of Art)
World Waterpark (Feb): Point Mallard Park (AL); CoCoKey (Chicago); Aquacity (Turkey)
IGWB (Mar): U.S. casino expansion in the East; Greek casino Loutraki has banner year; casino project announced in Chile; Palazzo opening in Las Vegas; Indian tribes respond to court decisions on off-reservation casino development; integrated casino resort in Asia; Canadian First Nation casinos
Nation's Restaurant News (3/10): housing markets in CA and FL hitting restaurant industry
Value Retail News (Mar): outlet trends for 2008; St. George, UT developments; luxury brand suggestions
Shopping Centers Today (Mar): stadium retail at Patriot Place; Sega theme parks in Middle East; IMAX developments; mezzanine debt and retail development; Tokyo's Ginza area luxe retail
Museum (Mar-Apr): museum debuts briefs (includes Museum of Eldridge Street-NY, Philadelphia Museum of Art, San Antonio Museum of Art, Lincoln Cottage-DC, MIT Museum, L.A. Co. Museum of Art)
World Waterpark (Feb): Point Mallard Park (AL); CoCoKey (Chicago); Aquacity (Turkey)
IGWB (Mar): U.S. casino expansion in the East; Greek casino Loutraki has banner year; casino project announced in Chile; Palazzo opening in Las Vegas; Indian tribes respond to court decisions on off-reservation casino development; integrated casino resort in Asia; Canadian First Nation casinos
Nation's Restaurant News (3/10): housing markets in CA and FL hitting restaurant industry
Value Retail News (Mar): outlet trends for 2008; St. George, UT developments; luxury brand suggestions
Shopping Centers Today (Mar): stadium retail at Patriot Place; Sega theme parks in Middle East; IMAX developments; mezzanine debt and retail development; Tokyo's Ginza area luxe retail
general business news
Business Week (3/17): brief mention of a BW Israel article on major waterfront resort development plans; biodiesel mix problems
Fortune (3/17): feature on the particulars of the Shanghai World Financial Center
Economist (3/8): series of articles on India
Economist (3/15): tourism in the U.S.
Forbes Life (Mar): Sweden's golf
Fortune (3/17): feature on the particulars of the Shanghai World Financial Center
Economist (3/8): series of articles on India
Economist (3/15): tourism in the U.S.
Forbes Life (Mar): Sweden's golf
Friday, March 14, 2008
ERA-TEA attraction numbers out and in the news
The flurry of ERA news has begun --
from today's Orlando Sentinel (3/14):
Attendance at theme parks continues to skyrocket
Scott Powers
Sentinel Staff Writer
6:00 AM EDT, March 14, 2008
"Central Florida's theme parks saw modest-to-strong growth in attendance last year, displaying resilience within an otherwise softening local tourism market, according to a new report.
The report, produced by a research company and theme-park trade association, concludes that 2007 was a particularly good year for Walt Disney World, a decent year for Universal Orlando and a year of modest growth for SeaWorld Orlando." ...
"The attendance estimates, produced by Economic Research Associates and the Themed Entertainment Association, are completely unauthorized and unofficial." ...
"John Robinett, senior vice president of ERA, a Los Angeles-based company, defended the report's accuracy and said Busch Entertainment's complaint is a minority view." ...
"'I think it was business as usual," Robinett said. "Orlando did quite well this year. Southern California was a little slow. The Midwest was modest. You add it up, and it was a year of modest and healthy growth, which is to be expected at this point in our industry.'" ...
for the complete story
============
From the L.A. Times Daily Travel Deal Blog (3/14):
SoCal amusement park attendance stays flat in 2007
"Attendance at Southern California amusement and theme parks remained flat for 2007 with Disney’s California Adventure experiencing a significant decline in visitors," ….
For the complete entry
******************************
From Park World online news (3/12):
TEA/ERA Attendance 2007
New report to be distributed by Park World
Published: 12 February, 2008
"Which were the world’s most visited amusement parks in 2007? For a second year Park World is distributing the TEA/ERA Attendance report" ... "the single most respected and referred to source of global amusement park attendance figures." …
For the complete story
from today's Orlando Sentinel (3/14):
Attendance at theme parks continues to skyrocket
Scott Powers
Sentinel Staff Writer
6:00 AM EDT, March 14, 2008
"Central Florida's theme parks saw modest-to-strong growth in attendance last year, displaying resilience within an otherwise softening local tourism market, according to a new report.
The report, produced by a research company and theme-park trade association, concludes that 2007 was a particularly good year for Walt Disney World, a decent year for Universal Orlando and a year of modest growth for SeaWorld Orlando." ...
"The attendance estimates, produced by Economic Research Associates and the Themed Entertainment Association, are completely unauthorized and unofficial." ...
"John Robinett, senior vice president of ERA, a Los Angeles-based company, defended the report's accuracy and said Busch Entertainment's complaint is a minority view." ...
"'I think it was business as usual," Robinett said. "Orlando did quite well this year. Southern California was a little slow. The Midwest was modest. You add it up, and it was a year of modest and healthy growth, which is to be expected at this point in our industry.'" ...
for the complete story
============
From the L.A. Times Daily Travel Deal Blog (3/14):
SoCal amusement park attendance stays flat in 2007
"Attendance at Southern California amusement and theme parks remained flat for 2007 with Disney’s California Adventure experiencing a significant decline in visitors," ….
For the complete entry
******************************
From Park World online news (3/12):
TEA/ERA Attendance 2007
New report to be distributed by Park World
Published: 12 February, 2008
"Which were the world’s most visited amusement parks in 2007? For a second year Park World is distributing the TEA/ERA Attendance report" ... "the single most respected and referred to source of global amusement park attendance figures." …
For the complete story
Wednesday, March 12, 2008
Retail struggles
from Forbes online (3/10):
Retail Retrenchment Hurts Malls
By ANNE D'INNOCENZIO 03.10.08, 9:59 AM ET
"The signs that smaller retailers are struggling are unavoidable at malls across America: "Going out of business" sales at many Wilsons Leather stores. "Up to 70 percent off" at KB Toys.
At the once-sizzling Paradise Valley Mall in Phoenix, the space once occupied by Bombay Co., the furniture chain that went bankrupt last year, is empty. Wilsons just finished liquidating its inventory. KB Toys, AnnTaylor and American Eagle feature bold posters advertising steep discounts." ...
"Around the country, mall centers are starting to feel the recoil from a rapid expansion in recent years that allowed retailers to aim stores at almost every niche, from shoppers who wanted Talbots clothes for their children to those who craved Bombay's little wood tables." ...
for the complete story
Retail Retrenchment Hurts Malls
By ANNE D'INNOCENZIO 03.10.08, 9:59 AM ET
"The signs that smaller retailers are struggling are unavoidable at malls across America: "Going out of business" sales at many Wilsons Leather stores. "Up to 70 percent off" at KB Toys.
At the once-sizzling Paradise Valley Mall in Phoenix, the space once occupied by Bombay Co., the furniture chain that went bankrupt last year, is empty. Wilsons just finished liquidating its inventory. KB Toys, AnnTaylor and American Eagle feature bold posters advertising steep discounts." ...
"Around the country, mall centers are starting to feel the recoil from a rapid expansion in recent years that allowed retailers to aim stores at almost every niche, from shoppers who wanted Talbots clothes for their children to those who craved Bombay's little wood tables." ...
for the complete story
Dominican Republic luxury beachfront resort underway
from today's Hotels newsfeed (3/12):
Nexus RD Develops Angsana Samaná Bay
March 12, 2008
"SAMANÁ, DOMINICAN REPUBLIC –Angsana Samaná Bay, the first five-star luxury beachfront development in Samaná Bay, is currently being developed by Nexus RD. Presently, Angsana Samaná Bay is in the initial phases of construction with completion of its first phase expected in 2010. The complex will consist of oceanfront marina residences; exclusive villas and townhouses; a five-star hotel with luxury suites, villas and a full service spa; and a 280-slip water port with over 22,765 feet of mooring length. The project will also offer a 108,000-square-foot upscale waterfront commercial village. While most resorts in the Dominican Republic offer all-inclusive packages, Angsana Samaná Bay will only provide first-class accommodations and experiences tailored to the guest’s personal preferences in an exclusive setting.
