California Real Estate Journal (2/25): issue special feature section on the industrial sector; retail result report dismal for January; "urban farms" and impact of Treasure Island development in San Francisco
California Real Estate Journal (2/11): special feature section on retail forecast for 2008; San Diego's Barrio Logan Mercado project; L.A. downtown Broadway renewal program
New Orleans City Business (2/18): Music Hall of Fame planned
Crain's Chicago Business (2/4): Wrigley naming rights; retail vacancies rise; retail spending declines
Los Angeles Business Journal (2/25): CRA plans to use Westlake Theater in MacArthur Park as anchor for mixed-use development
California Real Estate Journal (2/19): special forecast feature for 2008 multifamily ; Santa Monica Place open-air plans;
Los Angeles Business Journal (2/18): list of top performing arts centers by seating capacity
New Orleans City Business (2/4): Port seeking infrastructure funding
San Diego Business Journal (2/18): Lindbergh Field revitalization plans
Los Angeles Business Journal (2/4): Downtown L.A. real estate market
Los Angeles Business Journal (2/11): home sales down 30%
San Diego Business Journal (2/11): San Diego takes state record in 2007 for new hotel rooms
Crain's Chicago Business (2/18): office vacancy rate dropping; retail vacancies in the Loop rise
New Orleans City Business (2/11): New Orleans construction industry on the rise
Orange County Business Journal (2/18): special section on OC residential real estate -- condos, sales rates, top developers, etc.
Thursday, February 28, 2008
Wednesday, February 27, 2008
New Wyndham resort for St. Croix
from this afternoon's Hotels newsfeed (2/27):
Copyright 2008 Market Wire, Incorporated
All Rights Reserved
Market Wire
February 27, 2008 Wednesday 5:00 AM GMT
Wyndham Hotels and Resorts to Enter New Caribbean Market: St. Croix
PARSIPPANY, NJ; Feb 27, 2008
"Wyndham Hotels and Resorts today announced it will enter a new Caribbean market with the development of the luxury 400-room Wyndham(R) St. Croix Golf Resort and Casino, which will become the keystone of a $250 million complex that includes a new 43,000-square foot conference center on St. Croix, U.S. Virgin Islands.
The 294-acre property, scheduled to break ground this spring and open in 2010, will be developed by New Jersey-based Golden Resorts LLLP in joint ownership with Jericho All-Weather Opportunity Fund of Boca Raton, Fla., and managed by Wyndham Hotel Management Company.
The resort will feature a 25,000 square-foot casino; 18-hole Jack Nicklaus signature golf course; 17,000 square-foot world-class spa and fitness center; four restaurants; lounges; retail stores; and kid's club."
for the complete story
Copyright 2008 Market Wire, Incorporated
All Rights Reserved
Market Wire
February 27, 2008 Wednesday 5:00 AM GMT
Wyndham Hotels and Resorts to Enter New Caribbean Market: St. Croix
PARSIPPANY, NJ; Feb 27, 2008
"Wyndham Hotels and Resorts today announced it will enter a new Caribbean market with the development of the luxury 400-room Wyndham(R) St. Croix Golf Resort and Casino, which will become the keystone of a $250 million complex that includes a new 43,000-square foot conference center on St. Croix, U.S. Virgin Islands.
The 294-acre property, scheduled to break ground this spring and open in 2010, will be developed by New Jersey-based Golden Resorts LLLP in joint ownership with Jericho All-Weather Opportunity Fund of Boca Raton, Fla., and managed by Wyndham Hotel Management Company.
The resort will feature a 25,000 square-foot casino; 18-hole Jack Nicklaus signature golf course; 17,000 square-foot world-class spa and fitness center; four restaurants; lounges; retail stores; and kid's club."
for the complete story
London RevPAR down
from today's Hotels newsfeed (2/27):
Copyright 2008 AFX News Limited
All Rights Reserved
Thomson Financial News Super Focus
February 27, 2008 Wednesday 12:16 AM GMT
PWC sees London RevPAR growth slowing to 6 pct in 2008
"Accountancy firm PricewaterhouseCoopers (PWC) believes RevPAR (revenue per available room) in London could still breach the 100 stg threshold in 2008, despite slowing to 6 pct growth from 11.1 pct in 2007.
In a report entitled 'UK Hotels: slowdown not meltdown', PWC said RevPar in the UK capital in its central case scenario is expected to slow from 11.1 pct this year to 6 pct next year and 4.4 pct in 2009. It expects RevPAR in the provinces to break through the 50 stg barrier this year, with growth of 3.2 pct, followed by growth of 3.2 growth in 2009.
Even though it believes the situation is far from rosy, it says there is no reason to expect a meltdown in the UK hotel sector at the current time." ...
for the complete story
Note: The report itself is not out yet, but I'll keep a look out for it.
Copyright 2008 AFX News Limited
All Rights Reserved
Thomson Financial News Super Focus
February 27, 2008 Wednesday 12:16 AM GMT
PWC sees London RevPAR growth slowing to 6 pct in 2008
"Accountancy firm PricewaterhouseCoopers (PWC) believes RevPAR (revenue per available room) in London could still breach the 100 stg threshold in 2008, despite slowing to 6 pct growth from 11.1 pct in 2007.
In a report entitled 'UK Hotels: slowdown not meltdown', PWC said RevPar in the UK capital in its central case scenario is expected to slow from 11.1 pct this year to 6 pct next year and 4.4 pct in 2009. It expects RevPAR in the provinces to break through the 50 stg barrier this year, with growth of 3.2 pct, followed by growth of 3.2 growth in 2009.
Even though it believes the situation is far from rosy, it says there is no reason to expect a meltdown in the UK hotel sector at the current time." ...
for the complete story
Note: The report itself is not out yet, but I'll keep a look out for it.
Sofitel goes green via wind
from today's Hotel newsfeed (2/27):
Copyright 2008 Business Wire, Inc.
Business Wire
February 27, 2008 Wednesday 5:03 PM GMT
Business Editors; Environment Writers
Sofitel Hotels Become First Hotel Chain in the U.S. to Choose Wind Power and Become EPA Green Power Partner;
Wind Energy Commitment is the Latest Sofitel Effort to Increase Energy Efficiency
DALLAS
"Accor North America announced today a new agreement between its Sofitel Hotels and wind energy supplier Community Energy, Inc. to purchase clean, renewable, wind energy for all nine Sofitel locations in the U.S. This purchase of wind-generated power in the form of Renewable Energy Certificates (RECs) qualifies Sofitel Hotels as an EPA Green Power Partner, making them the first hotel chain to choose green power for each of the brand's hotel locations in the country." ....
for the complete story
Copyright 2008 Business Wire, Inc.
Business Wire
February 27, 2008 Wednesday 5:03 PM GMT
Business Editors; Environment Writers
Sofitel Hotels Become First Hotel Chain in the U.S. to Choose Wind Power and Become EPA Green Power Partner;
Wind Energy Commitment is the Latest Sofitel Effort to Increase Energy Efficiency
DALLAS
"Accor North America announced today a new agreement between its Sofitel Hotels and wind energy supplier Community Energy, Inc. to purchase clean, renewable, wind energy for all nine Sofitel locations in the U.S. This purchase of wind-generated power in the form of Renewable Energy Certificates (RECs) qualifies Sofitel Hotels as an EPA Green Power Partner, making them the first hotel chain to choose green power for each of the brand's hotel locations in the country." ....
for the complete story
Miami Dolphis/land deal announced
from this morning's GlobeSt (2/27):
Last updated: February 27, 2008 08:31am
Related's Ross Gets Dolphins Real Estate
By Natalie Dolce
"NEW YORK CITY-International law firm Paul, Hastings, Janofsky & Walker LLP represented locally based Stephen Ross, chairman and CEO of the Related Cos., in his 50% purchase of the Miami Dolphins franchise, Dolphin Stadium and certain adjacent real estate. The transaction, subject to NFL approval, is valued at approximately $1.1 billion.
The law firm explains to GlobeSt.com that the information regarding the adjacent real estate that was purchased "is still on the table" and "is likely to be settled next week;" however, they did confirm that it will include developable land. The developable land mentioned, according to a press conference on Feb. 22, includes 110 acres around the stadium." ...
for the complete story
Last updated: February 27, 2008 08:31am
Related's Ross Gets Dolphins Real Estate
By Natalie Dolce
"NEW YORK CITY-International law firm Paul, Hastings, Janofsky & Walker LLP represented locally based Stephen Ross, chairman and CEO of the Related Cos., in his 50% purchase of the Miami Dolphins franchise, Dolphin Stadium and certain adjacent real estate. The transaction, subject to NFL approval, is valued at approximately $1.1 billion.
The law firm explains to GlobeSt.com that the information regarding the adjacent real estate that was purchased "is still on the table" and "is likely to be settled next week;" however, they did confirm that it will include developable land. The developable land mentioned, according to a press conference on Feb. 22, includes 110 acres around the stadium." ...
for the complete story
Tuesday, February 26, 2008
Silverdome sale saga continues
from today's GlobeSt. (2/26):
Last updated: February 26, 2008 11:31am
City Takes Another Turn With Silverdome Bids
By Robert Carr
"PONTIAC, MI-After numerous bid offer rejections and massive plan announcements that died out like slowly-leaking balloons, the Pontiac Silverdome site is still vacant since 2002, and the recent release of six more proposals is almost too reminiscent of the Boy Who Cried Wolf. The local office of CB Richard Ellis here took on the task last year to try to boost attention to the stadium, the former home of the Detroit Lions football team, but even the national company hasn’t been able to secure a deal with the local City Council.
Earlier this month, the council rejected another seven bids that were made in October with plans that included a convention center, hotel, stores, offices, theaters, housing and even racetracks and aquariums, by companies such as Danou Enterprises. It’s not clear how many proposals the council has already rejected in the five years, but the number is at least more than 20, and could be more than 30.
Now, CBRE says the city has received five more proposals to purchase the site, and one lease plan. The submissions were received from Stuart Frankel Development Co., United Assurance Co./International Synergy Holding Co. Ltd., US Hospitality Inc., Global Baseball Inc., Silver Stallion International LLC and, again, Danou, under the cover of the company Smart Park International LLC. The proposals reportedly include a roughly $500-million plan by United Assurance to build a video-game/live broadcast theme park, and office parks and retail developments." ....
for the complete story
Last updated: February 26, 2008 11:31am
City Takes Another Turn With Silverdome Bids
By Robert Carr
"PONTIAC, MI-After numerous bid offer rejections and massive plan announcements that died out like slowly-leaking balloons, the Pontiac Silverdome site is still vacant since 2002, and the recent release of six more proposals is almost too reminiscent of the Boy Who Cried Wolf. The local office of CB Richard Ellis here took on the task last year to try to boost attention to the stadium, the former home of the Detroit Lions football team, but even the national company hasn’t been able to secure a deal with the local City Council.
Earlier this month, the council rejected another seven bids that were made in October with plans that included a convention center, hotel, stores, offices, theaters, housing and even racetracks and aquariums, by companies such as Danou Enterprises. It’s not clear how many proposals the council has already rejected in the five years, but the number is at least more than 20, and could be more than 30.
Now, CBRE says the city has received five more proposals to purchase the site, and one lease plan. The submissions were received from Stuart Frankel Development Co., United Assurance Co./International Synergy Holding Co. Ltd., US Hospitality Inc., Global Baseball Inc., Silver Stallion International LLC and, again, Danou, under the cover of the company Smart Park International LLC. The proposals reportedly include a roughly $500-million plan by United Assurance to build a video-game/live broadcast theme park, and office parks and retail developments." ....
for the complete story
Monday, February 25, 2008
Ski Resorts beat annual inflation rate for growth
from today's NSGA Research Newsletter (2/25):
Ski Resort Revenues Grow, Profitability Healthy
"According to preliminary results of the National Ski Areas Association (NSAA) Economic Analysis, the 2006/07 ski season was another strong season financially. The past season was the fifth consecutive year of solid financial performance with increases in gross revenue and a healthy operating profit for the ski resort industry.
In 2006/07, average gross revenue grew 5.7%, to a total of $23.0 million per resort. Over the past five years, gross revenue has grown 21.5%, averaging 4.3% per year." ...
for the complete story check out www.nsga.org
Ski Resort Revenues Grow, Profitability Healthy
"According to preliminary results of the National Ski Areas Association (NSAA) Economic Analysis, the 2006/07 ski season was another strong season financially. The past season was the fifth consecutive year of solid financial performance with increases in gross revenue and a healthy operating profit for the ski resort industry.
In 2006/07, average gross revenue grew 5.7%, to a total of $23.0 million per resort. Over the past five years, gross revenue has grown 21.5%, averaging 4.3% per year." ...
for the complete story check out www.nsga.org
Las Vegas Sahara renovation plans approved
from the Las Vegas Review Journal (2/23):
Commission green-lights Sahara remodeling plan
Project calls for construction of one tower, demolition of another, renovation of two
By HOWARD STUTZ
REVIEW-JOURNAL
"Clark County commissioners this week approved remodeling plans for the Sahara, which would include a new high-rise hotel tower and the demolition of the property's older mid-rise tower.
No price has been given for the makeover, which is conceptual, according to a spokesman for SBE Entertainment Group, the operating partner of the Sahara. Los Angeles-based SBE and private equity firm Stockbridge Real Estate Funds of San Francisco purchased the Rat Pack-era Sahara last year for between $300 million and $400 million.
Since taking over the hotel-casino in August, the owners have spent $2 million to enhance the 55-year-old Sahara, which has 1,720 hotel rooms and sits on an 18-acre parcel.
