Chicago's Wilson Yards lands financing

from today's Crain's Chicago Business (10/24):

Wilson Yard developer lands financing for Uptown project
By: Andrew Schroedter Oct. 24, 2008

"(Crain’s) — After years of delays, Chicago developer Peter Holsten has finally nailed down the financing to complete his long-awaited $151-million Wilson Yard project in Uptown. The city of Chicago has already agreed to provide Mr. Holsten with $51 million in tax increment financing for the Target Corp.-anchored project on Broadway between Montrose and Wilson avenues. And Minneapolis-based Target is contributing about $33 million.

But with the credit markets in near lockdown, Mr. Holsten scrambled to piece together the remaining $67 million to finance the mixed-use project that's been slow to get off the ground. The Aldi Inc. store that opened in June is all that stands at the 5.7-acre site, formerly a massive Chicago Transit Authority train repair shed." ...

for the complete story

Quarry Falls (San Diego) mixed use gets approval

from today's California Real Estate Journal (10/24):

City Council Approves 230-Acre Mixed-Use Project

"SAN DIEGO - The San Diego City Council approved the proposed 230-acre Quarry Falls Community in a 7-1 vote.

This was the final step in the approval process and Sudberry Properties Inc. will begin working on detailed construction documents for the project's design." ...

for the complete story

Dallas convention center hotel in the works

from the Dallas Morning News (10/22):

Dallas City Council approves pre-design work for convention center hotel
08:48 PM CDT on Wednesday, October 22, 2008
By DAVE LEVINTHAL and RUDOLPH BUSH / The Dallas Morning News

"Dallas City Council members on Wednesday approved paying construction firm Matthews Southwest $4 million for pre-design work on a publicly owned Dallas Convention Center hotel.

The action was a minor step in City Hall's effort to construct the estimated $500 million-plus development, funded primarily by revenue bonds, that officials consider crucial to Dallas' economic health. Nonetheless, dozens of hotel supporters and opponents used the agenda item as a platform to air their broader concerns or superlatives." ...

for the complete story

Aqueduct to get casino complex

from this morning's NY Times (10/24):

Casino Complex to Be Built at Aqueduct
By JEREMY W. PETERS

"After seven years of political wrangling and delay, a deal to build a casino at the Aqueduct racetrack is now in place.

Under a contract announced by the Paterson administration on Thursday, a Buffalo company will construct a complex featuring a 184,000-square-foot gambling floor and 4,500 video gambling terminals, multiple restaurants including one with a 600-seat buffet, at least 300 hotel rooms and a 60,000-square-foot conference center.

The Buffalo company, Delaware North, said it planned to start construction in early 2009 and finish the casino, its adjoining restaurants and the parking structure in about a year. The project will be completed in phases within five years, it said.

In its promotional material, Delaware North has boasted that the complex will be “all right in the heart of Queens,” a subway ride away on the A train. The track is in South Ozone Park just northwest of Kennedy Airport.

For the casino itself, gamblers should think more arcade than Atlantic City. There will be no blackjack tables with dealers, or roulette wheels. Instead the casino will have video-screen terminals that will accept money for virtual hands of poker and other games." ...

for the complete story

Top 10 airport hotels

from yesterday's USA Today (10/23):

10 great places to cool your jets at an airport hotel

"Getting there is more than half the fun if you stay at the next generation of airport hotels, revamped to make a night near the runways more fun.Peter Greenberg (petergreenberg.com), travel editor of NBC'sToday show and author of the upcomingDon't Go There! The Travel Detective's Essential Guide to Must-Miss Places of the World (Rodale Books, $17.95),shares his favorite new airport hotels with Kathy Baruffi for USA TODAY.

The Fairmont Vancouver Airport
Vancouver, British Columbia

"The cool thing about this hotel is its location: inside the U.S. departures terminal," Greenberg says. "As an added bonus, if you're going fishing, they have a 'fish valet' to store your catch." All guest rooms have floor-to-ceiling soundproof windows. Views include the North Shore Mountains and airport runways, as well as partial views of the Pacific. 604-207-5200; fairmont.com/vancouverairport

Hyatt Regency Orlando International Airport
Orlando

"The cool thing about this hotel is that the bellman actually meets you at baggage claim, and you can't really get stuck in traffic on the way to the airport: You're already inside the terminal," Greenberg says. The hotel is great for families, particularly if they have a late-night arrival or early departure. 407-825-1234" ...

for the complete list

Port Orange, FL rezones for resort

from this morning's GlobeStFL (10/24):

Last updated: October 23, 2008 06:41pm

Seabird Island May Rezone for Resort
By John McCloud

"PORT ORANGE, FL-City and development officials have given tentative approval to a rezoning plan that would allow demolition of a mobile home park on Seabird Island to make way for a 14-story luxury resort hotel. Locally based Halifax Properties LLC says the project would include a 264-room hotel, a 100-slip marina, meeting facilities, a restaurant and retail shops.

The hotel would be built next to the Dunlawton Avenue causeway and bridge on the Halifax River. Amenities would include a spa, exercise facilities, lounges, gift shops and a banquet-meeting space for up to 500 guests. A free-standing restaurant is also planned." ...

for the complete story

Aliate gets Vegas Gaming Commission ok

from today's Las Vegas Review-Journal (10/24):

It's wait and see for Aliante
Debt concerns arise in licensing hearing
By ARNOLD M. KNIGHTLY
REVIEW-JOURNAL

"Station Casino executives told state gaming regulators Thursday they don't know how well the $662 million Aliante Station will perform when it opens next month given current economic conditions.

"There's not a lot of visibility in our business today," said Thomas Friel, Station Casinos' chief accounting officer. "It's a bit of a crap shoot to figure out where things might be."

The Nevada Gaming Commission unanimously approved licensing of the North Las Vegas property, which is scheduled to open Nov. 11, but asked the gaming company's executives questions about how the company plans to operate the property in the current market.

Gaming revenue in North Las Vegas declined 17.81 percent in August to $18.1 million, and is down 6.3 percent to $284.7 million for the last 12 months ending Aug. 31." ...

for the complete story

******************
from this morning's GlobeSt (10/24):

UPDATE Last updated: October 23, 2008 04:34pm

Commission OKs License for $675M Casino
By Bob Howard

"LAS VEGAS-The Nevada Gaming Commission on Thursday unanimously approved the licensing application for Aliante Station, a $675-million off-Strip casino hotel that is slated to open for gambling next month. The Nevada Gaming Control Board, an operating arm of the five-member Gaming Commission, recommended approval of the application last month.

Aliante Station is a 50-50 joint venture of Station Casinos and members of the Greenspun family, which owns the Las Vegas Sun newspaper and is the developer of the 1,905-acre Aliante planned community through the family business, Greenspun Corp. The 40-acre Aliante Station development is nearing completion off the northeast corner of Interstate 215 and Aliante Parkway in North Las Vegas. The project includes 202 hotel rooms, a casino, six restaurants, and food court plus a concert venue with seating for 600, a 16-screen movie theater and 14,000 sf for meetings and banquets.

