from today's Los Angeles Business Journal (9/30):
Posted date: 9/30/2008
Hilton Plans Major Caribbean-Latin America Expansion
By DEBORAH CROWE
Los Angeles Business Journal Staff
"Hilton Hotels Corp. on Tuesday announced plans to quadruple its presence in the Caribbean and Latin America by adding 150 hotels to its portfolio over the next five years.
The Beverly Hill-based hotel chain announced a six-person development team that will focus on the goal. Hilton currently has 51 hotels throughout the Caribbean and Latin America, another 42 properties in its development pipeline and has identified a number of potential locations, it said." ...
for the complete story
The company previously set a goal of adding 1,000 hotels to its international portfolio in 10 years. Hilton went private last October in a $26 billion acquisition by the Blackstone Group, the New York City private equity group.
Tuesday, September 30, 2008
South American hotel market
from today's HNN newline (9/30):
South America presents opportunities
30 September 2008 12:02 PM
By Ellen Hoffman
HNN correspondent
"BUENOS AIRES, Argentina—As the U.S. House of Representatives was rejecting the bailout package and the Dow Jones Industrial Average was plummeting, speakers at the 1st South American Hotel & Tourism Investment Conference on Monday predicted a relatively positive future for hotel development and investment in the region." ...
for the complete story
South America presents opportunities
30 September 2008 12:02 PM
By Ellen Hoffman
HNN correspondent
"BUENOS AIRES, Argentina—As the U.S. House of Representatives was rejecting the bailout package and the Dow Jones Industrial Average was plummeting, speakers at the 1st South American Hotel & Tourism Investment Conference on Monday predicted a relatively positive future for hotel development and investment in the region." ...
for the complete story
Transportation and hotel demand
from today's HNN newsline (9/30):
Transportation's impact on lodging demand
30 September 2008 12:03 PM
Charles Snyder
charles@hotelnewsnow.com
"HENDERSONVILLE, Tennessee and KNOXVILLE, Tennessee—Newfound pressures are changing the historical dynamic between business and leisure hotel demand. In a whitepaper released on 09 September 2008 at the HSMAI Sales Strategy Conference in Washington, DC, Steve Morse, Ph.D., director and economist, Tourism Institute, University of Tennessee and Chad Church, manager, industry research at Smith Travel Research, analyzed the effect of increased transportation costs and an unstable economy on the current state of the U.S. lodging industry.
The analysis of hotel performance from 2006 through July 2008 looked at the effect economic and transportation issues had on demand and the business/leisure mix across the U.S., the top 25 metro markets and their price points (chain scale)." ...
for the complete story
Transportation's impact on lodging demand
30 September 2008 12:03 PM
Charles Snyder
charles@hotelnewsnow.com
"HENDERSONVILLE, Tennessee and KNOXVILLE, Tennessee—Newfound pressures are changing the historical dynamic between business and leisure hotel demand. In a whitepaper released on 09 September 2008 at the HSMAI Sales Strategy Conference in Washington, DC, Steve Morse, Ph.D., director and economist, Tourism Institute, University of Tennessee and Chad Church, manager, industry research at Smith Travel Research, analyzed the effect of increased transportation costs and an unstable economy on the current state of the U.S. lodging industry.
The analysis of hotel performance from 2006 through July 2008 looked at the effect economic and transportation issues had on demand and the business/leisure mix across the U.S., the top 25 metro markets and their price points (chain scale)." ...
for the complete story
Midway Airport privatization deal settled
from this afternoon's Crain's Chicago Business (9/30):
City strikes $2.52B Midway privatization deal
By Paul Merrion
Sept. 30, 2008
"(Crain’s) — Mayor Richard Daley says the city has reached a landmark agreement to privatize Midway Airport for $2.521 billion.
The deal will net the city more than $1 billion, the mayor said.
The winning bidder was a consortium called Midway Investment & Development Corp., consisting of YVR Airport Services Ltd., an affiliate of the Vancouver Airport Authority, Citi Infrastructure Investors of New York and John Hancock Life Insurance Co. of Boston." ...
for the complete story
City strikes $2.52B Midway privatization deal
By Paul Merrion
Sept. 30, 2008
"(Crain’s) — Mayor Richard Daley says the city has reached a landmark agreement to privatize Midway Airport for $2.521 billion.
The deal will net the city more than $1 billion, the mayor said.
The winning bidder was a consortium called Midway Investment & Development Corp., consisting of YVR Airport Services Ltd., an affiliate of the Vancouver Airport Authority, Citi Infrastructure Investors of New York and John Hancock Life Insurance Co. of Boston." ...
for the complete story
Monday, September 29, 2008
Holiday Inn going timeshare in FL
from this morning's GlobeStFL (9/29):
Last updated: September 29, 2008 12:28pm
Holiday Inn Gets Into Timeshares
By Carl Cronan
"ORLANDO, FL-The formation of Holiday Inn Club Vacations provides a boost of confidence to the nation’s timeshare market, according to industry leaders. Intercontinental Hotels Group, which owns the traditional hotel chain, launched the new venture with the Family of Orange Lake Resorts during the company’s annual conference last week.
The 2,412-villa Orange Lake property near Walt Disney World in Lake Buena Vista, just west of Orlando, will be the first timeshare resort to carry Holiday Inn’s familiar green flag and revamped logo. The 1,400-acre site was developed in the early 1980s by Kemmons Wilson, who also launched the Holiday Inn chain more than a half-century ago." ...
for the complete story
Last updated: September 29, 2008 12:28pm
Holiday Inn Gets Into Timeshares
By Carl Cronan
"ORLANDO, FL-The formation of Holiday Inn Club Vacations provides a boost of confidence to the nation’s timeshare market, according to industry leaders. Intercontinental Hotels Group, which owns the traditional hotel chain, launched the new venture with the Family of Orange Lake Resorts during the company’s annual conference last week.
The 2,412-villa Orange Lake property near Walt Disney World in Lake Buena Vista, just west of Orlando, will be the first timeshare resort to carry Holiday Inn’s familiar green flag and revamped logo. The 1,400-acre site was developed in the early 1980s by Kemmons Wilson, who also launched the Holiday Inn chain more than a half-century ago." ...
for the complete story
San Diego home permits down
from this morning's San Diego Business Journal (9/29):
New Home Permit Numbers Bleak
By MICHELLE MOWAD - 9/29/2008
San Diego Business Journal Staff
"Median home prices are down; sales are down and so is the number of new home projects in the county.
Ada Kaiser, a San Diego-based real estate consultant, said the number of permits issued this year is down 30 percent from last year and 50 percent from 2006." ...
for the complete story
New Home Permit Numbers Bleak
By MICHELLE MOWAD - 9/29/2008
San Diego Business Journal Staff
"Median home prices are down; sales are down and so is the number of new home projects in the county.
Ada Kaiser, a San Diego-based real estate consultant, said the number of permits issued this year is down 30 percent from last year and 50 percent from 2006." ...
for the complete story
High-end boutique hotel planned for Chicago
from this morning's Crain's Chicago Business Journal (9/29):
Reschke plans high-end hotel
By: Alby Gallun September 29, 2008
"Local developer Michael Reschke is drawing up plans for a $95-million, 237-room boutique hotel in the River North neighborhood, six months after launching construction of a 610-room hotel in Chicago's Loop.
Mr. Reschke over the summer signed a contract to buy a site being used as a surface parking lot at 500 N. State St., just south of the Rock Bottom Brewery, and plans to break ground in nine months. Gansevoort Hotel Group, a New York-based boutique chain, has agreed to run the new hotel, says Mr. Reschke, chairman and CEO of Chicago-based Prime Group Inc.
Landing a construction loan in today's frozen financial markets will be a major challenge, and demand for downtown hotel rooms is likely to slip with the economy weakening. In addition, a recent hotel construction boom will add more rooms to the downtown market, increasing competition, especially at the high end where the Gansevoort would compete." ...
for the complete story
Reschke plans high-end hotel
By: Alby Gallun September 29, 2008
"Local developer Michael Reschke is drawing up plans for a $95-million, 237-room boutique hotel in the River North neighborhood, six months after launching construction of a 610-room hotel in Chicago's Loop.
Mr. Reschke over the summer signed a contract to buy a site being used as a surface parking lot at 500 N. State St., just south of the Rock Bottom Brewery, and plans to break ground in nine months. Gansevoort Hotel Group, a New York-based boutique chain, has agreed to run the new hotel, says Mr. Reschke, chairman and CEO of Chicago-based Prime Group Inc.
Landing a construction loan in today's frozen financial markets will be a major challenge, and demand for downtown hotel rooms is likely to slip with the economy weakening. In addition, a recent hotel construction boom will add more rooms to the downtown market, increasing competition, especially at the high end where the Gansevoort would compete." ...
for the complete story
Cubs bidding and the current economy
from today's Crain's Chicago Business Journal (9/29):
Cubs bidders face credit squeeze
By Ann Saphir
Sept. 29, 2008
"Wall Street's meltdown threatens Tribune Co. CEO Sam Zell's plan to get top dollar for the Cubs — and he's prepared to delay the sale in response.
Mr. Zell has urged bidders to finance the purchase with debt, which would cut his tax bill on the sale. But buyout loans have become more expensive and harder to come by as credit markets contract, potentially limiting any price offered for the team." ...
for the complete story
Cubs bidders face credit squeeze
By Ann Saphir
Sept. 29, 2008
"Wall Street's meltdown threatens Tribune Co. CEO Sam Zell's plan to get top dollar for the Cubs — and he's prepared to delay the sale in response.
Mr. Zell has urged bidders to finance the purchase with debt, which would cut his tax bill on the sale. But buyout loans have become more expensive and harder to come by as credit markets contract, potentially limiting any price offered for the team." ...
for the complete story
Chicago explains the Olypics bidding process
from Crain's Chicago Business Journal (9/29):
Making a bid: How it works
By Erica Schlaikjer
Sept. 29, 2008
"How does a city enter the running to host the Olympics?
Landing the Olympics takes the stamina of a marathon runner, the precision of a sharpshooter and the charisma of the U.S. gymnastics team. Not to mention loads of paperwork.
The competition for the 2016 games started with applications from seven cities: Chicago; Tokyo; Madrid, Spain; Rio de Janeiro, Brazil; Baku, Azerbaijan; Prague, Czech Republic, and Doha, Qatar. Each detailed plans, from venues to financing.
The International Olympic Committee set up a 13-person working group, which rated the bids in 11 categories: infrastructure, transportation, venues, Olympic Village, accommodations, environmental impact, security, financing, government and public support, past experience and overall legacy. Some categories, such as infrastructure and accommodations, were more heavily weighted than others." ...
for the complete story
Making a bid: How it works
By Erica Schlaikjer
Sept. 29, 2008
"How does a city enter the running to host the Olympics?
Landing the Olympics takes the stamina of a marathon runner, the precision of a sharpshooter and the charisma of the U.S. gymnastics team. Not to mention loads of paperwork.
The competition for the 2016 games started with applications from seven cities: Chicago; Tokyo; Madrid, Spain; Rio de Janeiro, Brazil; Baku, Azerbaijan; Prague, Czech Republic, and Doha, Qatar. Each detailed plans, from venues to financing.
The International Olympic Committee set up a 13-person working group, which rated the bids in 11 categories: infrastructure, transportation, venues, Olympic Village, accommodations, environmental impact, security, financing, government and public support, past experience and overall legacy. Some categories, such as infrastructure and accommodations, were more heavily weighted than others." ...
for the complete story
Laughlin CVB rebranding
from Tradeshow Week (9/25):
Laughlin Rebrands to Reattract
Lisa Plummer -- Tradeshow Week, 9/25/2008 5:57:00 PM
"Laughlin’s image needed freshening up, according to the Las Vegas Convention & Visitors Authority and Laughlin Visitors Bureau. Maybe a $2.1 million rebranding campaign will do the trick.
The new tagline – “Laughlin. It’s Like You Own the Place” – is the LVCVA’s latest effort to revitalize the brand and attract visitors to the casino and resort destination 90 miles south of Las Vegas." ...
for the complete story
Laughlin Rebrands to Reattract
Lisa Plummer -- Tradeshow Week, 9/25/2008 5:57:00 PM
"Laughlin’s image needed freshening up, according to the Las Vegas Convention & Visitors Authority and Laughlin Visitors Bureau. Maybe a $2.1 million rebranding campaign will do the trick.
The new tagline – “Laughlin. It’s Like You Own the Place” – is the LVCVA’s latest effort to revitalize the brand and attract visitors to the casino and resort destination 90 miles south of Las Vegas." ...
for the complete story
Las Vegas convention business up; visitor numbers down
from Tradeshow Week (9/25):
Convention Numbers Stable in July
Diane Taylor -- Tradeshow Week, 9/25/2008 5:51:00 PM
"When is no news good news? When the numbers indicate that so far, even with a struggling economy, convention business has not seen a fall-off in terms of numbers, compared with the same period in 2007.
In July, according to the Las Vegas Convention & Visitors Authority Executive Summary, convention attendance was .6-percent above a year earlier, and year-to-date convention attendance was .2-percent higher than in 2007 – not numbers to write home about, but perhaps better than other segments of the economy.
Although convention attendance held up in July, total visitor volume in Las Vegas decreased 4.6 percent from a year earlier. To attract more visitors, hotels have slashed prices, some 10-percent lower than this past year. As a result, the economic impact of conventions has, therefore, also declined, 3.7 percent from the same period in 2007 and 4.2 percent year-to-date." ...
for the complete story
Convention Numbers Stable in July
Diane Taylor -- Tradeshow Week, 9/25/2008 5:51:00 PM
"When is no news good news? When the numbers indicate that so far, even with a struggling economy, convention business has not seen a fall-off in terms of numbers, compared with the same period in 2007.
In July, according to the Las Vegas Convention & Visitors Authority Executive Summary, convention attendance was .6-percent above a year earlier, and year-to-date convention attendance was .2-percent higher than in 2007 – not numbers to write home about, but perhaps better than other segments of the economy.
Although convention attendance held up in July, total visitor volume in Las Vegas decreased 4.6 percent from a year earlier. To attract more visitors, hotels have slashed prices, some 10-percent lower than this past year. As a result, the economic impact of conventions has, therefore, also declined, 3.7 percent from the same period in 2007 and 4.2 percent year-to-date." ...
for the complete story
Canadian census figures released
from today's Saskatoon StarPhoenix (9/29):
We are 33,311,389: StatsCan
Immigration feeds the increase, especially in Prairie provinces, P.E.I.
Canwest News Service
Monday, September 29, 2008
"Immigration accounted for a spike in the Canadian population during the second quarter of 2008, the largest increase in 17 years, according to a Statistics Canada report released Monday.
Of the 125,800 additional Canadians during the quarter, 91,600 were from another country. That total was the highest number of immigrants Canada has experienced since the late 1980s.
Immigration increased in every province and territory, with new second-quarter records being set in Prince Edward Island, Manitoba, Saskatchewan and Alberta." ...
for the complete story
We are 33,311,389: StatsCan
Immigration feeds the increase, especially in Prairie provinces, P.E.I.
Canwest News Service
Monday, September 29, 2008
"Immigration accounted for a spike in the Canadian population during the second quarter of 2008, the largest increase in 17 years, according to a Statistics Canada report released Monday.
Of the 125,800 additional Canadians during the quarter, 91,600 were from another country. That total was the highest number of immigrants Canada has experienced since the late 1980s.
Immigration increased in every province and territory, with new second-quarter records being set in Prince Edward Island, Manitoba, Saskatchewan and Alberta." ...
for the complete story
Sunday, September 28, 2008
Mohegan Sun expansion postponed
from today's Hartford Courant (9/28):
CT Review: Economic Downturn Delays Casino Expansion Plans
By CHRISTOPHER KEATING
September 28, 2008
"For 15 years, the state's two casinos had one overriding drive: Expand, expand, expand.
But with the national economy slowing and Wall Street becoming more volatile than ever, the Mohegan Sun last week said it was postponing a major expansion. The announcement came as the foundation was being poured for a new hotel, which was just one part of a huge new initiative.
In addition to stalling the 922-room, 39-story hotel, the casino pulled the plug — at least temporarily — on plans for new restaurants, stores, a spa, a parking garage and a 1,500-seat House of Blues Music Hall. The delay is a substantial blow to the labor market in southeastern Connecticut because the full expansion was expected to create thousands of permanent jobs, along with about 1,200 construction jobs.
Last week seemed to be all about the economic slowdown, and the move by Mohegan Sun, one of the state's economic powerhouses, may be particularly sobering because casino officials are known for having their finger on the pulse of the economy." ...
for the complete story
CT Review: Economic Downturn Delays Casino Expansion Plans
By CHRISTOPHER KEATING
September 28, 2008
"For 15 years, the state's two casinos had one overriding drive: Expand, expand, expand.
But with the national economy slowing and Wall Street becoming more volatile than ever, the Mohegan Sun last week said it was postponing a major expansion. The announcement came as the foundation was being poured for a new hotel, which was just one part of a huge new initiative.
In addition to stalling the 922-room, 39-story hotel, the casino pulled the plug — at least temporarily — on plans for new restaurants, stores, a spa, a parking garage and a 1,500-seat House of Blues Music Hall. The delay is a substantial blow to the labor market in southeastern Connecticut because the full expansion was expected to create thousands of permanent jobs, along with about 1,200 construction jobs.