Angsana Samaná Bay is located in the picturesque northeastern region of the Dominican Republic where visitors will be able to experience a perfect balance of nature, beach and world-class retail, dining and entertainment options." ...
for the complete story
Nexus RD Develops Angsana Samaná Bay
March 12, 2008
"SAMANÁ, DOMINICAN REPUBLIC –Angsana Samaná Bay, the first five-star luxury beachfront development in Samaná Bay, is currently being developed by Nexus RD. Presently, Angsana Samaná Bay is in the initial phases of construction with completion of its first phase expected in 2010. The complex will consist of oceanfront marina residences; exclusive villas and townhouses; a five-star hotel with luxury suites, villas and a full service spa; and a 280-slip water port with over 22,765 feet of mooring length. The project will also offer a 108,000-square-foot upscale waterfront commercial village. While most resorts in the Dominican Republic offer all-inclusive packages, Angsana Samaná Bay will only provide first-class accommodations and experiences tailored to the guest’s personal preferences in an exclusive setting.
Angsana Samaná Bay is located in the picturesque northeastern region of the Dominican Republic where visitors will be able to experience a perfect balance of nature, beach and world-class retail, dining and entertainment options." ...
for the complete story
Las Vegas hotels
from the Las Vegas Review Journal (3/11);
COMFORT IS KEY: The Feel of Luxury
Hotels adding extra amenities to make rooms a home away from home
By SONYA PADGETT
REVIEW-JOURNAL
"There was a time when a Las Vegas hotel room was just a place for visitors to lay their heads between sessions at the slot machines and buffets.
And the rooms looked like it, too: four walls, a no-frills bed, stark lighting and a small television. But that was "Vegas, then."
In the "Vegas now," hotel rooms have become a guest's home away from home.
Following an industry-wide hospitality trend and the feedback of a more savvy and sophisticated tourist than ever before, local resorts are remodeling their rooms with their guests' utmost comfort in mind." ...
"The resort recently completed an 11-month, $154 million room remodeling project in which 3,223 of 4,334 rooms were given floor-to-ceiling makeovers." ...
for the complete story
COMFORT IS KEY: The Feel of Luxury
Hotels adding extra amenities to make rooms a home away from home
By SONYA PADGETT
REVIEW-JOURNAL
"There was a time when a Las Vegas hotel room was just a place for visitors to lay their heads between sessions at the slot machines and buffets.
And the rooms looked like it, too: four walls, a no-frills bed, stark lighting and a small television. But that was "Vegas, then."
In the "Vegas now," hotel rooms have become a guest's home away from home.
Following an industry-wide hospitality trend and the feedback of a more savvy and sophisticated tourist than ever before, local resorts are remodeling their rooms with their guests' utmost comfort in mind." ...
"The resort recently completed an 11-month, $154 million room remodeling project in which 3,223 of 4,334 rooms were given floor-to-ceiling makeovers." ...
for the complete story
TIA on overseas travel to the U.S.
press release from the TIA on overseas visitation (3/10):
United States Welcomes Two Million Fewer Overseas Visitors in 2007 than in 2000
Travel Community Applauds Recent Increase; Deeply Concerned that Weak U.S. Dollar Not Driving a Boom in Travel to America
"Washington, DC -- New Department of Commerce data reveal that the United States continues to suffer from a decline in overseas arrivals despite a worldwide boom in international travel and an extraordinarily favorable exchange rate. According to data released today by the U.S. Department of Commerce, the United States welcomed two million fewer overseas visitors in 2007 than in 2000 (despite a 10 percent increase over 2006). More significantly, the United States welcomed nearly 10 million fewer overseas visitors in 2007 than it would have if it simply kept pace with post-9/11 worldwide long-haul travel trends." ....
for the complete release, including a chart on expected v actual arrival numbers
United States Welcomes Two Million Fewer Overseas Visitors in 2007 than in 2000
Travel Community Applauds Recent Increase; Deeply Concerned that Weak U.S. Dollar Not Driving a Boom in Travel to America
"Washington, DC -- New Department of Commerce data reveal that the United States continues to suffer from a decline in overseas arrivals despite a worldwide boom in international travel and an extraordinarily favorable exchange rate. According to data released today by the U.S. Department of Commerce, the United States welcomed two million fewer overseas visitors in 2007 than in 2000 (despite a 10 percent increase over 2006). More significantly, the United States welcomed nearly 10 million fewer overseas visitors in 2007 than it would have if it simply kept pace with post-9/11 worldwide long-haul travel trends." ....
for the complete release, including a chart on expected v actual arrival numbers
Wrigley Field, the Cubs, and naming rights -- the deabate continues
From this afternoon's Crain's Chicago Business Journal (3/12):
Wrigley does not rule out swing at Wrigley Field naming rights
By David Sterrett
March 12, 2008
"(Crain’s) — In his first public remarks on the naming rights of Wrigley Field, the chairman of Wm. Wrigley Jr. Co. left the door open Wednesday to paying for the privilege of keeping the company’s name on the baseball park it has graced for 80 years.
Tribune Co. owner Sam Zell has publicly challenged Wrigley to step to the plate and pay for the naming rights it has long received for free.
Speaking at the company’s annual meeting, Chairman William Wrigley Jr. said his family, which owned the Cubs until 1981, is a fan of the baseball team and the heritage of the ballpark. But, he added, the Chicago-gum company has never been associated with the team." ...
for the complete story
Zell should use own money, not taxes, to rebuild Wrigley: Hinz
column by Greg Hinz
March 12, 2008
"As the richest person in Illinois, Tribune Co. boss Sam Zell surely knows the value of a buck.
He didn’t build a net worth of $6 billion — that figure from the March 5 issue of Forbes — by throwing away money or meekly watching while someone plucks his pocket.
So, on behalf of the hardworking (and much less rich) taxpayers of Chicago, here’s a message that Mr. Zell surely can appreciate: Use your own money to rebuild Wrigley Field, and quit trying to grab ours."
for the complete column
Wrigley does not rule out swing at Wrigley Field naming rights
By David Sterrett
March 12, 2008
"(Crain’s) — In his first public remarks on the naming rights of Wrigley Field, the chairman of Wm. Wrigley Jr. Co. left the door open Wednesday to paying for the privilege of keeping the company’s name on the baseball park it has graced for 80 years.
Tribune Co. owner Sam Zell has publicly challenged Wrigley to step to the plate and pay for the naming rights it has long received for free.
Speaking at the company’s annual meeting, Chairman William Wrigley Jr. said his family, which owned the Cubs until 1981, is a fan of the baseball team and the heritage of the ballpark. But, he added, the Chicago-gum company has never been associated with the team." ...
for the complete story
Zell should use own money, not taxes, to rebuild Wrigley: Hinz
column by Greg Hinz
March 12, 2008
"As the richest person in Illinois, Tribune Co. boss Sam Zell surely knows the value of a buck.
He didn’t build a net worth of $6 billion — that figure from the March 5 issue of Forbes — by throwing away money or meekly watching while someone plucks his pocket.