The hotel rooms will range from 400 sf to 1,500 sf and will include 42-inch plasma TVs, CD players with iPod jacks and high-speed Internet. Room rates start at $60 a night. While the casino will open Nov. 11 at 11 p.m., the first day guests will stay in the hotel rooms is Jan. 1, 2009, according to company officials." ...

for the complete story

DC redevelopment plan announced

from this morning's GlobeSt (10/24):

Last updated: October 24, 2008 10:46am

DC Unveils 178-Acre Redevelopment Plan
By Erika Morphy

"WASHINGTON, DC-DC wants to create five neighborhoods that will encompass some two million sf of development and 750,000 sf of redevelopment of historic buildings in a 173-acre District-controlled campus along Martin Luther King, Jr. Avenue. Mayor Adrian Fenty has just unveiled the draft St. Elizabeths East Redevelopment Framework Plan." ...

for the complete story

Singapore tourism

from yesterday's Channel NewsAsia (10/22):

Singapore's tourism industry expected to see turnaround in 2 years
By : Asha Popatlal, Channel NewsAsia
Date : 22 Oct 2008 2113 hrs (GMT + 8hrs)

"SINGAPORE : The general tourism scene may not be rosy because of the global financial crisis, but Singapore is looking at a travel turnaround in about two years." ...

"The number of travellers into Singapore went into negative territory from the middle of this year, after months of growth.

Lim Neo Chian, deputy chairman and chief executive, Singapore Tourism Board, said: "In the Singapore context, we saw some softening of inbound travel into Singapore from June onwards. (During the) first six months, we had more than 4 per cent growth and last year, we had 6 per cent growth. So for (the) first six months it is still pretty okay. " ...

"But Singapore government officials remain optimistic about a medium-term recovery by 2010. That is because projects like the integrated resorts, Gardens by the Bay and Youth Olympic Games will take off then." ...

for the complete story

Orlando hotel occupancy down

from yesterday's Orlando Sentinel (10/22):

Occupancy erodes at Orlando-area hotels in September
Sara K. Clarke
Sentinel Staff Writer
October 22, 2008

"Fewer than half of Orlando's hotel rooms were filled in September, as the area's overall occupancy rate fell by more than 10 percent from a year earlier.

Occupancy in the Orlando market was 45.9 percent last month, compared with 51.1 percent in September 2007, according to data released Tuesday by Smith Travel Research.

A slumping economy and high gas prices combined with the threat of hurricanes to keep tourists away. Revenue per available room, a key industry measure, was down 11.9 percent from a year ago." ...

for the complete story

Las Vegas Sands apartment hotel sales

from yesterday's Business Week (10/22):

Las Vegas Sands gets OK on apartment-hotel sales

"Las Vegas Sands Corp. said Wednesday that the Asian gaming enclave of Macau has approved the legal separation of its Four Seasons apartment-hotel tower from the rest of the parcel, clearing the way for the sale of cooperative interests in the units and an on-site mall.

The hotel and casino operator, which operates The Venetian resorts in Las Vegas and Macau, said the apartment-hotel will be transferred to a separate cooperative holding company.

Las Vegas Sands Chief Executive Sheldon Adelson said sales of the co-op units and the luxury mall would lower the company's debt burden or provide funding for future projects.

Analysts have said that the company is seeking to refinance $3.3 billion of debt and raise $2 billion for its projects in Macau." ...

for the complete story

STR releases 2008, 2009, 2010 projections

from today's HNN newsbriefs (10/23):

STR releases 2008, 2009, 2010 projections
23 October 2008 1:39 PM
By HNN Newswire

"HENDERSONVILLE, Tennessee—STR released its revised 2008 and 2009 forecasts and its projections for the U.S. hotel industry’s performance in 2010.

“We look for things to get tougher before they get better,” said Randy Smith, CEO of STR. “We’ve had an entire year in which we’ve had a cheap dollar fuelling more international visitors, and New York to date has had another good year. We expect those two things to level, so two of the things that have been good for the U.S. lodging industry aren’t going to be there in the foreseeable future.”

The revised 2008 forecast includes the following:
• a 3.0-percent drop in occupancy from year-end 2007 to 61.2 percent;
• a 3.4-percent increase in average daily rate average from year-end 2007 to $107.44;
• a 0.4-percent increase in revenue per available room from year-end 2007 to $65.75; and
• a 2.5-percent increase in supply and a 0.5-percent decrease in demand." ...

for the complete press release

AmX releases adjustments to Global Business Travel Forecast for 2008

AMERICAN EXPRESS BUSINESS TRAVEL ANNOUNCES ADJUSTED RESULTS OF FORECAST IN ANTICIPATION OF GLOBAL ECONOMIC SLOWDOWN

"Potential Decreases in the Cost of Airfares Likely; Prices Could Move from -3 Percent to 5 Percent for Domestic Air Travel in North America; Hotel Occupancy is Expected to Decline and Hold Rates Steady

NEW YORK, October 22, 2008 -- American Express Business Travel today published its annual Global Business Travel Forecast and Trends report. Originally slated for release in September, the American Express Advisory Services department responsible for producing the report delayed its release in order to evaluate the impact of market activities that have occurred over the last 30 days. In the past weeks, modifications were made to reflect the potential impact of the anticipated global economic slowdown. In certain markets, the Forecast predicts a negative increase in 2009 to airfares and hotel rates. Both suppliers and buyers of travel and related services are expected to face new operating challenges in the coming year." ...

for the complete press release

San Francisco creates Tourism Improvement District

from yesterday's San Francisco Business Times (10/22):

Wednesday, October 22, 2008 - 2:49 PM PDT

S.F. hotels to boost city's tourism funds
San Francisco Business Times - by Sarah Duxbury

"Mayor Gavin Newsom has made a Tourism Improvement District a key part of his economic stimulus package.

The district could generate $27 million in its first year alone, and it is similar to a business improvement district, only bound by business type rather than geography.

Of that $27 million, $9 million would go toward much needed upgrades to Moscone Center; almost $18 million would be spent marketing and promoting San Francisco and its hotels.

The TID “will ensure that San Francisco’s No. 1 industry will remain competitive long into the future. We will be able to reach out to markets where we’ve not been able to aggressively compete in the past,” said Joe D’Alessandro, CEO of the SFCVB. “What this new budget will do is still put us behind our competitor cities like San Diego and Los Angeles, but up to this point we have had resources far below what those markets have.”

Under the 15-year assessment agreement, all tourist hotels have been divided into two zones. Zone 1 is essentially all hotels east of Van Ness and north of 16th Streets. They will be assessed 1.5 percent on gross revenue from tourist rooms for the first five years of the TID, and then 1 percent of gross revenue for years 6 to 15. Zone 2 hotels are those located west of Van Ness and south of 16th Street. They will pay 1 percent of gross room revenue for the first five years and 0.75 percent of revenue for years 6 to 15." ...

for the complete story

Caesers Palace new tower taking shape

from today's Las Vegas Sun (10/23):

Caesars empire goes modern with latest hotel expansion
By Liz Benston
Thu, Oct 23, 2008 (2 a.m.)
Steve Marcus

"The $1 billion, 665-room Octavius Tower at Caesars Palace was topped off this week. When it opens next summer, it will have 665 modern hotel rooms. After the expansion, Caesars Palace will have more than 4,000 hotel rooms and 300,000 square feet of convention space.