Last week seemed to be all about the economic slowdown, and the move by Mohegan Sun, one of the state's economic powerhouses, may be particularly sobering because casino officials are known for having their finger on the pulse of the economy." ...
for the complete story
Turning Stone -- Indain golf jewel
from yesterday's Rocky Mountain News (9/27):
Native Americans build golf mecca in upstate NY
By JOHN KEKIS
Published September 27, 2008 at 2 a.m.
"VERONA, N.Y. (AP) _ Growing up as a Native American in upstate New York, Ray Halbritter always thought golf was out of reach.
"Golf to us was something that wealthy people did," he said. "We couldn't afford golf balls. We would look in the woods for golf balls. To this day, I like finding golf balls."
Today, the 58-year-old Halbritter no longer has to search for golf balls. The chief executive officer of the Oneida Indian Nation of New York has coupled his business savvy and love of golf to develop Turning Stone Casino and Resort into one of the nation's top golf meccas.
Turning Stone, nestled in the Mohawk Valley region of central New York about 35 miles east of Syracuse, opened as a casino in 1993, but Halbritter had a vision that dovetailed with golf. The resort now boasts three courses rated among the top 10 in the state: the Shenendoah and Kaluhyat layouts, designed by Rick Smith and Robert Trent Jones Jr., respectively, and Atunyote, the crown jewel that opened four years ago." ...
for the complete story
Native Americans build golf mecca in upstate NY
By JOHN KEKIS
Published September 27, 2008 at 2 a.m.
"VERONA, N.Y. (AP) _ Growing up as a Native American in upstate New York, Ray Halbritter always thought golf was out of reach.
"Golf to us was something that wealthy people did," he said. "We couldn't afford golf balls. We would look in the woods for golf balls. To this day, I like finding golf balls."
Today, the 58-year-old Halbritter no longer has to search for golf balls. The chief executive officer of the Oneida Indian Nation of New York has coupled his business savvy and love of golf to develop Turning Stone Casino and Resort into one of the nation's top golf meccas.
Turning Stone, nestled in the Mohawk Valley region of central New York about 35 miles east of Syracuse, opened as a casino in 1993, but Halbritter had a vision that dovetailed with golf. The resort now boasts three courses rated among the top 10 in the state: the Shenendoah and Kaluhyat layouts, designed by Rick Smith and Robert Trent Jones Jr., respectively, and Atunyote, the crown jewel that opened four years ago." ...
for the complete story
local and regional real estate/business news
Indian Country Today (9/24): tribal tourism; Palm Springs Canyon Country Club/Palm Springs National Golf Club taken over by Agua Caliente Tribe
California Real Estate Journal (9/22): Inland Empire airport development plans; ULI study of CalTrans work in Orange County; downtown developments hinging on design style
Los Angeles Business Journal (9/22): film festival market moving to TV pilots
San Diego Business Journal (9/22): port development questions; Hotel del Coronado expansion plans
San Diego Business Journal (9/15): UCSD contracts for student housing development; San Diego Sports Arena makeover planned
Indian Country Today (9/17): British Columbia tribe opening new heritage center
San Diego Business Journal (9/1): hotel occupancy down but profits stable for July
California Business Journal (9/2): San Diego City hall/civic center redevelopment competition continues; L.A. River revitalization plans underway
Orange County Business Journal (9/8): hotels steady over the summer season
Los Angeles Business Journal (9/1): L.A. construction up for public buildings only
Los Angeles Business Journal (9/8): Silver Lake's Sunset Junction Street Festival crowded but doesn't aid local business
Crain's Chicago Business Journal (9/15): charitable donations down; Ricketts' bid for Cubs; area suburbs bid for casino licenses
California Real Estate Journal (9/8): economic impact of military on San Diego; green leasing; housing slump impacts retail
San Diego Business Journal (9/8): Vista breaking ground on civic center
New Orleans City Business (9/1): NOLA WTC deal on the rocks
Indian Country Today (9/10): Mohegan's Casino of the Wind opens; Moultrie, GA museum opens
San Fernando Valley Business Journal (9/1): CSUN regional economic impact; DreamWorks modernizing Glendale campus
San Diego Business Journal ((8/25): economic impact of military in San Diego County; San Diego firm producing eco-friendly biodiesel
San Diego Business Journal (8/18): office condos faring well in market
Indian Country Today (9/3): Mohegan Sun and Foxwoods doing well; tribal gaming revenues up in FL;
New Orleans City Business (8/25): NOLA casino revenues up; Port developments
Orange County Business Journal (8/25): medical office market steady
Crain's Chicago Business Journal (8/18): local Chicago groups make Olympic planning demands; condo market slump; hotel occupancy down; condo-conversions market down
California Real Estate Journal (8/25): green building misconceptions column; historic theater renovations and downtown development; special section featuring green development
Indian Country Today (8/27): Sault Ste. Marie troubled over Greektown Casino bankruptcy
San Fernando Valley Business Journal (8/18): special feature section on Simi Valley; presidential library economics; list of the Valley's meeting facilities
California Real Estate Journal (9/22): Inland Empire airport development plans; ULI study of CalTrans work in Orange County; downtown developments hinging on design style
Los Angeles Business Journal (9/22): film festival market moving to TV pilots
San Diego Business Journal (9/22): port development questions; Hotel del Coronado expansion plans
San Diego Business Journal (9/15): UCSD contracts for student housing development; San Diego Sports Arena makeover planned
Indian Country Today (9/17): British Columbia tribe opening new heritage center
San Diego Business Journal (9/1): hotel occupancy down but profits stable for July
California Business Journal (9/2): San Diego City hall/civic center redevelopment competition continues; L.A. River revitalization plans underway
Orange County Business Journal (9/8): hotels steady over the summer season
Los Angeles Business Journal (9/1): L.A. construction up for public buildings only
Los Angeles Business Journal (9/8): Silver Lake's Sunset Junction Street Festival crowded but doesn't aid local business
Crain's Chicago Business Journal (9/15): charitable donations down; Ricketts' bid for Cubs; area suburbs bid for casino licenses
California Real Estate Journal (9/8): economic impact of military on San Diego; green leasing; housing slump impacts retail
San Diego Business Journal (9/8): Vista breaking ground on civic center
New Orleans City Business (9/1): NOLA WTC deal on the rocks
Indian Country Today (9/10): Mohegan's Casino of the Wind opens; Moultrie, GA museum opens
San Fernando Valley Business Journal (9/1): CSUN regional economic impact; DreamWorks modernizing Glendale campus
San Diego Business Journal ((8/25): economic impact of military in San Diego County; San Diego firm producing eco-friendly biodiesel
San Diego Business Journal (8/18): office condos faring well in market
Indian Country Today (9/3): Mohegan Sun and Foxwoods doing well; tribal gaming revenues up in FL;
New Orleans City Business (8/25): NOLA casino revenues up; Port developments
Orange County Business Journal (8/25): medical office market steady
Crain's Chicago Business Journal (8/18): local Chicago groups make Olympic planning demands; condo market slump; hotel occupancy down; condo-conversions market down
California Real Estate Journal (8/25): green building misconceptions column; historic theater renovations and downtown development; special section featuring green development
Indian Country Today (8/27): Sault Ste. Marie troubled over Greektown Casino bankruptcy
San Fernando Valley Business Journal (8/18): special feature section on Simi Valley; presidential library economics; list of the Valley's meeting facilities
Friday, September 26, 2008
California Academy of Sciences pre-opening preview
from Bloomberg today (9/26):
Alligator Claude, Planted Roof Make S.F. Science Museum Special
Preview by Stephen West
"Sept. 26 (Bloomberg) -- The new California Academy of Sciences, opening tomorrow in San Francisco, is the most spectacular museum to be built on the U.S. West Coast in a very long time.
The vast, rectangular steel-and-glass building is designed by Italian architect Renzo Piano in an elegant, high-tech style. It's stuffed with exhibits about life in all its variety: exotic fish in aquarium pools, a rain forest growing in a 90-foot-tall glass sphere, dinosaur and whale skeletons, a living coral reef that will support 3,000 fish, stuffed African antelope in old- fashioned dioramas and a planetarium show that takes the visitor to outer space." ...
for the complete story
Alligator Claude, Planted Roof Make S.F. Science Museum Special
Preview by Stephen West
"Sept. 26 (Bloomberg) -- The new California Academy of Sciences, opening tomorrow in San Francisco, is the most spectacular museum to be built on the U.S. West Coast in a very long time.
The vast, rectangular steel-and-glass building is designed by Italian architect Renzo Piano in an elegant, high-tech style. It's stuffed with exhibits about life in all its variety: exotic fish in aquarium pools, a rain forest growing in a 90-foot-tall glass sphere, dinosaur and whale skeletons, a living coral reef that will support 3,000 fish, stuffed African antelope in old- fashioned dioramas and a planetarium show that takes the visitor to outer space." ...
for the complete story
NPS opens Gettysburg Visitor Center Museum to standing ovation crowds
From today's Patriot-News (PA) (9/26):
1,000-plus attend grand opening of Gettysburg visitor center-museum
by T.W. BURGER, Of The Patriot-News
Friday September 26, 2008, 4:15 PM
DAN GLEITER, The Patriot-News
"At least 1,000 people gave a standing ovation this morning as National Park Service officials, Gov. Ed Rendell, and other dignitaries, officially opened the new Gettysburg National Military Park Visitor Center and Museum and the newly restored Cyclorama painting." ...
"The project is the culmination of nearly 14 years of work by the NPS and The Gettysburg Foundation, a non-profit formed to be the park service's private partner in a model arrangement that will likely be seen in future projects around the nation as federal funding sources dry up.
The new center was initially estimated to cost $40 million, but the project increased in scope and depth over time and ballooned into around $103 million." ...
for the complete story
1,000-plus attend grand opening of Gettysburg visitor center-museum
by T.W. BURGER, Of The Patriot-News
Friday September 26, 2008, 4:15 PM
DAN GLEITER, The Patriot-News
"At least 1,000 people gave a standing ovation this morning as National Park Service officials, Gov. Ed Rendell, and other dignitaries, officially opened the new Gettysburg National Military Park Visitor Center and Museum and the newly restored Cyclorama painting." ...
"The project is the culmination of nearly 14 years of work by the NPS and The Gettysburg Foundation, a non-profit formed to be the park service's private partner in a model arrangement that will likely be seen in future projects around the nation as federal funding sources dry up.
The new center was initially estimated to cost $40 million, but the project increased in scope and depth over time and ballooned into around $103 million." ...
for the complete story
Vail Resorts show fiscal year decline
from yesterday's Wall Street Journal's MarketWatch (9/25):
Vail Resorts shares slide on frosty outlook
By William Spain, MarketWatch
"Last update: 11:39 a.m. EDT Sept. 25, 2008NEW YORK (MarketWatch) -- Vail Resorts posted record results for its full fiscal year and sharply narrowed its fourth-quarter loss, but shares slid more than 6% early Thursday after the ski area operator said forward bookings and purchases of passes for the 2008-09 season have gone soft.
Before the start of trading, Vail (MTN) reported it lost $11 million, or 29 cents a share, in its most recent quarter compared with a loss of $34 million, or 88 cents a share, in the same period a year ago. The company, excluding stock-based compensation expenses, would have lost 26 cents a share. Revenue rose to $270 million compared with $97 million, largely on the back of real estate sales.
The average estimate of analysts polled by FactSet Research had been for the company to lose 20 cents a share on sales of $273 million."...
for the complete story
Vail Resorts shares slide on frosty outlook
By William Spain, MarketWatch
"Last update: 11:39 a.m. EDT Sept. 25, 2008NEW YORK (MarketWatch) -- Vail Resorts posted record results for its full fiscal year and sharply narrowed its fourth-quarter loss, but shares slid more than 6% early Thursday after the ski area operator said forward bookings and purchases of passes for the 2008-09 season have gone soft.
Before the start of trading, Vail (MTN) reported it lost $11 million, or 29 cents a share, in its most recent quarter compared with a loss of $34 million, or 88 cents a share, in the same period a year ago. The company, excluding stock-based compensation expenses, would have lost 26 cents a share. Revenue rose to $270 million compared with $97 million, largely on the back of real estate sales.
The average estimate of analysts polled by FactSet Research had been for the company to lose 20 cents a share on sales of $273 million."...
for the complete story
Caribbean hotel decline
from Hotel News Network (9/26):
Caribbean's RevPAR drop continues
26 September 2008 12:25 PM
HNN Newswire
"HENDERSONVILLE, Tenn.—Analysis of Caribbean hotel performance by STR reveals a 5.6-percent RevPAR decline for 2008 through July. Hotel demand grew 0.4 percent during the period, however new supply growth and rate decreases led to decreased revenue for the region.
STR data shows that moving 12-month figures (June 2007 – July 2008) remained flat. Revenue per room fell 0.1 percent on occupancy growth of 0.8 percent and a 0.8 percent decline in average daily rate. Further inspection reveals an imbalance in the period average. Strong performance in June – December 2007 offsets weak 2008 numbers." ...
for the complete story
Caribbean's RevPAR drop continues
26 September 2008 12:25 PM
HNN Newswire
"HENDERSONVILLE, Tenn.—Analysis of Caribbean hotel performance by STR reveals a 5.6-percent RevPAR decline for 2008 through July. Hotel demand grew 0.4 percent during the period, however new supply growth and rate decreases led to decreased revenue for the region.
STR data shows that moving 12-month figures (June 2007 – July 2008) remained flat. Revenue per room fell 0.1 percent on occupancy growth of 0.8 percent and a 0.8 percent decline in average daily rate. Further inspection reveals an imbalance in the period average. Strong performance in June – December 2007 offsets weak 2008 numbers." ...
for the complete story
Rotana Hotels announcces opening of Dubai Media City apartment-hotel
From Rotana Hotels (9/15):
Dubai - Arjaan - Dubai Media City
"United Arab Emirates, September 2008 - Rotana, the leading Hotel Management Company in the Middle East announced the opening of Arjaan Dubai Media City on the 15th of September 2008, which is the first property under its newly launched brand "Arjaan Hotel Apartments by Rotana"." ...
"Arjaan Dubai Media City is a first-class property, which have been developed with both long-term guests and families in mind. The team of Arjaan Dubai Media City, headed by the General Manager Kinan Al Ghraoui, has been working hand in hand to ensure all areas of the opening are perfected, for the operation of this scenic property".
Designed with arcs, domes and cupolas, Arjaan complex is laid out in a geometric pattern that engages snooping, fantasy and play. The 30 story Arjaan complex located in the heart of Dubai Media City on Sufouh road and has magnificent views of the sea, the Palm and Burj Al Arab. The complex includes an upscale office tower, a courtyard and a Souk with various shops including a Car Rental Agency, Travel Agency, Ladies' Hair and Beauty salon, Barber shop, Bookshop, a Bank and much more." ...
"Arjaan Dubai Media city offers 167 stunningly furnished apartments with spacious private balconies with one, two and three bedroom hotel apartments, some duplex and others with a private swimming pool, which will be the choice. Features and amenities include plush beds and pillows, 2 LCD TVs in each hotel apartment, high-speed internet access, modern bathroom with shower and bathtub, guest toilet, hairdryer, complimentary tea & coffee making facilities, picturesque kitchenette comprising a full size refrigerator, cooker, washer and dryer"." ...
for the complete announcement
Dubai - Arjaan - Dubai Media City
"United Arab Emirates, September 2008 - Rotana, the leading Hotel Management Company in the Middle East announced the opening of Arjaan Dubai Media City on the 15th of September 2008, which is the first property under its newly launched brand "Arjaan Hotel Apartments by Rotana"." ...
"Arjaan Dubai Media City is a first-class property, which have been developed with both long-term guests and families in mind. The team of Arjaan Dubai Media City, headed by the General Manager Kinan Al Ghraoui, has been working hand in hand to ensure all areas of the opening are perfected, for the operation of this scenic property".
Designed with arcs, domes and cupolas, Arjaan complex is laid out in a geometric pattern that engages snooping, fantasy and play. The 30 story Arjaan complex located in the heart of Dubai Media City on Sufouh road and has magnificent views of the sea, the Palm and Burj Al Arab. The complex includes an upscale office tower, a courtyard and a Souk with various shops including a Car Rental Agency, Travel Agency, Ladies' Hair and Beauty salon, Barber shop, Bookshop, a Bank and much more." ...
"Arjaan Dubai Media city offers 167 stunningly furnished apartments with spacious private balconies with one, two and three bedroom hotel apartments, some duplex and others with a private swimming pool, which will be the choice. Features and amenities include plush beds and pillows, 2 LCD TVs in each hotel apartment, high-speed internet access, modern bathroom with shower and bathtub, guest toilet, hairdryer, complimentary tea & coffee making facilities, picturesque kitchenette comprising a full size refrigerator, cooker, washer and dryer"." ...
for the complete announcement
Dubai's Atlantis hotel opulence
from the Daily Mail (UK) (9/25):
Palace of excess: Dubai's new £750million hotel boasts everything the super-rich could desire (except good taste)
By Kathryn Knight
Last updated at 11:55 PM on 25th September 2008
"As the private elevator ascends the 22 floors to my suite, I ponder quite what one should expect when spending £14,000 for a night's stay.