The plans submitted to Clark County call for a new 520-foot hotel tower with 1,000 rooms, the renovation of the existing two high-rise hotel towers and the removal of the 200-room mid-rise tower. Upon completion, the Sahara would have 2,506 hotel rooms." ....
for the complete story
Commission green-lights Sahara remodeling plan
Project calls for construction of one tower, demolition of another, renovation of two
By HOWARD STUTZ
REVIEW-JOURNAL
"Clark County commissioners this week approved remodeling plans for the Sahara, which would include a new high-rise hotel tower and the demolition of the property's older mid-rise tower.
No price has been given for the makeover, which is conceptual, according to a spokesman for SBE Entertainment Group, the operating partner of the Sahara. Los Angeles-based SBE and private equity firm Stockbridge Real Estate Funds of San Francisco purchased the Rat Pack-era Sahara last year for between $300 million and $400 million.
Since taking over the hotel-casino in August, the owners have spent $2 million to enhance the 55-year-old Sahara, which has 1,720 hotel rooms and sits on an 18-acre parcel.
The plans submitted to Clark County call for a new 520-foot hotel tower with 1,000 rooms, the renovation of the existing two high-rise hotel towers and the removal of the 200-room mid-rise tower. Upon completion, the Sahara would have 2,506 hotel rooms." ....
for the complete story
Plans for Chicago's Michigan Avenue
from today's Crain's Chicago Business (2/25):
Filling a void on Michigan Ave.
By Eddie Baeb and Thomas A. Corfman Feb. 25, 2008
"(Crain's) — An influential panel wants to tax Michigan Avenue property owners between the Chicago River and Millennium Park to pay for $165 million in streetscape improvements on that dreary stretch of boulevard.
A group of architects, urban planners and retail experts will this week introduce a plan to liven up the strip, where T-shirt shops and empty storefronts stand in stark contrast to the gleaming Millennium Park on one end and the Magnificent Mile on the other." ...
for the complete story
Filling a void on Michigan Ave.
By Eddie Baeb and Thomas A. Corfman Feb. 25, 2008
"(Crain's) — An influential panel wants to tax Michigan Avenue property owners between the Chicago River and Millennium Park to pay for $165 million in streetscape improvements on that dreary stretch of boulevard.
A group of architects, urban planners and retail experts will this week introduce a plan to liven up the strip, where T-shirt shops and empty storefronts stand in stark contrast to the gleaming Millennium Park on one end and the Magnificent Mile on the other." ...
for the complete story
Moulin Rouge rehab plans
from today's Las Vegas Sun (2/25):
ONCE AGAIN, A PLAN FOR RENEWING THE MOULIN ROUGE
Proposal to revive civil rights landmark to be presented today
By Timothy Pratt
Mon, Feb 25, 2008 (2 a.m.)
"A dozen or so apartments remain on the Moulin Rouge site. Much of the property was destroyed by a fire in 2003.
For at least the third time in the past four years, the Moulin Rouge has announced it will rise again, this time propped up by a Virginia-based company’s investment.
The Bonanza Road hotel’s owners will present their casino and hotel construction plans to the community this afternoon in a public meeting at their offices east of the hotel.
The stakes are high because the Moulin Rouge is one of only about 20 local listings on the National Register of Historic Places — and the only one connected to civil rights." ...
"Starting in 2004, owners of the property began announcing that the Moulin Rouge would return to glory, and add a museum. At least two attempts failed. This month Republic Urban Properties, based just outside Washington, D.C., said it will invest up to $1 billion in a 700-room hotel, with restaurants, a concert hall, stores and gambling.
The announcement was carried in reports around the country, but those familiar with the site are skeptical about the plan. The property is in a run-down neighborhood, near one of the valley’s largest homeless shelters.
There’s also the track record of Chauncey Moore, chief operating officer of Moulin Rouge Development Corp., the local company that owns the property. Moore is currently a defendant in lawsuits filed in three states." ...
for the complete story
ONCE AGAIN, A PLAN FOR RENEWING THE MOULIN ROUGE
Proposal to revive civil rights landmark to be presented today
By Timothy Pratt
Mon, Feb 25, 2008 (2 a.m.)
"A dozen or so apartments remain on the Moulin Rouge site. Much of the property was destroyed by a fire in 2003.
For at least the third time in the past four years, the Moulin Rouge has announced it will rise again, this time propped up by a Virginia-based company’s investment.
The Bonanza Road hotel’s owners will present their casino and hotel construction plans to the community this afternoon in a public meeting at their offices east of the hotel.
The stakes are high because the Moulin Rouge is one of only about 20 local listings on the National Register of Historic Places — and the only one connected to civil rights." ...
"Starting in 2004, owners of the property began announcing that the Moulin Rouge would return to glory, and add a museum. At least two attempts failed. This month Republic Urban Properties, based just outside Washington, D.C., said it will invest up to $1 billion in a 700-room hotel, with restaurants, a concert hall, stores and gambling.
The announcement was carried in reports around the country, but those familiar with the site are skeptical about the plan. The property is in a run-down neighborhood, near one of the valley’s largest homeless shelters.
There’s also the track record of Chauncey Moore, chief operating officer of Moulin Rouge Development Corp., the local company that owns the property. Moore is currently a defendant in lawsuits filed in three states." ...
for the complete story
Monday, February 11, 2008
Midway Privatization
from this Morning's Crain's Chicago Business (2/11):
Airlines near Midway deal
By Paul Merrion
Feb. 11, 2008
"Mayor Richard M. Daley's plan to privatize Midway Airport is gaining altitude.
Airlines operating at Midway say an agreement is near that would allow the city to seek a private operator for the South Side airport, a deal expected to raise up to $3 billion for Chicago's underfunded public pension plans and long-term infrastructure needs.
Under the federal law that allows Midway to be privatized, five of the seven airlines operating there must approve the deal's terms before it can be put out for bid." ...
"The airlines have been seeking assurances from the city that their costs at Midway won't go up dramatically and that the airport's operations and maintenance would not suffer so that a private operator could make a profit." ...
"While commercially operated airports are common internationally, Midway would be the first major U.S. airport to go private." ...
for the complete story
Airlines near Midway deal
By Paul Merrion
Feb. 11, 2008
"Mayor Richard M. Daley's plan to privatize Midway Airport is gaining altitude.
Airlines operating at Midway say an agreement is near that would allow the city to seek a private operator for the South Side airport, a deal expected to raise up to $3 billion for Chicago's underfunded public pension plans and long-term infrastructure needs.
Under the federal law that allows Midway to be privatized, five of the seven airlines operating there must approve the deal's terms before it can be put out for bid." ...
"The airlines have been seeking assurances from the city that their costs at Midway won't go up dramatically and that the airport's operations and maintenance would not suffer so that a private operator could make a profit." ...
"While commercially operated airports are common internationally, Midway would be the first major U.S. airport to go private." ...
for the complete story
Saturday, February 9, 2008
Happy Anniversary ERA
Though it has had a low profile so far, it is our 50th Anniversary! Congratulations to all the ERA Family past and present.
retail and hotel news
VRN (Jan/Feb): Philadelphia Premium Outlets
Real Estate Forum (Jan): green retail development trends; condo hotels and the mortgage crisis
Hotels (Jan): green development special issue
Shopping Center Business (Jan): Las Vegas retail
Shopping Center Business (Feb): Gulf Coast retail
Real Estate Forum (Jan): green retail development trends; condo hotels and the mortgage crisis
Hotels (Jan): green development special issue
Shopping Center Business (Jan): Las Vegas retail
Shopping Center Business (Feb): Gulf Coast retail
rec news
Connect (AZA) (Jan): Shedd going green
Funworld (Jan): Birmingham Zoo and San Diego Zoo announce elephant exhibit expansions; Cedar Fair announces non-waterpark elements of Guega Lake and Wildwater Kingdom park to be closed; Disney expanding Grand California; new coasters for Hersheypark, 6 Flags Fiesta Texas, 6 Flags Great America, 6 Flags Great Adventure, 6 Flags New England, 6 Flags St. Louis, Michigan's Adventure; Kalahari Sandusky expanding; tower planned for Warwickshire, UK
World Waterpark (Jan): King's Pointe (IO); Vichy Aqua Park (Lithuania); Gulf Islands waterpark (LA)
Funworld (Feb): Ferrari theme park UAE; FL (Tampa) aquarium expansion; Legoland CA expansion; Disney California Adventure expansion; Thomas the Tank for Dayton Manor Theme Park (Staffordshire, UK); museums looking to land space shuttles
Funworld (Jan): Birmingham Zoo and San Diego Zoo announce elephant exhibit expansions; Cedar Fair announces non-waterpark elements of Guega Lake and Wildwater Kingdom park to be closed; Disney expanding Grand California; new coasters for Hersheypark, 6 Flags Fiesta Texas, 6 Flags Great America, 6 Flags Great Adventure, 6 Flags New England, 6 Flags St. Louis, Michigan's Adventure; Kalahari Sandusky expanding; tower planned for Warwickshire, UK
World Waterpark (Jan): King's Pointe (IO); Vichy Aqua Park (Lithuania); Gulf Islands waterpark (LA)
Funworld (Feb): Ferrari theme park UAE; FL (Tampa) aquarium expansion; Legoland CA expansion; Disney California Adventure expansion; Thomas the Tank for Dayton Manor Theme Park (Staffordshire, UK); museums looking to land space shuttles
misc news
Economic Development Quarterly (Feb): special issue on "the creative class"
American Indian Report (Jan): Indian housing
Journal of the American Planning Assn (Winter): Baby Boomers and generational housing
Urban Land (Jan): transit/TOD and retail special issue; area spotlight on CA
IGWB (Feb): Spanish casino boom; MGM Macau opens; Macau casino revenues 2007 annual report; Chicago casino development; Seminole pact approved by Federal authority; Israeli casinos; Las Vegas resorts; M Resort (Las Vegas)
American Indian Report (Jan): Indian housing
Journal of the American Planning Assn (Winter): Baby Boomers and generational housing
Urban Land (Jan): transit/TOD and retail special issue; area spotlight on CA
IGWB (Feb): Spanish casino boom; MGM Macau opens; Macau casino revenues 2007 annual report; Chicago casino development; Seminole pact approved by Federal authority; Israeli casinos; Las Vegas resorts; M Resort (Las Vegas)
regional and local real estate news
California Real Estate Journal (2/4): 2008 office forecasts by area; affordable housing
New Orleans City Business (1/21): LA film tax credits promote industry out of slump in state; updated targeted recovery area map
Orange County Business Journal (1/21): hotel meeting space expansions; list of meeting space in the county; hotels with small meeting space
San Fernando Valley Business Journal (1/21): Glendale hotel corridor under consideration
San Diego Business Journal (1/21): Chargers stadium saga continues
San Diego Business Journal (2/4): Hilton Bayfront development progress
San Fernando Business Journal (2/4): Valley commercial real estate special report including multi-family housing, office/industrial space, and lifestyle retail
Kiplinger CA Letter (1/30): San Diego -- Viejas Casino, hotels planned for Lane Field
New Orleans City Business (1/21): LA film tax credits promote industry out of slump in state; updated targeted recovery area map
Orange County Business Journal (1/21): hotel meeting space expansions; list of meeting space in the county; hotels with small meeting space
San Fernando Valley Business Journal (1/21): Glendale hotel corridor under consideration
San Diego Business Journal (1/21): Chargers stadium saga continues
San Diego Business Journal (2/4): Hilton Bayfront development progress
San Fernando Business Journal (2/4): Valley commercial real estate special report including multi-family housing, office/industrial space, and lifestyle retail
Kiplinger CA Letter (1/30): San Diego -- Viejas Casino, hotels planned for Lane Field
Friday, February 8, 2008
Plans for the Moulin Rouge
from today's Hotel enewsbrief (2/7):
MarketWatch
February 7, 2008 Thursday 5:21 PM EST
A new Moulin Rouge: Rebirth of Vegas landmark in the cards?
William Spain is a MarketWatch staff writer in Chicago.
"WASHINGTON (MarketWatch) -- A group of African-American investors has teamed up with a firm that specializes in urban redevelopment to place a big bet that together they can resurrect a fabled piece of Las Vegas history: the Moulin Rouge." ...
for the complete story
MarketWatch
February 7, 2008 Thursday 5:21 PM EST
A new Moulin Rouge: Rebirth of Vegas landmark in the cards?
William Spain is a MarketWatch staff writer in Chicago.
"WASHINGTON (MarketWatch) -- A group of African-American investors has teamed up with a firm that specializes in urban redevelopment to place a big bet that together they can resurrect a fabled piece of Las Vegas history: the Moulin Rouge." ...
for the complete story
Cambodia to get coastal casino
from today's Hotels enewsbrief
February 7, 2008 Thursday
QLI sees opportunity in Cambodia;
The company plans a seafront resort centered on a casino.
Globes' correspondent
"Casino builder and operator Queenco Leisure International Ltd. (QLI) (AIM:QLI) has bought a 22.5-acre lot for $10 million in the Cambodian coastal resort of Sihanoukville for the development of a beachfront casino.
QLI has already bought a 120-acre lot in Sihanoukville, which the Cambodian is developing, including the expansion of local airport to handle international flights." ...
for the complete story
February 7, 2008 Thursday
QLI sees opportunity in Cambodia;
The company plans a seafront resort centered on a casino.
Globes' correspondent
"Casino builder and operator Queenco Leisure International Ltd. (QLI) (AIM:QLI) has bought a 22.5-acre lot for $10 million in the Cambodian coastal resort of Sihanoukville for the development of a beachfront casino.