These days, Caesars Palace is looking a lot less Roman Empire and more Empire State.

At a time when casinos are forced to work harder to attract business, Caesars Palace is trying its best to bridge old and new Vegas by luring new, more discriminating tourists and younger hipsters as well as regulars who appreciate the property’s legacy.

The under-construction tower features the same white-walled Romanesque look of the adjacent Augustus tower and, like Augustus, sits apart from the casino and across the themed pool and garden complex known as the Garden of the Gods. Roman statues abound, and guests can grab snacks at a bar appropriately named Snackus Maximus.

Yet inside, the tower’s 665 rooms will feature a bold, modern look by Wilson Associates, which created the muted, urbane look of the Augustus rooms, with nary a Roman column or statue in sight." ...

for the complete story

Tampa Bay industrial and flex space hit by downturn

from this morning's GlobeSt (10/23):

Last updated: October 22, 2008 07:45pm

Economy Hammers Bay Area Industrial
By Carl Cronan

"TAMPA, FL-The national economic downturn is battering the Tampa Bay industrial market, pushing vacancy upward by nearly a full percentage point during the third quarter, based on research by local brokerages. At the same time, rents have managed to hold steady despite increased competition between local landlords.

Overall vacancy of industrial and flex buildings measured 7.8% through the last quarter, rising from 6.9% at midyear for Hillsborough, Pinellas and Polk Counties, according to Clearwater-based Colliers Arnold. While that is still below the US industrial vacancy average of 8.5%, it reflects that Tampa Bay is no longer as insulated from national market conditions as it used to be." ...

for the complete story

Global travel and tourism economic data

World Economic Forum's link to Global Travel and Tourism Competitiveness Report 2008

Global Competitiveness Report names top countries

from today's Business Week Europe Insider news (10/23):

October 22, 2008, 12:51PM EST text size: TT

Top Countries in Global Competitiveness
Despite this year's global market turmoil, many of the same countries, including the U.S., remain atop the World Economic Forum ranking
By Matt Mabe

"The global economy has been under threat for more than a year, and events in recent months have taken matters to a crisis stage. But judging by the World Economic Forum's annual Global Competitiveness Report, you would hardly know it. So far the financial meltdown has had little effect on the relative competitiveness of the world's most advanced countries, according to the ranking.

Of the record 134 countries surveyed this year, the majority at the top of the list remain European, while the U.S. continues to hold on to the No. 1 spot and Canada squeezes into the top 10. As in previous years, Singapore and Japan are the only Asian countries included at the top of the list, though Hong Kong comes close, at No. 11." ...

for the complete story

for a link to the Global Competitiveness Report

Spain's economic outlook

from today's Business Week Europe Insider news (10/23):

The Economic Outlook for Spain: Bleak
The collapse in housing and construction has combined with the global financial crisis to create one of Spain's worst periods in decades
By Manuel Baigorri
October 16, 2008, 11:36AM EST

"When Romanian-born Ion Lacureanu migrated to Spain five years ago, he found himself in one the fastest-growing countries in the European Union. Spain's booming job market and average annual economic growth of 3% were the envy of the region. Soon the 38-year-old Lacureanu was flourishing as a self-employed construction worker in Valladolid, a city of 320,000. He earned €2,200 ($2,975) a month and had so much work he had to hire other workers to help him out." ...

"Spain's decade-long construction boom began to run out of steam last year (BusinessWeek, 12/3/07), and now the global financial crisis is drying up the international funding that financed the country's huge infrastructure investments. Antonio Argandoña, professor of economics at Barcelona's IESE business school, says the construction industry, which spurred gross domestic product growth in the last decade, is going to stall for the next five to seven years. That in turn will spark unemployment and drag down investment and consumer spending.

Loss of EU Subsidies
Making matters worse, the European Union also has cut back on its financial support for Spain, since the EU now has to shift subsidies to newer members in Eastern Europe. "We are in danger of a general economic collapse," says Argandoña. "We'll see negative growth within this year…This is a long and deep crisis." During the second quarter of 2008, Spain's GDP increased just 1.8% from the same period a year earlier, the lowest growth rate in more than a decade. The International Monetary Fund now forecasts GDP growth this year of just 1.4%, and a 2% decline in 2009." ...

for the complete story

Bank of Canada's Monetary Policy Report released

from this morning's Royal Bank of Canada's Daily Economic Update (10/23):

Monetary Policy Report paints somber picture of growth in both Canada and the United States

"The statement issued by the Bank of Canada following Tuesday’s policy meeting, when the overnight rate was cut by 25 basis points to 2.25%, indicated significant revisions to the economic outlook for both Canada and the United States. The Bank indicated that it was projecting that the U.S. economy was already in recession. The statement also indicated that in the face of weaker U.S. and global growth, lower commodity prices and tighter credit conditions, the outlook for Canada’s growth rate was also being cut. The reduction was most marked with respect to 2009 — the expected increase in GDP was slashed to 0.6% from a 2.3% gain projected in July, although it did not suggest the Canadian economy was expected to fall into recession. This morning’s Monetary Policy Report (MPR) provides more detail on these revisions along with the implications for the Bank’s outlook for inflation.

The quarterly pattern of growth in Canada is one of an economy avoiding a recession but by the barest of margins. The central bank is projecting a 0.4% annualized decline in the fourth quarter followed by no growth in first quarter of 2009. (Growth in the third quarter of 2008 is projected to remain in the positive column, rising 0.8%.) This base case forecast clearly leaves the Canadian economy vulnerable to falling into recession in the face of any intensification of the negative factors weighing on the economy. Growth returns the positive column in the second quarter of 2009 of about 0.8% followed by relatively stronger activity in the second half of next year with growth in the third and fourth quarters averaging 2.2%. On an annual basis, this quarterly profile translates to growth of 0.6% in 2009 (unchanged from a projected 0.6% gain expected this year) but then jumps to 3.4% in 2010." ...

for the Bank of Canada's reports

Canadian retail sales down

from yesterday's Royal Bank of Canada's Daily Economic Update (10/22):

Canadian retail sales decline in August

"Nominal retail sales fell 0.3% in August in line with market expectations following gains of 0.6% and 0.1% in June and July, respectively. A decline had been widely expected because of earlier reports of a drop in unit auto sales that was reflected in the 1.2% drop in the new car component in today’s report. Excluding the volatile auto sales component for both new and used vehicles, sales were also down 0.3%. This was weaker than market expectations of unchanged sales activity. Price changes had no impact on overall sales — the volume of activity fell a similar-sized 0.3%." ...

for further sata

NJ beach hotel redeveloped as condos

from yesterday's GlobeStNJ (10/22):

Last updated: October 22, 2008 09:43am

Old Hotel Site Reborn as Luxury Condos
By Alyson Grala

"DIAMOND BEACH, NJ-Set to launch in early summer 2009, work is under way for the 125-unit first phase of the Grand at Diamond Beach residential condos. The project is located on 1,500 feet of private oceanfront property at 9600 Atlantic Ave. between Cape May and Wildwood.