I know my quarters are 3,000 feet square and feature three en-suite guest bedrooms, a living room the size of Norway and a phalanx of staff including a butler, a chef, a sous-chef and a dishwasher (in the form of a person, not a machine).
What I do not know - although I have my suspicions - is whether it will be in any way tasteful.
Garish: The Atlantis Hotel in Dubai has an aquarium with 65,000 marine creatures
What greets me when I reach the suite - 'room' is certainly not the word to use, perhaps 'hamlet' is more accurate - is a vision of staggering opulence.
From the vast balconies of The Bridge Suite - the flagship suite at Dubai's Atlantis Hotel - floor-to-ceiling windows look out one way over the Arabian Gulf and the other way to the Palm Jumeirah, the ambitious man-made archipelago in the shape of a date palm, which is home to hundreds of perma-tanned residents." ...
for the complete story and a nice picture of the Atlantis' Chihuily
Palace of excess: Dubai's new £750million hotel boasts everything the super-rich could desire (except good taste)
By Kathryn Knight
Last updated at 11:55 PM on 25th September 2008
"As the private elevator ascends the 22 floors to my suite, I ponder quite what one should expect when spending £14,000 for a night's stay.
I know my quarters are 3,000 feet square and feature three en-suite guest bedrooms, a living room the size of Norway and a phalanx of staff including a butler, a chef, a sous-chef and a dishwasher (in the form of a person, not a machine).
What I do not know - although I have my suspicions - is whether it will be in any way tasteful.
Garish: The Atlantis Hotel in Dubai has an aquarium with 65,000 marine creatures
What greets me when I reach the suite - 'room' is certainly not the word to use, perhaps 'hamlet' is more accurate - is a vision of staggering opulence.
From the vast balconies of The Bridge Suite - the flagship suite at Dubai's Atlantis Hotel - floor-to-ceiling windows look out one way over the Arabian Gulf and the other way to the Palm Jumeirah, the ambitious man-made archipelago in the shape of a date palm, which is home to hundreds of perma-tanned residents." ...
for the complete story and a nice picture of the Atlantis' Chihuily
Spain's hotel stays down
from Reuters (9/24):
Spain hotel stays down in August as crisis bites
Wed Sep 24, 2008 4:27am EDT
"MADRID, Sept 24 (Reuters) - Hotel occupancy in Spain fell in August as the holiday budgets of Spaniards, Germans and the British shrank during a time of economic crisis.
Hotel stays fell 0.6 percent in the month compared with the same month a year ago, as Spaniards spent 2.5 percent fewer nights in hotels in Spain, where economic growth has slowed to 0.1 percent in the second quarter and unemployment has hit a 10-year high. Tourism accounts for around 11 percent of Spain's GDP and is its second-largest industry after construction, which has been hit by the collapse of a decade-long property boom." ...
for the complete story
Spain hotel stays down in August as crisis bites
Wed Sep 24, 2008 4:27am EDT
"MADRID, Sept 24 (Reuters) - Hotel occupancy in Spain fell in August as the holiday budgets of Spaniards, Germans and the British shrank during a time of economic crisis.
Hotel stays fell 0.6 percent in the month compared with the same month a year ago, as Spaniards spent 2.5 percent fewer nights in hotels in Spain, where economic growth has slowed to 0.1 percent in the second quarter and unemployment has hit a 10-year high. Tourism accounts for around 11 percent of Spain's GDP and is its second-largest industry after construction, which has been hit by the collapse of a decade-long property boom." ...
for the complete story
STR releases dim numbers for global hospitality
from today's Hotel News Network (9/26):
Global regions show mixed results
26 September 2008 12:38 PM
HNN Newswire
"HENDERSONVILLE, Tennessee and LONDON—The global hotel industry recorded regionally mixed RevPAR results for the month of August 2008, according to data from STR and STR Global. August occupancies fell in every world region." ...
"The Middle East/Africa region ranked first in RevPAR growth among the regions. Regional RevPAR increased by 18.8 percent on 19.4 percent rate growth. Average daily rate in the region stood at US$144.53 and RevPAR at US$105.32. Middle East/Africa was not immune from occupancy declines. August occupancy was recorded at 72.9 percent, down 0.5 percent from 2007.
The Asia Pacific region also posted positive RevPAR growth for August 2008. RevPAR grew by 13.1 percent to finish the month at US$101.13. RevPAR growth in the region was led by strong rate growth. ADR increased 27.2 percent to end the month at US$155.72. However, occupancy fell 11.0 percent to finish at 64.9 percent. Asia Pacific led the world regions in both ADR growth and occupancy decline." ...
for the complete story with data on all regions
Global regions show mixed results
26 September 2008 12:38 PM
HNN Newswire
"HENDERSONVILLE, Tennessee and LONDON—The global hotel industry recorded regionally mixed RevPAR results for the month of August 2008, according to data from STR and STR Global. August occupancies fell in every world region." ...
"The Middle East/Africa region ranked first in RevPAR growth among the regions. Regional RevPAR increased by 18.8 percent on 19.4 percent rate growth. Average daily rate in the region stood at US$144.53 and RevPAR at US$105.32. Middle East/Africa was not immune from occupancy declines. August occupancy was recorded at 72.9 percent, down 0.5 percent from 2007.
The Asia Pacific region also posted positive RevPAR growth for August 2008. RevPAR grew by 13.1 percent to finish the month at US$101.13. RevPAR growth in the region was led by strong rate growth. ADR increased 27.2 percent to end the month at US$155.72. However, occupancy fell 11.0 percent to finish at 64.9 percent. Asia Pacific led the world regions in both ADR growth and occupancy decline." ...
for the complete story with data on all regions
Bond issue for AvalonBay Communities (Contra Costa County) JV with Millennium Partners
from today's California Real Estate Journal In Sites (9/26):
AvalonBay Communities Secures $135 Million Through Bond Allocation
"SAN FRANCISCO - AvalonBay Communities Inc., the developer of a multifamily project in Contra Costa, secured a total of $135 million in bond funds.
The state issued $10 million in tax-exempt multifamily housing revenue bonds, and remarketed $116 million in tax-exempt and $9 million in taxable multifamily housing revenue bonds, proceeds of which will be lent to AvalonBay for the construction of the 422-unit Avalon Walnut Creek at Contra Costa."
for the complete story
AvalonBay Communities Secures $135 Million Through Bond Allocation
"SAN FRANCISCO - AvalonBay Communities Inc., the developer of a multifamily project in Contra Costa, secured a total of $135 million in bond funds.
The state issued $10 million in tax-exempt multifamily housing revenue bonds, and remarketed $116 million in tax-exempt and $9 million in taxable multifamily housing revenue bonds, proceeds of which will be lent to AvalonBay for the construction of the 422-unit Avalon Walnut Creek at Contra Costa."
for the complete story
KB Home posts 3rd Quarter numbers
from this afternoon's Los Angeles Business Journal (9/26):
Posted date: 9/26/2008
KB Home Posts Wider-Than-Expected Loss
By DEBORAH CROWE
Los Angeles Business Journal Staff
"KB Home surprised Wall Street Friday by reporting that its fiscal third-quarter loss had quadrupled from a year ago as revenue fell by 56 percent.
The Los Angeles-based homebuilder reported a net loss of almost $145 million (-$1.87 a share) for the three months ended Aug. 31. Revenue fell to nearly $682 million from $1.54 billion as sales across most markets were poor.
The results did include a pretax charge of $82 million to write down the value of inventory and joint ventures. Even so, analysts polled by Thomson Reuters had predicted a loss of only $1.22 per share on revenue of $735 million." ....
for the complete
Posted date: 9/26/2008
KB Home Posts Wider-Than-Expected Loss
By DEBORAH CROWE
Los Angeles Business Journal Staff
"KB Home surprised Wall Street Friday by reporting that its fiscal third-quarter loss had quadrupled from a year ago as revenue fell by 56 percent.
The Los Angeles-based homebuilder reported a net loss of almost $145 million (-$1.87 a share) for the three months ended Aug. 31. Revenue fell to nearly $682 million from $1.54 billion as sales across most markets were poor.
The results did include a pretax charge of $82 million to write down the value of inventory and joint ventures. Even so, analysts polled by Thomson Reuters had predicted a loss of only $1.22 per share on revenue of $735 million." ....
for the complete
USNA heads for Poinsettia Bowl (go WWO!)
from this morning's San Diego Business Journal (9/26);
Poinsettia Bowl Organizers, Midshipmen Look Ahead to 2010
By - 9/25/2008
San Diego Business Journal Staff
"The folks who put on the San Diego County Credit Union Poinsettia Bowl said Sept. 23 they have arranged to have the U.S. Naval Academy play in their 2010 game, providing that Navy wins at least six of its 12 games in that season." ...
for the complete story
Poinsettia Bowl Organizers, Midshipmen Look Ahead to 2010
By - 9/25/2008
San Diego Business Journal Staff
"The folks who put on the San Diego County Credit Union Poinsettia Bowl said Sept. 23 they have arranged to have the U.S. Naval Academy play in their 2010 game, providing that Navy wins at least six of its 12 games in that season." ...
for the complete story
Thursday, September 25, 2008
The Fed (SF) offers green development issue
The Federal Reserve Bank of San Francisco's Community Investments magazine has published an issue focusing on brownfield redevelopment and green development and planning.
Contents:
It's Getting Easier to Be Green
Industrial Decline and the Opportunities and Challenges of Brownfield Redevelopment
Re-Building It Green
Triple-Bottom Line Investing: Balancing Financial, Social and Environmental Returns
There is a link to the PDF on Buzz and you can get your own copy
Contents:
It's Getting Easier to Be Green
Industrial Decline and the Opportunities and Challenges of Brownfield Redevelopment
Re-Building It Green
Triple-Bottom Line Investing: Balancing Financial, Social and Environmental Returns
There is a link to the PDF on Buzz and you can get your own copy
Tropicana (Atlantic City, NJ) casino buy offer
from this afternoon's GlobeSt (9/25):
Last updated: September 25, 2008 12:16pm
Tropicana Owner Trying to Block $700M Sale
By Brianne Harrison
"ATLANTIC CITY-After months of searching, the troubled Tropicana Casino may have found a buyer--Baltimore-based Cordish Co. But Tropicana Entertainment insists that Cordish's $700-million offer is too low and has announced its intentions to block the sale of the property." ...
for the complete story
Last updated: September 25, 2008 12:16pm
Tropicana Owner Trying to Block $700M Sale
By Brianne Harrison
"ATLANTIC CITY-After months of searching, the troubled Tropicana Casino may have found a buyer--Baltimore-based Cordish Co. But Tropicana Entertainment insists that Cordish's $700-million offer is too low and has announced its intentions to block the sale of the property." ...
for the complete story
Guangzhou to get luxury hotel by Jumeirah
from today's Hotels news wire (9/25):
Jumeirah to manage luxury hotel in business district of Guangzhou
"Jumeirah, the Dubai-based luxury hotel company, has been appointed by GT Land Holdings Limited to manage a luxury hotel in Guangzhou.
The Jumeirah Guangzhou Hotel, Jumeirah Group's second hotel to be signed in China" ...
"The 200-room, five-star luxury Jumeirah Guangzhou Hotel, scheduled to open in 2011, will be located in the centre of New Pearl City Tian He District, Guangzhou's premier and rapidly growing commercial city centre.
The Jumeirah Guangzhou Hotel will feature a sky lobby, with elegantly appointed guest rooms, distinctive dining concepts and Jumeirah's own luxury Talise Wellness spa - all situated on the top floors of the 50-storey GT Land Plaza, with commanding views of city-centre Guangzhou.
Facilities of the Jumeirah Guangzhou Hotel will also include restaurants and bars, a swimming pool and fitness centre as well as access to luxury boutiques." ...
for the complete story
Jumeirah to manage luxury hotel in business district of Guangzhou
"Jumeirah, the Dubai-based luxury hotel company, has been appointed by GT Land Holdings Limited to manage a luxury hotel in Guangzhou.
The Jumeirah Guangzhou Hotel, Jumeirah Group's second hotel to be signed in China" ...
"The 200-room, five-star luxury Jumeirah Guangzhou Hotel, scheduled to open in 2011, will be located in the centre of New Pearl City Tian He District, Guangzhou's premier and rapidly growing commercial city centre.
The Jumeirah Guangzhou Hotel will feature a sky lobby, with elegantly appointed guest rooms, distinctive dining concepts and Jumeirah's own luxury Talise Wellness spa - all situated on the top floors of the 50-storey GT Land Plaza, with commanding views of city-centre Guangzhou.
Facilities of the Jumeirah Guangzhou Hotel will also include restaurants and bars, a swimming pool and fitness centre as well as access to luxury boutiques." ...
for the complete story
Expedia ordered to pay hotel occupancy tax
from yesterday's Hotel News Network (9/24):
Court orders Expedia to pay occupancy tax
24 September 2008 2:51 PM
HNN Newswire
"This week the Superior Court of Muscogee County, Georgia, released Columbus, Georgia v. Expedia, Inc., which is a case of significant importance to on-line travel companies (OTCs) and hotel operators regarding the collection and remittance of hotel occupancy taxes. As in other cases filed by various cities, counties and other local jurisdictions around the country, this Georgia case arises from a dispute over Expedia’s calculation of hotel occupancy taxes. Expedia computed and collected the hotel occupancy tax on the wholesale rate paid to the hotel for the room. The City of Columbus asserted that the appropriate taxable base is the marked-up rate charged to the consumer. The Superior Court resolved the dispute in favor of the City and ordered Expedia to collect and remit hotel occupancy taxes to the City based on the room rate charged to consumers instead of the wholesale rate paid to the hotel." ...
For the complete story
Court orders Expedia to pay occupancy tax
24 September 2008 2:51 PM
HNN Newswire
"This week the Superior Court of Muscogee County, Georgia, released Columbus, Georgia v. Expedia, Inc., which is a case of significant importance to on-line travel companies (OTCs) and hotel operators regarding the collection and remittance of hotel occupancy taxes. As in other cases filed by various cities, counties and other local jurisdictions around the country, this Georgia case arises from a dispute over Expedia’s calculation of hotel occupancy taxes. Expedia computed and collected the hotel occupancy tax on the wholesale rate paid to the hotel for the room. The City of Columbus asserted that the appropriate taxable base is the marked-up rate charged to the consumer. The Superior Court resolved the dispute in favor of the City and ordered Expedia to collect and remit hotel occupancy taxes to the City based on the room rate charged to consumers instead of the wholesale rate paid to the hotel." ...
For the complete story
PKF on Slowing U.S. hotel market
From yesterday's PKF hotel news (9/24):
U.S. Hotels To Bottom Out In 2009
PKF Forecasts Two Years Of Declining Lodging Demand
"ATLANTA, GA, September 24, 2008 - A new study released today by PKF Hospitality Research (PKF-HR) reveals that demand for U.S. hotel rooms will contract for the next two years. Compounding the negative impact of declining demand is a projected concurrent increase in supply. PKF-HR is forecasting a combined net increase in 2008 and 2009 of nearly 275,000 new hotel rooms compared to year-end 2007. This represents a 6.2 percent jump in accommodations over this two-year period.
With supply and demand levels moving in opposite directions, occupancy rates are projected to decline in both 2008 and 2009. Considering the 0.3 percent occupancy decline reported by Smith Travel Research in 2007, the result is three consecutive years of fewer accommodated roomnights for the average U.S. hotel." ...
for the complete press release
U.S. Hotels To Bottom Out In 2009
PKF Forecasts Two Years Of Declining Lodging Demand
"ATLANTA, GA, September 24, 2008 - A new study released today by PKF Hospitality Research (PKF-HR) reveals that demand for U.S. hotel rooms will contract for the next two years. Compounding the negative impact of declining demand is a projected concurrent increase in supply. PKF-HR is forecasting a combined net increase in 2008 and 2009 of nearly 275,000 new hotel rooms compared to year-end 2007. This represents a 6.2 percent jump in accommodations over this two-year period.
With supply and demand levels moving in opposite directions, occupancy rates are projected to decline in both 2008 and 2009. Considering the 0.3 percent occupancy decline reported by Smith Travel Research in 2007, the result is three consecutive years of fewer accommodated roomnights for the average U.S. hotel." ...
for the complete press release
Kansas City getting Hard Rock Casino
from yesterday's GlobeSt (9/24):
$705M Hard Rock Casino and Hotel Bid Wins
By Robert Carr
"KANSAS CITY, KS-A joint venture of the Baltimore-based Cordish Co. and the International Speedway Corp. has won the bid to build and manage a new state-owned casino in the northeast Kansas area. The Kansas Entertainment LLC venture will build a $705-million Hard Rock Hotel and Casino, after their proposal was approved recently by the Kansas Lottery Gaming Facility Review Board. The development beat out two other bids, a $500-million proposal by Las Vegas-based Golden Gaming Inc. and a 275-acre project by Legends Sun, made up of the Mohegan Gaming Authority, Olympia Gaming LLC and RED Development LLC.
