from the Press Enterprise (3/9):
Casinos scored expansion win with help of neighbors
10:00 PM PDT on Sunday, March 9, 2008
By JIM MILLER
Sacramento Bureau
"The prospect of living in the shadow of some of the world's largest casinos did nothing to dampen neighbors' support for Inland tribal gambling-expansion deals on last month's ballot, final election results show.
The four agreements passed with about 56 percent of the statewide vote in the Feb. 5 election. Up to 63 percent of voters in San Bernardino and Riverside counties approved the measures.
Voters in some precincts closest to casinos offered even stronger endorsements. Any qualms about more traffic, higher crime or other problems linked to gambling seemed trumped by goodwill for the tribes and their casinos' roles as job and entertainment centers." ...
"In the Coachella Valley, people living within two miles of the Agua Caliente tribe's two casinos backed the four casino-expansion deals by an average of 67 percent, according to detailed election results released last week.
Last month's ballot also contained casino-expansion deals between the state and the Pechanga Band of Luiseño Indians near Temecula, the Morongo Band of Mission Indians near Banning, and the Sycuan Band of Kumeyaay Indians in San Diego County.
Sixty-five percent of voters within two miles of the Morongo Casino Resort and Spa backed the agreements.
Fifty-eight percent of voters in precincts around the Pechanga Resort and Casino in southwest Riverside County supported the agreements. But a slim majority of voters in the neighborhoods northwest of the casino opposed the pacts, among only a relative handful of Inland precincts where the agreements failed." ...
for the complete story
Monday, March 10, 2008
Beijing airport upgrades and new facility
from today's Business Week Asia Insider (3/10):
China February 29, 2008, 7:15AM EST text size: TT
Beijing Airport: $3.75 Billion for Smoother Skies
Even before the Olympics came to Beijing, mainland airports were congested and inefficient. A new terminal and regulation may help
by Chi-Chu Tschang
"This summer, an estimated 6.4 million people are expected to arrive in Beijing for the Olympic Games. The Chinese government has spent the last several years investing in airport expansion, restricting flights, and negotiating with the military to ensure tourists will not start their trip with flight delays and cancellations.
But it hasn't been an easy task. Beijing Capital International Airport has been bursting at the seams, barely able to keep up with the explosion of air travel in China since the airline industry was deregulated in the 1980s. To win market share in China's fiercely competitive aviation industry (BusinessWeek.com 1/15/08), airlines have been overbooking flights to Beijing and Shanghai's congested airports, which has resulted in flight delays and cancellations. Last year, 86% of the flights into and out of Beijing's airport took off on time, putting it only in the middle of the pack compared with other major international airports, according to the airport.
Beijing is now unveiling what it hopes will be a multibillion-dollar solution to the problem. At midnight Feb. 29, Capital Airport's ultramodern Terminal 3 (BusinessWeek.com 2/27/08) officially opened for business, six months ahead of the 2008 Olympics. Construction on the $3.75 billion terminal, designed by British architect Norman Foster to evoke a red, orange, and yellow dragon, took a lightning-quick three years and nine months.
Second Airport in the Works
The world's largest airport terminal is one of a host of projects, including stadiums and office towers, Beijing has built for the Olympics to show off China's economic prowess. "Even if Beijing were not hosting the Olympics, our airport would still need to expand because we've had to restrict a lot of flights, and not just in the last year or two," says Zhang Zhizhong, president of Capital Airports Holding Company, parent company of the Beijing airport.
Although the original designs of the airport's Terminal 1 and Terminal 2 called for a maximum capacity of 35 million passengers per year, in 2007 they handled more than 53 million passengers, making Beijing's airport the ninth-busiest in the world. China's air traffic grew 16% last year as more businessmen flew to China to trade, and increasingly wealthier Chinese took flights for visits or vacations. Analysts say China's aviation industry could have grown even faster if it the infrastructure constraints had not caused bottlenecks. Terminal 3 will alleviate the problem by doubling Beijing airport's existing capacity to 76 million passengers per year." ....
for the complete story
China February 29, 2008, 7:15AM EST text size: TT
Beijing Airport: $3.75 Billion for Smoother Skies
Even before the Olympics came to Beijing, mainland airports were congested and inefficient. A new terminal and regulation may help
by Chi-Chu Tschang
"This summer, an estimated 6.4 million people are expected to arrive in Beijing for the Olympic Games. The Chinese government has spent the last several years investing in airport expansion, restricting flights, and negotiating with the military to ensure tourists will not start their trip with flight delays and cancellations.