Chester, PA-based developer Mita Management scooped up the beachfront property, which previously housed the Seapointe Hotel, in spring 2003, from the Masserella family. The Grand at Diamond Beach won approval in late 2007 and preliminary work began earlier this year." ...

for the complete story

Fort Wayne (IN) stadium mixed-use project sees cut in condo development

from yesterday's GlobeSt (10/22):

UPDATE Last updated: October 22, 2008 02:08am

Barry Halves Condos at $125M Downtown Project
By Robert Carr

"FORT WAYNE, IN-Citing the economic downturn, the sales agents for the Harrison condo project here have slashed the number of units in half, from 62 down to 30, though some are being enlarged from owner requests. Atlanta-based Barry Real Estate is developing the condo building, which will cost about $14.5 million, along with the rest of the $125 million Harrison Square project, which includes a hotel, a minor-league baseball stadium, a 900-car parking garage and 30,000 sf of retail." ...

for the complete story

Kings arena/Cal Expo development economics to be analyzed

from yesterday's Sacramento Bee (10/22):

Kings arena plan for Cal Expo expected within 90 days
NBA TO ORDER STUDY OF CAL EXPO PROPOSAL
mlvellinga@sacbee.com
Published Wednesday, Oct. 22, 2008

"The NBA and Cal Expo expect to produce a plan within 90 days to build a new Kings arena at the state fairgrounds, an NBA consultant said Tuesday.

Representatives of the league and Cal Expo have spent five months working on a conceptual blueprint for the revamping of Cal Expo into a "village" with a modern fairgrounds, arena, housing, office, entertainment and retail uses.

Now the NBA will commission a study to examine the plan and tweak it so that it's financially feasible.

That study should take about two months, said John Moag, the NBA's point man on the arena.

He expects to be back before the Cal Expo board in December or January. At that point, the board will decide whether to solicit developer proposals to execute the plan for the 360-acre fairgrounds." ...

for the complete story

Gwinnett County (GA) getting new, "themed" comprehensive plan

from yesterday's Atlanta Journal-Constitution (10/22):

GWINNETT COUNTY: New land use plan has themes
By Michael Pearson
The Atlanta Journal-Constitution
Wednesday, October 22, 2008

"Gwinnett County’s new comprehensive plan is nearly done and, for the first time ever, the plan truly is comprehensive.

Two years ago, Gwinnett officials set out to combine their land use, transportation and housing plans into one coordinated study and plan, something regional planners say few other counties have done." ...

"Since Georgia law began requiring governments to complete such plans in 1989, most governments have prepared those plans separately, leading to policies that can appear disjointed, said Dan Reuter, land use chief for the Atlanta Regional Commission." ...

"Gwinnett’s new plan includes a series of policy recommendations for the county clustered under themes —- maintaining economic development, fostering redevelopment, maintaining transportation mobility, providing for housing choices and keeping Gwinnett a preferred destination for residents and businesses.

It also changes the presentation of the county’s land use map, a frequent friction point in zoning disputes." ...

for the complete story

New Orleans technology corridor

from yesterday's Times-Picayune (10/22):

I-10 technology corridor rated as 'a perfect 10'
Wednesday, October 22, 2008
By Carol Wolfram
St. Tammany bureau

"More than 100 business, political and civic leaders met recently to hear the outcome of a study conducted by AngelouEconomics on prospects for the Interstate 10 technology corridor. In a nutshell, principal executive officer Angelos Angelou rated the length of I-10 stretching through Slidell "a perfect 10."

Presented by the St. Tammany Economic Development Foundation, "A Perfect 10: An Update on the I-10 Economic Corridor" report was based on one year of data collected by the AngelouEconomics team." ...

for the complete story

Pittsburgh state hospital rezoned for redevelopment

from today's Pittsburgh Post-gazette (10/23):

Mayview zoning change aims to spur redevelopment
Thursday, October 23, 2008
By Brian David, Pittsburgh Post-Gazette

"South Fayette commissioners Monday night changed the Mayview State Hospital property from residential to business park zoning, paving the way for redevelopment after the hospital is closed and the property sold.

Township Manager Mike Hoy also is drafting two new zoning designations for the 300-acre property along Chartiers Creek.

One is a recreational zoning, geared for a portion of the property bordering Fairview Park; the other is a village commercial concept, which would mix business and residential uses to create an old-fashioned town center with modern amenities." ...

for the complete story

BLM opening 197 acres of UT for geothermal development

from today's Desert Morning News (10/23):

Land to open for geothermal work
18 areas of Utah could be affected
By Stephen Speckman
Deseret News
Published: October 23, 2008

"Interior Secretary Dirk Kempthorne said Wednesday that the federal government plans to open 197 million acres of public land, including 18 areas in Utah, for geothermal development.

The Bureau of Land Management oversees 118 million acres of that land, and the National Forest Service manages 79 million acres.

Kempthorne predicted 270 Western communities could benefit directly from geothermal resources in 12 Western states, where most of those resources are under federal land.

The plan calls for amending 122 BLM land-use plans to allow geothermal power development that could provide as much as 5,540 megawatts of new electricity for 5.5 million homes by 2015. Kempthorne predicted that by 2025, geothermal energy could bring electricity 12 million homes." ...

for the complete story

U.S occupancy and RevPAR down in September

from today's Hotels enews (10/22):

U.S. Occupancy, RevPAR Drops In September
-- Hotels, 10/22/2008 7:25:00 AM

"HENDERSONVILLE, Tenn.—The U.S. hotel industry posted year-over-year declines in occupancy and revenue per available room during September, but experienced a gain in average daily rate, according to data from STR.

In year-over-year measurements, the industry’s ADR rose 3.0 percent in September to $107.31 (from $104.14 during September 2007). Occupancy in September fell 5.9 percent from September 2007 to 60.6 percent from 64.5 percent. RevPAR for the month declined 3.1 percent to $65.08 from $67.13.

For the third quarter, overall U.S. hotel numbers (compared with third quarter of 2007) included a 3.7-percent drop in occupancy to 65.8 percent from 68.4 percent, a 2.7-percent rise in ADR to $106.93 from $104.08, and a 1.1-percent decline in RevPAR to $70.40 from $71.19. Top 25 markets with the largest third-quarter RevPAR gains over the third quarter of 2007 were New Orleans (+20.2 percent), Denver (+12.3 percent), Houston (+11.8 percent), New York (+8.4 percent), San Francisco (+7.8 percent) and Dallas (+6.4 percent)." ...

for the complete story

Marriott breaks ground on 2 green hotels in VA

from today's Hotels enews (10/22):

Marriott Breaks Ground On Two "Green" Virginia Hotels
-- Hotels, 10/22/2008 1:15:00 PM

"ARLINGTON, VA – October 22, 2008 — Today, Congressman Jim Moran (D-VA-8) and Chris Zimmerman, Arlington County Board Member, joined The JBG Companies and Marriott International, Inc. to officially break ground on two major hotels, the Renaissance Crystal City Potomac Yards and the Residence Inn Crystal City Potomac Yards. The hotels are owned by The JBG Companies and will be managed by Marriott. Both properties are also anticipated to be LEED® certified “green” buildings when complete – the first hotels of such distinction in Arlington County.