QLI has already bought a 120-acre lot in Sihanoukville, which the Cambodian is developing, including the expansion of local airport to handle international flights." ...
for the complete story
CoStar v LoopNet
from today's GlobeSt (2/8):
Last updated: February 8, 2008 02:26pm
CoStar Challenges LoopNet’s Statistics
By Erika Morphy
"BETHESDA, MD-CoStar is questioning its main competitor’s way of calculating how many current users it has. The company filed a suit in the US District Court in the Southern District of New York. The case is called CoStar Group Inc. v. LoopNet Inc.
Specifically, the suit is challenging the number of “registered members” LoopNet reports it has to its customers and investors. As of Nov. 2007, LoopNet claimed to have 2.5 million registered members, CoStar notes. CoStar’s position is that LoopNet is implying that it has 2.5 million current users, when the active number of users is much lower. The 2.5 million statistic, in other words, is a cumulative total of everyone who has ever registered at the site during the past 12 or so years the firm has been in existence, according to CoStar's complaint." .....
for the complete story
Last updated: February 8, 2008 02:26pm
CoStar Challenges LoopNet’s Statistics
By Erika Morphy
"BETHESDA, MD-CoStar is questioning its main competitor’s way of calculating how many current users it has. The company filed a suit in the US District Court in the Southern District of New York. The case is called CoStar Group Inc. v. LoopNet Inc.
Specifically, the suit is challenging the number of “registered members” LoopNet reports it has to its customers and investors. As of Nov. 2007, LoopNet claimed to have 2.5 million registered members, CoStar notes. CoStar’s position is that LoopNet is implying that it has 2.5 million current users, when the active number of users is much lower. The 2.5 million statistic, in other words, is a cumulative total of everyone who has ever registered at the site during the past 12 or so years the firm has been in existence, according to CoStar's complaint." .....
for the complete story
DreamWorks Dubai
from today's GlobeSt
Last updated: February 7, 2008 02:47pm
DreamWorks Theme Park To Premiere in Dubai
By Michelle Deakin
"DUBAI, UNITED ARAB EMIRATES-DreamWorks Animation and Dubai developer Tatweer have formed a strategic alliance to develop the studio’s first theme park at Dubailand, a three-billion-sf entertainment and leisure complex under development on the Eastern Arabian Peninsula. The exact price of the five-million-sf theme park has not been disclosed, however, it has been described as a multi-billion United Arab Emirates Dirhams investment within a park projected to be twice the size of Florida’s Walt Disney World.
In addition to bringing DreamWorks characters, such as Shrek and the upcoming Kung Fu Panda, to life, the park will include DreamWorks-themed restaurants, hotels and retail stores." ...
for the complete story
Last updated: February 7, 2008 02:47pm
DreamWorks Theme Park To Premiere in Dubai
By Michelle Deakin
"DUBAI, UNITED ARAB EMIRATES-DreamWorks Animation and Dubai developer Tatweer have formed a strategic alliance to develop the studio’s first theme park at Dubailand, a three-billion-sf entertainment and leisure complex under development on the Eastern Arabian Peninsula. The exact price of the five-million-sf theme park has not been disclosed, however, it has been described as a multi-billion United Arab Emirates Dirhams investment within a park projected to be twice the size of Florida’s Walt Disney World.
In addition to bringing DreamWorks characters, such as Shrek and the upcoming Kung Fu Panda, to life, the park will include DreamWorks-themed restaurants, hotels and retail stores." ...
for the complete story
Wednesday, February 6, 2008
Disney bright spot
from today's Los Angeles Business Journal newsbriefs (1/6/2008):
Disney Beats Estimates on Q1 Earnings
By ALLEN P. ROBERTS Jr. - 2/5/2008
Los Angeles Business Journal Staff
"Shares in Walt Disney Co. rebounded Tuesday after the entertainment giant reported lower first-quarter profit due to gains from sales of media properties last year, but still beat analysts' expectations.
Disney reported first quarter net income of $1.25 billion (63 cents per share), a 26 percent dip from $1.7 billion (79 cents) from the same period a year earlier. The company said the dip in profit was due to the sale of its interest in US Weekly magazine and the E! Entertainment channel last year." ...
for the complete story
Disney Beats Estimates on Q1 Earnings
By ALLEN P. ROBERTS Jr. - 2/5/2008
Los Angeles Business Journal Staff
"Shares in Walt Disney Co. rebounded Tuesday after the entertainment giant reported lower first-quarter profit due to gains from sales of media properties last year, but still beat analysts' expectations.
Disney reported first quarter net income of $1.25 billion (63 cents per share), a 26 percent dip from $1.7 billion (79 cents) from the same period a year earlier. The company said the dip in profit was due to the sale of its interest in US Weekly magazine and the E! Entertainment channel last year." ...
for the complete story
Golf -- maybe it isn't dead
from Callaway Golf Press Releases 1/31/2008
Callaway Golf Announces Record Sales and More Than a 100% Increase in Earnings for 2007
"CARLSBAD, Calif.--(BUSINESS WIRE)--Jan. 31, 2008--Callaway Golf Company (NYSE:ELY) today announced its financial results for the fourth quarter and full year ended December 31, 2007. Highlights for the full year of 2007 included:
Net sales increased 10% to a record $1.125 billion, compared to $1.018 billion for the same period in 2006.
Fully diluted earnings per share of $0.81 on 67.5 million shares, an increase of 138% compared to fully diluted earnings per share of $0.34 on 68.5 million shares in 2006. " .....
"Gross profit for 2007 was $493.2 million or 44% of net sales compared to $398.1 million or 39% of net sales a year ago." ...
"Net sales were $174.4 million, a 3% decrease compared to $179.9 million for the same period in 2006, which included significantly more sales from new product launches.
Loss per share of $0.25 on 63.8 million shares, compared to a loss per share of $0.15 on 67.0 million shares in the fourth quarter of 2006." ...
for the complete story
Callaway Golf Announces Record Sales and More Than a 100% Increase in Earnings for 2007
"CARLSBAD, Calif.--(BUSINESS WIRE)--Jan. 31, 2008--Callaway Golf Company (NYSE:ELY) today announced its financial results for the fourth quarter and full year ended December 31, 2007. Highlights for the full year of 2007 included:
Net sales increased 10% to a record $1.125 billion, compared to $1.018 billion for the same period in 2006.
Fully diluted earnings per share of $0.81 on 67.5 million shares, an increase of 138% compared to fully diluted earnings per share of $0.34 on 68.5 million shares in 2006. " .....
"Gross profit for 2007 was $493.2 million or 44% of net sales compared to $398.1 million or 39% of net sales a year ago." ...
"Net sales were $174.4 million, a 3% decrease compared to $179.9 million for the same period in 2006, which included significantly more sales from new product launches.
Loss per share of $0.25 on 63.8 million shares, compared to a loss per share of $0.15 on 67.0 million shares in the fourth quarter of 2006." ...
for the complete story
Middle East RevPAR growth continues apace
from today's Hotel newsbrief (2/6/2008):
Mideast Lodges 4th Year Of Double-Digit RevPAR Growth
Deloitte
February 6, 2008
"The Middle East hotel industry is still one of the fastest growing regions in the world according to year-end 2007 results from the HotelBenchmark™ Survey by Deloitte. Out performed only by Central and South America, the Middle East saw revenue per available room (revPAR) grow 17.0% exceeding both Asia Pacific and Europe.
The region also enjoyed its fourth year of double-digit growth. Average room rates were the main driver up 11.4% to US$151 while occupancy increased 5.0% to 71.6%.
Across the Middle East there were stark contrasts in performance but Jordan, Oman and Egypt were the true success stories. Jordan, after experiencing a slight fall in revPAR in 2006, saw a change in fortunes in 2007. RevPAR was up 19.0% in Amman following a stable recovery from the 2005 terrorist attacks. Success was not just limited to Amman, as the ancient stone-carved city of Petra was declared one of the ‘New 7 Wonders of the World’. According to the Jordan Tourism Board, tourist arrivals to Petra increased by 43% during the first 11 months of 2007 to just over half a million. The government is focusing on niche markets including the meetings, incentive, conventions and exhibitions market, as well as adventure tourism and religious travel." ...
for the complete story
Mideast Lodges 4th Year Of Double-Digit RevPAR Growth
Deloitte
February 6, 2008
"The Middle East hotel industry is still one of the fastest growing regions in the world according to year-end 2007 results from the HotelBenchmark™ Survey by Deloitte. Out performed only by Central and South America, the Middle East saw revenue per available room (revPAR) grow 17.0% exceeding both Asia Pacific and Europe.
The region also enjoyed its fourth year of double-digit growth. Average room rates were the main driver up 11.4% to US$151 while occupancy increased 5.0% to 71.6%.
Across the Middle East there were stark contrasts in performance but Jordan, Oman and Egypt were the true success stories. Jordan, after experiencing a slight fall in revPAR in 2006, saw a change in fortunes in 2007. RevPAR was up 19.0% in Amman following a stable recovery from the 2005 terrorist attacks. Success was not just limited to Amman, as the ancient stone-carved city of Petra was declared one of the ‘New 7 Wonders of the World’. According to the Jordan Tourism Board, tourist arrivals to Petra increased by 43% during the first 11 months of 2007 to just over half a million. The government is focusing on niche markets including the meetings, incentive, conventions and exhibitions market, as well as adventure tourism and religious travel." ...
for the complete story
Monday, February 4, 2008
NYC Atlantic Yards decision
from today's GlobeSt (2/4):
Last updated: February 1, 2008 03:58pm
Eminent Domain Decision Favors Atlantic Yards
By Natalie Dolce
"BROOKLYN, NY-Forest City Ratner Cos.' Atlantic Project got the green light on Friday when the US Court of Appeals rejected a lawsuit that challenged the constitutionality of the state's use of eminent domain for the site. The lawsuit was filed by 14 property owners, business owners and tenants facing eviction. ...
St.com reported.
Bruce Ratner, CEO and chairman of Forest City, says in a prepared statement that "today's decision is more than another victory for Atlantic Yards; it is a victory for public good and the importance of investing in diverse communities throughout the City. Atlantic Yards will bring thousands of affordable homes and needed jobs to Brooklyn. We believe, and the courts have repeatedly agreed, that these are real benefits that will have a significantly positive impact on the borough and the City." ...
for the complete story
Last updated: February 1, 2008 03:58pm
Eminent Domain Decision Favors Atlantic Yards
By Natalie Dolce
"BROOKLYN, NY-Forest City Ratner Cos.' Atlantic Project got the green light on Friday when the US Court of Appeals rejected a lawsuit that challenged the constitutionality of the state's use of eminent domain for the site. The lawsuit was filed by 14 property owners, business owners and tenants facing eviction. ...
St.com reported.
Bruce Ratner, CEO and chairman of Forest City, says in a prepared statement that "today's decision is more than another victory for Atlantic Yards; it is a victory for public good and the importance of investing in diverse communities throughout the City. Atlantic Yards will bring thousands of affordable homes and needed jobs to Brooklyn. We believe, and the courts have repeatedly agreed, that these are real benefits that will have a significantly positive impact on the borough and the City." ...
for the complete story
Thursday, January 31, 2008
Tuesday, January 29, 2008
Meeting trends report
Meeting Professionals International (MPI) has released its annual trends report, FutureWatch 2008.
The report covers the meetings field from a planner's-specific view. Hence, while there are tables on meeting attendance trends and average meeting budgets, there are also tables on the average number of facilities considered by a planner when booking a meeting (by type of meeting group) and tables on the impact of webcasting on the meetings market.
for an introduction and the full report
The report covers the meetings field from a planner's-specific view. Hence, while there are tables on meeting attendance trends and average meeting budgets, there are also tables on the average number of facilities considered by a planner when booking a meeting (by type of meeting group) and tables on the impact of webcasting on the meetings market.
for an introduction and the full report
Harrah's privatization
from yesterday's GlobeSt (1/28):
UPDATE Last updated: January 28, 2008 07:01pm
Apollo, TPG Complete Harrah’s Privatization
By Brian K. Miller
"LAS VEGAS-Harrah’s Entertainment, the world’s largest casino company by revenue, is now a private company. The owner of 39 casinos is now in the hands of private equity firms Apollo Management LP and TPG Capital, whose investors include private and public pension funds, endowments and institutions." ...
"Per the merger agreement signed Dec. 19, 2006, TPG and Apollo affiliates have agreed to acquire Harrah’s in an all-cash transaction valued on that date at approximately $27.8 billion. The figure includes $90 in cash for each outstanding share of Harrah’s common stock and the assumption of $10.7 billion of debt. The result of the deal will be a near doubling of Harrah's debt load, which will require it to focus on paying down that debt rather than reinvesting in growth, according to related documents filed with the Securities and Exchange Commission." ...
for the complete story
UPDATE Last updated: January 28, 2008 07:01pm
Apollo, TPG Complete Harrah’s Privatization
By Brian K. Miller
"LAS VEGAS-Harrah’s Entertainment, the world’s largest casino company by revenue, is now a private company. The owner of 39 casinos is now in the hands of private equity firms Apollo Management LP and TPG Capital, whose investors include private and public pension funds, endowments and institutions." ...
"Per the merger agreement signed Dec. 19, 2006, TPG and Apollo affiliates have agreed to acquire Harrah’s in an all-cash transaction valued on that date at approximately $27.8 billion. The figure includes $90 in cash for each outstanding share of Harrah’s common stock and the assumption of $10.7 billion of debt. The result of the deal will be a near doubling of Harrah's debt load, which will require it to focus on paying down that debt rather than reinvesting in growth, according to related documents filed with the Securities and Exchange Commission." ...
for the complete story
Tuesday, January 22, 2008
Macau v Vegas
from BBC News (1/21):
Macau revenues close in on Vegas
Gaming revenues in the southern Chinese territory of Macau soared last year, beating expectations and rivalling proceeds from the Las Vegas region.