So, on behalf of the hardworking (and much less rich) taxpayers of Chicago, here’s a message that Mr. Zell surely can appreciate: Use your own money to rebuild Wrigley Field, and quit trying to grab ours."
for the complete column
Tuesday, March 11, 2008
Lego hits Xanadu
from today's GlobeSt (3/11):
Last updated: March 11, 2008 10:39am
Legoland Coming to Meadowlands Xanadu
By Eric Peterson
"EAST RUTHERFORD, NJ-Merlin Entertainments has signed a deal with Meadowlands Development to operate a 44,000-sf Legoland Discovery Centre at Meadowlands Xanadu, the $2-billion, 2.3-million-sf retail and entertainment complex currently under construction within the Meadowlands Sports Complex here. Terms of the deal were not released." ...
for the complete story
Last updated: March 11, 2008 10:39am
Legoland Coming to Meadowlands Xanadu
By Eric Peterson
"EAST RUTHERFORD, NJ-Merlin Entertainments has signed a deal with Meadowlands Development to operate a 44,000-sf Legoland Discovery Centre at Meadowlands Xanadu, the $2-billion, 2.3-million-sf retail and entertainment complex currently under construction within the Meadowlands Sports Complex here. Terms of the deal were not released." ...
for the complete story
Tourism and the environment
Today the TIA (Travel Industry Assn of America) released its brief primer on the issues of climate change and environmental policy with regards to the travel and tourism industry. The document briefly covers legislative specifics and general market trends, and outlines the implications and opportunities for tourism industry sectors such as hotels, restaurants, and theme parks.
Also today, PWC released their report on sustainability in travel and leisure.
Contact the Library for further info.
Also today, PWC released their report on sustainability in travel and leisure.
Contact the Library for further info.
Tanger Outlet plans for University of Texas stadium site
from today's GlobeSt (3/11):
Last updated: March 11, 2008 09:21am
Tanger Planning 50-Acre Upscale Urban Outlet
By Connie Gore
"IRVING, TX-Tanger Factory Outlet Centers Inc. this morning will unveil a 50-acre destination retail plan for part of the University of Dallas' 270.7-acre stake beside Texas Stadium. The announcement comes just one day before Forest City Enterprises Inc. presents its plan for an 88-acre corporate campus for the stadium land, which will be ripe for redevelopment after the Dallas Cowboys vacate the turf.
Tanger is planning a "racetrack design" with 380,000 sf of leasable upscale retail in a garden-type setting with water features as its first test of urban infill markets, according to Herbert Gears, Irving's mayor." ...
for the complete story
Last updated: March 11, 2008 09:21am
Tanger Planning 50-Acre Upscale Urban Outlet
By Connie Gore
"IRVING, TX-Tanger Factory Outlet Centers Inc. this morning will unveil a 50-acre destination retail plan for part of the University of Dallas' 270.7-acre stake beside Texas Stadium. The announcement comes just one day before Forest City Enterprises Inc. presents its plan for an 88-acre corporate campus for the stadium land, which will be ripe for redevelopment after the Dallas Cowboys vacate the turf.
Tanger is planning a "racetrack design" with 380,000 sf of leasable upscale retail in a garden-type setting with water features as its first test of urban infill markets, according to Herbert Gears, Irving's mayor." ...
for the complete story
Harrah's drops Bahamas plans
from this afternoon's GlobeSt (3/11):
UPDATE Last updated: March 11, 2008 12:10pm
Harrah’s Bowing Out of Bahamas Deal
By Brian K. Miller
"LAS VEGAS-Harrah’s Entertainment told Baha Mar Resorts last week that it was terminating their joint venture agreement to develop a multibillion-dollar resort on 1,000 acres in the Bahamas that included a 100,000-sf casino and more than 3,000 hotel and condo-hotel units. Baha Mar Resorts revealed the notice on Friday, saying it has sent its own notice to Harrah’s questioning the gaming resort operator’s ability to unilaterally terminate the agreement." ...
for the complete story
UPDATE Last updated: March 11, 2008 12:10pm
Harrah’s Bowing Out of Bahamas Deal
By Brian K. Miller
"LAS VEGAS-Harrah’s Entertainment told Baha Mar Resorts last week that it was terminating their joint venture agreement to develop a multibillion-dollar resort on 1,000 acres in the Bahamas that included a 100,000-sf casino and more than 3,000 hotel and condo-hotel units. Baha Mar Resorts revealed the notice on Friday, saying it has sent its own notice to Harrah’s questioning the gaming resort operator’s ability to unilaterally terminate the agreement." ...
for the complete story
Monday, March 10, 2008
IRETO's Global Real Estate report is out
You can click here to pick up a copy of the IRETO Global Real Estate Report
Among its features, the report forecasts trends by sector and region; shows historical trends in cap rates by region; shows per/sf office rents in key cities worldwide; and picks for its key 2008 investments hotel development in Dubai and Russia, retail in Paris and New York, and office space in London.
Among its features, the report forecasts trends by sector and region; shows historical trends in cap rates by region; shows per/sf office rents in key cities worldwide; and picks for its key 2008 investments hotel development in Dubai and Russia, retail in Paris and New York, and office space in London.
CA locals support casino expansions
from the Press Enterprise (3/9):
Casinos scored expansion win with help of neighbors
10:00 PM PDT on Sunday, March 9, 2008
By JIM MILLER
Sacramento Bureau
"The prospect of living in the shadow of some of the world's largest casinos did nothing to dampen neighbors' support for Inland tribal gambling-expansion deals on last month's ballot, final election results show.
The four agreements passed with about 56 percent of the statewide vote in the Feb. 5 election. Up to 63 percent of voters in San Bernardino and Riverside counties approved the measures.
Voters in some precincts closest to casinos offered even stronger endorsements. Any qualms about more traffic, higher crime or other problems linked to gambling seemed trumped by goodwill for the tribes and their casinos' roles as job and entertainment centers." ...
"In the Coachella Valley, people living within two miles of the Agua Caliente tribe's two casinos backed the four casino-expansion deals by an average of 67 percent, according to detailed election results released last week.
Last month's ballot also contained casino-expansion deals between the state and the Pechanga Band of Luiseño Indians near Temecula, the Morongo Band of Mission Indians near Banning, and the Sycuan Band of Kumeyaay Indians in San Diego County.
Sixty-five percent of voters within two miles of the Morongo Casino Resort and Spa backed the agreements.
Fifty-eight percent of voters in precincts around the Pechanga Resort and Casino in southwest Riverside County supported the agreements. But a slim majority of voters in the neighborhoods northwest of the casino opposed the pacts, among only a relative handful of Inland precincts where the agreements failed." ...
for the complete story
Casinos scored expansion win with help of neighbors
10:00 PM PDT on Sunday, March 9, 2008
By JIM MILLER
Sacramento Bureau
"The prospect of living in the shadow of some of the world's largest casinos did nothing to dampen neighbors' support for Inland tribal gambling-expansion deals on last month's ballot, final election results show.
The four agreements passed with about 56 percent of the statewide vote in the Feb. 5 election. Up to 63 percent of voters in San Bernardino and Riverside counties approved the measures.
Voters in some precincts closest to casinos offered even stronger endorsements. Any qualms about more traffic, higher crime or other problems linked to gambling seemed trumped by goodwill for the tribes and their casinos' roles as job and entertainment centers." ...
"In the Coachella Valley, people living within two miles of the Agua Caliente tribe's two casinos backed the four casino-expansion deals by an average of 67 percent, according to detailed election results released last week.
Last month's ballot also contained casino-expansion deals between the state and the Pechanga Band of Luiseño Indians near Temecula, the Morongo Band of Mission Indians near Banning, and the Sycuan Band of Kumeyaay Indians in San Diego County.
Sixty-five percent of voters within two miles of the Morongo Casino Resort and Spa backed the agreements.