Wells Fargo arranged $128.7 million in construction financing for the project. Three other financial institutions participated in the loan. Katherine Reid of Wells Fargo Real Estate Merchant Banking Group in Washington oversaw the transaction." ...

for the complete story

Marriott breaks ground on 2 green hotels in VA

from today's Hotels enews (10/22):

Marriott Breaks Ground On Two "Green" Virginia Hotels
-- Hotels, 10/22/2008 1:15:00 PM

"ARLINGTON, VA – October 22, 2008 — Today, Congressman Jim Moran (D-VA-8) and Chris Zimmerman, Arlington County Board Member, joined The JBG Companies and Marriott International, Inc. to officially break ground on two major hotels, the Renaissance Crystal City Potomac Yards and the Residence Inn Crystal City Potomac Yards. The hotels are owned by The JBG Companies and will be managed by Marriott. Both properties are also anticipated to be LEED® certified “green” buildings when complete – the first hotels of such distinction in Arlington County.

Wells Fargo arranged $128.7 million in construction financing for the project. Three other financial institutions participated in the loan. Katherine Reid of Wells Fargo Real Estate Merchant Banking Group in Washington oversaw the transaction." ...

for the complete story

Krikorian focusing on gaming

from yesterday's Market Watch (10/21):

Tracinda to sell up to $300 million in Ford stock
By Steve Gelsi, MarketWatch
Last update: 4:04 p.m. EDT Oct. 21, 2008NEW YORK (MarketWatch) --

"Tracinda Corp., the holding company for billionaire investor Kirk Kerkorian, on Tuesday said it may sell its entire 6% stake in Ford Motor Co., valued at more than $300 million, as it changes its investment focus to the gaming and energy sectors.
Tracinda disclosed it sold 7.3 million shares of Ford (FFord Motor Company F) on Oct. 20 at an average price of $2.43 a share for proceeds of about $17.7 million.

The Los Angeles company said it will focus on the gaming and hospitality, as well as the oil and gas industries, "in light of current economic and market conditions." "...

for the complete story

U.S. domestic travel predicted to plumet

from today's PR Newswire (10/22):

Economic Headwinds Will Slow 2008 U.S. Domestic Travel to 1.99 Billion Person-Trips

International Arrivals to Advance by 7.2%; Expected Declines in Business
and Leisure Travel Will Make 2009 a Challenging Year

"WALTHAM, Mass., Oct. 22 /PRNewswire/ -- Global Insight, the world's
leading company for economic and financial analysis and forecasting,
recently acquired by IHS (NYSE: IHS), today released the third quarter 2008
update of U.S. Travel Insights which calls for a year-over-year decline in
the total number of domestic Person-Trips, and continued, albeit less
robust, growth in international arrivals.

Recent challenges in the U.S. and global economies, exacerbated by the
global credit crisis and a less vigorous tax rebate bounce, will cause
domestic travel volume to falter in the second half of 2008. While volume
will decrease, travel spending will continue to show some growth due to
rising transportation and hotel prices. Travel inflation has been
problematic since 2006, however, relief is already underway as
transportation and accommodation prices have begun to moderate." ...

for the complete release

Sands on Macau expansion

from yesterday's Las Vegas Review-Journal (10/21):

Sands denies Cotai report
Development on track, says official
By HOWARD STUTZ
REVIEW-JOURNAL

"A Las Vegas Sands Corp. spokesman on Monday disputed reports in the Asian media that the company is dumping plans to borrow almost $5.25 billion to complete a portion of its Cotai Strip expansion development.

Instead, the casino operator is seeking smaller-scale financing for individual projects on the Cotai region of Macau that are expected to open late next year." ...

for the complete story

Slidell (LA) master plan reviewed

from today's Times Picayune (10/14):

Planners tour Slidell, assess needs
Team to review new master plan Tuesday, October 14, 2008
By Christine Harvey

"Volunteers from the American Planning Association toured Slidell on Monday to help assess the city's planning needs and offer guidance as the city continues its recovery from Hurricane Katrina.

The planners arrived in New Orleans last week to attend a workshop about the city's future. They are also spending three days in Slidell, becoming familiar with this city and learning about the challenges that lie ahead.

The four-member team, hailing from throughout the country, will review the city's recently completed master plan as well as the new design guidelines for Olde Towne and the Fremaux Avenue corridor, especially important now that the new Interstate 10 interchange at Fremaux has opened. In addition, the members will meet with residents to determine what they want the city to look like in the future." ...

for the complete story

Foxwoods downgraded

from today's The Day (CT):

Mashantuckets' Credit Rating Lowered
High debt, declining Foxwoods revenues cited in downgrade
By Heather Allen Published on 10/14/2008

"Concerned by the amount of debt that the Mashantucket Pequot Tribe has taken on, Standard & Poor's Rating Services has lowered the tribe's credit rating.

The tribe's credit rating was downgraded from BB+ to BB- on Friday and, according to S&P, the rating reflects “the tribe's high debt leverage, limited geographic diversity and significant historical and expected distributions to tribal members.”

A company with considerably more debt than equity is considered highly leveraged." ....

for the complete
story

Hotels, venues, tradeshows, conferences, and conventions news

Tradeshow Week (9/29): sustainable conference/convention centers; emerging markets convention facilities

Hotels (Sept): special country feature on Portugal; special report on Mexico, Central America, and South America; spa facilities at Trump Chicago hotel

Venues Today (Sept): carnival market in the current economy; arenas without teams; arenas use outdoor space; demolition of Philadelphia's Spectrum and Dallas' Reunion; minor league hockey; US Gymnastics on tour

Tradeshow Week (9/22): Anchorage Convention center opens; Mexico's convention centers; Pacific Northwest region review

M&C (Sept): Miami may drop SMG; themed meeting venues; new airport hotels; train destination meetings; walkable convention cities; destination guides on: Baltimore, MD; NC; SC; New England; Orange County, CA; Dubai, UAE

M&C Incentives feature issue (Sept): destinations: AK; Barbados; Krakow

Tradeshow Week (10/6): San Diego convention center expansion plans; Santa Fe, NM new convention center; Philadelphia getting new hotel rooms

EIU on emerging markets

The Economist Intelligence Unit has a new news site for emerging international markets for your enjoyment --

EIU's New Wave Markets

K Street (Sacramento, CA) land deal done

from today's Sacramento Bee (10/8):

Council approves K Street land deal
By Mary Lynne Vellinga - mlvellinga@sacbee.com
Published 12:00 am PDT Wednesday, October 8, 2008

"The Sacramento City Council approved a settlement Tuesday with downtown property owner Moe Mohanna that will clear the legal logjam blocking redevelopment of the bleakest stretch of K Street.