"Revenues rose 46% to 83.8bn Macanese patacas ($10.4bn; £5.3bn) in 2007, according to official figures.
Figures for Clark County in the US, which contains Las Vegas, have yet to be released, but were $10.6bn in 2006." ...
for the complete story
Macau revenues close in on Vegas
Gaming revenues in the southern Chinese territory of Macau soared last year, beating expectations and rivalling proceeds from the Las Vegas region.
"Revenues rose 46% to 83.8bn Macanese patacas ($10.4bn; £5.3bn) in 2007, according to official figures.
Figures for Clark County in the US, which contains Las Vegas, have yet to be released, but were $10.6bn in 2006." ...
for the complete story
Hilton in fight with proposed retail development
from yesterday's Columbia (MO) Daily Tribune (1/21)
Hotel fights retail store
Hilton owner irked over new Menards.
By KAT HUGHES of the Tribune’s staff
Published Monday, January 21, 2008
"When Raman Puri and his three partners bought the land in the Centerstate Crossing development in 2005 to construct a Hilton Garden Inn, the only things backing their investment were a plot of graded dirt, two retail plazas on a cement pad and a developer’s promises for future restaurants and shops." ...
"Now, almost two years after Puri and his partners opened the Hilton Garden Inn in May 2006, the developer, Curtis McDonald, is gone after turning the property over to his bank, and what Puri characterizes as a restricted use of the property - a Menards home improvement retail store - is moving next door to his hotel.
At the Jan. 10 Columbia Planning and Zoning Commission meeting, the commission recommended approval of a development plan for the Menards store despite Puri’s protests that it would be detrimental to his hotel because 88 rooms would soon face the store’s outdoor storage area." ...
"Puri said he thinks Menards should be considered a warehouse." ...
for the complete story
Hotel fights retail store
Hilton owner irked over new Menards.
By KAT HUGHES of the Tribune’s staff
Published Monday, January 21, 2008
"When Raman Puri and his three partners bought the land in the Centerstate Crossing development in 2005 to construct a Hilton Garden Inn, the only things backing their investment were a plot of graded dirt, two retail plazas on a cement pad and a developer’s promises for future restaurants and shops." ...
"Now, almost two years after Puri and his partners opened the Hilton Garden Inn in May 2006, the developer, Curtis McDonald, is gone after turning the property over to his bank, and what Puri characterizes as a restricted use of the property - a Menards home improvement retail store - is moving next door to his hotel.
At the Jan. 10 Columbia Planning and Zoning Commission meeting, the commission recommended approval of a development plan for the Menards store despite Puri’s protests that it would be detrimental to his hotel because 88 rooms would soon face the store’s outdoor storage area." ...
"Puri said he thinks Menards should be considered a warehouse." ...
for the complete story
new Jewish-American museum planned for Philadelphia
from today's Architectural Record news briefs (1/22):
Jewish-American Museum Rising in Philly
January 22, 2008
By Joseph Dennis Kelly
"The Smithsonian-affiliated National Museum for American Jewish History (NMAJH), the nation’s only museum documenting the Jewish-American experience, has assiduously expanded its collection from 40 objects, when it opened in 1976, to more than 20,000. In doing so, it has outgrown the meager 6,000 square feet of exhibition space in its current home, a half-block from the spot on Philadelphia’s Independence Mall where it is constructing a new 100,000-square-foot complex designed by Polshek Partnership. NMAJH hopes that when the $150 million space opens on July 4, 2010, it will be able to expand its programming and quintuple its attendance to 250,000 visitors a year." ...
"The terra cotta volume will house 30,000 square feet of galleries, an education center, and a 200-seat theater, while the glass-clad wing will contain event rooms as well as a series of circulation spaces and staircases. This wing will be crowned by the “Freedom Beacon,” a flame symbolizing Judaism’s 5,000-year history that will be positioned at the top of a 104-foot-tall atrium." ...
for the complete story
Jewish-American Museum Rising in Philly
January 22, 2008
By Joseph Dennis Kelly
"The Smithsonian-affiliated National Museum for American Jewish History (NMAJH), the nation’s only museum documenting the Jewish-American experience, has assiduously expanded its collection from 40 objects, when it opened in 1976, to more than 20,000. In doing so, it has outgrown the meager 6,000 square feet of exhibition space in its current home, a half-block from the spot on Philadelphia’s Independence Mall where it is constructing a new 100,000-square-foot complex designed by Polshek Partnership. NMAJH hopes that when the $150 million space opens on July 4, 2010, it will be able to expand its programming and quintuple its attendance to 250,000 visitors a year." ...
"The terra cotta volume will house 30,000 square feet of galleries, an education center, and a 200-seat theater, while the glass-clad wing will contain event rooms as well as a series of circulation spaces and staircases. This wing will be crowned by the “Freedom Beacon,” a flame symbolizing Judaism’s 5,000-year history that will be positioned at the top of a 104-foot-tall atrium." ...
for the complete story
Sunday, January 20, 2008
more misc news
Builder and Developer (Jan): workforce housing; affordable housing; green residential dvt in Irvine, CA; historic, adaptive reuse
M&C (Jan): Canadian efforts to entice more conferences; international brief focus on Vancouver; how-to for cities to calculate the value of meetings; golf meetings new courses; golf meetings clubhouse facilities; destination guides: WI; Albuquerque, NM; Long Beach, CA
Economist (1/19): Boomers and housing market
Native American Casino (Jan): feature on the Dakota Dunes Casino
National Real Estate Investor (Jan): Atlantic City mixed-use dvt plans; Durham, NC redevelopment; Manhattan retail; apartment market; luxury condo market
Tradeshow Week (1/14): resort meeting market
Retail traffic (Jan): commercial mortgages and market conditions; premium outlets; brownfields into retail
Tradeshow Week (12/10): Gaylord launches new plans; tradeshow space rates up
Kiplinger Letter (1/11): housing market and economic trends
M&C (Jan): Canadian efforts to entice more conferences; international brief focus on Vancouver; how-to for cities to calculate the value of meetings; golf meetings new courses; golf meetings clubhouse facilities; destination guides: WI; Albuquerque, NM; Long Beach, CA
Economist (1/19): Boomers and housing market
Native American Casino (Jan): feature on the Dakota Dunes Casino
National Real Estate Investor (Jan): Atlantic City mixed-use dvt plans; Durham, NC redevelopment; Manhattan retail; apartment market; luxury condo market
Tradeshow Week (1/14): resort meeting market
Retail traffic (Jan): commercial mortgages and market conditions; premium outlets; brownfields into retail
Tradeshow Week (12/10): Gaylord launches new plans; tradeshow space rates up
Kiplinger Letter (1/11): housing market and economic trends
Friday, January 18, 2008
misc news
Shopping Center Business (Jan): Federal Realty and mixed-use/neighborhood centers; Vegas retail developments; creating great retail places
Golf Industry Report (4th quarter 2007): 2007 golf consumer profile; player development; round promotion
Golf Industry Report (4th quarter 2007): 2007 golf consumer profile; player development; round promotion
local/regional real estate news
Crain's Chicago Business (12/24/2007): Retail retrenchment; hotel room rates on the rise
New Orleans City Business (12/31/2007): LA economy bullish
San Diego Business Journal (1/7/2008): visitation rates and hotel occupancy forecasts for 2008; Chargers stadium saga continues
California Real Estate Journal (1/14/2008): green guidelines and industrial development; Sacramento K Street development; San Jose residential towers plan
California Real Estate Journal (1/7/2008): ports prospects and problems
Los Angeles Business Journal (1/14/2008): Dodger Stadium and the battle over public transit
Los Angeles Business Journal (1/7/2008): home prices and sales volumes down; film distributors list
Western City (Jan): sustainable cities
CP&DR (Jan): LEED standards for green construction; Marin County general plan; sustainability
New Orleans City Business (12/31/2007): LA economy bullish
San Diego Business Journal (1/7/2008): visitation rates and hotel occupancy forecasts for 2008; Chargers stadium saga continues
California Real Estate Journal (1/14/2008): green guidelines and industrial development; Sacramento K Street development; San Jose residential towers plan
California Real Estate Journal (1/7/2008): ports prospects and problems
Los Angeles Business Journal (1/14/2008): Dodger Stadium and the battle over public transit
Los Angeles Business Journal (1/7/2008): home prices and sales volumes down; film distributors list
Western City (Jan): sustainable cities
CP&DR (Jan): LEED standards for green construction; Marin County general plan; sustainability
China's blossoming economy hotel industry
from today's STR hotel news briefs (1/18/2008):
Economy Hotel Development Trends in Mainland China
By Li Chen and Fiona Fang -- HVS
"Since the first opened in 1997, economy hotels in mainland China have spread far and wide, filling a need for millions of business and leisure patrons seeking a convenient, economical, and increasingly comfortable place to rest.
Demand for Economy Hotels in Mainland China
China has become an important tourism destination in Asia and the fifth-largest tourism country in the world (measured in number of international tourist arrivals).[1] The inflow of foreign tourists runs beside a strengthening stream of domestic tourists, whose numbers reached nearly 1.4 billion in 2006. Domestic tourism alone generated US$781.9 billion last year, nearly 20 times the revenue of 2000." ...
[1] People's Daily online (http://english.peopledaily.com.cn/200211/21/eng20021121_107170.shtml)
for the complete story with charts
Economy Hotel Development Trends in Mainland China
By Li Chen and Fiona Fang -- HVS
"Since the first opened in 1997, economy hotels in mainland China have spread far and wide, filling a need for millions of business and leisure patrons seeking a convenient, economical, and increasingly comfortable place to rest.
Demand for Economy Hotels in Mainland China
China has become an important tourism destination in Asia and the fifth-largest tourism country in the world (measured in number of international tourist arrivals).[1] The inflow of foreign tourists runs beside a strengthening stream of domestic tourists, whose numbers reached nearly 1.4 billion in 2006. Domestic tourism alone generated US$781.9 billion last year, nearly 20 times the revenue of 2000." ...
[1] People's Daily online (http://english.peopledaily.com.cn/200211/21/eng20021121_107170.shtml)
for the complete story with charts
Tuesday, January 15, 2008
Chicago Olympics 2016?
from today's Crain's Chicago Business (1/15/2008)
Chicago details Olympic costs, hopes for 2016
By Greg Hinz
Jan. 15, 2008
"Crain’s) — City Hall Tuesday began to lift some of the financial veil which has shrouded Chicago’s bid to host the 2016 Summer Olympics.
Officials described an event that would cost $2 billion to house and provide a place for athletes to compete. At the same time, the games would take in a projected $2.5 billion in domestic sponsorship and ticket sales." ...
"Mr. Ryan said the city expects to spend about $900 million in 2007 dollars to build and/or revamp 27 new or temporary venues for different sports — roughly in the range that outside sports experts had expected.
The biggest chunk, $385.9 million, would go for construction of a stadium for opening and closing ceremonies in Washington Park in the mid-South Side.
Another $107 million would be needed for a new aquatic center, $80 million for a rowing course and $137 million for other temporary facilities, many of them to be located in or near McCormick Place and Northerly Island.
The cost of building an Olympic Village on air-rights over a parking lot just south of McCormick Place still is projected at $1.1 billion, Mr. Ryan said, but all costs will be born by an as yet unselected developer, who will be able to convert the village into market-rate condominiums and rental apartments after the games.
The city at this point was not required to disclose the projected operating budget for the 2016 games and did not do so.
But outside analysts say it easily could cost $3 billion to run the games on top of the roughly $2 billion the city now says it will need for construction.
To offset those costs, Mr. Ryan said the local organizers believe that Chicago games would pull in $2.5 billion in domestic revenues — not counting the city’s cut of income from international TV rights.
The biggest share of the $2.5 billion would be sponsorships, with 10 corporate partners providing an average of $110 million each and 52 others contributing about $10 million each for a total of $1.26 billion in projected corporate sponsorships.
An additional $705 million would come from sales of tickets, with the average price at $75 and 45% priced at under $50.
Other income would include $170 million from merchandising rights, and $143 million in income from the Paralympics, which would follow the Olympics by a few days.
Under questioning, Mr. Ryan conceded that Chicago apparently is projecting more local revenue than some other cities." ...
"“Our argument is not that [Chicago’s venues] are compact. It’s where they’re compact, in the heart of our city,” said Chicago 2016 Vice-President Doug Arnot. Another Chicago advantage is ethnic diversity, he said, something that was on display during the recent world boxing championships here when groups of immigrant Chicagoans from the Ukraine, Poland and other countries showed up to cheer on the team from their native countries.
Another feature of the Chicago bid is that the amount of construction of one-time facilities will be limited.
“There’s no white elephants,” Mr. Ryan said, a blight that has afflicted prior Olympics cities but something that international officials hope to avoid this time.
Assuming Chicago makes the short list in June, it will spend about $49 million for the final campaign, Mr. Ryan said, with the winner to be announced at a meeting in Copenhagen, Denmark in November, 2009."
for the complete story see:
http://chicagobusiness.com/cgi-bin/news.pl?id=27767
Chicago details Olympic costs, hopes for 2016
By Greg Hinz
Jan. 15, 2008
"Crain’s) — City Hall Tuesday began to lift some of the financial veil which has shrouded Chicago’s bid to host the 2016 Summer Olympics.
Officials described an event that would cost $2 billion to house and provide a place for athletes to compete. At the same time, the games would take in a projected $2.5 billion in domestic sponsorship and ticket sales." ...
"Mr. Ryan said the city expects to spend about $900 million in 2007 dollars to build and/or revamp 27 new or temporary venues for different sports — roughly in the range that outside sports experts had expected.