But it hasn't been an easy task. Beijing Capital International Airport has been bursting at the seams, barely able to keep up with the explosion of air travel in China since the airline industry was deregulated in the 1980s. To win market share in China's fiercely competitive aviation industry (BusinessWeek.com 1/15/08), airlines have been overbooking flights to Beijing and Shanghai's congested airports, which has resulted in flight delays and cancellations. Last year, 86% of the flights into and out of Beijing's airport took off on time, putting it only in the middle of the pack compared with other major international airports, according to the airport.
Beijing is now unveiling what it hopes will be a multibillion-dollar solution to the problem. At midnight Feb. 29, Capital Airport's ultramodern Terminal 3 (BusinessWeek.com 2/27/08) officially opened for business, six months ahead of the 2008 Olympics. Construction on the $3.75 billion terminal, designed by British architect Norman Foster to evoke a red, orange, and yellow dragon, took a lightning-quick three years and nine months.
Second Airport in the Works
The world's largest airport terminal is one of a host of projects, including stadiums and office towers, Beijing has built for the Olympics to show off China's economic prowess. "Even if Beijing were not hosting the Olympics, our airport would still need to expand because we've had to restrict a lot of flights, and not just in the last year or two," says Zhang Zhizhong, president of Capital Airports Holding Company, parent company of the Beijing airport.
Although the original designs of the airport's Terminal 1 and Terminal 2 called for a maximum capacity of 35 million passengers per year, in 2007 they handled more than 53 million passengers, making Beijing's airport the ninth-busiest in the world. China's air traffic grew 16% last year as more businessmen flew to China to trade, and increasingly wealthier Chinese took flights for visits or vacations. Analysts say China's aviation industry could have grown even faster if it the infrastructure constraints had not caused bottlenecks. Terminal 3 will alleviate the problem by doubling Beijing airport's existing capacity to 76 million passengers per year." ....
for the complete story
PWC UK hotel forecast 2008 is out
PriceWaterhouseCoopers'UK hotel update announces:
Slowdown not meltdown for UK hotels
UK Hotel Forecast - Feb 2008
Liz Hall
27/02/2008 11:21
"UK hotels are unlikely to experience a meltdown in 2008 or 2009 according to PricewaterhouseCoopers LLP.
The latest PricewaterhouseCoopers ‘Hospitality Directions: UK Hotel Forecast’ suggests that although change is coming and there will be fallout from the current global financial uncertainty and economic slowdown, hotels are relatively well placed to cope." ...
the complete report can be picked up here
Slowdown not meltdown for UK hotels
UK Hotel Forecast - Feb 2008
Liz Hall
27/02/2008 11:21
"UK hotels are unlikely to experience a meltdown in 2008 or 2009 according to PricewaterhouseCoopers LLP.
The latest PricewaterhouseCoopers ‘Hospitality Directions: UK Hotel Forecast’ suggests that although change is coming and there will be fallout from the current global financial uncertainty and economic slowdown, hotels are relatively well placed to cope." ...
the complete report can be picked up here
Chicago condo troubles
from today's Crain's Chicago Business (3/10):
A Sterling example of condo bust
By Alby Gallun and Thomas A. Corfman
March 10, 2008
"The sign out front says, "The Sterling Private Residences," but the 50-story tower at 345 N. LaSalle St. recently has earned a less distinguished title: condo foreclosure capital of Chicago.
Over the past three years, lenders have filed 95 foreclosure suits, accounting for about $40 million in loans, on condominiums in the 389-unit high-rise, fueling a big drop in condo values throughout the building.