Fifty-eight percent of voters in precincts around the Pechanga Resort and Casino in southwest Riverside County supported the agreements. But a slim majority of voters in the neighborhoods northwest of the casino opposed the pacts, among only a relative handful of Inland precincts where the agreements failed." ...
for the complete story
Beijing airport upgrades and new facility
from today's Business Week Asia Insider (3/10):
China February 29, 2008, 7:15AM EST text size: TT
Beijing Airport: $3.75 Billion for Smoother Skies
Even before the Olympics came to Beijing, mainland airports were congested and inefficient. A new terminal and regulation may help
by Chi-Chu Tschang
"This summer, an estimated 6.4 million people are expected to arrive in Beijing for the Olympic Games. The Chinese government has spent the last several years investing in airport expansion, restricting flights, and negotiating with the military to ensure tourists will not start their trip with flight delays and cancellations.
But it hasn't been an easy task. Beijing Capital International Airport has been bursting at the seams, barely able to keep up with the explosion of air travel in China since the airline industry was deregulated in the 1980s. To win market share in China's fiercely competitive aviation industry (BusinessWeek.com 1/15/08), airlines have been overbooking flights to Beijing and Shanghai's congested airports, which has resulted in flight delays and cancellations. Last year, 86% of the flights into and out of Beijing's airport took off on time, putting it only in the middle of the pack compared with other major international airports, according to the airport.
Beijing is now unveiling what it hopes will be a multibillion-dollar solution to the problem. At midnight Feb. 29, Capital Airport's ultramodern Terminal 3 (BusinessWeek.com 2/27/08) officially opened for business, six months ahead of the 2008 Olympics. Construction on the $3.75 billion terminal, designed by British architect Norman Foster to evoke a red, orange, and yellow dragon, took a lightning-quick three years and nine months.
Second Airport in the Works
The world's largest airport terminal is one of a host of projects, including stadiums and office towers, Beijing has built for the Olympics to show off China's economic prowess. "Even if Beijing were not hosting the Olympics, our airport would still need to expand because we've had to restrict a lot of flights, and not just in the last year or two," says Zhang Zhizhong, president of Capital Airports Holding Company, parent company of the Beijing airport.
Although the original designs of the airport's Terminal 1 and Terminal 2 called for a maximum capacity of 35 million passengers per year, in 2007 they handled more than 53 million passengers, making Beijing's airport the ninth-busiest in the world. China's air traffic grew 16% last year as more businessmen flew to China to trade, and increasingly wealthier Chinese took flights for visits or vacations. Analysts say China's aviation industry could have grown even faster if it the infrastructure constraints had not caused bottlenecks. Terminal 3 will alleviate the problem by doubling Beijing airport's existing capacity to 76 million passengers per year." ....
for the complete story
China February 29, 2008, 7:15AM EST text size: TT
Beijing Airport: $3.75 Billion for Smoother Skies
Even before the Olympics came to Beijing, mainland airports were congested and inefficient. A new terminal and regulation may help
by Chi-Chu Tschang
"This summer, an estimated 6.4 million people are expected to arrive in Beijing for the Olympic Games. The Chinese government has spent the last several years investing in airport expansion, restricting flights, and negotiating with the military to ensure tourists will not start their trip with flight delays and cancellations.
But it hasn't been an easy task. Beijing Capital International Airport has been bursting at the seams, barely able to keep up with the explosion of air travel in China since the airline industry was deregulated in the 1980s. To win market share in China's fiercely competitive aviation industry (BusinessWeek.com 1/15/08), airlines have been overbooking flights to Beijing and Shanghai's congested airports, which has resulted in flight delays and cancellations. Last year, 86% of the flights into and out of Beijing's airport took off on time, putting it only in the middle of the pack compared with other major international airports, according to the airport.
Beijing is now unveiling what it hopes will be a multibillion-dollar solution to the problem. At midnight Feb. 29, Capital Airport's ultramodern Terminal 3 (BusinessWeek.com 2/27/08) officially opened for business, six months ahead of the 2008 Olympics. Construction on the $3.75 billion terminal, designed by British architect Norman Foster to evoke a red, orange, and yellow dragon, took a lightning-quick three years and nine months.
Second Airport in the Works
The world's largest airport terminal is one of a host of projects, including stadiums and office towers, Beijing has built for the Olympics to show off China's economic prowess. "Even if Beijing were not hosting the Olympics, our airport would still need to expand because we've had to restrict a lot of flights, and not just in the last year or two," says Zhang Zhizhong, president of Capital Airports Holding Company, parent company of the Beijing airport.
Although the original designs of the airport's Terminal 1 and Terminal 2 called for a maximum capacity of 35 million passengers per year, in 2007 they handled more than 53 million passengers, making Beijing's airport the ninth-busiest in the world. China's air traffic grew 16% last year as more businessmen flew to China to trade, and increasingly wealthier Chinese took flights for visits or vacations. Analysts say China's aviation industry could have grown even faster if it the infrastructure constraints had not caused bottlenecks. Terminal 3 will alleviate the problem by doubling Beijing airport's existing capacity to 76 million passengers per year." ....
for the complete story
PWC UK hotel forecast 2008 is out
PriceWaterhouseCoopers'UK hotel update announces:
Slowdown not meltdown for UK hotels
UK Hotel Forecast - Feb 2008
Liz Hall
27/02/2008 11:21
"UK hotels are unlikely to experience a meltdown in 2008 or 2009 according to PricewaterhouseCoopers LLP.
The latest PricewaterhouseCoopers ‘Hospitality Directions: UK Hotel Forecast’ suggests that although change is coming and there will be fallout from the current global financial uncertainty and economic slowdown, hotels are relatively well placed to cope." ...
the complete report can be picked up here
Slowdown not meltdown for UK hotels
UK Hotel Forecast - Feb 2008
Liz Hall
27/02/2008 11:21
"UK hotels are unlikely to experience a meltdown in 2008 or 2009 according to PricewaterhouseCoopers LLP.
The latest PricewaterhouseCoopers ‘Hospitality Directions: UK Hotel Forecast’ suggests that although change is coming and there will be fallout from the current global financial uncertainty and economic slowdown, hotels are relatively well placed to cope." ...
the complete report can be picked up here
Chicago condo troubles
from today's Crain's Chicago Business (3/10):
A Sterling example of condo bust
By Alby Gallun and Thomas A. Corfman
March 10, 2008
"The sign out front says, "The Sterling Private Residences," but the 50-story tower at 345 N. LaSalle St. recently has earned a less distinguished title: condo foreclosure capital of Chicago.
Over the past three years, lenders have filed 95 foreclosure suits, accounting for about $40 million in loans, on condominiums in the 389-unit high-rise, fueling a big drop in condo values throughout the building.
Completed about six years ago, the Sterling has emerged as the most prominent symbol of the excesses of the downtown condo boom." ...
for the complete story
A Sterling example of condo bust
By Alby Gallun and Thomas A. Corfman
March 10, 2008
"The sign out front says, "The Sterling Private Residences," but the 50-story tower at 345 N. LaSalle St. recently has earned a less distinguished title: condo foreclosure capital of Chicago.
Over the past three years, lenders have filed 95 foreclosure suits, accounting for about $40 million in loans, on condominiums in the 389-unit high-rise, fueling a big drop in condo values throughout the building.
Completed about six years ago, the Sterling has emerged as the most prominent symbol of the excesses of the downtown condo boom." ...
for the complete story
Scotland proposes first BID
from today's Scotsman (3/10):
'Carnivals' set to close key street in drive to boost city
By Brian Ferguson
"ONE of Edinburgh's flagship thoroughfares would be closed to traffic for special events under plans for a new scheme aimed at reviving the fortunes of the heart of the capital.
George Street could become home to regular "carnival" events featuring live music, street entertainers and even cookery demonstrations as part of a long-awaited initiative to enhance the city centre." ...