The biggest chunk, $385.9 million, would go for construction of a stadium for opening and closing ceremonies in Washington Park in the mid-South Side.
Another $107 million would be needed for a new aquatic center, $80 million for a rowing course and $137 million for other temporary facilities, many of them to be located in or near McCormick Place and Northerly Island.
The cost of building an Olympic Village on air-rights over a parking lot just south of McCormick Place still is projected at $1.1 billion, Mr. Ryan said, but all costs will be born by an as yet unselected developer, who will be able to convert the village into market-rate condominiums and rental apartments after the games.
The city at this point was not required to disclose the projected operating budget for the 2016 games and did not do so.
But outside analysts say it easily could cost $3 billion to run the games on top of the roughly $2 billion the city now says it will need for construction.
To offset those costs, Mr. Ryan said the local organizers believe that Chicago games would pull in $2.5 billion in domestic revenues — not counting the city’s cut of income from international TV rights.
The biggest share of the $2.5 billion would be sponsorships, with 10 corporate partners providing an average of $110 million each and 52 others contributing about $10 million each for a total of $1.26 billion in projected corporate sponsorships.
An additional $705 million would come from sales of tickets, with the average price at $75 and 45% priced at under $50.
Other income would include $170 million from merchandising rights, and $143 million in income from the Paralympics, which would follow the Olympics by a few days.
Under questioning, Mr. Ryan conceded that Chicago apparently is projecting more local revenue than some other cities." ...
"“Our argument is not that [Chicago’s venues] are compact. It’s where they’re compact, in the heart of our city,” said Chicago 2016 Vice-President Doug Arnot. Another Chicago advantage is ethnic diversity, he said, something that was on display during the recent world boxing championships here when groups of immigrant Chicagoans from the Ukraine, Poland and other countries showed up to cheer on the team from their native countries.
Another feature of the Chicago bid is that the amount of construction of one-time facilities will be limited.
“There’s no white elephants,” Mr. Ryan said, a blight that has afflicted prior Olympics cities but something that international officials hope to avoid this time.
Assuming Chicago makes the short list in June, it will spend about $49 million for the final campaign, Mr. Ryan said, with the winner to be announced at a meeting in Copenhagen, Denmark in November, 2009."
for the complete story see:
http://chicagobusiness.com/cgi-bin/news.pl?id=27767
Asian business climate worries
from CFOAsia (Dec-Jan 2008):
BUSINESS OUTLOOK SURVEY
Asia’s CFOs remain more optimistic than their U.S. and European counterparts,
but nerves are starting to fray.
By Cesar Bacani and Nan Wang
"When America sneezes, Asia catches a cold. This old saw was true enough in the last century, but it may be time for a revision.
In the latest Duke University/CFO magazine Business Outlook Survey, only 9 percent of CFOs in the United States are more optimistic about the U.S. economy than they were last quarter. In contrast, 53 percent of CFOs in Asia say they are more optimistic.
Why the difference? At least some of Asia’s finance executives believe that the region’s fortunes have now decoupled from America’s because of the economic rise of China and India, and the generally robust finances of governments, banks, corporations, and consumers." ...
"Still, the worries in the West are crossing over to Asia. Mingwei Bi, deputy finance controller at Chinese sportswear maker Anta, expects earnings to grow in the next 12 months because of the coming Summer Olympics. But he is concerned about rising inflation, a strong renminbi, and a 15 percent rise in labor costs at Anta." ...
"And the level of optimism among the region’s CFOs (outside of China) is six percentage points lower than last quarter, down 19 points from the quarter before that. Optimism among CFOs in China is down from 41 percent last quarter to 31 percent in the latest survey." ...
for the complete story see:
http://www.cfoasia.com/archives/200712-05.htm
********************************
IS THE PARTY OVER?
Some of the exuberance is winding down, but the region’s investment bankers are still working on a long queue of IPO, M&A, and other financing deals.
By Cesar BacanI
"When India’s ICICI Bank issued a US$750 million five-year bond in January of this year, it achieved a pricing of 174.8 basis points higher than similarly dated U.S. Treasuries. Not too shabby in an environment of abundant and cheap credit. Fast forward eight months. In September, ICICI again tapped the global debt markets with another five-year fixed rate note. This time, however, it had to accept an interest rate that was a whopping 237.5 basis points above U.S. Treasuries.
And this was during a relatively calm period after the first ructions in July over the sub-prime crisis in the United States, which had caused credit markets to seize up. Had ICICI held out for a better pricing, it might now be unable to raise capital at all. In November, Chinese property developer Country Garden pulled a US$1 billion global bond issue because virtually no investor in America was buying.
So is the party over in Asia? It looks like it for offshore debt financing and private-equity fueled leveraged buyouts, at least in the short term. A bank typically holds capital equivalent to 10 percent of its loan book, meaning that a dollar of capital can potentially translate into ten dollars in loans. When bank capital is reduced because of provisions for losses arising from the subprime crisis, the bank’s ability to lend is compromised. In all, banks worldwide are estimated to have made US$66 billion in provisions, in effect shrinking the pot for loans by US$660 billion.
But the fallout has been much less pronounced in Asia, and this is stoking optimism that the party will get going in this part of the world again." ...
"While selling global bonds and raising debt funding for leveraged buyouts may be a hard slog at the moment, the region’s investment bankers say Asia’s underlying growth story remains unimpaired. True, stock markets have come down sharply from record highs, which might discourage IPOs and follow-on offerings. But, argues an investment banker who handles equity syndicates: “Asia had an absolutely phenomenal year and investors are now taking a step back to ensure expectations are brought back into sync. The drinks are finished, and we’re just getting to the next round.”
The biggest deals in Asia in the past year have been outbound M&A, led by Tata Steel’s US$13.6 billion acquisition of Anglo-Dutch behemoth Corus. Figures compiled by Thomson Financial show that outward acquisitions in Asia (ex-Japan and ex-Australia) in the year to November have breached the US$84 billion mark, which is up 99 percent from the same period last year, and is nearly 12 times the total of 2003. Singapore-headquartered companies topped the cross-border buyers’ list with US$21.5 billion, followed by India with US$20.1 billion, and China with US$18.9 billion." ...
"The year has been replete with eye-popping transactions that made it to our shortlist, among them ABN Amro’s US$11.7 billion privatization of Malaysia’s Maxis, UBS’s US$7.2 billion acquisition of LG Card for Korea’s Shinhan, Citi’s US$5.9 billion IPO of China CITIC Bank, Goldman Sach’s US$1.7 billion float of China’s Alibaba.com, Morgan Stanley’s US$1.6 billion listing of Chinese developer Country Garden, and ABN Amro’s US$1.5 billion leveraged buyout of Singapore’s UTAC by two private-equity firms." ...
for the complete story see:
http://www.cfoasia.com/archives/200712-03.htm
BUSINESS OUTLOOK SURVEY
Asia’s CFOs remain more optimistic than their U.S. and European counterparts,
but nerves are starting to fray.
By Cesar Bacani and Nan Wang
"When America sneezes, Asia catches a cold. This old saw was true enough in the last century, but it may be time for a revision.
In the latest Duke University/CFO magazine Business Outlook Survey, only 9 percent of CFOs in the United States are more optimistic about the U.S. economy than they were last quarter. In contrast, 53 percent of CFOs in Asia say they are more optimistic.
Why the difference? At least some of Asia’s finance executives believe that the region’s fortunes have now decoupled from America’s because of the economic rise of China and India, and the generally robust finances of governments, banks, corporations, and consumers." ...
"Still, the worries in the West are crossing over to Asia. Mingwei Bi, deputy finance controller at Chinese sportswear maker Anta, expects earnings to grow in the next 12 months because of the coming Summer Olympics. But he is concerned about rising inflation, a strong renminbi, and a 15 percent rise in labor costs at Anta." ...
"And the level of optimism among the region’s CFOs (outside of China) is six percentage points lower than last quarter, down 19 points from the quarter before that. Optimism among CFOs in China is down from 41 percent last quarter to 31 percent in the latest survey." ...
for the complete story see:
http://www.cfoasia.com/archives/200712-05.htm
********************************
IS THE PARTY OVER?
Some of the exuberance is winding down, but the region’s investment bankers are still working on a long queue of IPO, M&A, and other financing deals.
By Cesar BacanI
"When India’s ICICI Bank issued a US$750 million five-year bond in January of this year, it achieved a pricing of 174.8 basis points higher than similarly dated U.S. Treasuries. Not too shabby in an environment of abundant and cheap credit. Fast forward eight months. In September, ICICI again tapped the global debt markets with another five-year fixed rate note. This time, however, it had to accept an interest rate that was a whopping 237.5 basis points above U.S. Treasuries.
And this was during a relatively calm period after the first ructions in July over the sub-prime crisis in the United States, which had caused credit markets to seize up. Had ICICI held out for a better pricing, it might now be unable to raise capital at all. In November, Chinese property developer Country Garden pulled a US$1 billion global bond issue because virtually no investor in America was buying.
So is the party over in Asia? It looks like it for offshore debt financing and private-equity fueled leveraged buyouts, at least in the short term. A bank typically holds capital equivalent to 10 percent of its loan book, meaning that a dollar of capital can potentially translate into ten dollars in loans. When bank capital is reduced because of provisions for losses arising from the subprime crisis, the bank’s ability to lend is compromised. In all, banks worldwide are estimated to have made US$66 billion in provisions, in effect shrinking the pot for loans by US$660 billion.
But the fallout has been much less pronounced in Asia, and this is stoking optimism that the party will get going in this part of the world again." ...
"While selling global bonds and raising debt funding for leveraged buyouts may be a hard slog at the moment, the region’s investment bankers say Asia’s underlying growth story remains unimpaired. True, stock markets have come down sharply from record highs, which might discourage IPOs and follow-on offerings. But, argues an investment banker who handles equity syndicates: “Asia had an absolutely phenomenal year and investors are now taking a step back to ensure expectations are brought back into sync. The drinks are finished, and we’re just getting to the next round.”
The biggest deals in Asia in the past year have been outbound M&A, led by Tata Steel’s US$13.6 billion acquisition of Anglo-Dutch behemoth Corus. Figures compiled by Thomson Financial show that outward acquisitions in Asia (ex-Japan and ex-Australia) in the year to November have breached the US$84 billion mark, which is up 99 percent from the same period last year, and is nearly 12 times the total of 2003. Singapore-headquartered companies topped the cross-border buyers’ list with US$21.5 billion, followed by India with US$20.1 billion, and China with US$18.9 billion." ...
"The year has been replete with eye-popping transactions that made it to our shortlist, among them ABN Amro’s US$11.7 billion privatization of Malaysia’s Maxis, UBS’s US$7.2 billion acquisition of LG Card for Korea’s Shinhan, Citi’s US$5.9 billion IPO of China CITIC Bank, Goldman Sach’s US$1.7 billion float of China’s Alibaba.com, Morgan Stanley’s US$1.6 billion listing of Chinese developer Country Garden, and ABN Amro’s US$1.5 billion leveraged buyout of Singapore’s UTAC by two private-equity firms." ...
for the complete story see:
http://www.cfoasia.com/archives/200712-03.htm
120-acres of mixed use planned for Orlando
from GlobeSt (1/14/2008)
Last updated: January 14, 2008 02:57pm
$32M, 120-Acre Land Buy Spurs MXD Project
By Natalie Keith
"ORLANDO-A joint venture of Alpharetta, GA-based Southeastern Investment Properties and Atlanta-based Hendon Properties LLC has acquired 120 acres of commercially zoned land on the northwest corner of the intersection of Beachline Expressway and Semoran Boulevard for $32 million." ...
"The joint venture, referred to as Orlando Gateway LLC, plans to create development opportunities on the property for uses compatible with Orlando’s AC-3 zoning. The zoning, which is the same as that of Orlando’s central business district, permits a wide range of uses, including high- or mid-rise office space, dense residential dwellings, hotels, restaurants and other commercial uses. Plans call for building at least two hotels, up to 1,200 apartment units, 200,000 sf of office space and 140,000 sf of retail and restaurant space." ....
for the complete story see:
http://www.globest.com/news/1073_1073/orlando/167449-1.html
Last updated: January 14, 2008 02:57pm
$32M, 120-Acre Land Buy Spurs MXD Project
By Natalie Keith
"ORLANDO-A joint venture of Alpharetta, GA-based Southeastern Investment Properties and Atlanta-based Hendon Properties LLC has acquired 120 acres of commercially zoned land on the northwest corner of the intersection of Beachline Expressway and Semoran Boulevard for $32 million." ...
"The joint venture, referred to as Orlando Gateway LLC, plans to create development opportunities on the property for uses compatible with Orlando’s AC-3 zoning. The zoning, which is the same as that of Orlando’s central business district, permits a wide range of uses, including high- or mid-rise office space, dense residential dwellings, hotels, restaurants and other commercial uses. Plans call for building at least two hotels, up to 1,200 apartment units, 200,000 sf of office space and 140,000 sf of retail and restaurant space." ....
for the complete story see:
http://www.globest.com/news/1073_1073/orlando/167449-1.html
Fairmont Palm Springs coming
from today's STR news briefs (1/15/2008):
Fairmont Hotel & Resorts to Fly Its Flag at Avanterra Palm Desert
Renaissance Community to Include Luxury Hotel, Branded Residences and Private Residence Club Homes
"PALM DESERT, CA | Cementing its credentials as a world-class resort destination, Avanterra will be home to the luxurious new Fairmont Avanterra, Palm Desert when the internationally renowned hotelier comes to the Coachella Valley in 2011. The expansive hotel project, which includes Fairmont’s luxury branded residences and fractional private residence club homes, will be situated adjacent to the Classic Club golf course, site of the PGA Tour’s Bob Hope Chrysler Classic.