Completed about six years ago, the Sterling has emerged as the most prominent symbol of the excesses of the downtown condo boom." ...
for the complete story
A Sterling example of condo bust
By Alby Gallun and Thomas A. Corfman
March 10, 2008
"The sign out front says, "The Sterling Private Residences," but the 50-story tower at 345 N. LaSalle St. recently has earned a less distinguished title: condo foreclosure capital of Chicago.
Over the past three years, lenders have filed 95 foreclosure suits, accounting for about $40 million in loans, on condominiums in the 389-unit high-rise, fueling a big drop in condo values throughout the building.
Completed about six years ago, the Sterling has emerged as the most prominent symbol of the excesses of the downtown condo boom." ...
for the complete story
Scotland proposes first BID
from today's Scotsman (3/10):
'Carnivals' set to close key street in drive to boost city
By Brian Ferguson
"ONE of Edinburgh's flagship thoroughfares would be closed to traffic for special events under plans for a new scheme aimed at reviving the fortunes of the heart of the capital.
George Street could become home to regular "carnival" events featuring live music, street entertainers and even cookery demonstrations as part of a long-awaited initiative to enhance the city centre." ...
"George Street, which has seen huge growth in major fashion retailers and upmarket bars over the last ten years, already plays host to a hugely popular street carnival as part of the city's Hogmanay celebrations." ...
"Retailers, bars, restaurants and other firms will vote over the next few weeks on the creation of a "business improvement district" (BID), which is expected to generate £1 million annually. In return for paying higher rates under the scheme, businesses would be promised a package of improvements over and above council services.
Such schemes have proved popular across England, but Edinburgh would be the first to introduce a BID in Scotland." ...
for the complete story
'Carnivals' set to close key street in drive to boost city
By Brian Ferguson
"ONE of Edinburgh's flagship thoroughfares would be closed to traffic for special events under plans for a new scheme aimed at reviving the fortunes of the heart of the capital.
George Street could become home to regular "carnival" events featuring live music, street entertainers and even cookery demonstrations as part of a long-awaited initiative to enhance the city centre." ...
"George Street, which has seen huge growth in major fashion retailers and upmarket bars over the last ten years, already plays host to a hugely popular street carnival as part of the city's Hogmanay celebrations." ...
"Retailers, bars, restaurants and other firms will vote over the next few weeks on the creation of a "business improvement district" (BID), which is expected to generate £1 million annually. In return for paying higher rates under the scheme, businesses would be promised a package of improvements over and above council services.
Such schemes have proved popular across England, but Edinburgh would be the first to introduce a BID in Scotland." ...
for the complete story
Sunday, March 9, 2008
Brazilian economy still growing
from Bloomberg (3/7):
Brazil Economy Expanded Above 5 Percent, Mantega Says (Update2)
By Guillermo Parra-Bernal and Telma Marotto
"March 7 (Bloomberg) -- Brazil's economy probably expanded more than 5 percent in 2007, indicating it remained unscathed by the global credit rout that has affected economies worldwide, Finance Minister Guido Mantega said.
Economic growth in Brazil was ``something between'' 5.2 percent and 5.3 percent in 2007, Mantega said in a speech in Rio de Janeiro. That would be the fastest pace since 5.7 percent in 2004." ....
for the complete story
Brazil Economy Expanded Above 5 Percent, Mantega Says (Update2)
By Guillermo Parra-Bernal and Telma Marotto
"March 7 (Bloomberg) -- Brazil's economy probably expanded more than 5 percent in 2007, indicating it remained unscathed by the global credit rout that has affected economies worldwide, Finance Minister Guido Mantega said.
Economic growth in Brazil was ``something between'' 5.2 percent and 5.3 percent in 2007, Mantega said in a speech in Rio de Janeiro. That would be the fastest pace since 5.7 percent in 2004." ....
for the complete story
Saturday, March 8, 2008
Tohono O'odham and AZ tribes get more slots
from the Arizona Daily Star (3/7):
Tribes may add more slot machines in Tucson, state as population grows
Tucson, Arizona | Published: 03.07.2008
"The number of slot machines allowed inside Indian casinos is growing along with Arizona's population.
