from the Columbus Dispatch (5/24):
Visitors bureau says it's strapped
Shortfall could put convention dollars at risk, group says
Saturday, May 24, 2008 3:03 AM
By Marla Matzer Rose
THE COLUMBUS DISPATCH
"The group that tries to lure conventions and visitors to Columbus says dwindling coffers have hampered its ability to do its job in the face of growing competition.
Experience Columbus outlined plans this week to lobby political leaders to dedicate more funding to attracting convention business. The group is making a case that it has been shortchanged on hotel bed-tax revenue since 2001, and it is enlisting the support of big convention groups to convince city representatives of the need to back a new convention-center hotel.
The group expects a shortfall of hundreds of thousands of dollars this year because of lagging bed-tax receipts as well as an expected decline in city and county funding." ...
"Among the concerns: losing state-association business to Cleveland, which appears to be moving toward building a new convention center, and being overlooked by big national events because of inadequate hotel space." ...
for the complete story
Wednesday, May 28, 2008
Tuesday, May 27, 2008
World zoos and aquariums directory
We're now the proud owners of the international zoos and aquariums directory. It is the closest facsimile to the AZA Directory. Arranged by country, most entries include contact info, number of staff members, exhibit space, annual attendance, number of animals by type, and specialty of the institution. The listings include facilities not open to the public. Also included in a directory of international zoo and aquarium associations and an index by facility name.
Resort hotel development options
from STR's hotel enews (5/27):
Unique Ways For Resorts To Radically Increase Revenue
By David J. Sangree, MAI, CPA, ISHC and Laurel A. Keller
"26 May 2008 | Have you spent much time lately considering ice cream parlors, specialty retail stores, waterslides, or aromatherapy treatments? If so, you could be among a growing number of timeshare resort owners and operators nationwide looking to increase top-line revenue in new and inventive ways. An added amenity such as an indoor waterpark, spa, retail store, or eatery can increase a resort’s overall perceived value to potential owners - resulting in sales at increased point values. Resorts can charge higher maintenance fees as attractions are added, thus passing the cost along to owners. Additionally, resorts with added features can achieve higher annual revenues, especially if those features are available year-round.
Indoor Waterpark Resorts
Hotel & Leisure Advisors (H&LA) defines an indoor waterpark resort as a lodging establishment containing an attached aquatic facility inclusive of amenities such as inner tube slides, body slides, wave pools, water roller coasters, simulated surfboard rides, lazy rivers, and a variety of multi-level indoor water play features. The indoor waterparks are uniquely and heavily themed, offering guests an experience rather than simply an added amenity.
Historically, the primary growth of indoor waterparks in hotels and resorts has taken place in summer vacation-oriented locations. However, indoor waterparks are increasingly being developed in suburban and urban locations. Since the early 1990s, indoor waterpark resorts have been popping up across the United States with escalating frequency. According to Hotel & Leisure Advisors, there were 100 operating indoor waterpark resorts in the U.S. in 21 different states at the end of 2007. These indoor waterparks range in size from 10,000 to 173,000 square feet, averaging 33,172 square feet of indoor aquatic space. The cost to build these large-scale indoor waterparks has ranged from $300 to $500 per square foot of net indoor waterpark space. The cost is highly dependent upon the location, amount of theming, and the attractions included." ....
for the complete story
Unique Ways For Resorts To Radically Increase Revenue
By David J. Sangree, MAI, CPA, ISHC and Laurel A. Keller
"26 May 2008 | Have you spent much time lately considering ice cream parlors, specialty retail stores, waterslides, or aromatherapy treatments? If so, you could be among a growing number of timeshare resort owners and operators nationwide looking to increase top-line revenue in new and inventive ways. An added amenity such as an indoor waterpark, spa, retail store, or eatery can increase a resort’s overall perceived value to potential owners - resulting in sales at increased point values. Resorts can charge higher maintenance fees as attractions are added, thus passing the cost along to owners. Additionally, resorts with added features can achieve higher annual revenues, especially if those features are available year-round.
Indoor Waterpark Resorts
Hotel & Leisure Advisors (H&LA) defines an indoor waterpark resort as a lodging establishment containing an attached aquatic facility inclusive of amenities such as inner tube slides, body slides, wave pools, water roller coasters, simulated surfboard rides, lazy rivers, and a variety of multi-level indoor water play features. The indoor waterparks are uniquely and heavily themed, offering guests an experience rather than simply an added amenity.
Historically, the primary growth of indoor waterparks in hotels and resorts has taken place in summer vacation-oriented locations. However, indoor waterparks are increasingly being developed in suburban and urban locations. Since the early 1990s, indoor waterpark resorts have been popping up across the United States with escalating frequency. According to Hotel & Leisure Advisors, there were 100 operating indoor waterpark resorts in the U.S. in 21 different states at the end of 2007. These indoor waterparks range in size from 10,000 to 173,000 square feet, averaging 33,172 square feet of indoor aquatic space. The cost to build these large-scale indoor waterparks has ranged from $300 to $500 per square foot of net indoor waterpark space. The cost is highly dependent upon the location, amount of theming, and the attractions included." ....
for the complete story
Turkish hotel expansions planned
from Turkish Hotel News (5/23):
Hotel chains seek new facilities
Friday, May 23, 2008
"Chains like Robinson Club, Magic Life and Odeon are looking to operate new hotels in Turkey. The future of toursim is bright, says the Mediterranean Tourist Hoteliers Association (AKTOB) President Sururi Çorabatır.
With the growth of the tourism industry in recent years, hotel investors have been preparing to increase the number of hotels in Turkey.
An increase in early reservations rates from tourists in Europe and Russia has pushed domestic and foreign hotel chains to look toward building and operating more new hotels. In addition to Russian agencies, foreign chains like Robinson Club and Magic Life, part of the TUI Group, and domestic chains like Odeon want to buy independent hotels, especially in southern parts of Turkey. Club Alibey is preparing to invest in an increase in the number of its facilities." ...
for the complete story
Hotel chains seek new facilities
Friday, May 23, 2008
"Chains like Robinson Club, Magic Life and Odeon are looking to operate new hotels in Turkey. The future of toursim is bright, says the Mediterranean Tourist Hoteliers Association (AKTOB) President Sururi Çorabatır.
With the growth of the tourism industry in recent years, hotel investors have been preparing to increase the number of hotels in Turkey.
An increase in early reservations rates from tourists in Europe and Russia has pushed domestic and foreign hotel chains to look toward building and operating more new hotels. In addition to Russian agencies, foreign chains like Robinson Club and Magic Life, part of the TUI Group, and domestic chains like Odeon want to buy independent hotels, especially in southern parts of Turkey. Club Alibey is preparing to invest in an increase in the number of its facilities." ...
for the complete story
Riverfest attendance figures
from the Arkansas Business Journal (5/27):
253,000 Attend Riverfest, Setting New Record
By Amy Riggin
5/27/2008 11:11:01 AM
"A record-setting quarter of a million people spent part of Memorial Day weekend attending Riverfest in downtown Little Rock and North Little Rock.
Figures released after the event showed 253,000 were in attendance at this year's festival held Friday through Sunday, up from 245,000 in 2007. That translates into $1,194,000 in revenue, up from $1,001,000 in 2007." ...
for the complete story
253,000 Attend Riverfest, Setting New Record
By Amy Riggin
5/27/2008 11:11:01 AM
"A record-setting quarter of a million people spent part of Memorial Day weekend attending Riverfest in downtown Little Rock and North Little Rock.
Figures released after the event showed 253,000 were in attendance at this year's festival held Friday through Sunday, up from 245,000 in 2007. That translates into $1,194,000 in revenue, up from $1,001,000 in 2007." ...
for the complete story
Canadian hotel numbers
from Hotels enews (5/27):
Canadian Construction Pipeline At A High
-- Hotels, 5/27/2008 9:55:00 AM
"Portsmouth, NH, USA – Lodging Econometrics (LE), the Global Authority for Hotel Real Estate, announced that Canada’s Construction Pipeline totaled 265 projects and 33,964 guestrooms at the end of Q1 2008, a high for the cycle. LE President Patrick Ford noted, “Hotel construction in Canada has been solid. The total number of guestrooms in the Pipeline grew for an eighth consecutive quarter, and is up 14.2% year-over-year.” All projects included in the LE Pipeline have dedicated land parcels, are being actively pursued by developers and have been verified by the brands.
Ford said, “The total Pipeline appears to have reached its peak, as project and room counts have held steady for the past three quarters. Those to Start Construction in the Next 12 Months, 93 projects/11,649 rooms, and those in Early Planning, 83 projects/9,975 rooms, are at highs for the cycle. Meanwhile, the totals for Under Construction, 89 projects/12,340 rooms, are down from the cyclical peak established in Q2 2007.”