Representatives from Fairmont and Delfino Resorts made the announcement at a press conference held prior to start of the 2008 Bob Hope Chrysler Classic. The development consortium behind Avanterra, a $2.5 billion environmentally progressive, master-planned community, is best known for its signature Delfino resort communities along America’s Gulf Coast region.
The move marks Fairmont’s first entry into the Palm Springs market, and gives the region an iconic luxury brand favored by discerning business and leisure travelers across the globe. Initially, the hotel development will offer 300 rooms and 125 Fairmont Residences, Fairmont Gold concierge rooms and lounge, a variety of dining outlets, 26,000 square feet of indoor function space including a 7,000 square foot ballroom as well as outdoor event areas, and a 45,000 square foot Willow Stream Spa. In phase two Avanterra will also feature Fairmont Heritage Place, the company’s private residence club homes, as well as additional Fairmont Residences." ...
"It is expected that ground for the initial phase will be broken on the nearly $200 million project in 2009. When completed, the Fairmont Avanterra, Palm Desert will establish its presence alongside the Classic Club, opposite Avanterra’s pedestrian oriented village, which will include close to one million square feet of experiential retail space, integrated work lofts, LEED certified office buildings, condominiums, amphitheater, park space, planetarium, walking trails and more. Avanterra’s master plan is a veritable blueprint for the future of desert living, and of sustainable development across California and elsewhere."
for the complete story see:
http://www.smithtravelresearch.com/smithtravelresearch/news/
findnewsarticle.aspx?article=26472
Fairmont Hotel & Resorts to Fly Its Flag at Avanterra Palm Desert
Renaissance Community to Include Luxury Hotel, Branded Residences and Private Residence Club Homes
"PALM DESERT, CA | Cementing its credentials as a world-class resort destination, Avanterra will be home to the luxurious new Fairmont Avanterra, Palm Desert when the internationally renowned hotelier comes to the Coachella Valley in 2011. The expansive hotel project, which includes Fairmont’s luxury branded residences and fractional private residence club homes, will be situated adjacent to the Classic Club golf course, site of the PGA Tour’s Bob Hope Chrysler Classic.
Representatives from Fairmont and Delfino Resorts made the announcement at a press conference held prior to start of the 2008 Bob Hope Chrysler Classic. The development consortium behind Avanterra, a $2.5 billion environmentally progressive, master-planned community, is best known for its signature Delfino resort communities along America’s Gulf Coast region.
The move marks Fairmont’s first entry into the Palm Springs market, and gives the region an iconic luxury brand favored by discerning business and leisure travelers across the globe. Initially, the hotel development will offer 300 rooms and 125 Fairmont Residences, Fairmont Gold concierge rooms and lounge, a variety of dining outlets, 26,000 square feet of indoor function space including a 7,000 square foot ballroom as well as outdoor event areas, and a 45,000 square foot Willow Stream Spa. In phase two Avanterra will also feature Fairmont Heritage Place, the company’s private residence club homes, as well as additional Fairmont Residences." ...
"It is expected that ground for the initial phase will be broken on the nearly $200 million project in 2009. When completed, the Fairmont Avanterra, Palm Desert will establish its presence alongside the Classic Club, opposite Avanterra’s pedestrian oriented village, which will include close to one million square feet of experiential retail space, integrated work lofts, LEED certified office buildings, condominiums, amphitheater, park space, planetarium, walking trails and more. Avanterra’s master plan is a veritable blueprint for the future of desert living, and of sustainable development across California and elsewhere."
for the complete story see:
http://www.smithtravelresearch.com/smithtravelresearch/news/
findnewsarticle.aspx?article=26472
Monday, January 14, 2008
Mohawks sue for casino rights
from this afternoon's GlobeSt (1/14/2008):
UPDATE Last updated: January 14, 2008 12:05pm
St. Regis Mohawks Sue Over Casino Decision
By John Jordan
"MONTICELLO, NY-Officials with the St. Regis Mohawk Tribe issued some hot responses earlier this month to Interior Secretary Dirk Kempthorne’s denial of a land into trust application for its proposed $600-million gaming facility at Monticello Raceway here. They are now keeping the heat on by filing a lawsuit seeking to reverse the ruling.
The St. Regis Mohawk Tribe and its development partner Empire Resorts Inc. of Las Vegas jointly revealed on Friday that the tribe filed a lawsuit against the Department of Interior and Secretary Kempthorne and others in US District Court in New York City. Officials with the tribe promised a lawsuit would be forthcoming after it received a letter from the Department of Interior on Jan. 4 rejecting its application, killing its casino plan unless a court or a new administration decide to reverse the ruling." ...
"Earlier this month Secretary Kempthorne sent out 11 denial letters to Indian Tribes seeking land into trust application approvals for gaming facilities across the US, including three tribes in New York State--the St. Regis Mohawk Tribe, the Stockbridge-Munsee Band of Mohicans and the Seneca-Cayuga Tribe. The Stockbridge Munsee Band of Mohicans is seeking to build a casino in Sullivan County, while the Seneca-Cayuga Tribe wants to build a gaming facility in Cayuga County. Kempthorne denied the applications stating that the gaming sites were too far from the tribes’ respective reservations." ...
"Empire Resorts officials add that in addition to the lawsuit, the St. Regis Mohawk Tribe is in discussions with other tribes to explore additional legal action and as well as calling for oversight hearings by the House Natural Resources Committee and the Senate Select Committee on Indian Affairs......."
for the complete story see:
http://www.globest.com/news/1072_1072/westchester/1674
42-1.html
UPDATE Last updated: January 14, 2008 12:05pm
St. Regis Mohawks Sue Over Casino Decision
By John Jordan
"MONTICELLO, NY-Officials with the St. Regis Mohawk Tribe issued some hot responses earlier this month to Interior Secretary Dirk Kempthorne’s denial of a land into trust application for its proposed $600-million gaming facility at Monticello Raceway here. They are now keeping the heat on by filing a lawsuit seeking to reverse the ruling.
The St. Regis Mohawk Tribe and its development partner Empire Resorts Inc. of Las Vegas jointly revealed on Friday that the tribe filed a lawsuit against the Department of Interior and Secretary Kempthorne and others in US District Court in New York City. Officials with the tribe promised a lawsuit would be forthcoming after it received a letter from the Department of Interior on Jan. 4 rejecting its application, killing its casino plan unless a court or a new administration decide to reverse the ruling." ...
"Earlier this month Secretary Kempthorne sent out 11 denial letters to Indian Tribes seeking land into trust application approvals for gaming facilities across the US, including three tribes in New York State--the St. Regis Mohawk Tribe, the Stockbridge-Munsee Band of Mohicans and the Seneca-Cayuga Tribe. The Stockbridge Munsee Band of Mohicans is seeking to build a casino in Sullivan County, while the Seneca-Cayuga Tribe wants to build a gaming facility in Cayuga County. Kempthorne denied the applications stating that the gaming sites were too far from the tribes’ respective reservations." ...
"Empire Resorts officials add that in addition to the lawsuit, the St. Regis Mohawk Tribe is in discussions with other tribes to explore additional legal action and as well as calling for oversight hearings by the House Natural Resources Committee and the Senate Select Committee on Indian Affairs......."
for the complete story see:
http://www.globest.com/news/1072_1072/westchester/1674
42-1.html
AECOM buys The Services Group, starts Intl Dvt Group
from this morning's Los Angeles Business Journal (1/14/2008):
Aecom Buys Firm, Starts New Sector
By ALLEN P. ROBERTS Jr. - 1/14/2008
Los Angeles Business Journal Staff
"Aecom Technology Corp. said Monday that it has acquired Arlington, Va.-based development services firm The Services Group for an undisclosed sum.
The Los Angeles-based consulting firm said that the addition of the company will prompt Aecom to create a sector that will focus on acquiring international contracts. The new business will be called Aecom International Development.
The new sector will have its headquarters in Washington, D.C., and will specialize in providing support services in emerging markets around the globe, Aecom said in a statement. Aecom said the new unit will employ more than 400." ...
for the complete story see:
http://labusinessjournal.com/enews_article.asp?aID=9509014
6.819617.1574989.943657.5914953.560&aID2=121144&lid=3
3&sid=&cID=Z
Aecom Buys Firm, Starts New Sector
By ALLEN P. ROBERTS Jr. - 1/14/2008
Los Angeles Business Journal Staff
"Aecom Technology Corp. said Monday that it has acquired Arlington, Va.-based development services firm The Services Group for an undisclosed sum.
The Los Angeles-based consulting firm said that the addition of the company will prompt Aecom to create a sector that will focus on acquiring international contracts. The new business will be called Aecom International Development.
The new sector will have its headquarters in Washington, D.C., and will specialize in providing support services in emerging markets around the globe, Aecom said in a statement. Aecom said the new unit will employ more than 400." ...
for the complete story see:
http://labusinessjournal.com/enews_article.asp?aID=9509014
6.819617.1574989.943657.5914953.560&aID2=121144&lid=3
3&sid=&cID=Z
La Quinta's SilverRock Resort debuts with PGA's Bob Hope Classic
from today's Desert Sun (1/14/2008):
SilverRock debuts at Bob Hope Chrysler Classic
By Larry Bohannan
The Desert Sun
"LA QUINTA - After two years of delays, renovations, rejections by the PGA Tour and escalating costs 50 percent more than its initial $10 million estimate, Mayor Don Adolph of La Quinta is excited SilverRock Resort will debut this week in the Bob Hope Chrysler Classic." ...
"SilverRock, the city-owned and developed layout, will debut in the Hope on Wednesday, one of four courses in the $5.1 million tournament's rotation that will be televised nationally on The Golf Channel. But that debut comes only after cost overruns and unanticipated renovations have pushed the SilverRock course's cost to more than $15 million, 50 percent higher than initial projections.
The additional money, from city redevelopment funds, was required in part by course changes the PGA Tour demanded before it would let the course join the Hope rotation." ...
"The changes began when the council approved $1.4 million in work in the summer of 2005 after flooding and erosion problems from uncharacteristic heavy rains earlier in the year. That money went toward improved drainage on the course, additional landscaping, installation of a drainage pipe to divert flood waters along Avenue 52 and additional workers.
Another $600,000 was approved in August 2006 for decomposed granite to cover and stabilize 40 acres of desert, a specific request by the tour. As recently as last month, the council approved $80,000 to repair wind damage to bunkers and downed trees.
"It just seems every time the council meets, they are voting more money for that golf course," said Steve Simpson, 53 and a part-time La Quinta resident. "I know the golf tournament is a big deal, but is it worth what the city is spending?"
That is a question many city taxpayers have asked city hall officials.
Adolph and others have always insisted the tournament is only part of the long-term SilverRock plan to promote the golf course and attract tax revenue through hotels and retail spending. One year ago, the city signed a $550 million deal with Lowe Destination Development to bring a hotel, boutique hotel and retail development to the property." ...
for the complete story see:
http://www.mydesert.com/apps/pbcs.dll/article?AID=/20080114/N
EWS01/80114010&referrer=FRONTPAGECAROUSEL#pluckcomments
SilverRock debuts at Bob Hope Chrysler Classic
By Larry Bohannan
The Desert Sun
"LA QUINTA - After two years of delays, renovations, rejections by the PGA Tour and escalating costs 50 percent more than its initial $10 million estimate, Mayor Don Adolph of La Quinta is excited SilverRock Resort will debut this week in the Bob Hope Chrysler Classic." ...
"SilverRock, the city-owned and developed layout, will debut in the Hope on Wednesday, one of four courses in the $5.1 million tournament's rotation that will be televised nationally on The Golf Channel. But that debut comes only after cost overruns and unanticipated renovations have pushed the SilverRock course's cost to more than $15 million, 50 percent higher than initial projections.
The additional money, from city redevelopment funds, was required in part by course changes the PGA Tour demanded before it would let the course join the Hope rotation." ...
"The changes began when the council approved $1.4 million in work in the summer of 2005 after flooding and erosion problems from uncharacteristic heavy rains earlier in the year. That money went toward improved drainage on the course, additional landscaping, installation of a drainage pipe to divert flood waters along Avenue 52 and additional workers.
Another $600,000 was approved in August 2006 for decomposed granite to cover and stabilize 40 acres of desert, a specific request by the tour. As recently as last month, the council approved $80,000 to repair wind damage to bunkers and downed trees.
"It just seems every time the council meets, they are voting more money for that golf course," said Steve Simpson, 53 and a part-time La Quinta resident. "I know the golf tournament is a big deal, but is it worth what the city is spending?"
That is a question many city taxpayers have asked city hall officials.
Adolph and others have always insisted the tournament is only part of the long-term SilverRock plan to promote the golf course and attract tax revenue through hotels and retail spending. One year ago, the city signed a $550 million deal with Lowe Destination Development to bring a hotel, boutique hotel and retail development to the property." ...
for the complete story see:
http://www.mydesert.com/apps/pbcs.dll/article?AID=/20080114/N
EWS01/80114010&referrer=FRONTPAGECAROUSEL#pluckcomments
LV casino revenue down
from this morning's GlobeSt (1/14/2008):
Last updated: January 14, 2008 08:56am
Big Dip in Strip Casino Revenue
By Brian K. Miller
"LAS VEGAS-Casinos on the Las Vegas Strip won $519.7 million from gamblers in November, 19% less than they did the same month one year earlier, the Nevada Gaming Control Board said on Friday. Statewide, casino revenue fell 14% to $981.1 million, the largest year-over-year decline since January 2002, according to UBS Investment Research.