Arizona's gaming tribes may add a total of 2,908 slot machines to their casinos this year under a formula that allows them to increase slots and blackjack tables every five years at the same rate that the state population increases. The additional slot machines represent a 19 percent increase.
The largest slot increases are going to the Tohono O'odham Nation and Gila River Indian Communities. They're each receiving 266 more machines. At the two Desert Diamond casinos near Tucson, the Tohono O'odham have 1,815 machines. The Desert Diamond on Nogales Highway has the most machines among Arizona casinos, with 1,089 slots, according to state Gaming department statistics." .........
for the complete story
Tribes may add more slot machines in Tucson, state as population grows
Tucson, Arizona | Published: 03.07.2008
"The number of slot machines allowed inside Indian casinos is growing along with Arizona's population.
Arizona's gaming tribes may add a total of 2,908 slot machines to their casinos this year under a formula that allows them to increase slots and blackjack tables every five years at the same rate that the state population increases. The additional slot machines represent a 19 percent increase.
The largest slot increases are going to the Tohono O'odham Nation and Gila River Indian Communities. They're each receiving 266 more machines. At the two Desert Diamond casinos near Tucson, the Tohono O'odham have 1,815 machines. The Desert Diamond on Nogales Highway has the most machines among Arizona casinos, with 1,089 slots, according to state Gaming department statistics." .........
for the complete story
Friday, March 7, 2008
new volumes
Fresh out of the mail --
(sorry for the picture -- my camera just refused to focus on this)
(sorry for the picture -- my camera just refused to focus on this)
Anaheim sued over Angels' stadium development
from today's California Real Estate Journal InSites (3/7):
Citizens Group Sues Anaheim Over Platinum Triangle
"ANAHEIM - The city of Anaheim is facing a lawsuit from a group of citizens over its Platinum Triangle development area near Angel Stadium. The San Diego-based Citizens for Responsible Equitable Environmental Development alleged in their lawsuit that the city went ahead with the approved expansion of the Platinum Triangle without giving proper time to hear appeals." ...
for the complete story
Citizens Group Sues Anaheim Over Platinum Triangle
"ANAHEIM - The city of Anaheim is facing a lawsuit from a group of citizens over its Platinum Triangle development area near Angel Stadium. The San Diego-based Citizens for Responsible Equitable Environmental Development alleged in their lawsuit that the city went ahead with the approved expansion of the Platinum Triangle without giving proper time to hear appeals." ...
for the complete story
World travel and tourism prospects
from today's STR newsletter (3/7):
Continued growth signalled for Travel & Tourism Industry
The latest research for Travel & Tourism anticipates a slowdown in the industry in 2008 but prospects are bright for the coming ten years
"Berlin, GERMANY | World Travel & Tourism is expected to generate close to US$8 trillion in 2008, rising to approximately US$15 trillion over the next ten years, according to the latest Tourism Satellite Accounting (TSA) research launched today by the World Travel & Tourism Council (WTTC) and its strategic partner Accenture.
Overall, the new TSA results reveal a moderate impact on the Travel & Tourism industry as a result of the global economic downturn, with its annual growth rate experiencing a slowdown in 2008, to 3%, in comparison to 3.9% in 2007.
Looking past this present cyclical downturn, the long-term forecasts point to a mature but steady phase of growth for world Travel & Tourism between 2009 and 2018, averaging a growth rate of 4.4% per annum, supporting 297 million jobs and 10.5% of global GDP by 2018." ...
for the complete story
Continued growth signalled for Travel & Tourism Industry
The latest research for Travel & Tourism anticipates a slowdown in the industry in 2008 but prospects are bright for the coming ten years
"Berlin, GERMANY | World Travel & Tourism is expected to generate close to US$8 trillion in 2008, rising to approximately US$15 trillion over the next ten years, according to the latest Tourism Satellite Accounting (TSA) research launched today by the World Travel & Tourism Council (WTTC) and its strategic partner Accenture.