Several Factors Have Developers Becoming Cautious
Certain dynamics have aligned to cause developer caution. The Bank of Canada instituted three consecutive decreases to its key interest rate since December 2007, down a quarterpoint in both December and January, then a further half-point in February, indicating concern about a slowing in the economy. Hotel operating statistics were strong in 2006 and 2007, however, a continued decline in visitors from the United States due to the low US Dollar, higher gasoline costs and reductions in discretionary spending, along with indications that domestic travel is apt to decline as well, mean that guestroom demand is likely to soften moving forward." ....
for the complete story
Canadian Construction Pipeline At A High
-- Hotels, 5/27/2008 9:55:00 AM
"Portsmouth, NH, USA – Lodging Econometrics (LE), the Global Authority for Hotel Real Estate, announced that Canada’s Construction Pipeline totaled 265 projects and 33,964 guestrooms at the end of Q1 2008, a high for the cycle. LE President Patrick Ford noted, “Hotel construction in Canada has been solid. The total number of guestrooms in the Pipeline grew for an eighth consecutive quarter, and is up 14.2% year-over-year.” All projects included in the LE Pipeline have dedicated land parcels, are being actively pursued by developers and have been verified by the brands.
Ford said, “The total Pipeline appears to have reached its peak, as project and room counts have held steady for the past three quarters. Those to Start Construction in the Next 12 Months, 93 projects/11,649 rooms, and those in Early Planning, 83 projects/9,975 rooms, are at highs for the cycle. Meanwhile, the totals for Under Construction, 89 projects/12,340 rooms, are down from the cyclical peak established in Q2 2007.”
Several Factors Have Developers Becoming Cautious
Certain dynamics have aligned to cause developer caution. The Bank of Canada instituted three consecutive decreases to its key interest rate since December 2007, down a quarterpoint in both December and January, then a further half-point in February, indicating concern about a slowing in the economy. Hotel operating statistics were strong in 2006 and 2007, however, a continued decline in visitors from the United States due to the low US Dollar, higher gasoline costs and reductions in discretionary spending, along with indications that domestic travel is apt to decline as well, mean that guestroom demand is likely to soften moving forward." ....
for the complete story
Skateboarding participation up for the long term
from the NSGA Research enewsletter (5/27):
Skateboarding 10-Year Winner in Sports Participation Growth
"Among sports and recreation activities that grew more than 15% the past 10 years, skateboarding led the way with a 74.1% growth, according to NSGA. Data contained in NSGA's annual "Sports Participation - Series I and II" reports, which are now available, shows skateboarding grew from 5.8 to 10.1 million participants between 1998 and 2007. Target shooting had the second highest 10-year growth, 63.3% to 20.9 million participants.
Other sports and recreation activities showing more than 15% growth over the 10-year period included snowboarding (41.7% to 5.1 million participants); running/jogging (40.1% to 30.4 million participants); archery target shooting (37.5% to 6.6 million participants); workout at club (27.5% to 33.8 million participants); motor/power boating (24.1% to 31.9 million participants); muzzleloading (16.1% to 3.6 million participants); and exercise walking (15.6% to 89.8 million participants)" ...
Skateboarding 10-Year Winner in Sports Participation Growth
"Among sports and recreation activities that grew more than 15% the past 10 years, skateboarding led the way with a 74.1% growth, according to NSGA. Data contained in NSGA's annual "Sports Participation - Series I and II" reports, which are now available, shows skateboarding grew from 5.8 to 10.1 million participants between 1998 and 2007. Target shooting had the second highest 10-year growth, 63.3% to 20.9 million participants.
Other sports and recreation activities showing more than 15% growth over the 10-year period included snowboarding (41.7% to 5.1 million participants); running/jogging (40.1% to 30.4 million participants); archery target shooting (37.5% to 6.6 million participants); workout at club (27.5% to 33.8 million participants); motor/power boating (24.1% to 31.9 million participants); muzzleloading (16.1% to 3.6 million participants); and exercise walking (15.6% to 89.8 million participants)" ...
Monday, May 19, 2008
Dick Starr in the news
from the Sun Herald (Biloxi, MS) (5/8):
Pelican Landing report reviewed
By DONNA HARRIS
"MOSS POINT -- A study of Pelican Landing Convention Center by an outside consultant shows bigger is better, but doesn't offer funding ideas to make it happen.
Moss Point aldermen Tuesday charged the city's consultant with that duty." ...
"... the report presented by Richard Starr of Economics Research Associates" ...
for the complete story
Pelican Landing report reviewed
By DONNA HARRIS
"MOSS POINT -- A study of Pelican Landing Convention Center by an outside consultant shows bigger is better, but doesn't offer funding ideas to make it happen.
Moss Point aldermen Tuesday charged the city's consultant with that duty." ...
"... the report presented by Richard Starr of Economics Research Associates" ...
for the complete story
Friday, May 16, 2008
M Resort (Vegas) adding retail to resort plans
from yesterday's GlobeSt (5/15):
Last updated: May 15, 2008 08:26am
M Resort, Spa, Casino Adds 1M-SF Mall to Mix
By Brian K. Miller
"LAS VEGAS-A one-million-sf mall will be integrated into the M Resort, Spa and Casino under construction on Las Vegas Boulevard, 10 miles south of that six-mile stretch of the boulevard known as the Las Vegas Strip. Developer Anthony Marnell III said Wednesday that Taubman Centers, which owns no properties in Las Vegas, will assist with the last-minute addition to the resort, and that additional details on the project will be revealed during the International Council of Shopping Centers annual convention here next week." ...
"As of December, the first phase of M Resort was to cover 40 of the 80 acres Marnell owns at Las Vegas Boulevard and St. Rose Parkway with an 11-story building housing 390 rooms and suites, 90,000 sf of gaming space and approximately 40,000 sf of meeting and conference space. Additional amenities included a 20,000-sf spa and outdoor pool, a top-floor lounge and multiple dining and entertainment options. The second phase called for an additional 600 hotel rooms, nearly 2,000 condominiums in multiple mid-rise towers and additional entertainment offerings." ...
for the complete story
Last updated: May 15, 2008 08:26am
M Resort, Spa, Casino Adds 1M-SF Mall to Mix
By Brian K. Miller
"LAS VEGAS-A one-million-sf mall will be integrated into the M Resort, Spa and Casino under construction on Las Vegas Boulevard, 10 miles south of that six-mile stretch of the boulevard known as the Las Vegas Strip. Developer Anthony Marnell III said Wednesday that Taubman Centers, which owns no properties in Las Vegas, will assist with the last-minute addition to the resort, and that additional details on the project will be revealed during the International Council of Shopping Centers annual convention here next week." ...
"As of December, the first phase of M Resort was to cover 40 of the 80 acres Marnell owns at Las Vegas Boulevard and St. Rose Parkway with an 11-story building housing 390 rooms and suites, 90,000 sf of gaming space and approximately 40,000 sf of meeting and conference space. Additional amenities included a 20,000-sf spa and outdoor pool, a top-floor lounge and multiple dining and entertainment options. The second phase called for an additional 600 hotel rooms, nearly 2,000 condominiums in multiple mid-rise towers and additional entertainment offerings." ...
for the complete story
Disney beats Vegas
from the Star-Ledger (NJ) (5/14):
Magic Kingdom beating Sin City in tourist battle
Wednesday, May 14, 2008
"This is not a good economy to take a gamble in.
Las Vegas has, and it's hurting casino profits. Disney has not, and the "Magic Kingdom" is reaping the winnings.
In theory, it's not supposed to be this way.
The gaming business often brags it's recession-proof because gamblers will always like to gamble, but amusement destinations historically have see their business get hit hard when consumers' wallets are pinched.
The upscaling of Las Vegas, with its five-star hotels, restaurants and shops, and the down-pricing of Disney to more value-oriented park packages and hotels during the past decade has turned that concept on its head." ...
"... Walt Disney's theme parks and resorts have enjoyed surprising success. They helped increase the company's fiscal second-quarter earnings 22 percent from a year ago, to $1.13 billion, or 58 cents a share. Analysts had been expecting 51 cents a share.
Revenue in the parks and resorts division shot up 11 percent, to $2.7 billion, during the quarter, a gain that was partially driven by an increase in foreign travelers visiting its U.S. parks to take advantage of the weak dollar." ...
for the complete story
Magic Kingdom beating Sin City in tourist battle
Wednesday, May 14, 2008
"This is not a good economy to take a gamble in.
Las Vegas has, and it's hurting casino profits. Disney has not, and the "Magic Kingdom" is reaping the winnings.
In theory, it's not supposed to be this way.
The gaming business often brags it's recession-proof because gamblers will always like to gamble, but amusement destinations historically have see their business get hit hard when consumers' wallets are pinched.
The upscaling of Las Vegas, with its five-star hotels, restaurants and shops, and the down-pricing of Disney to more value-oriented park packages and hotels during the past decade has turned that concept on its head." ...
"... Walt Disney's theme parks and resorts have enjoyed surprising success. They helped increase the company's fiscal second-quarter earnings 22 percent from a year ago, to $1.13 billion, or 58 cents a share. Analysts had been expecting 51 cents a share.
Revenue in the parks and resorts division shot up 11 percent, to $2.7 billion, during the quarter, a gain that was partially driven by an increase in foreign travelers visiting its U.S. parks to take advantage of the weak dollar." ...
for the complete story
Trump's green offering in Philadelphia
from this morning's GlobeSt:
UPDATE Last updated: May 15, 2008 02:17pm
Multi-Million Dollar Trump Tower To Go Green
By Brianne Harrison
"PHILADELPHIA-The luxurious Trump Tower Philadelphia rising on the Delaware River may be able to add another item to its list of offerings and amenities: LEED Silver certification. The 45-floor residential complex is aiming to earn between 33 and 38 points on the LEED rating system, thus landing it in the LEED Silver category.