"George Street, which has seen huge growth in major fashion retailers and upmarket bars over the last ten years, already plays host to a hugely popular street carnival as part of the city's Hogmanay celebrations." ...
"Retailers, bars, restaurants and other firms will vote over the next few weeks on the creation of a "business improvement district" (BID), which is expected to generate £1 million annually. In return for paying higher rates under the scheme, businesses would be promised a package of improvements over and above council services.
Such schemes have proved popular across England, but Edinburgh would be the first to introduce a BID in Scotland." ...
for the complete story
'Carnivals' set to close key street in drive to boost city
By Brian Ferguson
"ONE of Edinburgh's flagship thoroughfares would be closed to traffic for special events under plans for a new scheme aimed at reviving the fortunes of the heart of the capital.
George Street could become home to regular "carnival" events featuring live music, street entertainers and even cookery demonstrations as part of a long-awaited initiative to enhance the city centre." ...
"George Street, which has seen huge growth in major fashion retailers and upmarket bars over the last ten years, already plays host to a hugely popular street carnival as part of the city's Hogmanay celebrations." ...
"Retailers, bars, restaurants and other firms will vote over the next few weeks on the creation of a "business improvement district" (BID), which is expected to generate £1 million annually. In return for paying higher rates under the scheme, businesses would be promised a package of improvements over and above council services.
Such schemes have proved popular across England, but Edinburgh would be the first to introduce a BID in Scotland." ...
for the complete story
Sunday, March 9, 2008
Brazilian economy still growing
from Bloomberg (3/7):
Brazil Economy Expanded Above 5 Percent, Mantega Says (Update2)
By Guillermo Parra-Bernal and Telma Marotto
"March 7 (Bloomberg) -- Brazil's economy probably expanded more than 5 percent in 2007, indicating it remained unscathed by the global credit rout that has affected economies worldwide, Finance Minister Guido Mantega said.
Economic growth in Brazil was ``something between'' 5.2 percent and 5.3 percent in 2007, Mantega said in a speech in Rio de Janeiro. That would be the fastest pace since 5.7 percent in 2004." ....
for the complete story
Brazil Economy Expanded Above 5 Percent, Mantega Says (Update2)
By Guillermo Parra-Bernal and Telma Marotto
"March 7 (Bloomberg) -- Brazil's economy probably expanded more than 5 percent in 2007, indicating it remained unscathed by the global credit rout that has affected economies worldwide, Finance Minister Guido Mantega said.
Economic growth in Brazil was ``something between'' 5.2 percent and 5.3 percent in 2007, Mantega said in a speech in Rio de Janeiro. That would be the fastest pace since 5.7 percent in 2004." ....
for the complete story
Saturday, March 8, 2008
Tohono O'odham and AZ tribes get more slots
from the Arizona Daily Star (3/7):
Tribes may add more slot machines in Tucson, state as population grows
Tucson, Arizona | Published: 03.07.2008
"The number of slot machines allowed inside Indian casinos is growing along with Arizona's population.
Arizona's gaming tribes may add a total of 2,908 slot machines to their casinos this year under a formula that allows them to increase slots and blackjack tables every five years at the same rate that the state population increases. The additional slot machines represent a 19 percent increase.
The largest slot increases are going to the Tohono O'odham Nation and Gila River Indian Communities. They're each receiving 266 more machines. At the two Desert Diamond casinos near Tucson, the Tohono O'odham have 1,815 machines. The Desert Diamond on Nogales Highway has the most machines among Arizona casinos, with 1,089 slots, according to state Gaming department statistics." .........
for the complete story
Tribes may add more slot machines in Tucson, state as population grows
Tucson, Arizona | Published: 03.07.2008
"The number of slot machines allowed inside Indian casinos is growing along with Arizona's population.
Arizona's gaming tribes may add a total of 2,908 slot machines to their casinos this year under a formula that allows them to increase slots and blackjack tables every five years at the same rate that the state population increases. The additional slot machines represent a 19 percent increase.
The largest slot increases are going to the Tohono O'odham Nation and Gila River Indian Communities. They're each receiving 266 more machines. At the two Desert Diamond casinos near Tucson, the Tohono O'odham have 1,815 machines. The Desert Diamond on Nogales Highway has the most machines among Arizona casinos, with 1,089 slots, according to state Gaming department statistics." .........
for the complete story
Friday, March 7, 2008
new volumes
Fresh out of the mail --
(sorry for the picture -- my camera just refused to focus on this)
(sorry for the picture -- my camera just refused to focus on this)
Anaheim sued over Angels' stadium development
from today's California Real Estate Journal InSites (3/7):
Citizens Group Sues Anaheim Over Platinum Triangle
"ANAHEIM - The city of Anaheim is facing a lawsuit from a group of citizens over its Platinum Triangle development area near Angel Stadium. The San Diego-based Citizens for Responsible Equitable Environmental Development alleged in their lawsuit that the city went ahead with the approved expansion of the Platinum Triangle without giving proper time to hear appeals." ...
for the complete story
Citizens Group Sues Anaheim Over Platinum Triangle
"ANAHEIM - The city of Anaheim is facing a lawsuit from a group of citizens over its Platinum Triangle development area near Angel Stadium. The San Diego-based Citizens for Responsible Equitable Environmental Development alleged in their lawsuit that the city went ahead with the approved expansion of the Platinum Triangle without giving proper time to hear appeals." ...
for the complete story
World travel and tourism prospects
from today's STR newsletter (3/7):
Continued growth signalled for Travel & Tourism Industry
The latest research for Travel & Tourism anticipates a slowdown in the industry in 2008 but prospects are bright for the coming ten years
"Berlin, GERMANY | World Travel & Tourism is expected to generate close to US$8 trillion in 2008, rising to approximately US$15 trillion over the next ten years, according to the latest Tourism Satellite Accounting (TSA) research launched today by the World Travel & Tourism Council (WTTC) and its strategic partner Accenture.
Overall, the new TSA results reveal a moderate impact on the Travel & Tourism industry as a result of the global economic downturn, with its annual growth rate experiencing a slowdown in 2008, to 3%, in comparison to 3.9% in 2007.
Looking past this present cyclical downturn, the long-term forecasts point to a mature but steady phase of growth for world Travel & Tourism between 2009 and 2018, averaging a growth rate of 4.4% per annum, supporting 297 million jobs and 10.5% of global GDP by 2018." ...
for the complete story
Continued growth signalled for Travel & Tourism Industry
The latest research for Travel & Tourism anticipates a slowdown in the industry in 2008 but prospects are bright for the coming ten years
"Berlin, GERMANY | World Travel & Tourism is expected to generate close to US$8 trillion in 2008, rising to approximately US$15 trillion over the next ten years, according to the latest Tourism Satellite Accounting (TSA) research launched today by the World Travel & Tourism Council (WTTC) and its strategic partner Accenture.
Overall, the new TSA results reveal a moderate impact on the Travel & Tourism industry as a result of the global economic downturn, with its annual growth rate experiencing a slowdown in 2008, to 3%, in comparison to 3.9% in 2007.
Looking past this present cyclical downturn, the long-term forecasts point to a mature but steady phase of growth for world Travel & Tourism between 2009 and 2018, averaging a growth rate of 4.4% per annum, supporting 297 million jobs and 10.5% of global GDP by 2018." ...
for the complete story
China Olympic hotel prices boom
from China View (3/7):
Beijing hotel rooms prices rise 400-1000% for Olympics
"BEIJING, March 7 (Xinhua) -- Quoted prices for hotel stays in Beijing during the summer Olympics has jumped up by four to ten times higher than normal, said China's biggest online booking provider Ctrip.com International Ltd.