When completed, the 1.5-million-sf Hard Rock project will going up at the second turn of the speedway, which is at the intersection of interstates 70 and 435. The project will include a 300-room hotel, a casino with 3,000 slot machines and 140 gaming tables, 275,000-sf of retail, and meeting and convention facilities. A temporary casino will operate at the site beginning in 2009, with 2,000 slot machines and 75 tables." ...
for the complete story
$705M Hard Rock Casino and Hotel Bid Wins
By Robert Carr
"KANSAS CITY, KS-A joint venture of the Baltimore-based Cordish Co. and the International Speedway Corp. has won the bid to build and manage a new state-owned casino in the northeast Kansas area. The Kansas Entertainment LLC venture will build a $705-million Hard Rock Hotel and Casino, after their proposal was approved recently by the Kansas Lottery Gaming Facility Review Board. The development beat out two other bids, a $500-million proposal by Las Vegas-based Golden Gaming Inc. and a 275-acre project by Legends Sun, made up of the Mohegan Gaming Authority, Olympia Gaming LLC and RED Development LLC.
When completed, the 1.5-million-sf Hard Rock project will going up at the second turn of the speedway, which is at the intersection of interstates 70 and 435. The project will include a 300-room hotel, a casino with 3,000 slot machines and 140 gaming tables, 275,000-sf of retail, and meeting and convention facilities. A temporary casino will operate at the site beginning in 2009, with 2,000 slot machines and 75 tables." ...
for the complete story
U.S. homes sales figures
from yesterday's Royal Bank of Canada update (9/24):
RBC ECONOMICS RESEARCH - DAILY ECONOMIC UPDATE - September 24, 2008
U.S. existing home sales fall, but inventories moving lower
"Existing home sales were slightly weaker than expected in August, dropping 2.2% to an annualized 4.91 million units compared to an upwardly revised level in July of 5.02 million units (originally reported as 5.00 million units). Market expectations had been for a 1.2% decline to 4.94 million units.
However, the report did provide some hope that the imbalances in the housing market are starting to correct as the inventories of unsold homes dropped a sizeable 7% to 4.255 million units. This represented the second largest monthly decline since the end of 2004. Measured in terms of sales days, the ratio moderated to 10.4 days from 10.9 days despite sales weakening in the month.
Weakness in the housing market was also conveyed by the median sales prices of homes sold, which dropped 3.4% in August. This sent the year-over-year rate down to 9.5% from 8% in July. The annual decline in August represented a record low."...
for the affiliated data tables
RBC ECONOMICS RESEARCH - DAILY ECONOMIC UPDATE - September 24, 2008
U.S. existing home sales fall, but inventories moving lower
"Existing home sales were slightly weaker than expected in August, dropping 2.2% to an annualized 4.91 million units compared to an upwardly revised level in July of 5.02 million units (originally reported as 5.00 million units). Market expectations had been for a 1.2% decline to 4.94 million units.
However, the report did provide some hope that the imbalances in the housing market are starting to correct as the inventories of unsold homes dropped a sizeable 7% to 4.255 million units. This represented the second largest monthly decline since the end of 2004. Measured in terms of sales days, the ratio moderated to 10.4 days from 10.9 days despite sales weakening in the month.
Weakness in the housing market was also conveyed by the median sales prices of homes sold, which dropped 3.4% in August. This sent the year-over-year rate down to 9.5% from 8% in July. The annual decline in August represented a record low."...
for the affiliated data tables
Mohegan Sun suspends expansion plans
from yesterday's GlobeSt (9/24):
Last updated: September 24, 2008 09:47am
Mohegan Sun's Expansion Put on Hold
By Ryan Clark
"UNCASVILLE, CT-The Mohegan Tribal Gaming Authority is planning to delay a large capital spending component in the Project Horizon expansion of Mohegan Sun. A statement cites the ongoing economic recession affects on regional gaming markets as the cause of the interruption.
The components that will be suspended are the Earth Expansion and the adjacent parking garage. The complex consists of Casino of the Earth, Casino of the Sky, Casino of the Wind, Sunrise Square, the Shops at Mohegan Sun, along with a 10,000-seat arena, a 350-seat cabaret theatre and 100,000 sf of meeting and convention space. There is also a 1,200-room Sky Hotel Tower. The Project Horizon project included costs spent on different parts of the complex with $17 million to Sunrise Square, $116 million for Casino of the Wind, $58 million for Property Infrastructure and $75 million has already been spent on Earth Expansion and $5 million on the parking garage. By halting the expansion now, the project will save $734 million." ...
for the complete story
Last updated: September 24, 2008 09:47am
Mohegan Sun's Expansion Put on Hold
By Ryan Clark
"UNCASVILLE, CT-The Mohegan Tribal Gaming Authority is planning to delay a large capital spending component in the Project Horizon expansion of Mohegan Sun. A statement cites the ongoing economic recession affects on regional gaming markets as the cause of the interruption.
The components that will be suspended are the Earth Expansion and the adjacent parking garage. The complex consists of Casino of the Earth, Casino of the Sky, Casino of the Wind, Sunrise Square, the Shops at Mohegan Sun, along with a 10,000-seat arena, a 350-seat cabaret theatre and 100,000 sf of meeting and convention space. There is also a 1,200-room Sky Hotel Tower. The Project Horizon project included costs spent on different parts of the complex with $17 million to Sunrise Square, $116 million for Casino of the Wind, $58 million for Property Infrastructure and $75 million has already been spent on Earth Expansion and $5 million on the parking garage. By halting the expansion now, the project will save $734 million." ...
for the complete story
Tuesday, September 23, 2008
Incheon, South Korea getting major mixed-use tower
from this morning's GlobeSt (9/22):
Consortium Breaks Ground for 151-Story Tower
By Robert Carr
"INCHEON, SOUTH KOREA-A developer consortium has broken ground on the 151-story Incheon Tower, expected to become the second tallest tower in the world. The developers are Portman Holdings, Samsung C&T Corp. Hyundai E&C and SYM Associates. The mixed-use building is part of the $35 billion, 1,500-acre Songdo International Business District, going up here in this port city about 15 miles west of Seoul.
At 2,000 feet high, the 5.7-million-sf building will have a multitude of uses. There will be 30 floors of commercial offices, a 300-room hotel, apartments and condominiums, two public observation levels at floors 118 and 119, five stories of retail and a restaurant at the top of the tower..."
for the complete story
Consortium Breaks Ground for 151-Story Tower
By Robert Carr
"INCHEON, SOUTH KOREA-A developer consortium has broken ground on the 151-story Incheon Tower, expected to become the second tallest tower in the world. The developers are Portman Holdings, Samsung C&T Corp. Hyundai E&C and SYM Associates. The mixed-use building is part of the $35 billion, 1,500-acre Songdo International Business District, going up here in this port city about 15 miles west of Seoul.
At 2,000 feet high, the 5.7-million-sf building will have a multitude of uses. There will be 30 floors of commercial offices, a 300-room hotel, apartments and condominiums, two public observation levels at floors 118 and 119, five stories of retail and a restaurant at the top of the tower..."
for the complete story
DC redeveloping with mixed-use, jazz-anchored project
from this morning's GlobeSt (9/22);
Donohoe Steers 475,000-SF MXD Project
By Erika Morphy
"WASHINGTON, DC-Donohoe Cos. will lead a development team to build a 475,000-sf project in the District’s Mount Vernon Triangle neighborhood." ...
"The project includes a luxury European hotel flag, a London-based jazz club, neighborhood retail, restaurants and a 166-unit apartment building at a city-owned site at Fifth and Eye streets." ...
"Called Arts at 5th I, the project will be anchored by a ME by Melia, a high-end Spanish hotel that will deliver 206 keys." ...
for the complete story
From the official Mount Vernon Triangle Neighborhood organization:
... "The 475,000-square-foot project, called Arts at 5th and I, will be anchored by a ME by Melia hotel from Barcelona. It will also include a music venue call the Boisdale Jazz Club from London, a bike shop, a bookstore, café, and the Zenith Art Gallery – a local gallery from 7th Street, NW.
The development will also feature 166 apartments, where 50 units will be reserved for affordable renters earning less than 60 percent of the area median income. The developer has also proposed a 238-space parking garage underground." ...
for the complete announcement
Donohoe Steers 475,000-SF MXD Project
By Erika Morphy
"WASHINGTON, DC-Donohoe Cos. will lead a development team to build a 475,000-sf project in the District’s Mount Vernon Triangle neighborhood." ...
"The project includes a luxury European hotel flag, a London-based jazz club, neighborhood retail, restaurants and a 166-unit apartment building at a city-owned site at Fifth and Eye streets." ...
"Called Arts at 5th I, the project will be anchored by a ME by Melia, a high-end Spanish hotel that will deliver 206 keys." ...
for the complete story
From the official Mount Vernon Triangle Neighborhood organization:
... "The 475,000-square-foot project, called Arts at 5th and I, will be anchored by a ME by Melia hotel from Barcelona. It will also include a music venue call the Boisdale Jazz Club from London, a bike shop, a bookstore, café, and the Zenith Art Gallery – a local gallery from 7th Street, NW.
The development will also feature 166 apartments, where 50 units will be reserved for affordable renters earning less than 60 percent of the area median income. The developer has also proposed a 238-space parking garage underground." ...
for the complete announcement
Las Vegas -- 40-acre mixed-use from gravel pit
from this morning's GlobeSt (9/22):
Last updated: September 23, 2008 10:28am
GSG Submits for Major MXD Project
By Brian K. Miller
"LAS VEGAS-Locally based Glen, Smith & Glen Development is seeking entitlements for a 40-acre mixed-use development in Henderson, NV, a southeast suburb of Las Vegas. The site is adjacent to a city-owned, 100-acre former gravel pit that is slated to become a park. The GSG proposal, which goes before the city’s planning commission next month, calls for 1,588 residential units and 850,000-sf of commercial, office, hotel and civic space, according to city documents." ...
for the complete story
Last updated: September 23, 2008 10:28am
GSG Submits for Major MXD Project
By Brian K. Miller
"LAS VEGAS-Locally based Glen, Smith & Glen Development is seeking entitlements for a 40-acre mixed-use development in Henderson, NV, a southeast suburb of Las Vegas. The site is adjacent to a city-owned, 100-acre former gravel pit that is slated to become a park. The GSG proposal, which goes before the city’s planning commission next month, calls for 1,588 residential units and 850,000-sf of commercial, office, hotel and civic space, according to city documents." ...
for the complete story
Monday, September 22, 2008
TN Civil War Trail gets further funding
from the Tennessee e-News (9/2008):
Second Grant for Civil War Trails
"Governor Phil Bredesen has announced a second enhancement grant, provided by the state, in the amount of $543,480 to assist with phase two of the Tennessee Civil War Trails program, operated by the Tennessee Department of Tourism. The grant funds will be used to develop Civil War Trails sites in communities across the state. Phase two will result in more than 250 newly interpreted and accessible Civil War sites." ...
for the complete story
Second Grant for Civil War Trails
"Governor Phil Bredesen has announced a second enhancement grant, provided by the state, in the amount of $543,480 to assist with phase two of the Tennessee Civil War Trails program, operated by the Tennessee Department of Tourism. The grant funds will be used to develop Civil War Trails sites in communities across the state. Phase two will result in more than 250 newly interpreted and accessible Civil War sites." ...
for the complete story
Friday, September 19, 2008
Santa Monica performing arts center opens
from today's Los Angeles Times (9/19):
Curtain about to rise at Santa Monica College's new performing arts center
Thanks to a decade of planning, $45 million in fundraising and high-profile backers such as Dustin Hoffman and Eli Broad, the long-awaited arts and education facility will debut at a gala Saturday.
By Martha Groves, Los Angeles Times Staff Writer
September 19, 2008
"Sisyphus had it easy. Or so it often seemed to the individuals who spent the last decade bringing to fruition Santa Monica College's new performing arts center.
The king of Corinth was merely doomed to forever push a boulder up a mountain, only to have it roll back down each time he reached the summit. He didn't also have to deal with fundraising amid a topsy-turvy economy and soaring prices for concrete and steel.
Ten years and $45 million after the idea for a world-class arts and education center was conceived, the space will officially open with a gala Saturday, featuring a performance by Broadway legend Barbara Cook." ...
for the complete story
Curtain about to rise at Santa Monica College's new performing arts center
Thanks to a decade of planning, $45 million in fundraising and high-profile backers such as Dustin Hoffman and Eli Broad, the long-awaited arts and education facility will debut at a gala Saturday.
By Martha Groves, Los Angeles Times Staff Writer
September 19, 2008
"Sisyphus had it easy. Or so it often seemed to the individuals who spent the last decade bringing to fruition Santa Monica College's new performing arts center.
The king of Corinth was merely doomed to forever push a boulder up a mountain, only to have it roll back down each time he reached the summit. He didn't also have to deal with fundraising amid a topsy-turvy economy and soaring prices for concrete and steel.
Ten years and $45 million after the idea for a world-class arts and education center was conceived, the space will officially open with a gala Saturday, featuring a performance by Broadway legend Barbara Cook." ...
for the complete story
Long Beach film studio plans
from today's Los Angeles Times (9/19):
Plan to convert an empty airplane hangar into a film studio is taking off
Investors are in escrow to buy the Long Beach site from Boeing and have secured financing for the $500-million project.
By Roger Vincent
Los Angeles Times Staff Writer
September 19, 2008
"Plans for a massive indoor movie studio are underway in Long Beach, where the buyers of a former aerospace plant say they will build a $500-million soundstage facility that would rival the largest established Hollywood studios in scope.
A group of investors led by character actor Jack O'Halloran has already secured financing to convert a closed former Boeing site next to the Long Beach Airport into an elaborate self-contained production facility with 40 soundstages, a water tank stage, offices, commissary, bungalows, a private hotel and an indoor set of a New York street.
The group is already in escrow to buy the facility, a 1.1-million-square-foot behemoth created in the 1950s to build jetliners.
The proposal has won the enthusiastic approval of Long Beach officials, who had fretted that in the troubled economy they would be unable to put anything other than a parking lot on the site." ...
for the complete story
Plan to convert an empty airplane hangar into a film studio is taking off
Investors are in escrow to buy the Long Beach site from Boeing and have secured financing for the $500-million project.
By Roger Vincent
Los Angeles Times Staff Writer
September 19, 2008
"Plans for a massive indoor movie studio are underway in Long Beach, where the buyers of a former aerospace plant say they will build a $500-million soundstage facility that would rival the largest established Hollywood studios in scope.
A group of investors led by character actor Jack O'Halloran has already secured financing to convert a closed former Boeing site next to the Long Beach Airport into an elaborate self-contained production facility with 40 soundstages, a water tank stage, offices, commissary, bungalows, a private hotel and an indoor set of a New York street.
The group is already in escrow to buy the facility, a 1.1-million-square-foot behemoth created in the 1950s to build jetliners.
The proposal has won the enthusiastic approval of Long Beach officials, who had fretted that in the troubled economy they would be unable to put anything other than a parking lot on the site." ...
for the complete story
Beijing hotel market post-Games
from today's HNN newswire (9/19):
What's next for Beijing?
19 September 2008 12:22 PM
By Damien Little
HNN Columnist
"For more than seven years, the 18 million or so residents of Beijing and most of the nation have been focusing on the Beijing 2008 Olympics.
And then on Monday 25 August, we woke up, and the Games were over." ...
"Although the Beijing hotel market had performed well during the Games, it perhaps fell short of Olympic expectations.
Certainly average room rates across the market were impressive, even higher than what many pundits had expected. However, occupancy performance was a little disappointing, particularly for the lower-star-rated hotels in the market." ...
for the complete story
What's next for Beijing?
19 September 2008 12:22 PM
By Damien Little
HNN Columnist
"For more than seven years, the 18 million or so residents of Beijing and most of the nation have been focusing on the Beijing 2008 Olympics.
And then on Monday 25 August, we woke up, and the Games were over." ...
"Although the Beijing hotel market had performed well during the Games, it perhaps fell short of Olympic expectations.
Certainly average room rates across the market were impressive, even higher than what many pundits had expected. However, occupancy performance was a little disappointing, particularly for the lower-star-rated hotels in the market." ...
for the complete story
Condo-hotel trend
from yesterday's USA Today (9/18):
Hotel residences: All the perks with none of the work
By Larry Olmsted, Special for USA TODAY
"For most vacationers, second homes are an alternative to staying in hotels. But for a rapidly growing minority, hotels are their second homes.
The hotel-residences trend is notably different from its predecessors such as fractional/time share hotel units, which are not wholly owned, or condo hotels, which are wholly owned hotel rooms without, for example, kitchens. Not only do hotel residences have kitchens and everything else an owner would expect in a typical abode, they also include amenities such as maid and room service, plus restaurants, spas and gyms.
These residences offer truly turn-key second-home ownership and, in some cases, can create an income stream by letting the hotel rent the apartment when the owner is not there. Another advantage is that some hotel companies allow owners to trade and use residences at other locations." ...
for the complete story
Hotel residences: All the perks with none of the work
By Larry Olmsted, Special for USA TODAY
"For most vacationers, second homes are an alternative to staying in hotels. But for a rapidly growing minority, hotels are their second homes.
The hotel-residences trend is notably different from its predecessors such as fractional/time share hotel units, which are not wholly owned, or condo hotels, which are wholly owned hotel rooms without, for example, kitchens. Not only do hotel residences have kitchens and everything else an owner would expect in a typical abode, they also include amenities such as maid and room service, plus restaurants, spas and gyms.