The Tower, which began preconstruction in early March after a legal battle with the state over riparian rights, will feature 225 residences and 31 different floor plans. In addition, the building will boast a tennis court, indoor and outdoor pool, fitness center, putting green, a business center and a wine cellar and tasting room. Specific financial details of the project were not disclosed, but previous reports set the budget at about $300 million.
As part of the "greening" of the building, all roofs--barring a small portion of the tallest roof--will be landscaped and will house recreation areas such as the swimming pool and serenity gardens. The roofs will be designed to retain rainwater and self-irrigate, eliminating the need to use fresh water for the plants. Condensate from the air conditioning system will also be collected and used for watering. Any excess rainwater that collects will be purified and released into the Delaware River. Living walls will help filter out fumes from the parking garage. In addition, the building is set on a former brownfield industrial site, and 35% of the land will remain undeveloped, leaving some open space."
for the complete story
UPDATE Last updated: May 15, 2008 02:17pm
Multi-Million Dollar Trump Tower To Go Green
By Brianne Harrison
"PHILADELPHIA-The luxurious Trump Tower Philadelphia rising on the Delaware River may be able to add another item to its list of offerings and amenities: LEED Silver certification. The 45-floor residential complex is aiming to earn between 33 and 38 points on the LEED rating system, thus landing it in the LEED Silver category.
The Tower, which began preconstruction in early March after a legal battle with the state over riparian rights, will feature 225 residences and 31 different floor plans. In addition, the building will boast a tennis court, indoor and outdoor pool, fitness center, putting green, a business center and a wine cellar and tasting room. Specific financial details of the project were not disclosed, but previous reports set the budget at about $300 million.
As part of the "greening" of the building, all roofs--barring a small portion of the tallest roof--will be landscaped and will house recreation areas such as the swimming pool and serenity gardens. The roofs will be designed to retain rainwater and self-irrigate, eliminating the need to use fresh water for the plants. Condensate from the air conditioning system will also be collected and used for watering. Any excess rainwater that collects will be purified and released into the Delaware River. Living walls will help filter out fumes from the parking garage. In addition, the building is set on a former brownfield industrial site, and 35% of the land will remain undeveloped, leaving some open space."
for the complete story
Chicago Childrens Museum ok to move
from today's Chicago Tribune (5/16):
Museum clears 1st hurdle on move into Grant Park
13-2 vote sends Daley-backed proposal on to City Council
By Noreen S. Ahmed-Ullah and Hal Dardick
May 16, 2008
"After nearly nine hours of emotional debate that stretched well into Thursday evening, the city Plan Commission overwhelmingly endorsed moving the Chicago Children's Museum to Grant Park.
Preservationists argued that allowing a $100 million museum violates long-standing legal precedent barring buildings in the park, but plan commissioners bypassed that issue, saying their decision was based on whether the proposal met zoning and lakefront protection requirements." ...
for the complete story
************
from today's Crain's Chicago Business (5/16):
Plan Commission OKs Children’s Museum move
By Lorene Yue
May 16, 2008
"(Crain’s) — Chicago’s Plan Commission on Thursday greenlighted a controversial proposal to relocate the Chicago Children’s Museum to Grant Park, a move that opponents fear will allow further private development on public land.
After about 9 hours of testimony and debate, at about 10:45 p.m., commission members voted overwhelmingly in favor of the proposal to build a 100,000-square-foot, two-story structure below ground in the north end of Grant Park." ...
for the complete story
Museum clears 1st hurdle on move into Grant Park
13-2 vote sends Daley-backed proposal on to City Council
By Noreen S. Ahmed-Ullah and Hal Dardick
May 16, 2008
"After nearly nine hours of emotional debate that stretched well into Thursday evening, the city Plan Commission overwhelmingly endorsed moving the Chicago Children's Museum to Grant Park.
Preservationists argued that allowing a $100 million museum violates long-standing legal precedent barring buildings in the park, but plan commissioners bypassed that issue, saying their decision was based on whether the proposal met zoning and lakefront protection requirements." ...
for the complete story
************
from today's Crain's Chicago Business (5/16):
Plan Commission OKs Children’s Museum move
By Lorene Yue
May 16, 2008
"(Crain’s) — Chicago’s Plan Commission on Thursday greenlighted a controversial proposal to relocate the Chicago Children’s Museum to Grant Park, a move that opponents fear will allow further private development on public land.
After about 9 hours of testimony and debate, at about 10:45 p.m., commission members voted overwhelmingly in favor of the proposal to build a 100,000-square-foot, two-story structure below ground in the north end of Grant Park." ...
for the complete story
Thursday, May 15, 2008
Chicago Children's Museum hearing-- fight expected
from today's Chicago Tribune (5/15):
Plan Commission meeting on Children's Museum expected to be emotional
Children's Museum plan on city panel's agenda
By Hal Dardick and Noreen Ahmed-Ullah
May 15, 2008
"Critics and backers predicted the plan to put the Chicago Children's Museum in Grant Park would be endorsed Thursday by the city's Plan Commission—but only after a lengthy, contentious hearing that could highlight the links between museum backers, panel members and Mayor Richard Daley.
The mayor is the project's most powerful supporter, and he selects the 20-member panel. In addition to the mayor, it includes six aldermen who typically back the mayor's initiatives, two Daley cabinet members, another mayoral aide, a top transit official appointed by Daley who sits on the museum's board and a community activist whose organization has been supportive of the proposal." ...
for the complete story
Plan Commission meeting on Children's Museum expected to be emotional
Children's Museum plan on city panel's agenda
By Hal Dardick and Noreen Ahmed-Ullah
May 15, 2008
"Critics and backers predicted the plan to put the Chicago Children's Museum in Grant Park would be endorsed Thursday by the city's Plan Commission—but only after a lengthy, contentious hearing that could highlight the links between museum backers, panel members and Mayor Richard Daley.
The mayor is the project's most powerful supporter, and he selects the 20-member panel. In addition to the mayor, it includes six aldermen who typically back the mayor's initiatives, two Daley cabinet members, another mayoral aide, a top transit official appointed by Daley who sits on the museum's board and a community activist whose organization has been supportive of the proposal." ...
for the complete story
Central FL Fair sees flat admissions and decline in spending
from today's Venues Today enewsletter (5/15):
SPENDING DOWN AT CENTRAL FLORIDA FAIR
"A lot of free tickets went out the door to maintain the status quo at the Central Florida Fair, Orlando. The April 17-27 fair drew 198,000 total attendance, about the same as 2007 when 200,000 were counted, but paid attendance was 93,000, down considerably, and spending on food and games was significantly down, said fair manager Charlie Price." ...
for the complete story, email Ruth.
SPENDING DOWN AT CENTRAL FLORIDA FAIR
"A lot of free tickets went out the door to maintain the status quo at the Central Florida Fair, Orlando. The April 17-27 fair drew 198,000 total attendance, about the same as 2007 when 200,000 were counted, but paid attendance was 93,000, down considerably, and spending on food and games was significantly down, said fair manager Charlie Price." ...
for the complete story, email Ruth.
Wednesday, May 14, 2008
Corp Hotels moving to Saudi Arabia from UAE
from Hotels newswire (5/14):
Corp Executive Hotels expands presence in KSA
Middle East Company News Wire, May 13, 2008 Tuesday 1:31 PM GMT
"Marking its first big move outside the UAE, Corp Executive Hotels unveiled plans for developing 5 outstanding projects in Saudi Arabia.
Addressing a select media gathering at the ATM, Michel Noblet, Managing Director, HMH – Hospitality Management Holdings, said, ‘At the moment we have got the strongest development happening in Saudi Arabia especially for Corp Executive Hotels.’
Located in Riyadh, Al Khobar, Jeddah, Dammam and El Hasa, most of the projects will be ready by the end of 2009 or early 2010." ...
for the complete story
Corp Executive Hotels expands presence in KSA
Middle East Company News Wire, May 13, 2008 Tuesday 1:31 PM GMT
"Marking its first big move outside the UAE, Corp Executive Hotels unveiled plans for developing 5 outstanding projects in Saudi Arabia.
Addressing a select media gathering at the ATM, Michel Noblet, Managing Director, HMH – Hospitality Management Holdings, said, ‘At the moment we have got the strongest development happening in Saudi Arabia especially for Corp Executive Hotels.’
Located in Riyadh, Al Khobar, Jeddah, Dammam and El Hasa, most of the projects will be ready by the end of 2009 or early 2010." ...
for the complete story
MGM Mirage stock repurchase program
from today's PR Newswire (5/14):
MGM MIRAGE's Board of Directors Approves New Twenty Million Share Repurchase Program
"LAS VEGAS, May 14 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE: MGM)
today announced that its Board of Directors has approved a new stock
repurchase program authorizing the Company to purchase up to twenty million
shares of Company common stock. The purchases can be made from time to time
through open market purchases, privately negotiated third party
transactions or other transactions including but not limited to tender
offers as market conditions warrant.