The declines were offset by a 20% increase in Strip gambling revenue in October and the fact that gambling revenue from November 2006 was 22% higher than November 2005. Casinos stocks fell on Friday, as did the Dow Jones Industrial Average.
Visitor statistics for November have not yet been released. In October, visitation was essentially unchanged from the previous October at 3.4 million. Year-to-date, visitation is up 0.8%, Strip gaming revenue is up 2.49% and statewide gaming revenue is up 1.43%.
In Clark County as a whole, gaming revenue fell 16.26% in November, but remained up 2% for the year." .....
for the complete story see:
http://www.globest.com/news/1072_1072/lasvegas/167426-1.html
Last updated: January 14, 2008 08:56am
Big Dip in Strip Casino Revenue
By Brian K. Miller
"LAS VEGAS-Casinos on the Las Vegas Strip won $519.7 million from gamblers in November, 19% less than they did the same month one year earlier, the Nevada Gaming Control Board said on Friday. Statewide, casino revenue fell 14% to $981.1 million, the largest year-over-year decline since January 2002, according to UBS Investment Research.
The declines were offset by a 20% increase in Strip gambling revenue in October and the fact that gambling revenue from November 2006 was 22% higher than November 2005. Casinos stocks fell on Friday, as did the Dow Jones Industrial Average.
Visitor statistics for November have not yet been released. In October, visitation was essentially unchanged from the previous October at 3.4 million. Year-to-date, visitation is up 0.8%, Strip gaming revenue is up 2.49% and statewide gaming revenue is up 1.43%.
In Clark County as a whole, gaming revenue fell 16.26% in November, but remained up 2% for the year." .....
for the complete story see:
http://www.globest.com/news/1072_1072/lasvegas/167426-1.html
OC gets a W
from today's Orange County Business Journal news brief (1/14/2008)
Makar Lands W Hotel for Huntington Beach Project
By Sandi Cain - 1/14/2008
Orange County Business Journal Staff
"Newport Beach-based developer Makar Properties LLC has landed a W hotel—the first in the county for Starwood Hotels & Resorts Worldwide Inc.’s boutique chain—for its Pacific City project in Huntington Beach.
The hotel will be the centerpiece of Pacific City, a 30-acre development that will include condominiums, shops and restaurants set to start construction next year." ...
"Plans for the hotel call for 250 rooms and suites and 11,000 square feet of meeting space, according to Makar. The nine-story hotel also is set to have a spa, fitness center, restaurant, cafe and bars. Two outdoor pools are planned.
The hotel is expected to open in 2010. It will be fifth W in California and the 22nd overall for the chic brand.
Makar, which also owns the St. Regis Resort, Monarch Beach, Hilton Anaheim and Wyndham Orange County, plans to include 92 condominiums that buyers would own outright—not timeshares—and have access to hotel services and amenities." ...
"The W is set to join the 157-room boutique Shorebreak Hotel set to open in the first half of 2008 at the Strand project in Huntington Beach, developed by Los Angeles-based CIM Group. That hotel will be run by Joie de Vivre Hospitality of San Francisco, a pioneer in boutique hotels.
Pacific City, billed as a mix of “SoHo hip, South Beach cool and Rodeo Drive luxury,” is set to include shops, restaurants, entertainment venues, offices and homes on Pacific Coast Highway south of the Huntington Beach Pier.
The project is estimated at $750 million.
Huntington Beach approved the project in 2004. It will have 191,100 square feet of retail and office space and 48,900 square feet of restaurant space."
for the complete story see:
http://www.ocbj.com/enews_article.asp?aID=569000202.1090662
.1574625.775993.4924367.628&aID2=121116&lid=45&sid=&cID=Z
Makar Lands W Hotel for Huntington Beach Project
By Sandi Cain - 1/14/2008
Orange County Business Journal Staff
"Newport Beach-based developer Makar Properties LLC has landed a W hotel—the first in the county for Starwood Hotels & Resorts Worldwide Inc.’s boutique chain—for its Pacific City project in Huntington Beach.
The hotel will be the centerpiece of Pacific City, a 30-acre development that will include condominiums, shops and restaurants set to start construction next year." ...
"Plans for the hotel call for 250 rooms and suites and 11,000 square feet of meeting space, according to Makar. The nine-story hotel also is set to have a spa, fitness center, restaurant, cafe and bars. Two outdoor pools are planned.
The hotel is expected to open in 2010. It will be fifth W in California and the 22nd overall for the chic brand.
Makar, which also owns the St. Regis Resort, Monarch Beach, Hilton Anaheim and Wyndham Orange County, plans to include 92 condominiums that buyers would own outright—not timeshares—and have access to hotel services and amenities." ...
"The W is set to join the 157-room boutique Shorebreak Hotel set to open in the first half of 2008 at the Strand project in Huntington Beach, developed by Los Angeles-based CIM Group. That hotel will be run by Joie de Vivre Hospitality of San Francisco, a pioneer in boutique hotels.
Pacific City, billed as a mix of “SoHo hip, South Beach cool and Rodeo Drive luxury,” is set to include shops, restaurants, entertainment venues, offices and homes on Pacific Coast Highway south of the Huntington Beach Pier.
The project is estimated at $750 million.
Huntington Beach approved the project in 2004. It will have 191,100 square feet of retail and office space and 48,900 square feet of restaurant space."
for the complete story see:
http://www.ocbj.com/enews_article.asp?aID=569000202.1090662
.1574625.775993.4924367.628&aID2=121116&lid=45&sid=&cID=Z
San Diego port development plan
from San Diego Business Journal news brief 1/14/2008:
Port OKs New Cruise Terminal, Two Hotels on the Embarcadero
By MIKE ALLEN - 1/14/2008
"It’s taken about a decade, but the first steps in a plan to renovate San Diego’s downtown waterfront are happening.
Last week, the San Diego Unified Port District approved two projects at the epicenter of the city’s Embarcadero: a dual hotel complex at Lane Field estimated to cost $400 million, and a cruise ship terminal at the Broadway Pier that has increased to more than $23 million.
The first project entails building two hotels with a combined 800 rooms and about 80,000 square feet of retail, restaurants and public parking on 5.7 acres located at Harbor Drive between B Street and Broadway.
The larger hotel, operated by the InterContinental Hotels Group, would stand 22 stories, contain 525 rooms and about 50,000 square feet of restaurants and retail uses. The second hotel, operated by Woodfin Suite Hotels LLC, would stand 13 stories high, have 275 rooms, and about 30,000 square feet of restaurants and retail space.
The complex also contains a 1,330-car underground parking garage, plus open spaces and terraces accessible through outside elevators that are part of both hotels." ...
"The projects approved last week are part of a larger plan to revitalize the downtown waterfront and make it a more appealing place for people to visit.
That plan, called the North Embarcadero Visionary Plan, was adopted in 1997 by five agencies: the port; the city of San Diego; Centre City Development Corp., the city’s downtown redevelopment agency; the county of San Diego; and the U.S. Navy." ...
"The development team on the Lane Field project is made up of Hardage Suite Hotels LLC, Lankford & Associates Inc., Phelps Development Co. of Greeley, Colo., and C.W. Clark Inc. The announced construction cost is about $400 million. The project is expected to create 2,000 hotel jobs and 500 temporary construction jobs, and the estimated hotel taxes generated from the hotels in the first year is $5.4 million, developers say." ...
"Port commissioners also unanimously approved a development permit for a new cruise ship terminal at the Broadway Pier. The terminal was initially supposed to serve only a few years, and accommodate the increasing number of cruise ships stopping here while work on a more elaborate cruise ship terminal at the B Street Pier got under way this year." ...
for the complete story (including all the fights) see:
http://sdbj.com/enews_article.asp?aID=67719965.6756908.15740
66.9403769.4065116.665&aID2=121073&lid=30&sid=&cID=Z
Port OKs New Cruise Terminal, Two Hotels on the Embarcadero
By MIKE ALLEN - 1/14/2008
"It’s taken about a decade, but the first steps in a plan to renovate San Diego’s downtown waterfront are happening.
Last week, the San Diego Unified Port District approved two projects at the epicenter of the city’s Embarcadero: a dual hotel complex at Lane Field estimated to cost $400 million, and a cruise ship terminal at the Broadway Pier that has increased to more than $23 million.
The first project entails building two hotels with a combined 800 rooms and about 80,000 square feet of retail, restaurants and public parking on 5.7 acres located at Harbor Drive between B Street and Broadway.
The larger hotel, operated by the InterContinental Hotels Group, would stand 22 stories, contain 525 rooms and about 50,000 square feet of restaurants and retail uses. The second hotel, operated by Woodfin Suite Hotels LLC, would stand 13 stories high, have 275 rooms, and about 30,000 square feet of restaurants and retail space.
The complex also contains a 1,330-car underground parking garage, plus open spaces and terraces accessible through outside elevators that are part of both hotels." ...
"The projects approved last week are part of a larger plan to revitalize the downtown waterfront and make it a more appealing place for people to visit.
That plan, called the North Embarcadero Visionary Plan, was adopted in 1997 by five agencies: the port; the city of San Diego; Centre City Development Corp., the city’s downtown redevelopment agency; the county of San Diego; and the U.S. Navy." ...
"The development team on the Lane Field project is made up of Hardage Suite Hotels LLC, Lankford & Associates Inc., Phelps Development Co. of Greeley, Colo., and C.W. Clark Inc. The announced construction cost is about $400 million. The project is expected to create 2,000 hotel jobs and 500 temporary construction jobs, and the estimated hotel taxes generated from the hotels in the first year is $5.4 million, developers say." ...
"Port commissioners also unanimously approved a development permit for a new cruise ship terminal at the Broadway Pier. The terminal was initially supposed to serve only a few years, and accommodate the increasing number of cruise ships stopping here while work on a more elaborate cruise ship terminal at the B Street Pier got under way this year." ...
for the complete story (including all the fights) see:
http://sdbj.com/enews_article.asp?aID=67719965.6756908.15740
66.9403769.4065116.665&aID2=121073&lid=30&sid=&cID=Z
Cirque du Soleil in San Diego
from today's San Diego Business Journal news brief:
Big Top Rises at Del Mar Fairgrounds for Cirque’s Latest Acts
By LIZ WIEDEMANN - 1/14/2008
"The Cirque du Soleil likes San Diego.
One reason is strong ticket sales, according to Heather Riley, general manager for Cirque du Soleil’s Corteo.
“Our 22,000-square-foot tent gets great visibility from Interstate 5 at the Del Mar Fairgrounds, which prompts more interest and sales,” Riley said." ...
"She says the tent’s 2,700 seats will not sell out for every show until after the premier, but the goal of 100,000 tickets sold will likely be achieved quickly, she said.
While the cast and crew of shows are permanent employees of Cirque, the company contracts both a general and specialized technical labor force.
“Locally, we’ve hired about 100 people before Corteo is set to begin, and we typically double that staff after the show starts,” Riley said." ...
"Riley says that in temporary labor alone Corteo should account for more than a half a million dollars in local labor payroll." ...
"Internationally, the business has more than 3,800 employees, including nearly 1,000 artists. At Cirque’s 1984 inception, 73 people worked for the company.
Cirque du Soleil has not received grants from the public or private sectors since 1992, and the touring shows have made nearly 250 stops in over 100 cities worldwide since it began." ...
for the complete article see:
http://sdbj.com/enews_article.asp?aID=37720015.778459.157431
3.5737227.9315229.484&aID2=121092&lid=30&sid=&cID=Z
Big Top Rises at Del Mar Fairgrounds for Cirque’s Latest Acts
By LIZ WIEDEMANN - 1/14/2008
"The Cirque du Soleil likes San Diego.
One reason is strong ticket sales, according to Heather Riley, general manager for Cirque du Soleil’s Corteo.
“Our 22,000-square-foot tent gets great visibility from Interstate 5 at the Del Mar Fairgrounds, which prompts more interest and sales,” Riley said." ...
"She says the tent’s 2,700 seats will not sell out for every show until after the premier, but the goal of 100,000 tickets sold will likely be achieved quickly, she said.
While the cast and crew of shows are permanent employees of Cirque, the company contracts both a general and specialized technical labor force.
“Locally, we’ve hired about 100 people before Corteo is set to begin, and we typically double that staff after the show starts,” Riley said." ...
"Riley says that in temporary labor alone Corteo should account for more than a half a million dollars in local labor payroll." ...
"Internationally, the business has more than 3,800 employees, including nearly 1,000 artists. At Cirque’s 1984 inception, 73 people worked for the company.
Cirque du Soleil has not received grants from the public or private sectors since 1992, and the touring shows have made nearly 250 stops in over 100 cities worldwide since it began." ...
for the complete article see:
http://sdbj.com/enews_article.asp?aID=37720015.778459.157431
3.5737227.9315229.484&aID2=121092&lid=30&sid=&cID=Z
Friday, January 11, 2008
Lehigh Valley, PA industrial development
from GobeSt.com (1/11)
UPDATE Last updated: January 11, 2008 09:36am
Higgins’ Eastern PA Strategy Tops $100M
By Marita Thomas
"LEHIGH VALLEY, PA-Chicago-based Higgins Development Partners’ development spree throughout Eastern Pennsylvania is far from over. Having completed more than 1.9 million sf of warehouse distribution space at four buildings between Harrisburg and the Lehigh Valley in 2007, it looks to add another 1.4 million sf in Coolbaugh Township and has a Carlisle site under contract that can accommodate in excess of 500,000 sf.