These residences offer truly turn-key second-home ownership and, in some cases, can create an income stream by letting the hotel rent the apartment when the owner is not there. Another advantage is that some hotel companies allow owners to trade and use residences at other locations." ...
for the complete story
"Celebration vacation" trend -- and Disney moves into the market
from today's Walt Disney World news service (9/19):
Nationwide Survey by Ypartnership Reveals New Trend of 'Celebration Vacations'
"New York (September 18, 2008) – Vacations have always been a welcomed source of rest and relaxation, yet a new survey reveals they are increasingly motivated by events of high “personal significance.”
In a national survey of approximately 4,600 adults conducted by Ypartnership in June 2008, almost three-quarters (70%) revealed they have taken a vacation primarily to celebrate a special occasion. Adults less than 35 years of age (75%) were more likely to have taken such a vacation than adults over 55 years of age (69%).
“The motivations revealed in this fascinating piece of work suggest that vacations are increasingly viewed as an appropriate way to either recognize or reward the participants for some event of great significance in their lives,” said Peter C. Yesawich, whose marketing services firm authored the survey. “As such, we call them ‘Celebration Vacations’.”" ...
for the complete press release
STR newsfeed coverage
Disney announcement:
At-a-Glance: ‘Celebration Vacations’ Come to Life at Disney Parks
"WHAT: Beginning Jan. 1, 2009, Disneyland Resort in California and Walt Disney World Resort in Florida will invite guests to celebrate their lives’ special moments – large and small – with family and friends at the place where dreams come true. New research shows that families are planning trips around life’s special moments, memories and milestones to celebrate with loved ones. It’s a newly identified, national trend dubbed by experts as “celebration vacations.”
WHEN: Beginning Jan. 1, 2009, for guests at the Disneyland and Walt Disney World resorts." ....
for the complete press release
Nationwide Survey by Ypartnership Reveals New Trend of 'Celebration Vacations'
"New York (September 18, 2008) – Vacations have always been a welcomed source of rest and relaxation, yet a new survey reveals they are increasingly motivated by events of high “personal significance.”
In a national survey of approximately 4,600 adults conducted by Ypartnership in June 2008, almost three-quarters (70%) revealed they have taken a vacation primarily to celebrate a special occasion. Adults less than 35 years of age (75%) were more likely to have taken such a vacation than adults over 55 years of age (69%).
“The motivations revealed in this fascinating piece of work suggest that vacations are increasingly viewed as an appropriate way to either recognize or reward the participants for some event of great significance in their lives,” said Peter C. Yesawich, whose marketing services firm authored the survey. “As such, we call them ‘Celebration Vacations’.”" ...
for the complete press release
STR newsfeed coverage
Disney announcement:
At-a-Glance: ‘Celebration Vacations’ Come to Life at Disney Parks
"WHAT: Beginning Jan. 1, 2009, Disneyland Resort in California and Walt Disney World Resort in Florida will invite guests to celebrate their lives’ special moments – large and small – with family and friends at the place where dreams come true. New research shows that families are planning trips around life’s special moments, memories and milestones to celebrate with loved ones. It’s a newly identified, national trend dubbed by experts as “celebration vacations.”
WHEN: Beginning Jan. 1, 2009, for guests at the Disneyland and Walt Disney World resorts." ....
for the complete press release
Canada's priciest condo (condo-hotel)
from today's Hotels newsfeed (9/19):
At $30 Million, the "West Penthouse" of Four Seasons Hotel and Private Residences Toronto is the most expensive condo in Canada
Canada NewsWire, September 18, 2008 Thursday 3:00 PM Eastern Time
"Bay-Yorkville Developments Ltd. released the penthouse at Four Seasons Hotel and Private Residences Toronto for sale today. Priced at $30 million, this exclusive residence is the most expensive condominium in Canada.
Located at the northeast corner of Bay Street and Yorkville Avenue, Four Seasons Hotel and Private Residences Toronto is a landmark mixed-use development featuring a world class hotel and over 200 private residences in two 55 and 26-storey towers." ....
for the complete story
At $30 Million, the "West Penthouse" of Four Seasons Hotel and Private Residences Toronto is the most expensive condo in Canada
Canada NewsWire, September 18, 2008 Thursday 3:00 PM Eastern Time
"Bay-Yorkville Developments Ltd. released the penthouse at Four Seasons Hotel and Private Residences Toronto for sale today. Priced at $30 million, this exclusive residence is the most expensive condominium in Canada.
Located at the northeast corner of Bay Street and Yorkville Avenue, Four Seasons Hotel and Private Residences Toronto is a landmark mixed-use development featuring a world class hotel and over 200 private residences in two 55 and 26-storey towers." ....
for the complete story
Marina redevelopment for Riviera Beach, FL
from this afternoon's Boating Industry news (9/19):
Viking in talks on $500M marina project
Boating Industry
Friday September 19, 2008
"RIVIERA BEACH, Fla. — City officials in Riviera Beach, Fla., have begun negotiations with the real estate arm of the Viking Yacht Co. in hopes of spawning a $500 million redevelopment of the city’s marina and its surrounding property" ....
"The city council, sitting as the community redevelopment agency, voted 5-0 to work with Viking Developers LLC – the only company that submitted a response to the CRA's request for marina redevelopment proposals by the Sept. 2 deadline." ....
for the complete story
An earlier story on the same topic from the Palm Beach Post
Viking in talks on $500M marina project
Boating Industry
Friday September 19, 2008
"RIVIERA BEACH, Fla. — City officials in Riviera Beach, Fla., have begun negotiations with the real estate arm of the Viking Yacht Co. in hopes of spawning a $500 million redevelopment of the city’s marina and its surrounding property" ....
"The city council, sitting as the community redevelopment agency, voted 5-0 to work with Viking Developers LLC – the only company that submitted a response to the CRA's request for marina redevelopment proposals by the Sept. 2 deadline." ....
for the complete story
An earlier story on the same topic from the Palm Beach Post
Thursday, September 18, 2008
Davidson's Fort historical center
from the McDowell News (NC):
Help build Davidson's Fort, a brick at a time
By MIKE CONLEY
nconley@mcdowellnews.com
Monday, September 15, 2008
"The directors of Davidson's Fort Historical Park are hoping folks and businesses will buy a brick to help get the fort built.
They have gotten grant money, which is helping them build the replica of the 18th century pioneer stockade.
But they need additional money to retire the debt on the land itself." ...
for the complete story
Help build Davidson's Fort, a brick at a time
By MIKE CONLEY
nconley@mcdowellnews.com
Monday, September 15, 2008
"The directors of Davidson's Fort Historical Park are hoping folks and businesses will buy a brick to help get the fort built.
They have gotten grant money, which is helping them build the replica of the 18th century pioneer stockade.
But they need additional money to retire the debt on the land itself." ...
for the complete story
Gettysburg admission fees?
from the Philadelphia Inquirer:
Posted on Sat, Aug. 30, 2008
Gettysburg visitor center proposes admission fee
By Amy Worden
Inquirer Staff Writer
"There may soon be a price tag attached to your next visit to Gettysburg.
In a sudden about-face, the foundation that operates the new Gettysburg Museum and Visitor Center has proposed a $7.50 admission fee.
Facing a nearly $1.8 million revenue shortfall as the tourist season winds down, officials of the Gettysburg Foundation are asking the National Park Service to approve the fee." ...
for the complete story
Posted on Sat, Aug. 30, 2008
Gettysburg visitor center proposes admission fee
By Amy Worden
Inquirer Staff Writer
"There may soon be a price tag attached to your next visit to Gettysburg.
In a sudden about-face, the foundation that operates the new Gettysburg Museum and Visitor Center has proposed a $7.50 admission fee.
Facing a nearly $1.8 million revenue shortfall as the tourist season winds down, officials of the Gettysburg Foundation are asking the National Park Service to approve the fee." ...
for the complete story
Tuesday, September 16, 2008
Canada -- dogsledding tourism
from today's Edmonton Journal (9/15):
N.W.T. dogsledder turns mushing into tourism gold
Visitors to Canada's North seek adventure, not just sights
Trish Audette
The Edmonton Journal
Monday, September 15, 2008
"YELLOWKNIFE - Grant Beck's dogsledding heritage reaches back more than a century to the days his German ancestors spent hunting and trapping along Great Slave Lake." ...
"In winter, visitors can take the reins after a short mushing lesson and lead a crew of 14 Alaskan huskies over packed snow. In summer, the dogs are hooked up to a Kawasaki Mule 3010 utility vehicle and run along a short trail." ...
"More mushers are coming around to the same idea, says Richard Zieba, director of tourism and parks for the Northwest Territories.
"The dogsledding is a major attraction or activity for a lot of people," Zieba says, adding there is a growing demand for "experiential tourism" -- activities visitors can get involved in, rather than stand and watch.
Because the cost of flying into Yellowknife -- let alone more remote areas of the territories -- is so prohibitive, the government focuses on the "high-yield market," Zieba says. Essentially, these are "well-educated people who want to experience something off the beaten track."
To appeal particularly to Japanese and German tourists -- and, in the future, Korean, Mexican and Australian tourists -- phrases like "the adventure of a lifetime" are used to describe a vacation in the territories." ...
for the complete story
N.W.T. dogsledder turns mushing into tourism gold
Visitors to Canada's North seek adventure, not just sights
Trish Audette
The Edmonton Journal
Monday, September 15, 2008
"YELLOWKNIFE - Grant Beck's dogsledding heritage reaches back more than a century to the days his German ancestors spent hunting and trapping along Great Slave Lake." ...
"In winter, visitors can take the reins after a short mushing lesson and lead a crew of 14 Alaskan huskies over packed snow. In summer, the dogs are hooked up to a Kawasaki Mule 3010 utility vehicle and run along a short trail." ...
"More mushers are coming around to the same idea, says Richard Zieba, director of tourism and parks for the Northwest Territories.
"The dogsledding is a major attraction or activity for a lot of people," Zieba says, adding there is a growing demand for "experiential tourism" -- activities visitors can get involved in, rather than stand and watch.
Because the cost of flying into Yellowknife -- let alone more remote areas of the territories -- is so prohibitive, the government focuses on the "high-yield market," Zieba says. Essentially, these are "well-educated people who want to experience something off the beaten track."
To appeal particularly to Japanese and German tourists -- and, in the future, Korean, Mexican and Australian tourists -- phrases like "the adventure of a lifetime" are used to describe a vacation in the territories." ...
for the complete story
ICSC green conference
from this morning's GlobeSt (9/16):
ICSC DISPATCH Last updated: September 16, 2008 07:47am
Green's Coming of Age in Development Circles
By Connie Gore
"DALLAS-With the retail industry eyeing "green" gains on all fronts, the International Council of Shopping Centers has spent two days huddling over built projects, weighing future ones and learning as much about investment intricacies as design. The force behind the movement is coming from tenants.
"Green is essential today in all business," said David Houle, an award-winning author and futurist consultant from Chicago and keynote speaker for ICSC's first greev conference. "Green is now main stream."" ...
for the complete story
ICSC DISPATCH Last updated: September 16, 2008 07:47am
Green's Coming of Age in Development Circles
By Connie Gore
"DALLAS-With the retail industry eyeing "green" gains on all fronts, the International Council of Shopping Centers has spent two days huddling over built projects, weighing future ones and learning as much about investment intricacies as design. The force behind the movement is coming from tenants.
"Green is essential today in all business," said David Houle, an award-winning author and futurist consultant from Chicago and keynote speaker for ICSC's first greev conference. "Green is now main stream."" ...
for the complete story
Jets/Giants stadium naming rights deal off
from this morning's GlobestNJ (9/16):
UPDATE Last updated: September 15, 2008 12:44pm
Naming Rights Deal is Called Off
By Eric Peterson
"EAST RUTHERFORD, NJ-The new under-construction stadium for the NFL’s Giants and Jets will have a naming sponsor, and the final deal aims to be a record transaction, probably in the $600-million range. But that name won’t be Allianz--the Munich, Germany-based financial giant. As reported, the teams’ joint stadium development organization, the New Meadowlands Stadium Co., had been deep in talks with Allianz, with a deal said to be close. But those talks have been broken off by the teams." ...
for the complete story
UPDATE Last updated: September 15, 2008 12:44pm
Naming Rights Deal is Called Off
By Eric Peterson
"EAST RUTHERFORD, NJ-The new under-construction stadium for the NFL’s Giants and Jets will have a naming sponsor, and the final deal aims to be a record transaction, probably in the $600-million range. But that name won’t be Allianz--the Munich, Germany-based financial giant. As reported, the teams’ joint stadium development organization, the New Meadowlands Stadium Co., had been deep in talks with Allianz, with a deal said to be close. But those talks have been broken off by the teams." ...
for the complete story
Sacramento retail market struggling
from Marcus and Millichap (9/12):
SACRAMENTO RETAIL MARKET FEELS
EFFECTS OF SOFTENING ECONOMY
"SACRAMENTO, Calif., Sept. 12, 2008 – In the Sacramento retail market, the ongoing housing downturn and an overall weakened economy have contributed to vacancy rising in each of the past seven quarters, according to a third-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm. Although sales activity is forecast to stay near current levels, eroding corporate profitability may encourage some firms to seek sale-leaseback opportunities in the single-tenant sector as a means to raise capital.
“Investors may want to explore opportunities near redevelopment efforts downtown,” says Robert Hicks, regional manager of the Sacramento office of Marcus & Millichap. “The 240-acre Railyards project, which will contain entertainment space, urban housing, retail product and a hotel, is expected to accelerate area foot traffic upon its completion in 2009.”" ...
for the complete press release
For the complete report on Sacramento retail, contact Ruth.
SACRAMENTO RETAIL MARKET FEELS
EFFECTS OF SOFTENING ECONOMY
"SACRAMENTO, Calif., Sept. 12, 2008 – In the Sacramento retail market, the ongoing housing downturn and an overall weakened economy have contributed to vacancy rising in each of the past seven quarters, according to a third-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm. Although sales activity is forecast to stay near current levels, eroding corporate profitability may encourage some firms to seek sale-leaseback opportunities in the single-tenant sector as a means to raise capital.
“Investors may want to explore opportunities near redevelopment efforts downtown,” says Robert Hicks, regional manager of the Sacramento office of Marcus & Millichap. “The 240-acre Railyards project, which will contain entertainment space, urban housing, retail product and a hotel, is expected to accelerate area foot traffic upon its completion in 2009.”" ...
for the complete press release
For the complete report on Sacramento retail, contact Ruth.
San Diego high but falling in rental market
from this morning's San Diego Business Journal (9/16):
San Diego Still Among Top 10 Rental Markets
By MICHELLE MOWAD - 9/15/2008
San Diego Business Journal Staff
"San Diego fell five spots to rank as the 10th best apartment market in the nation for rentals, according to Marcus & Millichap’s annual apartment report released this month.
The firm said tight conditions and healthy revenue growth kept San Diego in the top 10, but said cooling employment growth resulted in the drop in the rankings.
Marcus & Millichap explained that the local apartment market is expected to post modest improvements this year.
It said expensive homes and a more conservative lending environment will continue to drive the demand for apartments this year.
In addition, rising building costs will again restrain construction of new apartments.
Some 1,200 units will be delivered in San Diego in 2008 compared with 900 units last year.
San Diego also ranked in the top 10 of markets with the lowest vacancy rates, according to Marcus & Millichap." ...
for the complete story
For the complete report on the San Diego apartment market, contact Ruth.
San Diego Still Among Top 10 Rental Markets
By MICHELLE MOWAD - 9/15/2008
San Diego Business Journal Staff
"San Diego fell five spots to rank as the 10th best apartment market in the nation for rentals, according to Marcus & Millichap’s annual apartment report released this month.
The firm said tight conditions and healthy revenue growth kept San Diego in the top 10, but said cooling employment growth resulted in the drop in the rankings.
Marcus & Millichap explained that the local apartment market is expected to post modest improvements this year.
It said expensive homes and a more conservative lending environment will continue to drive the demand for apartments this year.
In addition, rising building costs will again restrain construction of new apartments.
Some 1,200 units will be delivered in San Diego in 2008 compared with 900 units last year.
San Diego also ranked in the top 10 of markets with the lowest vacancy rates, according to Marcus & Millichap." ...
for the complete story
For the complete report on the San Diego apartment market, contact Ruth.
Monday, September 15, 2008
Asian domestic tourism
Cushman and Wakefield has issued a new report (9/2008) on domestic tourism within Asia. Contact Ruth if you want to know more.
San Diego Corridor--development bright spot
from this afternoon's GlobeSt (9/15):
Last updated: September 12, 2008 09:33pm
I-15 Corridor Leads San Diego County
By Bob Howard
"SAN DIEGO-All of its neighboring submarkets have registered negative activity thus far this year, but the I-15 Corridor has managed to absorb 188,589 sf of office space during tough times economically and a generally flat-to-down trend in leasing throughout San Diego County. News of the performance of the Interstate 15 Corridor-- which is the main north-south artery--is painted as a "growing bright spot" in a Cushman & Wakefield Inc. report.
The just-released C&W report shows the I-15 Corridor led all areas of the county with its direct positive absorption. The next best-performing area was Carlsbad with 119,416 sf of positive absorption. All other submarkets reported negative activity "as the county continues to adjust to corporate belt-tightening in the wake of slower economic growth," the C&W team says.