The Company additionally announced that it has repurchased 1.27 million
shares in the current quarter to date, thereby leaving 1.36 million shares
outstanding under the previous share repurchase program approved in
December 2007." ....
for the complete story
MGM MIRAGE's Board of Directors Approves New Twenty Million Share Repurchase Program
"LAS VEGAS, May 14 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE: MGM)
today announced that its Board of Directors has approved a new stock
repurchase program authorizing the Company to purchase up to twenty million
shares of Company common stock. The purchases can be made from time to time
through open market purchases, privately negotiated third party
transactions or other transactions including but not limited to tender
offers as market conditions warrant.
The Company additionally announced that it has repurchased 1.27 million
shares in the current quarter to date, thereby leaving 1.36 million shares
outstanding under the previous share repurchase program approved in
December 2007." ....
for the complete story
Great Wolf sale update
from today's Milwaukee Journal Sentinel (5/14):
Great Wolf sale may be nearer
Resort owner's agreement averts proxy battle
By TOM DAYKIN
"Madison-based Great Wolf Resorts Inc. may be moving closer to a sale after the company agreed to accept three director candidates supported by a dissident shareholder, averting a proxy battle.
Great Wolf, which operates water-park resorts, announced that two of the three director candidates nominated by Hovde Capital Advisors LLC will be added to the slate of director candidates nominated by Great Wolf.
Those two candidates are Eric Hovde, president and CEO of Washington, D.C.-based Hovde Capital, and Richard Murray, a Hovde Capital senior investment analyst.
A third nominee "reasonably acceptable" to Hovde Capital also will be added to Great Wolf's slate, according to a company news release. Great Wolf's proxy statement, filed Tuesday with the Securities and Exchange Commission, identified that third nominee as Beth May, a private investor and former head of corporate development for Lennar Corp., a Miami-based home builder." ...
for the complete story
Great Wolf sale may be nearer
Resort owner's agreement averts proxy battle
By TOM DAYKIN
"Madison-based Great Wolf Resorts Inc. may be moving closer to a sale after the company agreed to accept three director candidates supported by a dissident shareholder, averting a proxy battle.
Great Wolf, which operates water-park resorts, announced that two of the three director candidates nominated by Hovde Capital Advisors LLC will be added to the slate of director candidates nominated by Great Wolf.
Those two candidates are Eric Hovde, president and CEO of Washington, D.C.-based Hovde Capital, and Richard Murray, a Hovde Capital senior investment analyst.
A third nominee "reasonably acceptable" to Hovde Capital also will be added to Great Wolf's slate, according to a company news release. Great Wolf's proxy statement, filed Tuesday with the Securities and Exchange Commission, identified that third nominee as Beth May, a private investor and former head of corporate development for Lennar Corp., a Miami-based home builder." ...
for the complete story
6 Flags asking for bond cash-in
from this afternoon's Los Angeles Business Journal (5/14):
Six Flags Asks Bond Holders to Cash In
By ALLEN P. ROBERTS Jr. - 5/14/2008
"Six Flags Inc., the owner and operator of Six Flag Magic Mountain in Valencia, said Wednesday that it is seeking to exchange existing bonds at a discount to extend maturities and avoid defaulting.
Bondholders in the New York-based theme park operator are being asked to swap notes maturing in 2010, 2013 and 2014 for 65 cents on the dollar in exchange for $400 million of new bonds maturing in 2016. For the exchange, bondholders will get 12.25 percent versus 8.875 percent to 9.625 percent on the existing bonds." ...
for the complete story
Six Flags Asks Bond Holders to Cash In
By ALLEN P. ROBERTS Jr. - 5/14/2008
"Six Flags Inc., the owner and operator of Six Flag Magic Mountain in Valencia, said Wednesday that it is seeking to exchange existing bonds at a discount to extend maturities and avoid defaulting.
Bondholders in the New York-based theme park operator are being asked to swap notes maturing in 2010, 2013 and 2014 for 65 cents on the dollar in exchange for $400 million of new bonds maturing in 2016. For the exchange, bondholders will get 12.25 percent versus 8.875 percent to 9.625 percent on the existing bonds." ...
for the complete story
L.A. rakes in big bucks from sports
from this afternoon's Los Angeles Business Journal (5/14):
Sports Put $5 Billion Into L.A. Economy
By DAVID NUSBAUM - 5/14/2008
"The Southern California sporting events industry accounted for $5.1 billion in total economic impact during 2007, according to a study released by the Los Angeles Sports Council. The study showed a 12 percent annual growth compared with 2005, the last year in which it was conducted." ...
"The study focused on 55 local sports organizations including professional teams, major colleges, venues, horse racing tracks and recurring annual events." ...
for the complete story
Sports Put $5 Billion Into L.A. Economy
By DAVID NUSBAUM - 5/14/2008
"The Southern California sporting events industry accounted for $5.1 billion in total economic impact during 2007, according to a study released by the Los Angeles Sports Council. The study showed a 12 percent annual growth compared with 2005, the last year in which it was conducted." ...
"The study focused on 55 local sports organizations including professional teams, major colleges, venues, horse racing tracks and recurring annual events." ...
for the complete story
Palm Beach Co, FL affordable housing regulations dedate
from today's South Florida Sun-Sentinel (5/14):
Palm Beach County sticks with price rules on new housing
Critics argue falling market makes price limits needless
By Andy Reid
May 14, 2008
"Two years of sliding home values failed to persuade Palm Beach County commissioners on Tuesday to do away with affordable housing requirements for new development.
Developers pushed for the elimination, or at least suspension, of mandated price limits the county has imposed on some new homes for the past two years.
The rules, approved at the height of South Florida's real estate boom, are intended to reserve a percentage of homes in new neighborhoods for "work force housing" — envisioned for teachers, police officers, young professionals and others getting priced out of Palm Beach County.
So far, the county's requirements have yet to produce any of the homes, but officials blame that on the slowdown in home construction across the country. More than 500 of the homes, to be priced between $164,000 and $304,000, have been approved or are on the drawing board." ...
for the complete story
Palm Beach County sticks with price rules on new housing
Critics argue falling market makes price limits needless
By Andy Reid
May 14, 2008
"Two years of sliding home values failed to persuade Palm Beach County commissioners on Tuesday to do away with affordable housing requirements for new development.
Developers pushed for the elimination, or at least suspension, of mandated price limits the county has imposed on some new homes for the past two years.
The rules, approved at the height of South Florida's real estate boom, are intended to reserve a percentage of homes in new neighborhoods for "work force housing" — envisioned for teachers, police officers, young professionals and others getting priced out of Palm Beach County.
So far, the county's requirements have yet to produce any of the homes, but officials blame that on the slowdown in home construction across the country. More than 500 of the homes, to be priced between $164,000 and $304,000, have been approved or are on the drawing board." ...
for the complete story
European airport aquisition business founded
from this morning's GlobeSt:
Last updated: May 13, 2008 02:32pm
Westcore Starts Europe Airport Biz With $100M
By Ian Ritter
"LAUSANEE, SWITZERLAND-Westcore Properties has started an airport acquisition, development and operation business here called Airport Development Partners and allocated $100 million to get it off the ground. The firm is currently in negotiations to acquire land near the Vienna airport to develop cargo and logistics facilities.
Other projects in the works include the development of a cargo facility at the airport in Bratislava, Slovakia; and development of facilities around an airport in Sion, Switzerland. Airport Development is also reconstructing some of the infrastructure at two airports in Poland." ....
for the complete story
Last updated: May 13, 2008 02:32pm
Westcore Starts Europe Airport Biz With $100M
By Ian Ritter
"LAUSANEE, SWITZERLAND-Westcore Properties has started an airport acquisition, development and operation business here called Airport Development Partners and allocated $100 million to get it off the ground. The firm is currently in negotiations to acquire land near the Vienna airport to develop cargo and logistics facilities.
Other projects in the works include the development of a cargo facility at the airport in Bratislava, Slovakia; and development of facilities around an airport in Sion, Switzerland. Airport Development is also reconstructing some of the infrastructure at two airports in Poland." ....
for the complete story
Joliet, IL approves $1B mixed-use development
from this morning's GlobeSt (5/14):
UPDATE Last updated: May 14, 2008 08:25am
O&S, Strategic Get Approval for $1B MXD Use
By Gina Kenny
"JOLIET, IL-O&S Holdings LLC, based in Santa Monica, CA, and Strategic Retail Development, based in Hollywood, FL, have received city approval for the Bridge Street Town Centre development. The Joliet City Council unanimously approved the 314-acre development at the intersection of Interstate 55, Interstate 80 and Route 59, here. The nearly $1-billion mixed-use development, which had been estimated at about $800 million a year ago, is expected to have 3.5 million sf of retail, office, hotels and residential space, says Gary Safady, managing partner with O&S Holdings.
The partnership expects to break ground early next year on the development. The project includes about 1.7 million sf of retail, including big-box stores, restaurants and upscale small shops. The center will additionally have a 75,000-sf Regal Cinemas, as previously reported by GlobeSt.com. Regal Entertainment Group, based in Knoxville, TN, has a long-term lease for the property with a term between 15 to 20 years for a movie theater with between 16 to 18 screens and at least 3,000 seats, Safady says.