Approved unanimously by council members meeting in closed session, the settlement of the city's eminent domain lawsuit against Mohanna includes payment of $18.6 million in city redevelopment funds for his nine properties in the 700 and 800 blocks of K Street.

Mohanna also has agreed to drop the various lawsuits he filed against the city.

Mayor Heather Fargo said the settlement probably will be finalized in Sacramento Superior Court by the end of this week." ...

for the complete story

retail and restaurant news

Shopping Centers Today (Oct): Rochester (NY)Midtown Plaza closes; Canada's dept store troubles; Egypt; Latin America

Retail Traffic(Sept): investing in retail real estate; department store slumps; vacancy rates; area focus -- CA

Retail Architecture (Retail Traffic special issue) (Sept): branding/architecture balance

Shopping Center Business (Sept): Cabela's outfitters; CA retail trends; CA city-by-city demographics-retail trends; retail leasing in Southern CA; demalling

Shopping Centers Today (Sept): new outlet developers; luxury outlet retailers; Latin American convenience retail boom; green development; virtual retail; China and national retail; retail in Albania

Nation's Restaurant News (9/22): Las Vegas housing/restaurant market

Value Retail News (Sept): Tanger Phoenix plans; Niagara Falls market; Alberta megamall plans

Canadian film tax credits survive attack

from today's Star Phoenix (Ontario, Canada) (10/7):

Tories abandon plans to deny tax breaks to 'offensive' films
Janice Tibbetts, Canwest News Service
Published: Tuesday, October 07, 2008

"OTTAWA - The Conservatives, under attack for cuts to arts and culture programs, made an overture to Canadian film community Tuesday by promising to abandon controversial plans to deny federal tax credits to movies and TV shows deemed to be offensive.

The concession, contained in the party's election platform, was described by opponents and supporters as an attempt to appease the alienated cultural community, particularly in Quebec, which has mobilized over $45 million in program cuts announced shortly before the election." ...

for the complete story

New volumes

general business news

Forbes Life (Sept): review of Irish golf courses

Forbes (9/29): Wilderness Society destination resort; Indianapolis Colts; table on NFL revenues

Fortune (9/15): business in Russia

Rec, gaming, and sports news

Journal of Sports Economics (Oct): summer Olympics economics; MLB team revenues in relation to population and fan type

World Waterpark (Sept): special event hosting; Aqua Dome (Tralee, Ireland); Sea World’s Aquatica (Orlando); Grand Paradise, Collins, MS; Xtream, New Zealand

Casino Enterprise Management (Sept): market growth and loyalty programs

Native American Casino (Sept): Downstream Casino Resort – Quapaw Tribe—OK; Potawatomi casino expansion (WI); F&B at Akwesasne Mohawk Casino (NY)

Aquatics (Sept): creative programming for this economy; top waterparks—list, numbers, and bios

Native American Casino (Oct): Black Bear Casino, Carlton, MS

IGWB (Sept): Philadelphia casinos; Boyd cancels Echelon building (ERA project); Saskatchewan Indian Gaming Authority to manage Taiwan casinos; Loas opening casino on Thai border; MGM Mirage corp finances; Argentina opening casino/hotel/convention center complex; Taiwan getting casinos

Grand Canyon Skywalk drawing large crowds still

from today's Indian Country Today (10/6):

Hualapai’s Grand Canyon Skywalk draws thousands
By Redwing Cloud, Today correspondent
Story Published: Oct 6, 2008
Story Updated: Oct 6, 2008

"PEACH SPRINGS, Ariz. – “You Can Do It!” declares a sign to visitors who take their first step onto the glass footbridge suspended 70 feet from the edge – a more than 4,700-foot drop to the canyon floor below.

This innovative horseshoe-shaped structure is owned by the Hualapai Indian Tribe of Peach Springs ... and has to be experienced to be believed." ...

for the complete story

Indian gaming impacts on 2 MI communities

from yesterday's Columbus Dispatch (10/5):

Casino's effects mixed for town in Michigan
Same developer will build Ohio casino if it wins vote
Sunday, October 5, 2008 3:31 AM
By James Nash
THE COLUMBUS DISPATCH

"NEW BUFFALO, Mich. -- Barbara Flies has lots of reasons to dislike her new neighbor.

Cars bring visitors at all hours of the day and night, turning Flies' formerly quiet two-lane road into a pulsing artery. She now has to lock her front door and car doors. Most disturbingly, on the second day after her neighbor moved in, a visitor broke into her house, tried to steal her possessions and then drove off in her van when the thief thought he'd been spotted." ...

"Four Winds opened in August 2007 as the first casino developed by Lakes Entertainment Inc., the Minnesota gambling company that's backing the Nov. 4 Ohio ballot measure that would allow it to build a casino along I-71 about halfway between Columbus and Cincinnati." ...

for the complete story

CT Indian casinos hit by economy

from yesterday's Hartford Courant (10/5):

Gambling Misfortune
State's Casinos Aren't Recession-Proof After All
By ERIC GERSHON
The Hartford Courant
October 5, 2008

"In the early 1990s, as defense and insurance industry job cuts imperiled the state's economy, a twinkling Las Vegas-style business opened in the little town of Ledyard on land owned by the Mashantucket Pequot Indians.

It wasn't long before the Mohegan tribe opened its own casino, just 8 miles away, across the Thames River near the Uncasville section of Montville.

Gambling proved an economic dynamo. Foxwoods Resort Casino and Mohegan Sun hired tens of thousands of workers, generated billions of dollars for their owners and the state treasury and remade the image of the region. Growth became the status quo.

Now New England and the nation are struggling through the most serious economic crisis since big-time gambling came to Connecticut, and the mighty casinos suddenly seem more vulnerable than previously thought." ...

for the complete story

Seminole gaming pact update

from yesterday's Tampa Bay Online (10/6):

Decision Complicates Seminole Gaming Pact
By CATHERINE DOLINSKI
Published: October 5, 2008

"TALLAHASSEE - Last year, Gov. Charlie Crist signed off on a gaming compact between Florida and the Seminole Tribe. Now Florida's Supreme Court has ruled that Crist lacked authority to do that.

So ... now what? Now the issue of tribal gaming gets really complicated.

Seminole casinos are still offering games approved in the compact that are otherwise illegal in Florida. Legally, the state can't stop them. Both the state and tribe could gain from negotiating a new compact - but state leaders are divided on whether to start those talks, so long as the tribe continues to offer the games. Only federal authorities can compel the tribe to stop.

But they haven't, so the games play on. Here's a breakdown of this jurisdictional round robin, and where it might lead" ...

for the complete story

branding TX cities

from yesterday's Dallas Morning News (10/5):

In competition for tourists, business, cities use 'brands' to stand out 08:36 AM CDT on Sunday, October 5, 2008
By FRANK TREJO / The Dallas Morning News

"For Mesquite, it's a wisp of smoke. For Grapevine, a cluster of purple grapes. For McKinney, the serene outline of a tree.

To get logos like these, along with market studies and more, North Texas cities are shelling out big bucks to companies that specialize in helping them make a name for themselves.