Among the high-profile tenants taking space in the corridor are Sony, Yahoo! and the Paradigm Group, all of which are expanding their San Diego presences with locations at the Point in Rancho Bernardo. Chase Manhattan has reaffirmed its commitment to the area by renewing its 127,000-sf lease in Bernardo Heights Corporate Center." ...
for the complete story
Last updated: September 12, 2008 09:33pm
I-15 Corridor Leads San Diego County
By Bob Howard
"SAN DIEGO-All of its neighboring submarkets have registered negative activity thus far this year, but the I-15 Corridor has managed to absorb 188,589 sf of office space during tough times economically and a generally flat-to-down trend in leasing throughout San Diego County. News of the performance of the Interstate 15 Corridor-- which is the main north-south artery--is painted as a "growing bright spot" in a Cushman & Wakefield Inc. report.
The just-released C&W report shows the I-15 Corridor led all areas of the county with its direct positive absorption. The next best-performing area was Carlsbad with 119,416 sf of positive absorption. All other submarkets reported negative activity "as the county continues to adjust to corporate belt-tightening in the wake of slower economic growth," the C&W team says.
Among the high-profile tenants taking space in the corridor are Sony, Yahoo! and the Paradigm Group, all of which are expanding their San Diego presences with locations at the Point in Rancho Bernardo. Chase Manhattan has reaffirmed its commitment to the area by renewing its 127,000-sf lease in Bernardo Heights Corporate Center." ...
for the complete story
CBS opens themed restaurant adjacent to Gillette Stadium
from this afternoon's Nation's Restaurant News (9/15):
CBS debuts restaurant near football stadium
"FOXBOROUGH, Mass. (Sept. 8, 2008) Media conglomerate CBS Corp. said it has opened CBS Scene Restaurant & Bar, a 15,000-square-foot casual-dining and entertainment venue near Gillette Stadium, the home of the New England Patriots football team." ...
"CBS Scene, which opened Monday, sports a locally inspired menu of American dishes that was created by executive chef Brian Corbley. Menu prices range from $6.50 to $11.50 for appetizers and $14.75 to $29.50 for entrees.
The restaurant is housed in a three-story space and features more than 135 TV screens that show current and classic programs produced by CBS. The media company said the restaurant could accommodate 900 customers." ...
for the complete story
CBS debuts restaurant near football stadium
"FOXBOROUGH, Mass. (Sept. 8, 2008) Media conglomerate CBS Corp. said it has opened CBS Scene Restaurant & Bar, a 15,000-square-foot casual-dining and entertainment venue near Gillette Stadium, the home of the New England Patriots football team." ...
"CBS Scene, which opened Monday, sports a locally inspired menu of American dishes that was created by executive chef Brian Corbley. Menu prices range from $6.50 to $11.50 for appetizers and $14.75 to $29.50 for entrees.
The restaurant is housed in a three-story space and features more than 135 TV screens that show current and classic programs produced by CBS. The media company said the restaurant could accommodate 900 customers." ...
for the complete story
San Diego Cross-border terminal prospects
from this morning's San Diego Business Journal (9/15):
‘If We Build It, They Will Come’
By MICHELLE MOWAD - 9/15/2008
San Diego Business Journal Staff
"A cross-border terminal in South County has been a slow moving effort for more than a decade, but recently investors took a big step forward in ferrying air travelers from the U.S. into Tijuana’s Gen. Abelardo L. Rodriguez Airport.
A group of Mexican and American investors, largely backed by billionaire real estate mogul and newspaper publisher Sam Zell, purchased 52 acres of undeveloped industrial land at Siempre Viva Road and Britannia Boulevard in Otay Mesa for $34 million earlier this year.
The land was purchased by Otay Tijuana Venture LLC, a limited liability company consisting of Zell’s Equity Group Investments, a private investment firm, and several private Mexican investors, including shareholders and board members of Grupo Aeroportuario del Pacifico, or GAP, the private operator of 12 airports in Mexico, including Tijuana’s international airport." ....
for the complete story
‘If We Build It, They Will Come’
By MICHELLE MOWAD - 9/15/2008
San Diego Business Journal Staff
"A cross-border terminal in South County has been a slow moving effort for more than a decade, but recently investors took a big step forward in ferrying air travelers from the U.S. into Tijuana’s Gen. Abelardo L. Rodriguez Airport.
A group of Mexican and American investors, largely backed by billionaire real estate mogul and newspaper publisher Sam Zell, purchased 52 acres of undeveloped industrial land at Siempre Viva Road and Britannia Boulevard in Otay Mesa for $34 million earlier this year.
The land was purchased by Otay Tijuana Venture LLC, a limited liability company consisting of Zell’s Equity Group Investments, a private investment firm, and several private Mexican investors, including shareholders and board members of Grupo Aeroportuario del Pacifico, or GAP, the private operator of 12 airports in Mexico, including Tijuana’s international airport." ....
for the complete story
Sports Illustrated opens retail outlet
from this morning's Street and Smith's Sports Business Journal (9/15):
SI enters retail market with Detroit location
By TERRY LEFTON
Staff writer
Published September 15, 2008 : Page 04
"Sports Illustrated is extending its 54-year-old brand to retail for the first time, with an SI store scheduled to open this month in the new North Terminal at Detroit’s Metro Airport.
The 831-square-foot shop will sell a variety of licensed merchandise bearing logos of local Michigan pro and college teams, as well as SI-branded publishing-oriented licensed goods, such as calendars, books and posters. Interactive kiosks will allow shoppers to log onto SI.com, and flat-screen televisions will show live and taped sports programming.
The store is being launched under a multiyear commitment with Delaware North Cos. and could serve as the prototype for similar locations, as new airport terminals open in Los Angeles and other markets during the next year. Delaware North has a broad sports footprint, as it is the owner of the TD Banknorth Garden and the Boston Bruins, and its Sportservice concessions group has operations at multiple pro sporting venues." ...
for the complete story with a table of other sports brands with retail outlets
SI enters retail market with Detroit location
By TERRY LEFTON
Staff writer
Published September 15, 2008 : Page 04
"Sports Illustrated is extending its 54-year-old brand to retail for the first time, with an SI store scheduled to open this month in the new North Terminal at Detroit’s Metro Airport.
The 831-square-foot shop will sell a variety of licensed merchandise bearing logos of local Michigan pro and college teams, as well as SI-branded publishing-oriented licensed goods, such as calendars, books and posters. Interactive kiosks will allow shoppers to log onto SI.com, and flat-screen televisions will show live and taped sports programming.
The store is being launched under a multiyear commitment with Delaware North Cos. and could serve as the prototype for similar locations, as new airport terminals open in Los Angeles and other markets during the next year. Delaware North has a broad sports footprint, as it is the owner of the TD Banknorth Garden and the Boston Bruins, and its Sportservice concessions group has operations at multiple pro sporting venues." ...
for the complete story with a table of other sports brands with retail outlets
Las Vegas arena development consortium (proving Jerry Bruckheimer is behind everything)
from this morning's Street and Smith's Sports Business Journal (9/15):
Harrah’s out of group building Vegas arena, sources say
By DON MURET & TRIPP MICKLE
Staff writers
Published September 15, 2008 : Page 03
"The joint venture AEG formed with Harrah’s in 2007 to build and operate a new major league arena in Las Vegas no longer includes the casino operator, two sources with inside knowledge of the deal said.
Instead, a consortium whose goal is to bring an NHL expansion team to the proposed 20,000-seat facility in 2010 has stepped into the role as a primary investor, the two sources said. The new arena would effectively replace 25-year-old Thomas and Mack Center.
That group, which other sources said is composed of Hollywood producer Jerry Bruckheimer, MGM Studios CEO Harry Sloan and Wall Street financier David Bonderman, has joined AEG in assuming the risk to build a $500 million arena." ...
for the complete story
Harrah’s out of group building Vegas arena, sources say
By DON MURET & TRIPP MICKLE
Staff writers
Published September 15, 2008 : Page 03
"The joint venture AEG formed with Harrah’s in 2007 to build and operate a new major league arena in Las Vegas no longer includes the casino operator, two sources with inside knowledge of the deal said.
Instead, a consortium whose goal is to bring an NHL expansion team to the proposed 20,000-seat facility in 2010 has stepped into the role as a primary investor, the two sources said. The new arena would effectively replace 25-year-old Thomas and Mack Center.
That group, which other sources said is composed of Hollywood producer Jerry Bruckheimer, MGM Studios CEO Harry Sloan and Wall Street financier David Bonderman, has joined AEG in assuming the risk to build a $500 million arena." ...
for the complete story
Sports sponsors and "official" designations
from this morning's Street and Smith's Sports Business Journal (9/15):
Finding value in the smallest of designations
By TERRY LEFTON
Staff writer
Published September 15, 2008 : Page 28
"They can be an integral part of even the highest-priced sports sponsorship, like Sprint’s moniker as “official telecommunications company of NASCAR.” Or they can be excruciatingly banal, like Mexican restaurant chain Rubio’s dubious claim as “the official fish taco of the San Diego Padres,” or Flanagan Krrrrisp, “the official sauerkraut of Lambeau Field.”
They are official designations, and while they are a fundamental part of any sports property’s inventory, their value continues to be debated.
“For NASCAR, designations are an authenticator, so for us they may be more important than ever,” said Jim O’Connell, vice president of corporate marketing at NASCAR.
In addition to major sponsor designations such as official bank (Bank of America) and official fuel (Sunoco), NASCAR has an “official frequent heartburn remedy” (Prilosec) and an “official cheese-filled snack” (Combos)." ...
"Of course the bottom line is that, just as with all sports marketing, any designation is only as good as the activation supporting it. Former NHL CMO Andrew Judelson acknowledged, for example, that making Fisher the official nut of the 2004 NHL All-Star Game started as a simple cash grab. However, the company’s “Nuttiest Fan of the Game” promo made sense." ...
for the complete story (including the Official Pudding of the NY Mets-- come on, you know you want to know)
Finding value in the smallest of designations
By TERRY LEFTON
Staff writer
Published September 15, 2008 : Page 28
"They can be an integral part of even the highest-priced sports sponsorship, like Sprint’s moniker as “official telecommunications company of NASCAR.” Or they can be excruciatingly banal, like Mexican restaurant chain Rubio’s dubious claim as “the official fish taco of the San Diego Padres,” or Flanagan Krrrrisp, “the official sauerkraut of Lambeau Field.”
They are official designations, and while they are a fundamental part of any sports property’s inventory, their value continues to be debated.
“For NASCAR, designations are an authenticator, so for us they may be more important than ever,” said Jim O’Connell, vice president of corporate marketing at NASCAR.
In addition to major sponsor designations such as official bank (Bank of America) and official fuel (Sunoco), NASCAR has an “official frequent heartburn remedy” (Prilosec) and an “official cheese-filled snack” (Combos)." ...
"Of course the bottom line is that, just as with all sports marketing, any designation is only as good as the activation supporting it. Former NHL CMO Andrew Judelson acknowledged, for example, that making Fisher the official nut of the 2004 NHL All-Star Game started as a simple cash grab. However, the company’s “Nuttiest Fan of the Game” promo made sense." ...
for the complete story (including the Official Pudding of the NY Mets-- come on, you know you want to know)
Sports sponsorhip directory
from today's Street and Smith's Sports Business Journal (9/15):
tables listing the sponsors for major sports can be found st the Street and Smith's website
tables listing the sponsors for major sports can be found st the Street and Smith's website
Base RFP announced -- Oakland, CA
from this morning's GlobeSt (9/15);
UPDATE Last updated: September 15, 2008 10:20am
RFP Due for 108-Acre Army Base Redevelopment
By Brian K. Miller
"OAKLAND, CA-The City Council this week is set to finalize an RFP for a 108-acre redevelopment of the former Oakland Army Base at the foot of the Bay Bridge in West Oakland. The would-be master developers, five well known names that were chosen earlier this year via an RFQ, will receive the document in the next 30 days and have until February to create a winning proposal." ...
for the complete story
UPDATE Last updated: September 15, 2008 10:20am
RFP Due for 108-Acre Army Base Redevelopment
By Brian K. Miller
"OAKLAND, CA-The City Council this week is set to finalize an RFP for a 108-acre redevelopment of the former Oakland Army Base at the foot of the Bay Bridge in West Oakland. The would-be master developers, five well known names that were chosen earlier this year via an RFQ, will receive the document in the next 30 days and have until February to create a winning proposal." ...
for the complete story
Las Vegas CVA and the new economy
from this morning's Tradeshow Week (9/15):
Hunkering Down in Bad Times …
Diane Taylor -- Tradeshow Week, 9/12/2008 11:45:00 AM
"What does a major convention and tourist destination do in bad times? It hunkers down, tightens its belt, gets creative and recognizes that it still must plan for better days ahead.
Such was the subject at the Sept. 9 meeting of the Las Vegas Convention and Visitors Authority board of directors.
Outside the boardroom, construction equipment occupied most of the Las Vegas Convention Center Silver parking lots as utility work began on part of the $890 million master plan enhancement program.
Inside, LVCVA President & CEO Rossi Ralenkotter noted that the current economic climate was one of the most demanding he had faced in his 35 years with the bureau.
He pointed to an “imperfect storm” of factors causing concern: rising oil prices, inflation, unemployment, weakening consumer confidence, the loss of 75,000 airline seats per week because of a 13-percent reduction in flights to McCarran Intl. Airport and a projected addition of 9,200 new hotel rooms by early next year." ...
for the complete story
Hunkering Down in Bad Times …
Diane Taylor -- Tradeshow Week, 9/12/2008 11:45:00 AM
"What does a major convention and tourist destination do in bad times? It hunkers down, tightens its belt, gets creative and recognizes that it still must plan for better days ahead.
Such was the subject at the Sept. 9 meeting of the Las Vegas Convention and Visitors Authority board of directors.
Outside the boardroom, construction equipment occupied most of the Las Vegas Convention Center Silver parking lots as utility work began on part of the $890 million master plan enhancement program.
Inside, LVCVA President & CEO Rossi Ralenkotter noted that the current economic climate was one of the most demanding he had faced in his 35 years with the bureau.
He pointed to an “imperfect storm” of factors causing concern: rising oil prices, inflation, unemployment, weakening consumer confidence, the loss of 75,000 airline seats per week because of a 13-percent reduction in flights to McCarran Intl. Airport and a projected addition of 9,200 new hotel rooms by early next year." ...
for the complete story
Friday, September 12, 2008
Chicago 2016 bid
from this afternoon's Crain's Chicago Business (9/12):
Chicago’s Olympics bid about changing image: 2016 chief
By John Pletz
Sept. 12, 2008
"(Crain’s) — After two trips to Beijing in the past six weeks, Patrick G. Ryan is more convinced than ever that Chicago’s best chance for winning its bid to host the Olympics is geography — hosting the games in a relatively compact swath of land along the lakefront near the city’s hotels, museums and other attractions.
“If you look at Beijing, the games were far out,” Mr. Ryan, CEO of the Chicago 2016 bid committee, told the Executives’ Club of Chicago on Friday morning. “London’s will be at the East End. And that’s OK. But in Chicago, they can be in the center city.” Mr. Ryan unveiled Chicago’s slogan — “In the center of the city, in the heart of a nation” — in a video used to market the city’s bid. The bid committee will underscore the point even more in the next few months as it revises its plans for the games before submitting a final proposal to the International Olympic Committee in February. Mr. Ryan says Chicago doesn’t expect major changes to its bid.
The city is competing against Tokyo, Madrid and Rio de Janeiro to host the Summer Games eight years from now. The decision will be made in October 2009." ...
for the complete story
Chicago’s Olympics bid about changing image: 2016 chief
By John Pletz
Sept. 12, 2008
"(Crain’s) — After two trips to Beijing in the past six weeks, Patrick G. Ryan is more convinced than ever that Chicago’s best chance for winning its bid to host the Olympics is geography — hosting the games in a relatively compact swath of land along the lakefront near the city’s hotels, museums and other attractions.
“If you look at Beijing, the games were far out,” Mr. Ryan, CEO of the Chicago 2016 bid committee, told the Executives’ Club of Chicago on Friday morning. “London’s will be at the East End. And that’s OK. But in Chicago, they can be in the center city.” Mr. Ryan unveiled Chicago’s slogan — “In the center of the city, in the heart of a nation” — in a video used to market the city’s bid. The bid committee will underscore the point even more in the next few months as it revises its plans for the games before submitting a final proposal to the International Olympic Committee in February. Mr. Ryan says Chicago doesn’t expect major changes to its bid.
The city is competing against Tokyo, Madrid and Rio de Janeiro to host the Summer Games eight years from now. The decision will be made in October 2009." ...
for the complete story
U.S. hotel numbers down for early September
from Forbes online (9/11):
US hotel demand declines continue into September
By KRISTEN A. LEE 09.11.08, 8:11 PM ET
"NEW YORK -
Occupancy at U.S. hotels continued to fall in the first week of September, a market research firm said Thursday, although room rates remained steady.
For the week ended Sept. 6, Smith Travel Research said occupancy at U.S. hotels dropped 7.3 percent year-over-year to 54.3 percent. The industry's average daily rate grew 1.2 percent to $100.73.