Regal is the only tenant the partnership is announcing at this time, but approximately 70% of the space is committed and the partnership is in negotiations with two department stores, he tells GlobeSt.com. The asking lease rate range for the retail is between $30 per sf and $80 per sf, Safady says. The center is expected to open in 2010. The Chicago office of CB Richard Ellis, O&S Holdings and Strategic Retail Development are handling the retail leasing." ...
for the complete story
UPDATE Last updated: May 14, 2008 08:25am
O&S, Strategic Get Approval for $1B MXD Use
By Gina Kenny
"JOLIET, IL-O&S Holdings LLC, based in Santa Monica, CA, and Strategic Retail Development, based in Hollywood, FL, have received city approval for the Bridge Street Town Centre development. The Joliet City Council unanimously approved the 314-acre development at the intersection of Interstate 55, Interstate 80 and Route 59, here. The nearly $1-billion mixed-use development, which had been estimated at about $800 million a year ago, is expected to have 3.5 million sf of retail, office, hotels and residential space, says Gary Safady, managing partner with O&S Holdings.
The partnership expects to break ground early next year on the development. The project includes about 1.7 million sf of retail, including big-box stores, restaurants and upscale small shops. The center will additionally have a 75,000-sf Regal Cinemas, as previously reported by GlobeSt.com. Regal Entertainment Group, based in Knoxville, TN, has a long-term lease for the property with a term between 15 to 20 years for a movie theater with between 16 to 18 screens and at least 3,000 seats, Safady says.
Regal is the only tenant the partnership is announcing at this time, but approximately 70% of the space is committed and the partnership is in negotiations with two department stores, he tells GlobeSt.com. The asking lease rate range for the retail is between $30 per sf and $80 per sf, Safady says. The center is expected to open in 2010. The Chicago office of CB Richard Ellis, O&S Holdings and Strategic Retail Development are handling the retail leasing." ...
for the complete story
Tuesday, May 13, 2008
University of Chicago buys shopping center for mixed-use development
from this afternoon's Crain's Chicago Business (5/13):
U of C buys Hyde Park shopping center
By Andrew Schroedter
May 13, 2008
"(Crain’s) — The University of Chicago has paid $6.5 million for the Harper Court shopping center in Hyde Park, which will eventually be leveled in favor of a mixed-use development." ...
for the complete story
U of C buys Hyde Park shopping center
By Andrew Schroedter
May 13, 2008
"(Crain’s) — The University of Chicago has paid $6.5 million for the Harper Court shopping center in Hyde Park, which will eventually be leveled in favor of a mixed-use development." ...
for the complete story
Tishman out of the Hudson Yards Project
from this afternoon's GlobeSt. (5/13):
UPDATE Last updated: May 13, 2008 03:17pm
Tishman Withdraws From Hudson Yards Project
By Ian Ritter
"NEW YORK CITY-Tishman Speyer has withdrawn its $1-billion bid to build a massive mixed-use project here on Manhattan’s West Side as part of the Hudson Yards redevelopment project. Tishman and Metropolitan Transportation Authority, which owns 26 acres of rail yards considered for redevelopment, were unable to come to an agreement" ...
for the complete story
UPDATE Last updated: May 13, 2008 03:17pm
Tishman Withdraws From Hudson Yards Project
By Ian Ritter
"NEW YORK CITY-Tishman Speyer has withdrawn its $1-billion bid to build a massive mixed-use project here on Manhattan’s West Side as part of the Hudson Yards redevelopment project. Tishman and Metropolitan Transportation Authority, which owns 26 acres of rail yards considered for redevelopment, were unable to come to an agreement" ...
for the complete story
Beverly Hills Hilton redev deal
from this morning's GlobeSt. (5/13):
Waldorf-Astoria OK'd
By HOWARD FINE - 5/12/2008
Los Angeles Business Journal Staff
"The Beverly Hills City Council on Monday gave final approval to a proposed $500 million revitalization project for the Beverly Hilton Hotel that would include the first Waldorf-Astoria Hotel on the West Coast." ...
for the complete story
Waldorf-Astoria OK'd
By HOWARD FINE - 5/12/2008
Los Angeles Business Journal Staff
"The Beverly Hills City Council on Monday gave final approval to a proposed $500 million revitalization project for the Beverly Hilton Hotel that would include the first Waldorf-Astoria Hotel on the West Coast." ...
for the complete story
Indian casino/land deal limits passed in CA
from yesterday's Fresno Bee (5/12):
Senate passes casino limits
Measure bars Indian gaming compacts without land deals.
By E.J. Schultz / Bee Capitol Bureau
05/12/08 22:38:08
"SACRAMENTO -- In a sign that lawmakers aren't pleased with the recent Highway 99 casino deal, the state Senate on Monday passed a bill that would prohibit the governor from negotiating gambling compacts with Indian tribes until they have qualified gaming land.
Senate Bill 1695 by Sen. Dean Florez, D-Shafter, passed on a 31-4 vote with bipartisan support." ...
"The tribe still needs federal approval to put a casino on land along Highway 99 just north of Madera. That didn't stop the governor from announcing a compact two weeks ago that would allow for 2,500 slot machines at the targeted site -- which is about 35 miles from the tribe's traditional homeland.
Because the deal already is signed, the Florez bill would not affect the casino. But state lawmakers still must approve the compact, and Monday's vote suggests the tribe might face an uphill fight." ...
for the complete story
Senate passes casino limits
Measure bars Indian gaming compacts without land deals.
By E.J. Schultz / Bee Capitol Bureau
05/12/08 22:38:08
"SACRAMENTO -- In a sign that lawmakers aren't pleased with the recent Highway 99 casino deal, the state Senate on Monday passed a bill that would prohibit the governor from negotiating gambling compacts with Indian tribes until they have qualified gaming land.
Senate Bill 1695 by Sen. Dean Florez, D-Shafter, passed on a 31-4 vote with bipartisan support." ...
"The tribe still needs federal approval to put a casino on land along Highway 99 just north of Madera. That didn't stop the governor from announcing a compact two weeks ago that would allow for 2,500 slot machines at the targeted site -- which is about 35 miles from the tribe's traditional homeland.
Because the deal already is signed, the Florez bill would not affect the casino. But state lawmakers still must approve the compact, and Monday's vote suggests the tribe might face an uphill fight." ...
for the complete story
OC funding transit analyses
from this morning's L.A. Times (5/13):
O.C. agency approves $12 million to study transit ideas
A monorail in Anaheim and trolley system in Santa Ana are being considered to lighten traffic load.
By David Reyes
May 13, 2008
"In Anaheim, planners are mulling a monorail to move passengers from the city's train station to its resort district.
In Santa Ana, the idea is a bit more old school -- trolleys.
In an effort to get such wide-ranging projects off the ground, Orange County transportation leaders Monday approved spending $12 million to complete environmental studies for inner-city public transportation projects.
As part of Anaheim's plan to transform the area near Angel Stadium into a vibrant residential and retail community, the city wanted an inviting, if not entertaining, way of moving people from the train station to their destination, said Mayor Curt Pringle." ....
for the complete story
O.C. agency approves $12 million to study transit ideas
A monorail in Anaheim and trolley system in Santa Ana are being considered to lighten traffic load.
By David Reyes
May 13, 2008
"In Anaheim, planners are mulling a monorail to move passengers from the city's train station to its resort district.
In Santa Ana, the idea is a bit more old school -- trolleys.
In an effort to get such wide-ranging projects off the ground, Orange County transportation leaders Monday approved spending $12 million to complete environmental studies for inner-city public transportation projects.
As part of Anaheim's plan to transform the area near Angel Stadium into a vibrant residential and retail community, the city wanted an inviting, if not entertaining, way of moving people from the train station to their destination, said Mayor Curt Pringle." ....
for the complete story
Oakland mixed-use TOD gets LEED certificate
from yesterday's California Real Estate Journal InSites newsletter (5/12):
Oakland Project Is First to Receive LEED Silver Certification
"OAKLAND - A joint mixed-use project by a Forest City Residential Group Inc. subsidiary, MacFarlane Partners and the City of Oakland was the first multifamily development to receive the Leadership in Energy and Environmental Design Silver certification from the U.S. Green Building Council." ...
for the complete snippet
to review the project's homepage
Oakland Project Is First to Receive LEED Silver Certification
"OAKLAND - A joint mixed-use project by a Forest City Residential Group Inc. subsidiary, MacFarlane Partners and the City of Oakland was the first multifamily development to receive the Leadership in Energy and Environmental Design Silver certification from the U.S. Green Building Council." ...
for the complete snippet
to review the project's homepage
Monday, May 12, 2008
Irving, TX CVB planning LEED certified hotel and convention center complex
from this morning's GlobeSt (5/12):
Last updated: May 12, 2008 09:29am
Irving Eyes Summer Start for $125M CVB Center
By Connie Gore
"IRVING, TX-The Irving Convention & Visitors Bureau, armed with a totally revamped plan, expects work to start in late summer on a $125-million project. The 250,000-sf final design will be unveiled to council in late June or early July, with work slated to get underway shortly thereafter.