The travel booking company said on Friday that its online hotel reservation data show that standard hotel rooms in four and five star-ranking hotels during the August Olympics have been nearly booked out." ....
for the complete story
China View also offers continuing special coverage of the Games
Beijing hotel rooms prices rise 400-1000% for Olympics
"BEIJING, March 7 (Xinhua) -- Quoted prices for hotel stays in Beijing during the summer Olympics has jumped up by four to ten times higher than normal, said China's biggest online booking provider Ctrip.com International Ltd.
The travel booking company said on Friday that its online hotel reservation data show that standard hotel rooms in four and five star-ranking hotels during the August Olympics have been nearly booked out." ....
for the complete story
China View also offers continuing special coverage of the Games
Tuesday, March 4, 2008
6 Flags Dubai
from Yahoo finance (3/4):
Tatweer and Six Flags Announce Strategic Alliance to Develop Thrill Theme Parks in the Arab World and Beyond
Tuesday March 4, 10:59 am ET
"DUBAILAND(R) to Host First Six Flags Theme Park Outside Of North America
DUBAI, United Arab Emirates, March 4 /PRNewswire-FirstCall/ -- Tatweer, a member of Dubai Holding, announced today a strategic alliance with US-based Six Flags, Inc. (NYSE: SIX - News), the world's largest theme park company, to develop thrill-driven theme parks across the Arab world.
The highlight of the strategic alliance will be the development of Six Flags DUBAILAND®, a five million square feet multi-billion dirham theme park within the world's largest tourism, leisure and entertainment destination.
The first Six Flags project to be developed outside of North America, the theme park comes as part of Tatweer's tactical contribution to Dubai Strategic Plan 2015, which aims to develop the emirate into a leading global hub for tourism and leisure." ...
for the complete story
Tatweer and Six Flags Announce Strategic Alliance to Develop Thrill Theme Parks in the Arab World and Beyond
Tuesday March 4, 10:59 am ET
"DUBAILAND(R) to Host First Six Flags Theme Park Outside Of North America
DUBAI, United Arab Emirates, March 4 /PRNewswire-FirstCall/ -- Tatweer, a member of Dubai Holding, announced today a strategic alliance with US-based Six Flags, Inc. (NYSE: SIX - News), the world's largest theme park company, to develop thrill-driven theme parks across the Arab world.
The highlight of the strategic alliance will be the development of Six Flags DUBAILAND®, a five million square feet multi-billion dirham theme park within the world's largest tourism, leisure and entertainment destination.
The first Six Flags project to be developed outside of North America, the theme park comes as part of Tatweer's tactical contribution to Dubai Strategic Plan 2015, which aims to develop the emirate into a leading global hub for tourism and leisure." ...
for the complete story
European hotel reports available
HVS' European Hotel Valuation Index for 2008 and their European Hotel Transactions, 2007 have been release this week.
The Valuation Index includes text and tables broken out by country on annual growth rates, hotel values (% change 1994-2007), new room supply, hotel values/room (1993-2007), etc.
The Transactions report includes text and tables on single asset transaction (specifics and trends) and portfolio transactions.
Both reports can be accessed at HVS' latest news
The Valuation Index includes text and tables broken out by country on annual growth rates, hotel values (% change 1994-2007), new room supply, hotel values/room (1993-2007), etc.
The Transactions report includes text and tables on single asset transaction (specifics and trends) and portfolio transactions.
Both reports can be accessed at HVS' latest news
resort breaks ground in Nicaragua
from this morning's GlobeSt (3/4):
Last updated: March 4, 2008 08:50am
$50M Nicaragua Beach Resort Breaks Ground
By Michelle Deakin
"GRAN PACIFICA, NICARAGUA-ECI Development and Hunter Blair S.A. have broken ground on a 142-unit condominium building, part of a $50-million beachfront development called Milagro del Mar or Miracle of the Sea. The eight-acre resort, stretching across 3.5 miles of Pacific beach, is one hour west of the country’s capital city of Managua." ...
"Milagro del Mar is being marketed to baby boomers and second-home owners in North America. Expected to be fully completed in 2012, it will include a golf course, as well as pools, water cascades, exercise facilities, restaurants and retail shops. Residences will include condominium buildings and single-family homes." ....
for the complete story
Last updated: March 4, 2008 08:50am
$50M Nicaragua Beach Resort Breaks Ground
By Michelle Deakin
"GRAN PACIFICA, NICARAGUA-ECI Development and Hunter Blair S.A. have broken ground on a 142-unit condominium building, part of a $50-million beachfront development called Milagro del Mar or Miracle of the Sea. The eight-acre resort, stretching across 3.5 miles of Pacific beach, is one hour west of the country’s capital city of Managua." ...
"Milagro del Mar is being marketed to baby boomers and second-home owners in North America. Expected to be fully completed in 2012, it will include a golf course, as well as pools, water cascades, exercise facilities, restaurants and retail shops. Residences will include condominium buildings and single-family homes." ....
for the complete story
Major Houston LEED tower breaks ground
from today's GlobeSt (3/4):
Last updated: March 4, 2008 08:43am
$300M Discovery Tower Breaks Ground in CBD
By Amy Wolff Sorter
"HOUSTON-Trammell Crow Co. and Principal Real Estate Investors have launched construction on the 871,000-sf Discovery Tower. The developer will seek LEED Gold certification for the $300-million landmark project in the city's entertainment district.
As part of its green plan, the 30-story building, being placed on a full city block, will be outfitted with 10 rooftop turbines to generate electricity, a first in the city. Gensler designed the high rise, which will be ready for occupancy in 2010." ....
for the complete story
Last updated: March 4, 2008 08:43am
$300M Discovery Tower Breaks Ground in CBD
By Amy Wolff Sorter
"HOUSTON-Trammell Crow Co. and Principal Real Estate Investors have launched construction on the 871,000-sf Discovery Tower. The developer will seek LEED Gold certification for the $300-million landmark project in the city's entertainment district.
As part of its green plan, the 30-story building, being placed on a full city block, will be outfitted with 10 rooftop turbines to generate electricity, a first in the city. Gensler designed the high rise, which will be ready for occupancy in 2010." ....
for the complete story
CA city rejects waterpark plans
from today's California Real Estate Journal InSites (3/4):
City Council Rejects Latino-Themed Water Park
"SANTA ANA - In a closed session Feb. 26, Garden Grove City Councilmembers voted 5-0 against a proposed theme park at the Willowick Golf Course in what has been deemed the city's InternationalWest resort area. While the 100-acre project site is located in Santa Ana, it is owned and operated by the city of Garden Grove.
The Latino-themed water park was proposed by developer Ron Granados and would have included a 1,500-room hotel." ....
for the complete story
City Council Rejects Latino-Themed Water Park
"SANTA ANA - In a closed session Feb. 26, Garden Grove City Councilmembers voted 5-0 against a proposed theme park at the Willowick Golf Course in what has been deemed the city's InternationalWest resort area. While the 100-acre project site is located in Santa Ana, it is owned and operated by the city of Garden Grove.
The Latino-themed water park was proposed by developer Ron Granados and would have included a 1,500-room hotel." ....
for the complete story
Monday, March 3, 2008
Islamic-compliant hotels planned worldwide
from Emirates News Agency (3/3):
$2 billion investment plan for Islamically-compliant hotels
Mar 3, 2008 - 08:57 -
"WAM Dubai, March 3rd, 2008 (WAM) -- A $2 billion plan to develop an Islamically-compliant hotel brand portfolio appealing to lifestyle travellers - both Muslim and non-Muslim - is to be outlined to potential investors.
Abdulla Mohamed Almulla, Chairman of Dubai-based Almulla Hospitality, will reveal details of a multi-brand chain of up to 90 international hotels operating under a Shari'ah supervisory board at the Arabian Hotel Investment Conference that takes place in May in Dubai." ...