As a result, average revenue per available room at U.S. hotels fell 6.2 percent to finish the week at $54.70. Revenue per available room, or revpar, is considered a key gauge of a hospitality company's performance." ...
for the complete story
US hotel demand declines continue into September
By KRISTEN A. LEE 09.11.08, 8:11 PM ET
"NEW YORK -
Occupancy at U.S. hotels continued to fall in the first week of September, a market research firm said Thursday, although room rates remained steady.
For the week ended Sept. 6, Smith Travel Research said occupancy at U.S. hotels dropped 7.3 percent year-over-year to 54.3 percent. The industry's average daily rate grew 1.2 percent to $100.73.
As a result, average revenue per available room at U.S. hotels fell 6.2 percent to finish the week at $54.70. Revenue per available room, or revpar, is considered a key gauge of a hospitality company's performance." ...
for the complete story
U.S. tourism numbers up for June 2008
from the U.S. Office of Travel and Tourism (9/12):
For Immediate Release:September 10, 2008
Contact:Seamus Kraft/Michael Brown (202) 482-3809
INTERNATIONAL TOURISM TO THE U.S. BOOMING
Visitor Spending Hits Record High in June 2008
"WASHINGTON —The U.S. Department of Commerce today announced that 4.0 million international visitors traveled to the United States in June 2008, an increase of 8 percent over June 2007. For the first six months of 2008 combined, visitation was up 11 percent compared to 2007. International visitors also spent a record $12.2 billion in June 2008, a 24 percent increase over June 2007. Spending by international travelers while in the United States, including travel receipts and passenger fares, is defined as a U.S. export." ...
for the complete press release
For Immediate Release:September 10, 2008
Contact:Seamus Kraft/Michael Brown (202) 482-3809
INTERNATIONAL TOURISM TO THE U.S. BOOMING
Visitor Spending Hits Record High in June 2008
"WASHINGTON —The U.S. Department of Commerce today announced that 4.0 million international visitors traveled to the United States in June 2008, an increase of 8 percent over June 2007. For the first six months of 2008 combined, visitation was up 11 percent compared to 2007. International visitors also spent a record $12.2 billion in June 2008, a 24 percent increase over June 2007. Spending by international travelers while in the United States, including travel receipts and passenger fares, is defined as a U.S. export." ...
for the complete press release
NY stadium naming rights
from this morning's GlobeStNJ (9/12):
UPDATE Last updated: September 11, 2008 04:28pm
Stadium Naming Rights Could Hit $600M
By Eric Peterson
"EAST RUTHERFORD, NJ-The subject of naming rights has been on the table ever since construction started in early 2007 for a new 82,000-seat stadium for the NFL’s New York Giants and Jets. The new venue will replace the existing Giants Stadium, which both teams share as tenants of the New Jersey Sports & Exposition Authority, and since both teams will co-own the new facility on land leased from the state, the name Giants Stadium would obviously no longer be appropriate.
And the new stadium could be close to having a name. According to published reports, the teams are deep in discussion with Allianz, the Munich-based financial giant, on putting that company’s moniker on the stadium. The teams and potential sponsor would not comment in response to those reports." ...
for the complete
UPDATE Last updated: September 11, 2008 04:28pm
Stadium Naming Rights Could Hit $600M
By Eric Peterson
"EAST RUTHERFORD, NJ-The subject of naming rights has been on the table ever since construction started in early 2007 for a new 82,000-seat stadium for the NFL’s New York Giants and Jets. The new venue will replace the existing Giants Stadium, which both teams share as tenants of the New Jersey Sports & Exposition Authority, and since both teams will co-own the new facility on land leased from the state, the name Giants Stadium would obviously no longer be appropriate.
And the new stadium could be close to having a name. According to published reports, the teams are deep in discussion with Allianz, the Munich-based financial giant, on putting that company’s moniker on the stadium. The teams and potential sponsor would not comment in response to those reports." ...
for the complete
Senior housing and boomers
from this morning's GlobeSt (9/12):
Last updated: September 11, 2008 12:55pm
Seniors Housing is Not About the Boomers
By Robert Carr
"CHICAGO-The problem with the senior housing industry, says Peter Linneman, the Albert Sussman professor of real estate at Wharton, chairman of many investment consultancies and noted author – is that even he doesn’t understand it. The newer niche industry lags decades or more behind in its reporting data, and, in order to encourage investors, needs to be more transparent in how it operates, he said. He made these observations speaking as the keynote at the National Investment Center for the Seniors Housing & Care Industry’s Western Regional Symposium this morning.
He also said that the industry’s main message, “The Baby Boomers are going to need seniors housing soon,” is incorrect. “The average age of the Boomers is 54 years old,” Linneman says. “You’re not going to see a Boomer impact in this industry for at least 15-20 years.” " ...
for the complete story
Last updated: September 11, 2008 12:55pm
Seniors Housing is Not About the Boomers
By Robert Carr
"CHICAGO-The problem with the senior housing industry, says Peter Linneman, the Albert Sussman professor of real estate at Wharton, chairman of many investment consultancies and noted author – is that even he doesn’t understand it. The newer niche industry lags decades or more behind in its reporting data, and, in order to encourage investors, needs to be more transparent in how it operates, he said. He made these observations speaking as the keynote at the National Investment Center for the Seniors Housing & Care Industry’s Western Regional Symposium this morning.
He also said that the industry’s main message, “The Baby Boomers are going to need seniors housing soon,” is incorrect. “The average age of the Boomers is 54 years old,” Linneman says. “You’re not going to see a Boomer impact in this industry for at least 15-20 years.” " ...
for the complete story
Thursday, September 11, 2008
CA High-speed rail on the ballot
from today's San Francisco Chronicle (9/11):
High-speed rail plan a key ballot measure
Michael Cabanatuan, Chronicle Staff Writer
Thursday, September 11, 2008
"(09-10) 17:00 PDT -- Californians will decide in November whether to make a hefty down payment on a flashy new ride that's swift, sleek and already popular in Europe and Asia.
Proposition 1A on the Nov. 4 ballot would authorize the sale of $9.95 billion in bonds to help start construction of an 800-mile high-speed rail network that would send electric trains zipping between Northern and Southern California at up to 220 mph.
A trip from the Transbay Terminal in downtown San Francisco and Los Angeles Union Station would take about 2 1/2 hours, according to the state High Speed Rail Authority, and would cost about $55 one way. There would be stops on the Peninsula and in the South Bay.
The system would be the largest public works project in California history - bigger than the California Aqueduct - and would cost $32 billion for the main line between San Francisco and Los Angeles and an additional $10 billion to complete the network by adding extensions to San Diego, Sacramento and Riverside County. The state is banking on getting about a third of the construction budget from state taxpayers, a third from the federal government and a third from private investors." ...
for the complete story
High-speed rail plan a key ballot measure
Michael Cabanatuan, Chronicle Staff Writer
Thursday, September 11, 2008
"(09-10) 17:00 PDT -- Californians will decide in November whether to make a hefty down payment on a flashy new ride that's swift, sleek and already popular in Europe and Asia.
Proposition 1A on the Nov. 4 ballot would authorize the sale of $9.95 billion in bonds to help start construction of an 800-mile high-speed rail network that would send electric trains zipping between Northern and Southern California at up to 220 mph.
A trip from the Transbay Terminal in downtown San Francisco and Los Angeles Union Station would take about 2 1/2 hours, according to the state High Speed Rail Authority, and would cost about $55 one way. There would be stops on the Peninsula and in the South Bay.
The system would be the largest public works project in California history - bigger than the California Aqueduct - and would cost $32 billion for the main line between San Francisco and Los Angeles and an additional $10 billion to complete the network by adding extensions to San Diego, Sacramento and Riverside County. The state is banking on getting about a third of the construction budget from state taxpayers, a third from the federal government and a third from private investors." ...
for the complete story
UT real estate market "grim"
from today's Appraiser News Online newsletter (9/11):
Utah Association of Appraisers: Real Estate Outlook Looks Grim
"According to economists at the recent Utah Association of Appraisers held its Mid-Year Economic Symposium, the economic outlook looks grim, and relief may not arrive any time soon. Jim Wood, director of the University of Utah's Bureau of Business and Economic Research, told the audience of 300 appraisers and other real estate professionals that the current economy is in a recessionary environment. The Symposium was held in Salt Lake City on August 20.
According to Wood, the rapid loss of construction jobs in Utah has contributed to much of the decline, and the current downturn rivals the economic turbulence the state experienced during the 1980. Wood also pointed out that construction jobs account for approximately 40 percent of all jobs lost from the state's economy this year. Kelly Matthews, an economist with Wells Fargo, echoed Wood's views adding that as long as the housing market struggles, it will continue to burden the state’s economy." ...
for the complete story
Utah Association of Appraisers: Real Estate Outlook Looks Grim
"According to economists at the recent Utah Association of Appraisers held its Mid-Year Economic Symposium, the economic outlook looks grim, and relief may not arrive any time soon. Jim Wood, director of the University of Utah's Bureau of Business and Economic Research, told the audience of 300 appraisers and other real estate professionals that the current economy is in a recessionary environment. The Symposium was held in Salt Lake City on August 20.
According to Wood, the rapid loss of construction jobs in Utah has contributed to much of the decline, and the current downturn rivals the economic turbulence the state experienced during the 1980. Wood also pointed out that construction jobs account for approximately 40 percent of all jobs lost from the state's economy this year. Kelly Matthews, an economist with Wells Fargo, echoed Wood's views adding that as long as the housing market struggles, it will continue to burden the state’s economy." ...
for the complete story
San Diego waterfront development on ballot
from today's San Diego Business Journal (9/11):
Appeals Court Allows Waterfront Issue on Ballot
By - 9/10/2008
San Diego Business Journal Staff
"A referendum that would permit the construction of hotels, restaurants, stores and possibly a football stadium at the Tenth Avenue Marine Terminal will be on the Nov. 4 ballot, following a ruling from the state’s 4th District Court of Appeal Sept. 10." ...
for the complete story
Appeals Court Allows Waterfront Issue on Ballot
By - 9/10/2008
San Diego Business Journal Staff
"A referendum that would permit the construction of hotels, restaurants, stores and possibly a football stadium at the Tenth Avenue Marine Terminal will be on the Nov. 4 ballot, following a ruling from the state’s 4th District Court of Appeal Sept. 10." ...
for the complete story
Dutch hotel market down
from this morning's STR's Hotel News Network news (9/11):
Growth Dutch Hotel Market Slowing Down
"The growth of the Dutch hotel market is slowing down. The HOSTA 2008 report by consulting firm Horwath HTL shows that occupancies and average room rates have increased only slightly. For the coming years, a further slowing of the growth or even a small decline is expected.
Horwath HTL performed the research among 265 three, four and five star hotels in The Netherlands. Occupancies have increased slightly, from 72.1% in 2006 to 72.5% in 2007. This is an increase of 0.4 percentage points; clearly lower than the achieved growth in 2006 (1.9 percentage points) and 2005 (2.5 percentage points).
The average room rates increased by 1.9%, from € 108 to € 110. This increase is considerably lower than the 10% increase that was achieved the year before. As a result, the RevPAR (Revenue per available room) increased by 2.6%, from € 78 to € 80. This is also far lower than the 15% growth achieved in 2006." ....
for the complete story
Growth Dutch Hotel Market Slowing Down
"The growth of the Dutch hotel market is slowing down. The HOSTA 2008 report by consulting firm Horwath HTL shows that occupancies and average room rates have increased only slightly. For the coming years, a further slowing of the growth or even a small decline is expected.
Horwath HTL performed the research among 265 three, four and five star hotels in The Netherlands. Occupancies have increased slightly, from 72.1% in 2006 to 72.5% in 2007. This is an increase of 0.4 percentage points; clearly lower than the achieved growth in 2006 (1.9 percentage points) and 2005 (2.5 percentage points).
The average room rates increased by 1.9%, from € 108 to € 110. This increase is considerably lower than the 10% increase that was achieved the year before. As a result, the RevPAR (Revenue per available room) increased by 2.6%, from € 78 to € 80. This is also far lower than the 15% growth achieved in 2006." ....
for the complete story
Fairmont moving into East Africa
from Bloomberg net news service (9/9):
Fairmont to Invest $62 Million in East Africa Over Two Years
By Eric Ombok
"Sept. 9 (Bloomberg) -- Fairmont Hotels & Resorts Inc., a Canadian hotel chain, will spend $62 million over the next two years refurbishing five inns in Kenya and expanding one on the Indian Ocean island of Zanzibar.
The Toronto-based company, acquired by a group led by Saudi Prince Alwaleed bin Talal in 2006, will spend $15 million upgrading its flagship Norfolk Hotel in the Kenyan capital, Nairobi, said Sean Billing, Fairmont's managing director for the region. Fairmont will spend $35 million at its other outlets in Kenya, in addition to the $12 million that will be invested its Zanzibar resort." ...
for the complete story
Fairmont to Invest $62 Million in East Africa Over Two Years
By Eric Ombok
"Sept. 9 (Bloomberg) -- Fairmont Hotels & Resorts Inc., a Canadian hotel chain, will spend $62 million over the next two years refurbishing five inns in Kenya and expanding one on the Indian Ocean island of Zanzibar.
The Toronto-based company, acquired by a group led by Saudi Prince Alwaleed bin Talal in 2006, will spend $15 million upgrading its flagship Norfolk Hotel in the Kenyan capital, Nairobi, said Sean Billing, Fairmont's managing director for the region. Fairmont will spend $35 million at its other outlets in Kenya, in addition to the $12 million that will be invested its Zanzibar resort." ...
for the complete story
Wednesday, September 10, 2008
Detroit's Motor City Casino debuts renovation
from yesterday's Detroit Free Press (9/9):
Motor City Casino shows off new digs
By MARGARITA BAUZA • FREE PRESS BUSINESS WRITER • September 9, 2008
"Motor City Casino showed off one million square feet of edgy and newly renovated space this morning.
The property underwent a three-year $300 million metamorphosis that included remodeling and expanding its gaming area, and adding many amenities, including a new 400-room hotel, a spa, and theater and convention space.
In all, the casino features eight new bars and restaurants with varied themes, including a non-smoking quiet bar near the hotel, which is also non-smoking.
The highlight of the tour was a new 1,886-seat live entertainment theater called the Sound Board, which offers suites for rent with a bar and private butler." ...
for the complete story
Motor City Casino shows off new digs
By MARGARITA BAUZA • FREE PRESS BUSINESS WRITER • September 9, 2008
"Motor City Casino showed off one million square feet of edgy and newly renovated space this morning.
The property underwent a three-year $300 million metamorphosis that included remodeling and expanding its gaming area, and adding many amenities, including a new 400-room hotel, a spa, and theater and convention space.
In all, the casino features eight new bars and restaurants with varied themes, including a non-smoking quiet bar near the hotel, which is also non-smoking.
The highlight of the tour was a new 1,886-seat live entertainment theater called the Sound Board, which offers suites for rent with a bar and private butler." ...
for the complete story
Atlanta to get luxury condo-hotel
from today's Atlanta Journal-Constitution (9/10):
New luxury condo project to get a touch of Ritz-Carlton brand
By Paul Donsky
The Atlanta Journal-Constitution
Wednesday, September 10, 2008
"Residents of a new Buckhead condo project will be pampered with luxury services courtesy of Ritz-Carlton —- everything, it seems, short of a plush robe and mints on the pillow.
The developers of a mixed-use, high-rise being built near Phipps Plaza on Tuesday said that the top half of the building will contain 129 high-end condos with hotel-quality services provided by the upscale Ritz-Carlton hotel chain." ...
"The move rebrands the project’s condo component, which had been known as 3630 Peachtree, as the Ritz-Carlton Residences, Atlanta, Buckhead.
Novare and its partner on the condos, Post Properties, believe the Ritz-Carlton brand will appeal to high-end buyers looking to downsize or purchase a second home in the city. Prices will range from $600,000 to more than $2 million for one of the seven penthouse units on the top two floors of the 34-story building.
Homeowners will pay for the hotel-like services as part of their monthly condo association fee. The fees will range between 60 and 80 cents per square foot, Borders said —- that’s about $600 to $800 for the smallest units and $1,800 to $2,400 for the largest homes, which top out at 3,000 square feet." ...
for the complete story
New luxury condo project to get a touch of Ritz-Carlton brand
By Paul Donsky
The Atlanta Journal-Constitution
Wednesday, September 10, 2008
"Residents of a new Buckhead condo project will be pampered with luxury services courtesy of Ritz-Carlton —- everything, it seems, short of a plush robe and mints on the pillow.
The developers of a mixed-use, high-rise being built near Phipps Plaza on Tuesday said that the top half of the building will contain 129 high-end condos with hotel-quality services provided by the upscale Ritz-Carlton hotel chain." ...
"The move rebrands the project’s condo component, which had been known as 3630 Peachtree, as the Ritz-Carlton Residences, Atlanta, Buckhead.
Novare and its partner on the condos, Post Properties, believe the Ritz-Carlton brand will appeal to high-end buyers looking to downsize or purchase a second home in the city. Prices will range from $600,000 to more than $2 million for one of the seven penthouse units on the top two floors of the 34-story building.