The convention center project, in one form or another, has been on the city's "to do" list since 1999. A fall 2010 opening is now within reach. The revised plan for the city's 40-acre tract will plant a 250,000-sf convention center on the north side as phase one and a $50-million-plus concert venue with 3,500 seats and additional parking on the south side as phase two. The tract's interior is expected to hold roughly 150,000 sf of retail and two hotels. The development site is bounded by Texas 114 on the west, Northwest Highway on the north, Las Colinas Boulevard on the east and Fuller Drive on the south."
for the complete story
Last updated: May 12, 2008 09:29am
Irving Eyes Summer Start for $125M CVB Center
By Connie Gore
"IRVING, TX-The Irving Convention & Visitors Bureau, armed with a totally revamped plan, expects work to start in late summer on a $125-million project. The 250,000-sf final design will be unveiled to council in late June or early July, with work slated to get underway shortly thereafter.
The convention center project, in one form or another, has been on the city's "to do" list since 1999. A fall 2010 opening is now within reach. The revised plan for the city's 40-acre tract will plant a 250,000-sf convention center on the north side as phase one and a $50-million-plus concert venue with 3,500 seats and additional parking on the south side as phase two. The tract's interior is expected to hold roughly 150,000 sf of retail and two hotels. The development site is bounded by Texas 114 on the west, Northwest Highway on the north, Las Colinas Boulevard on the east and Fuller Drive on the south."
for the complete story
Chicago's Magnificent Mile retail suffering
from today's Crain's Chicago Business (5/12):
Big-box gap on Mag Mile
By Eddie Baeb
May 12, 2008
"There are more vacant storefronts around the Magnificent Mile than at any time in the past 16 years, a sign that even Chicago's premier shopping strip isn't immune to the forces buffeting the broader retail industry.
And things are likely to get worse before they get better, as retailers vacate big-box-style storefronts in the area this year while few such merchants seek new space." ...
for the complete story
Big-box gap on Mag Mile
By Eddie Baeb
May 12, 2008
"There are more vacant storefronts around the Magnificent Mile than at any time in the past 16 years, a sign that even Chicago's premier shopping strip isn't immune to the forces buffeting the broader retail industry.
And things are likely to get worse before they get better, as retailers vacate big-box-style storefronts in the area this year while few such merchants seek new space." ...
for the complete story
China and mid-range hotels
from this morning's Business Week Asia Insider (5/12):
Will China Welcome a Mid-Range Hotel?
Hotel Jen marries high design with smart business strategy as it targets an overlooked—and growing—sector of the hotel market
by Matt Vella
"The Chinese hotel boom continues. This March yet another new property opened its doors in Hong Kong's bustling Western District. But Hotel Jen, as the newcomer is called, is unlike any of the myriad other brands that have sprouted in China's fast-growing hospitality market.
Hotel Jen is a study in sleek, ultramodernist design: Light, airy rooms are equipped with high-speed WiFi. In the lobby, wall-mounted flat-panel TVs pulse with rapid-fire images. A rooftop pool overlooks the city's harbor. Despite the glitz, this is not one of the thousands of new high-end luxury hotels. Nor, clearly, is it a budget offering, an equally competitive sector of the market. Rather, Hotel Jen is an experiment—the first, most likely if it's successful, in a line of mid-range hotels aimed at the burgeoning population of Chinese business travelers. It's also a signal that design, as a tool of brand creation, is trickling down from China's luxury sector.
Hotel Jen is born into a rapidly changing environment. China's economic liberalization has fueled a countrywide building boom that has littered the nation's skylines with most of the world's cranes. The World Bank estimates that by 2015, half of new-building construction around the globe will take place in China. And upcoming events such as this summer's Olympic Games and 2010's World's Fair and Asian Games are further sparking growth—and a $10 billion business travel market.
Affordable but Attractive Accommodations
Until now, though, the hotel market has boomed at the extremes: high-end four- and five-star luxury properties and low-cost, homegrown budget accommodations." ...
"Success Uncertain
Rather than construct a new property, The Kerry Group spent about $12 million to redesign an existing hotel in partnership with MetaDesign, which commissioned architects and other manufacturers to create everything inside from the cafeteria's silverware to the furniture in each of the 280 rooms.
The result is in marked contrast to the small, dingy rooms at many of the country's budget chains. Each room comes with a bevy of extras, including wireless and broadband and liquid-crystal display TVs. In the smaller ones, designers located the bathroom sinks and closets between the front doors and bedrooms, creating a more cloistered, private sleeping environment. Designers also laid out certain rooms so they could be used as daytime offices for business travelers. Rates range from $100 to $180 for the high-end suites, compared with about $50 to $100 for bare-bones budget accommodations elsewhere." ...
for the complete story
Will China Welcome a Mid-Range Hotel?
Hotel Jen marries high design with smart business strategy as it targets an overlooked—and growing—sector of the hotel market
by Matt Vella
"The Chinese hotel boom continues. This March yet another new property opened its doors in Hong Kong's bustling Western District. But Hotel Jen, as the newcomer is called, is unlike any of the myriad other brands that have sprouted in China's fast-growing hospitality market.
Hotel Jen is a study in sleek, ultramodernist design: Light, airy rooms are equipped with high-speed WiFi. In the lobby, wall-mounted flat-panel TVs pulse with rapid-fire images. A rooftop pool overlooks the city's harbor. Despite the glitz, this is not one of the thousands of new high-end luxury hotels. Nor, clearly, is it a budget offering, an equally competitive sector of the market. Rather, Hotel Jen is an experiment—the first, most likely if it's successful, in a line of mid-range hotels aimed at the burgeoning population of Chinese business travelers. It's also a signal that design, as a tool of brand creation, is trickling down from China's luxury sector.
Hotel Jen is born into a rapidly changing environment. China's economic liberalization has fueled a countrywide building boom that has littered the nation's skylines with most of the world's cranes. The World Bank estimates that by 2015, half of new-building construction around the globe will take place in China. And upcoming events such as this summer's Olympic Games and 2010's World's Fair and Asian Games are further sparking growth—and a $10 billion business travel market.
Affordable but Attractive Accommodations
Until now, though, the hotel market has boomed at the extremes: high-end four- and five-star luxury properties and low-cost, homegrown budget accommodations." ...
"Success Uncertain
Rather than construct a new property, The Kerry Group spent about $12 million to redesign an existing hotel in partnership with MetaDesign, which commissioned architects and other manufacturers to create everything inside from the cafeteria's silverware to the furniture in each of the 280 rooms.
The result is in marked contrast to the small, dingy rooms at many of the country's budget chains. Each room comes with a bevy of extras, including wireless and broadband and liquid-crystal display TVs. In the smaller ones, designers located the bathroom sinks and closets between the front doors and bedrooms, creating a more cloistered, private sleeping environment. Designers also laid out certain rooms so they could be used as daytime offices for business travelers. Rates range from $100 to $180 for the high-end suites, compared with about $50 to $100 for bare-bones budget accommodations elsewhere." ...
for the complete story
San Diego Navy Yard Project wins court approval
from this morning's San Diego Business Journal (5/12):
Federal Judge Rules in Favor of Downtown Waterfront Project
By NED RANDOLPH - 5/12/2008
"A ruling in favor of developer Douglas Manchester’s effort to build a mixed-use waterfront park on downtown Navy land has dealt a blow to the California Coastal Commission’s authority to regulate this project and other private developments built on federal property, according to Manchester’s attorney.
A federal judge ruled April 30 that the Coastal Commission can’t require Manchester to seek a coastal development permit for the 15-acre Navy Broadway Complex, which is adjacent to Seaport Village." ...
"The $1.2 billion Navy Broadway Complex project is part of the North Embarcadero Visionary Plan. The master plan calls for 3 million square feet of office, hotel and museum space, including a 17-story Navy headquarters.
The Manchester Group was awarded the 99-year lease by the Navy in 2006 to develop the project, which has languished since it was first approved by regulators, including the Coastal Commission, in 1991." ...
for the complete story
Federal Judge Rules in Favor of Downtown Waterfront Project
By NED RANDOLPH - 5/12/2008
"A ruling in favor of developer Douglas Manchester’s effort to build a mixed-use waterfront park on downtown Navy land has dealt a blow to the California Coastal Commission’s authority to regulate this project and other private developments built on federal property, according to Manchester’s attorney.
A federal judge ruled April 30 that the Coastal Commission can’t require Manchester to seek a coastal development permit for the 15-acre Navy Broadway Complex, which is adjacent to Seaport Village." ...
"The $1.2 billion Navy Broadway Complex project is part of the North Embarcadero Visionary Plan. The master plan calls for 3 million square feet of office, hotel and museum space, including a 17-story Navy headquarters.