"The initial destinations targeted by Almulla Hospitality are Saudi Arabia, the United Arab Emirates, Jordan, Egypt, Malaysia and Thailand. The company is also looking to set up operations in Europe." ...
for the complete story
$2 billion investment plan for Islamically-compliant hotels
Mar 3, 2008 - 08:57 -
"WAM Dubai, March 3rd, 2008 (WAM) -- A $2 billion plan to develop an Islamically-compliant hotel brand portfolio appealing to lifestyle travellers - both Muslim and non-Muslim - is to be outlined to potential investors.
Abdulla Mohamed Almulla, Chairman of Dubai-based Almulla Hospitality, will reveal details of a multi-brand chain of up to 90 international hotels operating under a Shari'ah supervisory board at the Arabian Hotel Investment Conference that takes place in May in Dubai." ...
"The initial destinations targeted by Almulla Hospitality are Saudi Arabia, the United Arab Emirates, Jordan, Egypt, Malaysia and Thailand. The company is also looking to set up operations in Europe." ...
for the complete story
Legacy Park (formerly Tustin MCAS) gets hotels deal
from this afternoon's Hotels enews briefs (3/3):
Shea, R.D. Olson Announce Multiple-Hotel Deal In California
Shea Properties
March 3, 2008
"Shea Properties, a leading real estate development and investment company headquartered in Aliso Viejo, Calif., has announced a deal with R.D. Olson Development, a premiere California hotel developer based in Irvine, Calif., for one upscale, full-service Kimpton boutique hotel and two major-brand select-service hotels at Legacy Park in Tustin. This is the first hospitality development deal to transpire at Legacy Park, the 820-acre mixed-use community located between Red Hill Avenue, Edinger Avenue, Jamboree Road and Barranca Parkway on the site of the former Tustin Marine Corps Air Station." ...
The Kimpton full-service boutique hotel includes approximately 180 rooms with an upscale restaurant at ground level, a rooftop patio and bar overlooking the urban plaza and Legacy vistas, and the addition of much-needed banquet and conference facilities." .....
"The two major-brand select service concepts are designed to meet the needs of the future 5.7 million square feet of new office users. The first hotel anchors the west end of the main street and includes approximately 160 rooms." ...
"The second, all-suites hotel—slated to include approximately 140 suites" ...
for the complete story
Shea, R.D. Olson Announce Multiple-Hotel Deal In California
Shea Properties
March 3, 2008
"Shea Properties, a leading real estate development and investment company headquartered in Aliso Viejo, Calif., has announced a deal with R.D. Olson Development, a premiere California hotel developer based in Irvine, Calif., for one upscale, full-service Kimpton boutique hotel and two major-brand select-service hotels at Legacy Park in Tustin. This is the first hospitality development deal to transpire at Legacy Park, the 820-acre mixed-use community located between Red Hill Avenue, Edinger Avenue, Jamboree Road and Barranca Parkway on the site of the former Tustin Marine Corps Air Station." ...
The Kimpton full-service boutique hotel includes approximately 180 rooms with an upscale restaurant at ground level, a rooftop patio and bar overlooking the urban plaza and Legacy vistas, and the addition of much-needed banquet and conference facilities." .....
"The two major-brand select service concepts are designed to meet the needs of the future 5.7 million square feet of new office users. The first hotel anchors the west end of the main street and includes approximately 160 rooms." ...
"The second, all-suites hotel—slated to include approximately 140 suites" ...
for the complete story
Starwood opening The Luxury Collection hotel in UAE
from today's STR Hospitality news (3/3):
The Luxury Collection® Announces Landmark Entry into the United Arab Emirates with the Opening of a Luxury Collection Hotel in Ras Al Khaimah
"NEW YORK | Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announces the entry of The Luxury Collection® in Ras Al Khaimah, the fourth largest emirate in the United Arab Emirates. Under a long-term agreement with Saraya Islands, PJSC., the hotel will be operated under the Luxury Collection brand within the Saraya Islands, a distinguished mixed-use destination in the heart of Ras Al Khaimah between the Hajjar Mountains and the Arabian Gulf. The Luxury Collection Resort is expected to open in 2011." ...
"The hotel’s 300 lavishly decorated guestrooms will include 40 suites, all with breathtaking views and the latest modern conveniences. It will serve a variety of international culinary options at its six food and beverages outlets, including two specialty restaurants, and offer approximately 43,000 square feet of indoor meeting space. The Luxury Collection Resort will provide guests with an exceptional level of service, a majestic ambience and exquisite oceanfront dining options. Guests can take a refreshing swim in the pool, play an invigorating game of tennis, indulge themselves with a soothing spa treatment or simply enjoy the sun along the hotel’s beautifully landscaped property, which includes a private stretch of pristine beachfront.
Saraya Islands, the luxurious mixed-use destination, is conveniently located fifteen minutes from Ras Al Khaimah’s international airport. The Luxury Collection Resort will occupy a prime spot in Saraya Islands. Within this destination, guests will have access to upscale shops, restaurants, entertainment outlets, indoor and outdoor sports facilities, a water amusement park and three miles of sandy beaches." ...
for the complete story
“It is only right and in sync with our strategy to partner with the best in the tourism field for Saraya
The Luxury Collection® Announces Landmark Entry into the United Arab Emirates with the Opening of a Luxury Collection Hotel in Ras Al Khaimah
"NEW YORK | Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announces the entry of The Luxury Collection® in Ras Al Khaimah, the fourth largest emirate in the United Arab Emirates. Under a long-term agreement with Saraya Islands, PJSC., the hotel will be operated under the Luxury Collection brand within the Saraya Islands, a distinguished mixed-use destination in the heart of Ras Al Khaimah between the Hajjar Mountains and the Arabian Gulf. The Luxury Collection Resort is expected to open in 2011." ...
"The hotel’s 300 lavishly decorated guestrooms will include 40 suites, all with breathtaking views and the latest modern conveniences. It will serve a variety of international culinary options at its six food and beverages outlets, including two specialty restaurants, and offer approximately 43,000 square feet of indoor meeting space. The Luxury Collection Resort will provide guests with an exceptional level of service, a majestic ambience and exquisite oceanfront dining options. Guests can take a refreshing swim in the pool, play an invigorating game of tennis, indulge themselves with a soothing spa treatment or simply enjoy the sun along the hotel’s beautifully landscaped property, which includes a private stretch of pristine beachfront.
Saraya Islands, the luxurious mixed-use destination, is conveniently located fifteen minutes from Ras Al Khaimah’s international airport. The Luxury Collection Resort will occupy a prime spot in Saraya Islands. Within this destination, guests will have access to upscale shops, restaurants, entertainment outlets, indoor and outdoor sports facilities, a water amusement park and three miles of sandy beaches." ...
for the complete story
“It is only right and in sync with our strategy to partner with the best in the tourism field for Saraya
Green residential tower for NYC
from today's GlobeSt (3/3):
Last updated: March 3, 2008 09:08am
Construction To Begin on Green Residence
By Natalie Dolce
"NEW YORK CITY-Freestanding residential tower HL23 will rise from a site on West 23rd Street half beneath the High Line elevated railway bed, now slated for transformation into an urban park. Construction will begin in March on the 14-story building, which will have a reverse-tapering structure.
A source familiar with the development tells GlobeSt.com that the developer, locally based 23 High Line LLC, is buying 100% green energy for the building. Alf Naman of High Line confirms, telling GlobeSt.com that they are in contract to purchase green power from a source that is creating energy elsewhere through wind power. Naman also reveals that total hard costs for the construction are $22 million." ....
for the complete story
Last updated: March 3, 2008 09:08am
Construction To Begin on Green Residence
By Natalie Dolce
"NEW YORK CITY-Freestanding residential tower HL23 will rise from a site on West 23rd Street half beneath the High Line elevated railway bed, now slated for transformation into an urban park. Construction will begin in March on the 14-story building, which will have a reverse-tapering structure.