While city "branding" has been around for a decade or more, officials from several area cities say increased competition for tourist and development dollars makes it essential these days." ...

for the complete story

AR biofuels plant groundbreaking

from this morning's Arkansas Business journal (10/6):

Officials Break Ground on Tyson-Syntroleum Synthetic Fuel Plant
By Amy Riggin - 10/6/2008 11:09:09 AM

"A groundbreaking ceremony was held Monday for the Dynamic Fuels plant in Geismar, La., a joint venture of Tyson Foods Inc. of Springdale and Syntroleum Corp., company officials announced.

The plant, located near Baton Rouge, will produce diesel and jet fuels from animal fats and greases and is expected to cost $138 million to construct." ...

for the complete story

UCSD economic impact report

from this morning's San Diego Business Journal (10/6):

UCSD Holds Strong as Economic Force, But Wary of State Cutbacks
By BRAD GRAVES - 10/6/2008
San Diego Business Journal Staff

"UC San Diego is a dynamo, an industrial-sized generator of jobs and a force that pulls the San Diego economy along, according to a study commissioned by the university.

The campus on the bluffs overlooking the Pacific Ocean, and its Hillcrest medical center, contribute an estimated $4.1 billion to the city’s economy annually and $5.7 billion to the county’s economy, when counting direct spending, indirect spending and personal income.

It’s a $7.2 billion force exerted on the state economy.

UCSD was the third-largest employer in San Diego in 2007, with 26,900 employees, behind the state and federal governments. The university provides stable jobs, San Diego Mayor Jerry Sanders said during a Sept. 30 news conference detailing the study. Sanders called UCSD an example of “what’s going right locally” during tough economic times." ...

for the complete story

for the complete report

San Diego condo hotel switched mid construction to extended stay hotel

from this morning's San Diego Business Journal (10/6):

Hang Up Your Coat and Stay Awhile
By CONNIE LEWIS - 10/6/2008
San Diego Business Journal Staff

"Midway through construction on a condo project on Hancock Street near Old Town in April, developer Constellation Property Group decided to convert the property into a residence hotel.

It may have been the first time that such a conversion had ever happened locally.

But it wasn’t because of the slumping residential real estate market, says Constellation President Eugene Marchese. Constellation’s general contractor had filed for Chapter 11 bankruptcy protection. “The bank was concerned that we were going to turn over the keys,” said Marchese." ...

for the complete story

MLB attendance steady

from this morning's Street and Smith's Sports Business Journal (10/6):

MLB attendance ends strong, but no record
By ERIC FISHER
Staff writer
Published October 06, 2008 : Page 08

"Major League Baseball’s four-year run of attendance records is over, but Commissioner Bud Selig has not abandoned his goal of reaching 80 million in aggregate ticket sales.

MLB ended the 2008 regular season with total attendance of more than 78.6 million, down about 1 percent from last year but still the second-best mark in league history. Selig had planned to cross the 80 million mark this season, and strong season-ticket sales for many clubs last winter suggested the goal would indeed be met.

A tough combination of a sharply declining national economy and wet weather in a variety of individual markets, however, dulled advance individual game and walk-up purchases considerably. Fifteen clubs declined at the gate this year, compared with just seven last season. Five teams fell by double-digit percentages in 2008." ...

for the complete story

Arena improvements

from this morning's Street and Smith's Sports Business Journal (10/6):

Arenas deliver new seats, new eats for fans
Published October 06, 2008 : Page 06
Stories by Don Muret

"With the NBA and NHL seasons approaching, we take a look at facilities improvements around the leagues." ...

"TAMPA BAY: Lightning adds a branded suite

The Tampa Bay Lightning has developed its fifth branded premium group space this season at the St. Pete Times Forum.

The NHL team signed a seven-year sponsorship with CCM Graphics Solutions, a local printing company, to put its name on a new 40-person suite in Section 213, in the east corner of the Jeep Club level." ...

"HOUSTON: Rockets accompany three more courtside suites with another event-level club

The Rockets have signed a five-year naming-rights deal with Woodforest National Bank to sponsor a new event-level club next to three new courtside suites at Toyota Center.

The contract for the 3,500-square-foot Woodforest Club, opening for the Rockets’ Oct. 29 regular-season home opener, is valued in the mid- to high six figures annually, said Tad Brown, the team’s CEO." ...

"PHOENIX: Suns bring new life to dead space

The Phoenix Suns signed new sponsorships with Scottsdale, Ariz.-based Kahala Corp., a fast-food company that owns 13 national brands, and Sol de Mexico, a new high-end tequila maker. Both deals include concession operations at US Airways Center." ...

for the complete story

St. Louis Blues (NHL)

from this morning's Street and Smith's Sports Business Journal (10/6):

St. Louis finds reason to buy into the Blues
By TRIPP MICKLE
Staff writer
Published October 06, 2008 : Page 18

"When SCP Worldwide bought the St. Louis Blues in July 2006, its partners knew a difficult task lay ahead, but even they were surprised by how tough the job turned out to be.

The New York group, headed by Dave Checketts, took over a franchise with just 5,600 season-ticket holders and a fan base frustrated by the cost cuts of former owners Nancy and Bill Laurie.

SCP raised ticket prices for the 2006-07 season, further frustrating fans, and watched attendance plummet. The team finished the first half of the season with the worst attendance in the league, averaging 9,117 fans in 12 of its first 13 games." ...

for the complete story

TX multifamily still building

from this morning's GlobeSt (10/6):

RESEARCH Last updated: October 3, 2008 07:20pm

Texas Apartment Count Aggressively Growing
By Connie Gore

"DALLAS-Whether it's bravado or foolhardy development, Texas' multifamily developers haven't been stopped cold by the financial chokehold on new projects prevailing in many markets. There are 55,516 units under construction in the four major metros, with Dallas/Fort Worth at the head of the pack in the 18-month pipeline.

In North Texas, there are 20,585 units being built. Houston's adding 16,282 units while Austin is in line for an additional 13,018 and San Antonio, 5,631, according to a just-released third-quarter report by Carrollton, TX-based M/PF YieldStar." ...

for the complete story

Reosrt selling large apartment development (Phoenix, AZ)

from this morning's GlobeSt (10/6):

EXCLUSIVE Last updated: October 3, 2008 07:13pm

CA Resort Owner Hangs $70M Tag on 768 Units
By John McCloud

"PHOENIX-Despite a generally slow market for multifamily properties, a private California investor has put the Peaks at Papago Park, a 768-unit apartment complex on the block for $70 million. The seller is Peaks Papago LLC, whose general partner, Papago Properties Inc. of Santa Ana, CA, is headed by James Carter, developer of the exclusive South Coast Winery Resort & Spa in Temecula, CA." ...

for the complete story

NJ off-shore windfarm approved

from this morning's GlobeStNJ (10/6):

Last updated: October 3, 2008 03:55pm

$1B Offshore Wind Farm Gets BPU Approval
By Eric Peterson

"TRENTON, NJ-It took several months for the state's Board of Public Utilities to decide which bidder would build the first wind farm off New Jersey's coast, and one of the first on the East Coast. And BPU stayed at home with its decision, with the five-member board opting unanimously for Garden State Offshore Energy, a joint venture of the Public Enterprise Group Renewable Generation subsidiary of Newark-based PSE&G, the state's largest utility, and the Hoboken-based Deepwater Wind." ....

for the complete story

Sacramento retail/mixed use neighborhood problems

from yesterday's Sacramento Bee (10/5):

Florin Road marked by seesaw development
By Jon Ortiz - jortiz@sacbee.com
Published 12:00 am PDT Sunday, October 5, 2008

"Up and down. Down and up.