The Manchester Group was awarded the 99-year lease by the Navy in 2006 to develop the project, which has languished since it was first approved by regulators, including the Coastal Commission, in 1991." ...
for the complete story
Sunday, May 11, 2008
retail and restaurant news
Shopping Centers Today (Apr): retailers and real estate; store closings and malls; retail and green development
Value Retail News (Apr): state of the industry report part 1; planned projects list
IOJ (Intl Outlet Journal) (Spring): economic downturn; Turkey and outlet shopping
Nation's Restaurant News (4/14): independent operators continue with growth plans
Retail Traffic (Mar): debt and shopping center REITs; mixed use development features; regional feature: NC, S, Mid-Atlantic
Shopping Center Business (Mar): regional focus on Mid-Atlantic
Value Retail News (Apr): state of the industry report part 1; planned projects list
IOJ (Intl Outlet Journal) (Spring): economic downturn; Turkey and outlet shopping
Nation's Restaurant News (4/14): independent operators continue with growth plans
Retail Traffic (Mar): debt and shopping center REITs; mixed use development features; regional feature: NC, S, Mid-Atlantic
Shopping Center Business (Mar): regional focus on Mid-Atlantic
attractions news
Museum (May-June): debut briefs of several museums including the Gettysburg National Military Park; feature on the Negro Leagues Baseball Museum
Funworld (Apr): KSC "Shuttle Launch Experience debuting; Sea World, Queensland gets world's tallest observation wheel; Disney World opens Cinderella's Castle Suite; India plans indoor theme park/FEC; adult sleepovers available at the Akron Zoo; 6 Flags sells 7 parks; feature on Landry's Restaurants
World Waterpark (Mar): Canad Inns Destination Center (Grand Forks, ND); Waterworld San Francisco, CA); Water Waves Land, Iran; Splash Cove, Shawnee, KS
Funworld (Apr): KSC "Shuttle Launch Experience debuting; Sea World, Queensland gets world's tallest observation wheel; Disney World opens Cinderella's Castle Suite; India plans indoor theme park/FEC; adult sleepovers available at the Akron Zoo; 6 Flags sells 7 parks; feature on Landry's Restaurants
World Waterpark (Mar): Canad Inns Destination Center (Grand Forks, ND); Waterworld San Francisco, CA); Water Waves Land, Iran; Splash Cove, Shawnee, KS
real estate news
Valuation (1st quarter): hotel transactions down;
Western City (Apr): feature on Lompoc Aquatic Center
Urban Land (Apr): Dubai continued development; Toronto green dvt; smart growth; museums and the city feature/list; North TX regional review; Dallas Fort Worth development; north TX downtown planning developments; Dallas/Fort Worth arts district; L.A. Nokia Theatre feature; Moscow's art spaces; Glory Park development in Arlington, TX; FL real estate forecast; edgeless cities; Santa Cruz, CA family housing; Columbia University's expansion plans; storm-resistant development in the Caribbean; shared parking; regional spotlight feature on TX
Urban Land Multifamily News (Mar-Apr): NC green development; green building stats; green design features; LEED certification worthwhile?; affordable housing; feature section on TX multifamily market
CP&DR (Apr): Diamond Bar may seek annexation; South Bay stadium deal
New Urban News (Apr-May): fortified FL development plans; San Antonio planning new downtown district; Santa Fe TND
Real Estate Forum (Apr): Abu Dhabi sustainable progress progresses
CP&DR (Mar): Monrovia transit development
National Real Estate Investor (Mar): Santa Monica mixed use gets go ahead; Chicago to get new convention hotel?; TIC supplement; city review of Albuquerque; hotel remodeling
New Urban News (Mar): malls converting to mixed-use; Lancaster County, PA TND setback; NOLA debuts double cottage model; Austin, TX airport redevelopment (to housing)
Urban Land Green (spring): U.S. Mayors summit; 10 greener cities; redeveloping existing buildings; sustainable development in China; density development; green real estate financing; regional spotlight on NC, SC, and GA
Urban Land (Mar): sustainable transportation; mass transit infrastructure; infrastructure as an investment; European transportation; TOD; civic centers; university expansions and developments; transit center design; mixed-use development; regional spotlight: HI, Australia, AK
Western City (Apr): feature on Lompoc Aquatic Center
Urban Land (Apr): Dubai continued development; Toronto green dvt; smart growth; museums and the city feature/list; North TX regional review; Dallas Fort Worth development; north TX downtown planning developments; Dallas/Fort Worth arts district; L.A. Nokia Theatre feature; Moscow's art spaces; Glory Park development in Arlington, TX; FL real estate forecast; edgeless cities; Santa Cruz, CA family housing; Columbia University's expansion plans; storm-resistant development in the Caribbean; shared parking; regional spotlight feature on TX
Urban Land Multifamily News (Mar-Apr): NC green development; green building stats; green design features; LEED certification worthwhile?; affordable housing; feature section on TX multifamily market
CP&DR (Apr): Diamond Bar may seek annexation; South Bay stadium deal
New Urban News (Apr-May): fortified FL development plans; San Antonio planning new downtown district; Santa Fe TND
Real Estate Forum (Apr): Abu Dhabi sustainable progress progresses
CP&DR (Mar): Monrovia transit development
National Real Estate Investor (Mar): Santa Monica mixed use gets go ahead; Chicago to get new convention hotel?; TIC supplement; city review of Albuquerque; hotel remodeling
New Urban News (Mar): malls converting to mixed-use; Lancaster County, PA TND setback; NOLA debuts double cottage model; Austin, TX airport redevelopment (to housing)
Urban Land Green (spring): U.S. Mayors summit; 10 greener cities; redeveloping existing buildings; sustainable development in China; density development; green real estate financing; regional spotlight on NC, SC, and GA
Urban Land (Mar): sustainable transportation; mass transit infrastructure; infrastructure as an investment; European transportation; TOD; civic centers; university expansions and developments; transit center design; mixed-use development; regional spotlight: HI, Australia, AK
general business publications
Business Week (5/4): intl travel numbers rising (brief); Mideast boom
Economist (4/5): Navajo Nation business development; Ho-Chunk, Inc. Indian business success
Business Week (3/31): Cape Cod baseball league
Business Week (4/7): Irish economy finally slowing; sports events in the Middle East
Economist (4/5): Navajo Nation business development; Ho-Chunk, Inc. Indian business success
Business Week (3/31): Cape Cod baseball league
Business Week (4/7): Irish economy finally slowing; sports events in the Middle East
Hotels, casinos/gaming, spas, convention/conference facilities news
Native American Casino (4/08): profile of Grey Eagle Casino and Bingo (Calgary, Alberta, Canada); North American casino directory
Hotels (Apr): Africa market feature; Four Seasons hotels expanding to cruise ships; Hilton-Waldorf Astoria opens first ski property in Park City, UT; Asian-Indian hotel market special report; Hard Rock San Diego; green hotels
Venues Today (4/08): FL fair feature; FL market spotlight; Miami performing arts center; top venues lists; MLB stadium concessions
Pulse (Intl Spa Assn journal): (Mar-Apr): profile of the Del Coronado
Tradeshow Week (4/14): hotel meeting space; convention hotels
IGWB (Apr): Thailand's gaming market; Crown investing in Harrah's, Station casinos; Macau gaming increasing; CA tribal casinos get slot expansion approval; Cosmopolitan Resort and Casino continues construction on the Las Vegas Strip having been saved from foreclosure; Dominican casino market
American Indian Report (3/08): green building initiative
Tradeshow Week (3/31): international meetings/facilities; Mid-Atlantic meetings/facilities
Tradeshow Week (3/24): feature on CVBs and convention centers
Tradeshow Week (3/17): Reno-Sparks Convention Center expansion
Hotels (Apr): Africa market feature; Four Seasons hotels expanding to cruise ships; Hilton-Waldorf Astoria opens first ski property in Park City, UT; Asian-Indian hotel market special report; Hard Rock San Diego; green hotels
Venues Today (4/08): FL fair feature; FL market spotlight; Miami performing arts center; top venues lists; MLB stadium concessions
Pulse (Intl Spa Assn journal): (Mar-Apr): profile of the Del Coronado
Tradeshow Week (4/14): hotel meeting space; convention hotels
IGWB (Apr): Thailand's gaming market; Crown investing in Harrah's, Station casinos; Macau gaming increasing; CA tribal casinos get slot expansion approval; Cosmopolitan Resort and Casino continues construction on the Las Vegas Strip having been saved from foreclosure; Dominican casino market
American Indian Report (3/08): green building initiative
Tradeshow Week (3/31): international meetings/facilities; Mid-Atlantic meetings/facilities
Tradeshow Week (3/24): feature on CVBs and convention centers
Tradeshow Week (3/17): Reno-Sparks Convention Center expansion
local and regional real estate/business news
Indian Country Today (4/23): tribal golf resorts feature section
Crain's Chicago Business (4/14): special supplement on golf
California Real Estate Journal (4/28): San Diego Intl Airport expanding; L.A.'s NFL plans for the City of Industry; general plans afoot across state
San Diego Business Journal (4/28): Tribal casinos doing well
Los Angeles Business Journal (4/28): branding/signage for L.A. attractions like the Zoo?; Los Angeles Port seal deal with Disney Cruises; condos going rental rather than purchase
California Real Estate Journal (4/21): Tustin's Legacy Park plans
San Fernando Valley Business Journal (4/28): biotech feature series
Los Angeles Business Journal (4/21): real estate quarterly issue; feature on San Pedro; Santa Monica Place redone; NFL coming to City of Industry?; hotels list
California Real Estate Journal (4/7): downtown San Diego retail
San Fernando Valley Business Journal (4/14): Tejon's foreign trade zone status; tourism up in the Valley; MLS promo clinics throughout the Valley; MLB's minor League JetHawks profiled; list of largest hotels
New Orleans City Business (4/14): tourism dept hoping to lure European visitors in economic downturn
Orange County Business Journal (3/31): Angels season ticket sales up; Simon Property Group's plans for the Orange Mall
California Real Estate Journal (4/14): PM Realty pushing diversified land use in Southern CA's downtowns; Tesco slowing US rollout
Indian Country Today (4/16): Indian green energy company plans; U of MA report shows New England still has a $2b untapped gaming market; Arapaho to open new casino in WY; Navajos ready to build first casino
Los Angeles Business Journal (4/14): student housing recession-proof?