A source familiar with the development tells GlobeSt.com that the developer, locally based 23 High Line LLC, is buying 100% green energy for the building. Alf Naman of High Line confirms, telling GlobeSt.com that they are in contract to purchase green power from a source that is creating energy elsewhere through wind power. Naman also reveals that total hard costs for the construction are $22 million." ....
for the complete story
Yankee ballpark bonds
from today's Street and Smith's Sports Business Journal (3/3):
Yankees to sell another $300M in bonds to finance ballpark
By DANIEL KAPLAN
Staff writer
Published March 03, 2008 : Page 05
"The New York Yankees are selling another $300 million in bonds to finance their new ballpark on top of the $968 million the club sold in 2006.
The move is not a total surprise: The club last month disclosed that the price tag of the stadium had soared from $1 billion to $1.3 billion. However, the additional money could have come from other sources, such as equity from Yankees partners, instead of a bond sale." ...
"The team has said the price for its new ballpark has climbed to $1.3 billion. The ballpark cost has risen in part because of an initial delay in obtaining financing, increased security measures required by New York City, and enhancements to the facility, which is set to open next year.
The 53,000-seat stadium is expected to be a new revenue boon for the Yankees. The average ticket price is expected to top $100 per game, according to Standard & Poor’s, which rated the original bonds. The team’s 2007 average price was $47, compared with an MLB average of $22.69, according to S&P.
At a $100 average, if the Yankees were to sell out the stadium for each of 81 home dates, the team would pull in $5.3 million a game just in ticket revenue, or $429 million overall before the playoffs." ...
for the complete story log on to ERA's account at Street and Smith's
Yankees to sell another $300M in bonds to finance ballpark
By DANIEL KAPLAN
Staff writer
Published March 03, 2008 : Page 05
"The New York Yankees are selling another $300 million in bonds to finance their new ballpark on top of the $968 million the club sold in 2006.
The move is not a total surprise: The club last month disclosed that the price tag of the stadium had soared from $1 billion to $1.3 billion. However, the additional money could have come from other sources, such as equity from Yankees partners, instead of a bond sale." ...
"The team has said the price for its new ballpark has climbed to $1.3 billion. The ballpark cost has risen in part because of an initial delay in obtaining financing, increased security measures required by New York City, and enhancements to the facility, which is set to open next year.
The 53,000-seat stadium is expected to be a new revenue boon for the Yankees. The average ticket price is expected to top $100 per game, according to Standard & Poor’s, which rated the original bonds. The team’s 2007 average price was $47, compared with an MLB average of $22.69, according to S&P.
At a $100 average, if the Yankees were to sell out the stadium for each of 81 home dates, the team would pull in $5.3 million a game just in ticket revenue, or $429 million overall before the playoffs." ...
for the complete story log on to ERA's account at Street and Smith's
Sunday, March 2, 2008
Disney heading for Sydney?
from Australian Broadcasting Corporation [ABC} News (2/28):
Disney looks at property in Sydney
By Jennifer Macey
Posted Thu Feb 28, 2008 10:13am AEDT
"From Bondi to the Opera House, Sydney already has many tourist attractions - does it need a Disneyland?
The New South Wales Government recently held meetings with the Walt Disney Company about developing the White Bay site on Sydney Harbour's foreshore, near Anzac Bridge.
Scott Morrison, Liberal Member for Cook and the former managing director of Tourism Australia, says it would be a massive coup for Australia." ....
for the complete story
Disney looks at property in Sydney
By Jennifer Macey
Posted Thu Feb 28, 2008 10:13am AEDT
"From Bondi to the Opera House, Sydney already has many tourist attractions - does it need a Disneyland?
The New South Wales Government recently held meetings with the Walt Disney Company about developing the White Bay site on Sydney Harbour's foreshore, near Anzac Bridge.
Scott Morrison, Liberal Member for Cook and the former managing director of Tourism Australia, says it would be a massive coup for Australia." ....
for the complete story
Property rights v. access rights battle in Scotland
from the Scotsman (3/2):
Bannockburn battle over right to roam
By Jeremy Watson
"Millionaire ordered to unblock paths as estate near historic conflict becomes land reform test
IT is close to the site of one of Scotland's greatest battles but has led a largely peaceful existence in the 794 years since.
But the Sauchieburn Estate just south of the Bannock Burn is now at the centre of a 21st-century conflict over access to land.
Stirling Council is about to serve enforcement notices on William Roddie, the millionaire landowner of the estate, ordering him to unlock gates that block paths that have been in use by walkers, cyclists and horse-riders for generations.
According to official council documents, the Glasgow property developer and landlord who bought the estate and its mansion house last year for £2m, has built the gates and adjoining 6ft fences, without planning permission, across a popular route past the gardens of his house out to a local beauty spot." ...
"The council, backed by walkers' groups, believe the obstructions breach the Scottish Parliament's Land Reform Act, which gives walkers the right to responsible access to property as long as they do not encroach on formal gardens.
Sauchieburn Estate is now set to become the latest testing ground for land access laws following high-profile cases involving newly rich entrepreneurs" ...
for the complete story
Bannockburn battle over right to roam
By Jeremy Watson
"Millionaire ordered to unblock paths as estate near historic conflict becomes land reform test
IT is close to the site of one of Scotland's greatest battles but has led a largely peaceful existence in the 794 years since.
But the Sauchieburn Estate just south of the Bannock Burn is now at the centre of a 21st-century conflict over access to land.
Stirling Council is about to serve enforcement notices on William Roddie, the millionaire landowner of the estate, ordering him to unlock gates that block paths that have been in use by walkers, cyclists and horse-riders for generations.
According to official council documents, the Glasgow property developer and landlord who bought the estate and its mansion house last year for £2m, has built the gates and adjoining 6ft fences, without planning permission, across a popular route past the gardens of his house out to a local beauty spot." ...
"The council, backed by walkers' groups, believe the obstructions breach the Scottish Parliament's Land Reform Act, which gives walkers the right to responsible access to property as long as they do not encroach on formal gardens.
Sauchieburn Estate is now set to become the latest testing ground for land access laws following high-profile cases involving newly rich entrepreneurs" ...
for the complete story
CA cities' hiring practices for services
from today's Sacramento Bee (3/2):
Cities spared pain of layoffs
Citrus Heights, Elk Grove and Rancho Cordova hired firms, not staff, that are easier to cut.
By Ed Fletcher - efletcher@sacbee.com
Published 12:00 am PST Sunday, March 2, 2008
"While Sacramento already has delivered pink slips to two dozen employees – and hundreds more may soon join them in the unemployment line – the cities of Elk Grove, Rancho Cordova and Citrus Heights aren't sweating layoffs.
That's because they didn't form large city work forces after they incorporated – they hired out.
Established over the last decade, the three cities adopted a different model than traditional cities: paying firms – not city workers – to handle city services.
Joe Chinn, Rancho Cordova assistant city manager, said contractors give the city short-term labor without long-term labor costs." ...
for the complete story
Cities spared pain of layoffs
Citrus Heights, Elk Grove and Rancho Cordova hired firms, not staff, that are easier to cut.
By Ed Fletcher - efletcher@sacbee.com
Published 12:00 am PST Sunday, March 2, 2008
"While Sacramento already has delivered pink slips to two dozen employees – and hundreds more may soon join them in the unemployment line – the cities of Elk Grove, Rancho Cordova and Citrus Heights aren't sweating layoffs.
That's because they didn't form large city work forces after they incorporated – they hired out.
Established over the last decade, the three cities adopted a different model than traditional cities: paying firms – not city workers – to handle city services.
Joe Chinn, Rancho Cordova assistant city manager, said contractors give the city short-term labor without long-term labor costs." ...
for the complete story
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