Florin Road, once a regional retail powerhouse, is in the middle of another seesaw economic cycle.

East of Highway 99, the south Sacramento retail corridor is rebounding after years of decline. Meanwhile, Florin Road west of the freeway is on the down stroke with several key businesses closing recently or preparing to leave." ...

"City and county officials say that they're working on plans to revitalize Florin Road's west side. There's talk of mixing residential and retail development that targets the local area's rich diversity. Developers have toured the street, which straddles city and county line." ...

for the complete story

LV Sands gets loan to cover Macau

from this afternoon's GlobeSt:

Last updated: October 2, 2008 03:02pm

Adelson Loans $475M to Las Vegas Sands
By Brian K. Miller

"LAS VEGAS-Las Vegas Sands Corp. received a $475-million loan from its chairman Sheldon Adelson this week that helped the company meet liquidity requirements, according to a Wednesday filing with the SEC. The investment was made the same day the company said its US senior secured credit facility and furniture, fixtures and equipment credit facility required it to comply with certain financial covenants, including one to maintain a maximum leverage ratio of net debt to trailing twelve-month EBITDA (net cash flow).

Analysts applauded the move but it did not appear to help the company’s share price, which ended Wednesday at $31.32, down 13.27% on the day, and was off by another 13% in afternoon trading on Thursday, taking its share price to $27.23. Part of the concern is believed to be the company’s ongoing need to refinance a multi-billion dollar loan that is coming due and find billions more to complete multiple projects in Macau." ...

for the complete story

WTC gets new plan

from this afternoon's GlobeSt (10/2):

UPDATE Last updated: October 2, 2008 03:45pm

WTC Rebuilding Schedule Gets New Roadmap
By Natalie Dolce

"NEW YORK CITY-In a board meeting Thursday morning, the Port Authority of New York and New Jersey's detailed an updated progress report on the World Trade Center redevelopment, outlining a road map that will guide the ongoing rebuilding of the site. The report was an attempt to bring a new level of certainty and control to the complex project and, for the most part, sources say the agency has come up with an achievable timetable." ...

for the complete story

Russian hotels can issues visas

from today's Hotels newsfeed (10/2):

FMS Trial Program launched - hotels empowered to register visas
SKRIN Market & Corporate News, October 1, 2008 Wednesday 2:57 PM GMT

"On September 12, Russia’s Federal Migration Service (FMS) started an experimental program to allow hotels to directly register visas." ...

for the complete story

Hyattt Aby Dhabi announced

from today's Hotels newsfeed (10/2):

Hyatt Hotels & Resorts and Abu Dhabi National Hotels announce 2010 opening of Park Hyatt Abu Dhabi Hotel and Villas
Middle East Company News Wire, October 2, 2008 Thursday 2:33 PM GMT

"Hyatt Hotels & Resorts and Abu Dhabi National Hotels (ADNH) announce the signing of a management agreement for Park Hyatt Abu Dhabi.

To be located on the northern part of Saadiyat Island and surrounded by a golf course, Park Hyatt Abu Dhabi will boast a 9-kilometre stretch of pristine natural beach where guests can watch dolphins and visit the natural, turtle-nesting habitat on the island. When it is completed in 2010, Park Hyatt Abu Dhabi will be the 34th hotel in the Park Hyatt portfolio, the third Park Hyatt property in the Middle East following Park Hyatt Dubai and Park Hyatt Jeddah, the fourth Hyatt hotel in the UAE, and the ninth Hyatt branded property in the region." ...

for the complete story

Marriott reports decline in RevPAR for 3rd Q.

from today's PR Newswire (10/2):

Marriott International Reports Third Quarter Results

BETHESDA, Md., Oct. 2 /PRNewswire-FirstCall/ --

"Third Quarter Highlights:
-- Worldwide comparable company-operated revenue per available room
(REVPAR) rose 3.4 percent (1.1 percent using constant dollars) for the
third quarter ended September 5, 2008;

-- Outside North America, comparable company-operated REVPAR increased
13.4 percent (5.7 percent using constant dollars) with double-digit growth
in South and Central America, the Caribbean, and the Middle East;" ...

for the complete release

Trump Tower plans cancelled for FL

from this morning's GlobeStFL (10/2):

Last updated: October 1, 2008 08:12pm

Trump Cancels Tampa Tower Plans
By Carl Cronan
(Carl Cronan is editor of Real Estate Florida.)

"TAMPA, FL-Donald J. Trump’s planned local condominium tower, originally promoted to be the tallest structure on Florida’s Gulf Coast, will not move past the groundbreaking stage, at least with his name on it. The New York City real estate icon has settled a lawsuit with the $300-million project’s development partners, likely laying the project to rest.

Trump sued SimDag-RoBEL LLC in May 2007 to recover more than $2 million in fees he claimed to be owed for the right to put his name on the proposed 52-story luxury condos, called Trump Tower Tampa. The developer countersued, saying Trump should have never made his licensing arrangement public. Mediation in the suit ended Monday with no specific terms disclosed." ...

for the complete story

Tropicana redo priced by potential buyers

from this morning's GlobeStNJ (10/2):

UPDATE Last updated: October 1, 2008 09:13am

Cordish Would Spend $100M for Tropicana Redo
By Eric Peterson

"ATLANTIC CITY-Potential Tropicana Casino and Resort buyer Cordish Co. has started to roll out some ideas of what it plans to do with the troubled property, even as current owner Tropicana Entertainment is looking to challenge the pending deal in court. The latter let its feelings be known last week after the potential $700-million deal was put on the table.

In general terms, the Baltimore-based Cordish says it will spend $100 million on top of the $700-million sale price to renovate and reposition the 2,100-room property and its 150,000 sf of casino and retail space. Those general plans were released by bankruptcy conservator Gary Stein, a former New Jersey State Supreme Court justice and current partner in the Hackensack law firm of Pashman Stein, who’s overseeing the sale." ...

for the complete story

Scottsdale resort planning delay

from this morning's GlobeSt (10/2):

Last updated: October 1, 2008 07:20pm

Planners Delay Action on $600M Solis Resort
By Amy Wolff Sorter

"SCOTTSDALE, AZ-The Scottsdale Planning Commission issued a continuance to Scottsdale Canal Development LLC for a rezoning request on the $600-million Solis Scottsdale Resort and Residences. The 11-acre project is designed for a 241-room Solis Hotel, 141 condominiums and 16 penthouse residences, restaurants and a spa." ...

for the complete story