Los Angeles Business Journal (4/7): Westwood Village redevelopment plans; hotels redeveloping for luxury rather than building fresh
Crain's Chicago Business Journal (3/24): South Loop site goes to condo builder; WalMart expansion plans thwarted; Loop hotel plan stuck for funding; city's hotel industry finished 2007 well
Indian Country Today (4/9); Kiowa buy Indian City USA attraction
Crain's Chicago Business (3/31): Chicago hotels bracing for slump
New Orleans City Business (3/24): Superdome improvements
Crain's Chicago Business (4/7): downtown office demand down
San Fernando Valley Business Journal (3/31): retail property values steady
San Diego Business Journal (3/31): Gaylord hotel and convention center back on; list of top hotels; SD convention center contemplating expansion; list of meeting and convention facilities
Crain's Chicago Business (4/14): special supplement on golf
California Real Estate Journal (4/28): San Diego Intl Airport expanding; L.A.'s NFL plans for the City of Industry; general plans afoot across state
San Diego Business Journal (4/28): Tribal casinos doing well
Los Angeles Business Journal (4/28): branding/signage for L.A. attractions like the Zoo?; Los Angeles Port seal deal with Disney Cruises; condos going rental rather than purchase
California Real Estate Journal (4/21): Tustin's Legacy Park plans
San Fernando Valley Business Journal (4/28): biotech feature series
Los Angeles Business Journal (4/21): real estate quarterly issue; feature on San Pedro; Santa Monica Place redone; NFL coming to City of Industry?; hotels list
California Real Estate Journal (4/7): downtown San Diego retail
San Fernando Valley Business Journal (4/14): Tejon's foreign trade zone status; tourism up in the Valley; MLS promo clinics throughout the Valley; MLB's minor League JetHawks profiled; list of largest hotels
New Orleans City Business (4/14): tourism dept hoping to lure European visitors in economic downturn
Orange County Business Journal (3/31): Angels season ticket sales up; Simon Property Group's plans for the Orange Mall
California Real Estate Journal (4/14): PM Realty pushing diversified land use in Southern CA's downtowns; Tesco slowing US rollout
Indian Country Today (4/16): Indian green energy company plans; U of MA report shows New England still has a $2b untapped gaming market; Arapaho to open new casino in WY; Navajos ready to build first casino
Los Angeles Business Journal (4/14): student housing recession-proof?
Los Angeles Business Journal (4/7): Westwood Village redevelopment plans; hotels redeveloping for luxury rather than building fresh
Crain's Chicago Business Journal (3/24): South Loop site goes to condo builder; WalMart expansion plans thwarted; Loop hotel plan stuck for funding; city's hotel industry finished 2007 well
Indian Country Today (4/9); Kiowa buy Indian City USA attraction
Crain's Chicago Business (3/31): Chicago hotels bracing for slump
New Orleans City Business (3/24): Superdome improvements
Crain's Chicago Business (4/7): downtown office demand down
San Fernando Valley Business Journal (3/31): retail property values steady
San Diego Business Journal (3/31): Gaylord hotel and convention center back on; list of top hotels; SD convention center contemplating expansion; list of meeting and convention facilities
Tuesday, May 6, 2008
from Tradeshow Week (5/2):
Wynn Opens Up on New CC
Heidi Genoist -- Tradeshow Week, 5/2/2008 11:35:00 AM
"Steve Wynn has been sitting on a secret for the last couple months, and it’s a big one – possibly as big as 1.8 million square feet.
The chairman and CEO of Wynn Resorts told investors and reporters in a May 1 earnings call that he was planning a new convention center for Las Vegas.
“We’re planning two new hotels of approximately 2,600 rooms a piece that will straddle 1.6 to 1.8 million thousand [sic] feet, it depends on how you count it, of exhibit space that is,” Wynn said.
He added that the convention facility would be built on the site where the golf course is now located, and that it would extend “2,000 feet to Paradise Road, from an area approximately 550 feet east of our villas, so that there will be a large lake with fountains like Bellagio that will entertain both hotels and the convention and meeting space.” " ....
for the complete story
Wynn Opens Up on New CC
Heidi Genoist -- Tradeshow Week, 5/2/2008 11:35:00 AM
"Steve Wynn has been sitting on a secret for the last couple months, and it’s a big one – possibly as big as 1.8 million square feet.
The chairman and CEO of Wynn Resorts told investors and reporters in a May 1 earnings call that he was planning a new convention center for Las Vegas.
“We’re planning two new hotels of approximately 2,600 rooms a piece that will straddle 1.6 to 1.8 million thousand [sic] feet, it depends on how you count it, of exhibit space that is,” Wynn said.
He added that the convention facility would be built on the site where the golf course is now located, and that it would extend “2,000 feet to Paradise Road, from an area approximately 550 feet east of our villas, so that there will be a large lake with fountains like Bellagio that will entertain both hotels and the convention and meeting space.” " ....
for the complete story
Monday, May 5, 2008
Midge McCauley in the news
from the Memphis Commercial Appeal (4/24):
CCDC unveils new retail strategy
Cassandra Kimberly, The Commercial Appeal, Memphis, Tenn.
"Apr. 24--The Center City Development Corp. has a new strategy that may turn Downtown into a retail mecca.
On Wednesday, the CCDC reviewed a Downtown Retail Strategy plan that called for a refined retail focus area, a more diverse range of shops and restaurants and a jumping point to implement it all." ...
"While Downtown's recent resurgence has been marked by spikes in residential development and population growth, retail has lagged. In 2007, the CCDC, a CCC-affiliated board, hired Economics Research Associates to develop a $97,000 retail development strategy for Downtown and a retail growth strategy for the Central Business Improvement District." ...
" "For a city to be healthy, the core must be healthy," said ERA principal Margaret McCauley. As we get Main Street healthier, the other sections will get healthier with it."
To do that, she said, automobile traffic must return to Main. With traffic coming both ways on the road, the added light and population would welcome shoppers.
"Cars are a great way of adding security," she said. "I took a walk down Main Street, and it was 10 minutes be-tween trolleys. The trolleys were the only light on that street. Boy, is that foreboding." " ...
to purchase a copy of the article
CCDC unveils new retail strategy
Cassandra Kimberly, The Commercial Appeal, Memphis, Tenn.
"Apr. 24--The Center City Development Corp. has a new strategy that may turn Downtown into a retail mecca.
On Wednesday, the CCDC reviewed a Downtown Retail Strategy plan that called for a refined retail focus area, a more diverse range of shops and restaurants and a jumping point to implement it all." ...
"While Downtown's recent resurgence has been marked by spikes in residential development and population growth, retail has lagged. In 2007, the CCDC, a CCC-affiliated board, hired Economics Research Associates to develop a $97,000 retail development strategy for Downtown and a retail growth strategy for the Central Business Improvement District." ...
" "For a city to be healthy, the core must be healthy," said ERA principal Margaret McCauley. As we get Main Street healthier, the other sections will get healthier with it."
To do that, she said, automobile traffic must return to Main. With traffic coming both ways on the road, the added light and population would welcome shoppers.
"Cars are a great way of adding security," she said. "I took a walk down Main Street, and it was 10 minutes be-tween trolleys. The trolleys were the only light on that street. Boy, is that foreboding." " ...
to purchase a copy of the article
PLP in the news
from the St. Louis Post-Dispatch (4/28):
THE STATE OF DOWNTOWNS Boosters meet here, foresee long-term growth Revitalization plans stall, but an eventual comeback is expected.
By Tim Logan
"The housing market's in a slump. Credit is hard to come by. The economy as a whole is looking grim.
And that was on the minds of many Sunday at the spring conference of the International Downtown Association, being held at the Renaissance Grand hotel.
As in St. Louis, central city districts all over the country have been popping with new growth in recent years, add-ing housing, residents, restaurants and stores.
Now, in many places, that growth is stalling. And that had this group of downtown boosters looking for ways to pull through.
"It is, in fact, a little difficult to find good news out there," said Patrick Phillips, president of Economic Research Associates, a Los Angeles-based real estate consulting firm." ....
to buy a copy of the complete article
THE STATE OF DOWNTOWNS Boosters meet here, foresee long-term growth Revitalization plans stall, but an eventual comeback is expected.
By Tim Logan
"The housing market's in a slump. Credit is hard to come by. The economy as a whole is looking grim.
And that was on the minds of many Sunday at the spring conference of the International Downtown Association, being held at the Renaissance Grand hotel.
As in St. Louis, central city districts all over the country have been popping with new growth in recent years, add-ing housing, residents, restaurants and stores.
Now, in many places, that growth is stalling. And that had this group of downtown boosters looking for ways to pull through.
"It is, in fact, a little difficult to find good news out there," said Patrick Phillips, president of Economic Research Associates, a Los Angeles-based real estate consulting firm." ....
to buy a copy of the complete article
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