Homeowners will pay for the hotel-like services as part of their monthly condo association fee. The fees will range between 60 and 80 cents per square foot, Borders said —- that’s about $600 to $800 for the smallest units and $1,800 to $2,400 for the largest homes, which top out at 3,000 square feet." ...
for the complete story
Live Nation sells motor sports division
from this morning's L.A. Business Journal (9/10):
Posted date: 9/10/2008
Live Nation Sells Division
By BRETT SPORICH
Los Angeles Business Journal Staff
"Concert promoter Live Nation announced the sale of its Motor Sports division to Feld Entertainment Inc. for $205 million. Feld paid $175 million in cash with an additional $30 million to be paid according to a performance agreement." ...
for the complete story
Posted date: 9/10/2008
Live Nation Sells Division
By BRETT SPORICH
Los Angeles Business Journal Staff
"Concert promoter Live Nation announced the sale of its Motor Sports division to Feld Entertainment Inc. for $205 million. Feld paid $175 million in cash with an additional $30 million to be paid according to a performance agreement." ...
for the complete story
L.L. Bean retail property gets LEED Silver
from Design and Display Ideas (9/9):
L.L. Bean Hunting & Fishing Store Receives LEED Silver
September 09, 2008
"Freeport, Maine-based L.L. Bean Inc.'s new Hunting & Fishing Store recently received LEED Silver certification, becoming the first certified retail project in Maine. In 2006, L.L. Bean committed to build all new structures according to the U.S. Green Building Council's (USGBC) LEED standards. The Hunting & Fishing store is L.L. Bean's sixth LEED-registered retail store and its first to receive certification." ...
for the complete sztory
L.L. Bean Hunting & Fishing Store Receives LEED Silver
September 09, 2008
"Freeport, Maine-based L.L. Bean Inc.'s new Hunting & Fishing Store recently received LEED Silver certification, becoming the first certified retail project in Maine. In 2006, L.L. Bean committed to build all new structures according to the U.S. Green Building Council's (USGBC) LEED standards. The Hunting & Fishing store is L.L. Bean's sixth LEED-registered retail store and its first to receive certification." ...
for the complete sztory
Tuesday, September 9, 2008
USTA/US Open brand master-planned community in India
from yesterday's Street and Smith's Sports Business Journal (9/8):
Planned community in India to carry U.S. Open marks
By DANIEL KAPLAN
Staff writer
Published September 08, 2008 : Page 03
"The U.S. Tennis Association is licensing the U.S. Open trademark to a real estate developer in India, a deal believed to mark the first time an American sports property has cashed in overseas in this fashion.
The 10-year deal is worth a low-seven-figure amount annually, a source said, making the contract worth a minimum of $10 million. The deal is set to be announced today.
The developer, Nirmal Lifestyle, envisions its 20 planned communities each having sections dedicated to at least tennis, soccer and cricket. Sources said the group last week met with the NBA in New York, as well.
The U.S. Open section of the developments would include homes designed with the event’s themes, including the flaming ball logo and its trademark blue courts, as well as clubhouses and perhaps even an Open merchandise store." ...
for the complete story
Planned community in India to carry U.S. Open marks
By DANIEL KAPLAN
Staff writer
Published September 08, 2008 : Page 03
"The U.S. Tennis Association is licensing the U.S. Open trademark to a real estate developer in India, a deal believed to mark the first time an American sports property has cashed in overseas in this fashion.
The 10-year deal is worth a low-seven-figure amount annually, a source said, making the contract worth a minimum of $10 million. The deal is set to be announced today.
The developer, Nirmal Lifestyle, envisions its 20 planned communities each having sections dedicated to at least tennis, soccer and cricket. Sources said the group last week met with the NBA in New York, as well.
The U.S. Open section of the developments would include homes designed with the event’s themes, including the flaming ball logo and its trademark blue courts, as well as clubhouses and perhaps even an Open merchandise store." ...
for the complete story
Canadian housing starts rising
from today's Royal Canadian Bank Daily Economic Update (9/9):
RBC ECONOMICS RESEARCH - DAILY ECONOMIC UPDATE - September 9, 2008
Canadian housing starts soar; back up above 200,00 mark
"Although housing starts were expected to retrace some of the 13.6% drop in July, this morning’s numbers indicated almost a full reversal, with starts rising 13.1% to an annualized 211,000 units. Expectations had been for a more modest 2.4% rise to an annualized 191,000. CMHC, which compiles the data, indicated that the volatility during the last three months largely reflected swings in the multiples component in Ontario.
The urban multiples component surged much more that expected, rising 25.2% to an annualized 114,700 units, which more than reversed the 20.2% drop recorded in July. CMHC indicated that this largely reflected activity in Ontario and likely reflects the impact of large condominium projects getting under way. Urban singles also rose in the month though by a more modest 2.0% to an annualized 71,200 units." ...
for the complete data tables
RBC ECONOMICS RESEARCH - DAILY ECONOMIC UPDATE - September 9, 2008
Canadian housing starts soar; back up above 200,00 mark
"Although housing starts were expected to retrace some of the 13.6% drop in July, this morning’s numbers indicated almost a full reversal, with starts rising 13.1% to an annualized 211,000 units. Expectations had been for a more modest 2.4% rise to an annualized 191,000. CMHC, which compiles the data, indicated that the volatility during the last three months largely reflected swings in the multiples component in Ontario.
The urban multiples component surged much more that expected, rising 25.2% to an annualized 114,700 units, which more than reversed the 20.2% drop recorded in July. CMHC indicated that this largely reflected activity in Ontario and likely reflects the impact of large condominium projects getting under way. Urban singles also rose in the month though by a more modest 2.0% to an annualized 71,200 units." ...
for the complete data tables
Green development and contractors
from this afternoon's San Diego Business Journal (9/9):
Contractors See Value of Rolling Green Movement Into Projects
By - 9/8/2008
San Diego Business Journal Staff
BY MARK LARSON
"New buildings designed with energy efficiency and environmental harmony continue to gain market favor as the smarter new model of how best to construct a building." ...
for the complete story
Contractors See Value of Rolling Green Movement Into Projects
By - 9/8/2008
San Diego Business Journal Staff
BY MARK LARSON
"New buildings designed with energy efficiency and environmental harmony continue to gain market favor as the smarter new model of how best to construct a building." ...
for the complete story
Fairmont opening in Hainan, China
from today's Hotels enewsletter (9/9):
Fairmont To Manage New Resort In China
-- Hotels, 9/9/2008 9:52:00 AM
"TORONTO, September 9, 2008 – Fairmont Hotels & Resorts has announced that it will manage the Fairmont Haitang Bay Resort, Sanya, China scheduled to open in 2011. Sanya, on the southernmost tip of Hainan Island, is fast emerging as a premier tropical resort destination.
Fairmont Haitang Bay Resort expands the company’s growing presence in Asia, joining sister hotels in Singapore, Beijing (2008), Kunshan (2009), Macao (2010), Shanghai’s landmark Peace Hotel (2010) and Fairmont Manila, Philippines (2010).
The resort will enjoy a beachfront location and 702 spacious guestrooms and suites including Fairmont Gold, the brand’s exclusive lifestyle offering featuring warm and personalized service with amenities such as a private reception desk and a comfortable guest lounge. In addition, guests can choose from 50 one- and two-bedroom villa suites, as well as a Presidential Villa offering more than 5,000 square feet space and private butlers." ...
"The resort will be developed by Beijing-based Antaeus Group, a leading real estate company that has developed more than 2 million square meters (22 mil sq ft) of real estate in China." ...
for the complete story
Fairmont To Manage New Resort In China
-- Hotels, 9/9/2008 9:52:00 AM
"TORONTO, September 9, 2008 – Fairmont Hotels & Resorts has announced that it will manage the Fairmont Haitang Bay Resort, Sanya, China scheduled to open in 2011. Sanya, on the southernmost tip of Hainan Island, is fast emerging as a premier tropical resort destination.
Fairmont Haitang Bay Resort expands the company’s growing presence in Asia, joining sister hotels in Singapore, Beijing (2008), Kunshan (2009), Macao (2010), Shanghai’s landmark Peace Hotel (2010) and Fairmont Manila, Philippines (2010).
The resort will enjoy a beachfront location and 702 spacious guestrooms and suites including Fairmont Gold, the brand’s exclusive lifestyle offering featuring warm and personalized service with amenities such as a private reception desk and a comfortable guest lounge. In addition, guests can choose from 50 one- and two-bedroom villa suites, as well as a Presidential Villa offering more than 5,000 square feet space and private butlers." ...
"The resort will be developed by Beijing-based Antaeus Group, a leading real estate company that has developed more than 2 million square meters (22 mil sq ft) of real estate in China." ...
for the complete story
DC Redevelopment on the Georgia Avenue Corridor
from this afternoon's GlobeSt (9/9):
Last updated: September 9, 2008 12:17pm
DC Seeks Partner for $170M Redevelopment
By Erika Morphy
"WASHINGTON, DC-The District government is seeking a development partner for its latest redevelopment project it values at $170 million--the redevelopment of the Park Morton public housing complex located on the Georgia Avenue Corridor. Mayor Adrian Fenty’s administration has issued a solicitation for offers to rebuild the complex into a mixed-income community that will include more than 500 new units of affordable and market-rate housing." ...
for the complete story
Last updated: September 9, 2008 12:17pm
DC Seeks Partner for $170M Redevelopment
By Erika Morphy
"WASHINGTON, DC-The District government is seeking a development partner for its latest redevelopment project it values at $170 million--the redevelopment of the Park Morton public housing complex located on the Georgia Avenue Corridor. Mayor Adrian Fenty’s administration has issued a solicitation for offers to rebuild the complex into a mixed-income community that will include more than 500 new units of affordable and market-rate housing." ...
for the complete story
PA riverboat casino relocation
from yesterday's Philadelphia Daily News (9/8):
As Foxwoods looks around, is this Budd for you?
By CHRIS BRENNAN
Philadelphia Daily News
brennac@phillynews.com 215-854-5973
"THE POTENTIAL relocation of at least one proposed riverfront casino has set off serious real-estate speculation and more than a little community concern about where the project might go next.
Foxwoods, which received a license from the state in December 2006 to build a casino on Columbus Boulevard at Reed Street, agreed last month to consider moving after 20 months of delays brought on by a resistant city government and community opposition.
So where could Foxwoods go?
Could the former Budd Co. site in Nicetown, where Donald Trump was rejected for a casino license by the state Gaming Control Board, be back in play?" ...
for the complete story
As Foxwoods looks around, is this Budd for you?
By CHRIS BRENNAN
Philadelphia Daily News
brennac@phillynews.com 215-854-5973
"THE POTENTIAL relocation of at least one proposed riverfront casino has set off serious real-estate speculation and more than a little community concern about where the project might go next.
Foxwoods, which received a license from the state in December 2006 to build a casino on Columbus Boulevard at Reed Street, agreed last month to consider moving after 20 months of delays brought on by a resistant city government and community opposition.
So where could Foxwoods go?
Could the former Budd Co. site in Nicetown, where Donald Trump was rejected for a casino license by the state Gaming Control Board, be back in play?" ...
for the complete story
Montenegran tourism up
from Focus on Travel News (8/19):
Montenegro Visited by 610,000 Tourists
Published by Ozgur Tore
Tuesday, 19 August 2008
"Montenegro Ministry of Tourism satisfied with the results achieved so far; evidence to the claim that this season would be profitable is the most recent data released. According to these figures, more than 610,000 tourists have visited Montenegro during the first seven months of this year, which marks a five percent increase in comparison to the same period last year.
In words of PR advisor with the Ministry of Tourism, Ivana Bulatovic there were 3,7 million recorded overnight stays during the period between January and July, which is by 7,9 percent higher than had been the case in the period of reference." ...
for the complete story
Montenegro Visited by 610,000 Tourists
Published by Ozgur Tore
Tuesday, 19 August 2008
"Montenegro Ministry of Tourism satisfied with the results achieved so far; evidence to the claim that this season would be profitable is the most recent data released. According to these figures, more than 610,000 tourists have visited Montenegro during the first seven months of this year, which marks a five percent increase in comparison to the same period last year.
In words of PR advisor with the Ministry of Tourism, Ivana Bulatovic there were 3,7 million recorded overnight stays during the period between January and July, which is by 7,9 percent higher than had been the case in the period of reference." ...
for the complete story
India sees rise in cruise tourism
from the Press Information Bureau, Ministry of Tourism and Culture (9/4):
INDIA RECORDS OVER 300 PERCENT INCREASE CRUISE TOURISM VISITORS BETWEEN 2002-2006
--------------------------------------------------------------------------------
"The Union Tourism Secretary Sh. S. Banerjee has said that with the recent approval of the policy on cruise shipping, the cruise sector’s latent potential can now be tapped. He was speaking at the inaugural session at the conference on ‘Initiative on Furthering Cruise Tourism In India’ here today. Sh. Banerjee said that cruise tourism is relatively new but an emerging sector. It is a niche market and is primarily associated with the great potential for stimulating economic growth and generating additional employment. He said the high potential of cruise tourism is strongly borne out by our own experience, where India recorded a 310% increase in cruise tourism visitors between 2002-2006." ....
proess release
INDIA RECORDS OVER 300 PERCENT INCREASE CRUISE TOURISM VISITORS BETWEEN 2002-2006
--------------------------------------------------------------------------------
"The Union Tourism Secretary Sh. S. Banerjee has said that with the recent approval of the policy on cruise shipping, the cruise sector’s latent potential can now be tapped. He was speaking at the inaugural session at the conference on ‘Initiative on Furthering Cruise Tourism In India’ here today. Sh. Banerjee said that cruise tourism is relatively new but an emerging sector. It is a niche market and is primarily associated with the great potential for stimulating economic growth and generating additional employment. He said the high potential of cruise tourism is strongly borne out by our own experience, where India recorded a 310% increase in cruise tourism visitors between 2002-2006." ....
proess release
Lebanon -- economic impact of tourism
from the Daily Star (Lebanon) (8/18):
Lebanon's travel and tourism economy expected to generate $4.43 billion in 2008
Daily Star staff
Monday, August 18, 2008
"BEIRUT: The World Travel & Tourism Council (WTTC) estimated that the travel and tourism industry would contribute directly $1.36 billion to the Lebanese economy, equivalent to 5.7 percent of GDP in 2008, according to a report in Lebanon This Week, an economic publication of the Byblos Bank Group. The report added that direct industry employment will reach 80,000, representing 5.9 percent of total employment in Lebanon this year.
The report said that since travel and tourism (T&T) touches on all sectors of the economy, its real direct and indirect impact is even greater, and forecast the T&T economy overall to generate $4.43 billion, or 18.7 percent, of economic activity in Lebanon in 2008. That would include 252,000 jobs, or one in every 5.4 jobs, representing 18.4 percent of total employment in 2008. The WTTC's definition of T&T includes transportation, accommodation, catering, recreation and services for visitors. It added that the industry's direct contribution to Lebanon's economic activity will rise to $2.3 billion, or 5.2 percent of GDP, in 2018, while the broader T&T economy will contribute $7.5 billion, or 17.1 percent of GDP, by 2018." ...
for the complete story
Lebanon's travel and tourism economy expected to generate $4.43 billion in 2008
Daily Star staff
Monday, August 18, 2008
"BEIRUT: The World Travel & Tourism Council (WTTC) estimated that the travel and tourism industry would contribute directly $1.36 billion to the Lebanese economy, equivalent to 5.7 percent of GDP in 2008, according to a report in Lebanon This Week, an economic publication of the Byblos Bank Group. The report added that direct industry employment will reach 80,000, representing 5.9 percent of total employment in Lebanon this year.
The report said that since travel and tourism (T&T) touches on all sectors of the economy, its real direct and indirect impact is even greater, and forecast the T&T economy overall to generate $4.43 billion, or 18.7 percent, of economic activity in Lebanon in 2008. That would include 252,000 jobs, or one in every 5.4 jobs, representing 18.4 percent of total employment in 2008. The WTTC's definition of T&T includes transportation, accommodation, catering, recreation and services for visitors. It added that the industry's direct contribution to Lebanon's economic activity will rise to $2.3 billion, or 5.2 percent of GDP, in 2018, while the broader T&T economy will contribute $7.5 billion, or 17.1 percent of GDP, by 2018." ...
for the complete story
Boating industry sales down
from today's Boating Industry News (9/9):
Dealer sales down more than 20 percent
Boating Industry
Tuesday September 9, 2008
"SIOUX FALLS, S.D. – The average dealer tracked by Spader Business Management is reporting total dealership sales of $5,775,321 for the seven months ending July 31, compared to $7,384,642 during the same period of last year, a decline of 21.8 percent.
The major factor influencing that decline was a 26.4-percent drop in new boat sales to $3,517,621. However, dealers also reported declines in revenue from marina, service, parts & accessories and finance & insurance." ...
for the complete story
Dealer sales down more than 20 percent
Boating Industry
Tuesday September 9, 2008
"SIOUX FALLS, S.D. – The average dealer tracked by Spader Business Management is reporting total dealership sales of $5,775,321 for the seven months ending July 31, compared to $7,384,642 during the same period of last year, a decline of 21.8 percent.
The major factor influencing that decline was a 26.4-percent drop in new boat sales to $3,517,621. However, dealers also reported declines in revenue from marina, service, parts & accessories and finance & insurance." ...
for the complete story
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