The development cost comes in at about $50 per sf, according to Gene Preston, SVP, who is located in the company’s Morristown, NJ office. That puts its 2007 investment at about $100 million he tells GlobeSt.com. The 85.5-acre Coolbaugh site Arcadia North Business Park, which Higgins acquired for $14 million, would add another investment of approximately $28 million. The close of the Carlisle land deal would ratchet that up by an additional $10 million." ...
"The asking rate at the 602,000-sf facility at 1700 Ritner Hwy. in Carlisle is also $4.25 per sf. The asking rate for the 385,000-sf warehouse/distribution building in Arcardia West Industrial Park at 9747 Commerce Circle in Weisenberg Township moves up a notch to $4.50 per sf. It is designed as a single-tenant or multi-tenant facility, and Preston says, “we’re closing in on a deal. It could be one or two tenants.” Groundbreaking on the large Coolbaugh parcel awaits a build-to-suit client. “We’ve had a number of expressions of interest,” Preston says."
for the complete story see:
http://www.globest.com/news/1071_1071/philadelphia/1673
65-1.html
UPDATE Last updated: January 11, 2008 09:36am
Higgins’ Eastern PA Strategy Tops $100M
By Marita Thomas
"LEHIGH VALLEY, PA-Chicago-based Higgins Development Partners’ development spree throughout Eastern Pennsylvania is far from over. Having completed more than 1.9 million sf of warehouse distribution space at four buildings between Harrisburg and the Lehigh Valley in 2007, it looks to add another 1.4 million sf in Coolbaugh Township and has a Carlisle site under contract that can accommodate in excess of 500,000 sf.
The development cost comes in at about $50 per sf, according to Gene Preston, SVP, who is located in the company’s Morristown, NJ office. That puts its 2007 investment at about $100 million he tells GlobeSt.com. The 85.5-acre Coolbaugh site Arcadia North Business Park, which Higgins acquired for $14 million, would add another investment of approximately $28 million. The close of the Carlisle land deal would ratchet that up by an additional $10 million." ...
"The asking rate at the 602,000-sf facility at 1700 Ritner Hwy. in Carlisle is also $4.25 per sf. The asking rate for the 385,000-sf warehouse/distribution building in Arcardia West Industrial Park at 9747 Commerce Circle in Weisenberg Township moves up a notch to $4.50 per sf. It is designed as a single-tenant or multi-tenant facility, and Preston says, “we’re closing in on a deal. It could be one or two tenants.” Groundbreaking on the large Coolbaugh parcel awaits a build-to-suit client. “We’ve had a number of expressions of interest,” Preston says."
for the complete story see:
http://www.globest.com/news/1071_1071/philadelphia/1673
65-1.html
Legoland expansion plans and attendance
from the San Diego Business Journal (1/10):
With $20M Expansion, Legoland Works to Beat 2007 Attendance
By - 1/10/2008
San Diego Business Journal Staff
"Legoland California Dec. 10 reported attendance of 1.6 million for 2007, which was flat with 2006, a record year." ...
"In March, the park expanded Miniland U.S.A. with the opening of Miniland Las Vegas and this year it is investing $20 million in two new areas. They include the Land of Adventure, which will feature a ride that simulates desert Jeeps trekking into “1920s Egypt,” he said.
Also new to the 128-acre park is the 36,000-square-foot Sea Life aquarium, which is scheduled open in the summer. It is under construction near the park’s main entrance and will have a separate admission.
Merlin Entertainments acquired all four of the world’s Legoland parks in 2005 and has since become the largest attractions operator in Europe and ranks second worldwide with 52 attractions."
— Connie Lewis
for the complete story see:
http://sdbj.com/enews_article.asp?aID=000190102.1480784.1573
650.673849.19098103.727&aID2=121041&lid=30&sid=&cID=Z
With $20M Expansion, Legoland Works to Beat 2007 Attendance
By - 1/10/2008
San Diego Business Journal Staff
"Legoland California Dec. 10 reported attendance of 1.6 million for 2007, which was flat with 2006, a record year." ...
"In March, the park expanded Miniland U.S.A. with the opening of Miniland Las Vegas and this year it is investing $20 million in two new areas. They include the Land of Adventure, which will feature a ride that simulates desert Jeeps trekking into “1920s Egypt,” he said.
Also new to the 128-acre park is the 36,000-square-foot Sea Life aquarium, which is scheduled open in the summer. It is under construction near the park’s main entrance and will have a separate admission.
Merlin Entertainments acquired all four of the world’s Legoland parks in 2005 and has since become the largest attractions operator in Europe and ranks second worldwide with 52 attractions."
— Connie Lewis
for the complete story see:
http://sdbj.com/enews_article.asp?aID=000190102.1480784.1573
650.673849.19098103.727&aID2=121041&lid=30&sid=&cID=Z
Kiev hotel boom
From Hotels newswire (1/11):
Ukraine General Newswire
January 11, 2008 Friday 5:14 PM MSK
Kyiv to build 33 hotels by time of Euro-2012
"Kyiv is to have 33 new hotels by the start of the Euro-2012, the city administration said on Friday.
In particular, nine new hotels will host their first clients in 2008, and seven new hotels, including one five-star hotel, will open in 2009.
At least 17 hotels will be built and commissioned in 2010 and 2011, the city administration said.
At present, there are 122 hotel industry facilities in Kyiv with 9,203 rooms able to host 16,136 customers, including three five-star hotels with 661 rooms, and nine four-star hotels with 1,204." ....
for the complete story see:
http://www6.lexisnexis.com/publisher/EndUser?Action=UserDis
playFullDocument&orgId=616&topicId=12552&docId=l:727189894&s
tart=7&nid=3457
Ukraine General Newswire
January 11, 2008 Friday 5:14 PM MSK
Kyiv to build 33 hotels by time of Euro-2012
"Kyiv is to have 33 new hotels by the start of the Euro-2012, the city administration said on Friday.
In particular, nine new hotels will host their first clients in 2008, and seven new hotels, including one five-star hotel, will open in 2009.
At least 17 hotels will be built and commissioned in 2010 and 2011, the city administration said.
At present, there are 122 hotel industry facilities in Kyiv with 9,203 rooms able to host 16,136 customers, including three five-star hotels with 661 rooms, and nine four-star hotels with 1,204." ....
for the complete story see:
http://www6.lexisnexis.com/publisher/EndUser?Action=UserDis
playFullDocument&orgId=616&topicId=12552&docId=l:727189894&s
tart=7&nid=3457
Vegas Hard Rock plans
From the Las Vegas Review-Journal (1/10)
Hard Rock Hotel owners go forward
Partners win board's recommendation
By ARNOLD M. KNIGHTLY
REVIEW-JOURNAL
"The owners of the Hard Rock Hotel seem poised to start collecting revenues from the largest cash flow amenity on the property: the casino.
The state Gaming Control Board on Wednesday recommended giving joint partners DLJ Merchant Banking Partners and New York-based hotel operator Morgans Hotel Group a nonrestricted gaming license to operate the 30,000-square-foot casino.
If the license application is approved by the state Gaming Commission at its Jan. 24 hearing, the owners will be able to profit from the property's gaming revenue a year after taking over ownership of the niche property." ...
"Morgans and DLJ bought the property for $770 million and are investing an additional $750 million in an expansion that will double the size of the property while adding 950 more rooms.
The casino has been leased and operated by locally based Golden Gaming since founder Peter Morton sold the property in February." ...
for the complete story see:
http://www6.lexisnexis.com/publisher/EndUser?Action=UserDisp
layFullDocument&orgId=616&topicId=12552&docId=l:727119575&s
tart=11&nid=3457
Hard Rock Hotel owners go forward
Partners win board's recommendation
By ARNOLD M. KNIGHTLY
REVIEW-JOURNAL
"The owners of the Hard Rock Hotel seem poised to start collecting revenues from the largest cash flow amenity on the property: the casino.
The state Gaming Control Board on Wednesday recommended giving joint partners DLJ Merchant Banking Partners and New York-based hotel operator Morgans Hotel Group a nonrestricted gaming license to operate the 30,000-square-foot casino.
If the license application is approved by the state Gaming Commission at its Jan. 24 hearing, the owners will be able to profit from the property's gaming revenue a year after taking over ownership of the niche property." ...
"Morgans and DLJ bought the property for $770 million and are investing an additional $750 million in an expansion that will double the size of the property while adding 950 more rooms.
The casino has been leased and operated by locally based Golden Gaming since founder Peter Morton sold the property in February." ...
for the complete story see:
http://www6.lexisnexis.com/publisher/EndUser?Action=UserDisp
layFullDocument&orgId=616&topicId=12552&docId=l:727119575&s
tart=11&nid=3457
Macao gaming IPOs
from the International Herald Tribune (1/20):
Macao companies are likely to increasingly use IPOs
By Tony Munroe
Reuters
Thursday, January 10, 2008
"HONG KONG: A $1 billion initial public offering planned by the tycoon Stanley Ho's Macao flagship company is giving investors a rare chance to bet on a casino boom that has been financed mostly by loans, but more raising of capital on public markets is in the cards.
Given the billions required to finance a planned construction spree and the change in financing needs as a gambling sector that has surpassed the Las Vegas Strip matures, operators are expected to step up the issuance of debt and equity, bankers said." ...
"Ho's company, Sociedade de Jogos de Macau, the former monopoly operator whose market share is shrinking after the entry of the U.S. heavyweights Las Vegas Sands and Wynn Resorts, plans to build up its war chest with a long-expected initial public offering set for Feb. 1.
Wynn is building a second resort, Wynn Diamond Suites, and last June doubled the size of a loan facility to $1.55 billion to finance expansion of its existing resort and pay for the new one.
Sociedade de Jogos de Macau, or SJM, would join a handful of listed Macao casino companies that includes Galaxy Entertainment Group and Melco PBL Entertainment, a venture between Melco International Development, which is run by Ho's eldest son, Lawrence, and Publishing & Broadcasting of Australia.
Other projects being built include Melco PBL's City of Dreams, the GalaxyWorld Resort, and Macao Studio City, which is backed by ESun Holdings of Hong Kong." ...
"Citigroup has been among the most active financiers of the Macao boom. It helped arrange two syndicated loans worth a combined $5.8 billion for Sands' giant Venetian Macao casino as well as underwrote Melco PBL's $1.3 billion IPO and contributed to the $1.75 billion loan the company raised in September.
The Melco PBL loan showed that even Macao is not immune to the perils of global credit markets. The company had hoped to raise $2.75 billion but cut the deal's size and raised the interest rate by 50 basis points.
The volume of syndicated lending from Macao more than doubled last year to $9 billion from six deals, according to Dealogic, but equity volumes from the former Portuguese enclave were halved from a year earlier to just $658 million.
Bond issuance from Macao has also been scarce, with Galaxy's $600 million offer in 2005 the only global public markets issue since Ho's decades-old gambling monopoly lapsed in 2002." ...
"Macao has also attracted the attention of private equity. In October, the British buyout firm Permira paid $838 million for 20 percent of Galaxy, which is building in Macao what will be the second-largest casino in the world." ...
for the complete story see:
http://www6.lexisnexis.com/publisher/EndUser?Action=UserDisp
layFullDocument&orgId=616&topicId=12552&docId=l:727119599&s
tart=5&nid=3457
Macao companies are likely to increasingly use IPOs
By Tony Munroe
Reuters
Thursday, January 10, 2008
"HONG KONG: A $1 billion initial public offering planned by the tycoon Stanley Ho's Macao flagship company is giving investors a rare chance to bet on a casino boom that has been financed mostly by loans, but more raising of capital on public markets is in the cards.
Given the billions required to finance a planned construction spree and the change in financing needs as a gambling sector that has surpassed the Las Vegas Strip matures, operators are expected to step up the issuance of debt and equity, bankers said." ...
"Ho's company, Sociedade de Jogos de Macau, the former monopoly operator whose market share is shrinking after the entry of the U.S. heavyweights Las Vegas Sands and Wynn Resorts, plans to build up its war chest with a long-expected initial public offering set for Feb. 1.
Wynn is building a second resort, Wynn Diamond Suites, and last June doubled the size of a loan facility to $1.55 billion to finance expansion of its existing resort and pay for the new one.
Sociedade de Jogos de Macau, or SJM, would join a handful of listed Macao casino companies that includes Galaxy Entertainment Group and Melco PBL Entertainment, a venture between Melco International Development, which is run by Ho's eldest son, Lawrence, and Publishing & Broadcasting of Australia.
Other projects being built include Melco PBL's City of Dreams, the GalaxyWorld Resort, and Macao Studio City, which is backed by ESun Holdings of Hong Kong." ...
"Citigroup has been among the most active financiers of the Macao boom. It helped arrange two syndicated loans worth a combined $5.8 billion for Sands' giant Venetian Macao casino as well as underwrote Melco PBL's $1.3 billion IPO and contributed to the $1.75 billion loan the company raised in September.
The Melco PBL loan showed that even Macao is not immune to the perils of global credit markets. The company had hoped to raise $2.75 billion but cut the deal's size and raised the interest rate by 50 basis points.
The volume of syndicated lending from Macao more than doubled last year to $9 billion from six deals, according to Dealogic, but equity volumes from the former Portuguese enclave were halved from a year earlier to just $658 million.
Bond issuance from Macao has also been scarce, with Galaxy's $600 million offer in 2005 the only global public markets issue since Ho's decades-old gambling monopoly lapsed in 2002." ...
"Macao has also attracted the attention of private equity. In October, the British buyout firm Permira paid $838 million for 20 percent of Galaxy, which is building in Macao what will be the second-largest casino in the world." ...
for the complete story see:
http://www6.lexisnexis.com/publisher/EndUser?Action=UserDisp
layFullDocument&orgId=616&topicId=12552&docId=l:727119599&s
tart=5&nid=3457
Sunday, January 6, 2008
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