Overall, the new TSA results reveal a moderate impact on the Travel & Tourism industry as a result of the global economic downturn, with its annual growth rate experiencing a slowdown in 2008, to 3%, in comparison to 3.9% in 2007.
Looking past this present cyclical downturn, the long-term forecasts point to a mature but steady phase of growth for world Travel & Tourism between 2009 and 2018, averaging a growth rate of 4.4% per annum, supporting 297 million jobs and 10.5% of global GDP by 2018." ...
for the complete story
China Olympic hotel prices boom
from China View (3/7):
Beijing hotel rooms prices rise 400-1000% for Olympics
"BEIJING, March 7 (Xinhua) -- Quoted prices for hotel stays in Beijing during the summer Olympics has jumped up by four to ten times higher than normal, said China's biggest online booking provider Ctrip.com International Ltd.
The travel booking company said on Friday that its online hotel reservation data show that standard hotel rooms in four and five star-ranking hotels during the August Olympics have been nearly booked out." ....
for the complete story
China View also offers continuing special coverage of the Games
Beijing hotel rooms prices rise 400-1000% for Olympics
"BEIJING, March 7 (Xinhua) -- Quoted prices for hotel stays in Beijing during the summer Olympics has jumped up by four to ten times higher than normal, said China's biggest online booking provider Ctrip.com International Ltd.
The travel booking company said on Friday that its online hotel reservation data show that standard hotel rooms in four and five star-ranking hotels during the August Olympics have been nearly booked out." ....
for the complete story
China View also offers continuing special coverage of the Games
Tuesday, March 4, 2008
6 Flags Dubai
from Yahoo finance (3/4):
Tatweer and Six Flags Announce Strategic Alliance to Develop Thrill Theme Parks in the Arab World and Beyond
Tuesday March 4, 10:59 am ET
"DUBAILAND(R) to Host First Six Flags Theme Park Outside Of North America
DUBAI, United Arab Emirates, March 4 /PRNewswire-FirstCall/ -- Tatweer, a member of Dubai Holding, announced today a strategic alliance with US-based Six Flags, Inc. (NYSE: SIX - News), the world's largest theme park company, to develop thrill-driven theme parks across the Arab world.
The highlight of the strategic alliance will be the development of Six Flags DUBAILAND®, a five million square feet multi-billion dirham theme park within the world's largest tourism, leisure and entertainment destination.
The first Six Flags project to be developed outside of North America, the theme park comes as part of Tatweer's tactical contribution to Dubai Strategic Plan 2015, which aims to develop the emirate into a leading global hub for tourism and leisure." ...
for the complete story
Tatweer and Six Flags Announce Strategic Alliance to Develop Thrill Theme Parks in the Arab World and Beyond
Tuesday March 4, 10:59 am ET
"DUBAILAND(R) to Host First Six Flags Theme Park Outside Of North America
DUBAI, United Arab Emirates, March 4 /PRNewswire-FirstCall/ -- Tatweer, a member of Dubai Holding, announced today a strategic alliance with US-based Six Flags, Inc. (NYSE: SIX - News), the world's largest theme park company, to develop thrill-driven theme parks across the Arab world.
The highlight of the strategic alliance will be the development of Six Flags DUBAILAND®, a five million square feet multi-billion dirham theme park within the world's largest tourism, leisure and entertainment destination.
The first Six Flags project to be developed outside of North America, the theme park comes as part of Tatweer's tactical contribution to Dubai Strategic Plan 2015, which aims to develop the emirate into a leading global hub for tourism and leisure." ...
for the complete story
European hotel reports available
HVS' European Hotel Valuation Index for 2008 and their European Hotel Transactions, 2007 have been release this week.
The Valuation Index includes text and tables broken out by country on annual growth rates, hotel values (% change 1994-2007), new room supply, hotel values/room (1993-2007), etc.
The Transactions report includes text and tables on single asset transaction (specifics and trends) and portfolio transactions.
Both reports can be accessed at HVS' latest news
The Valuation Index includes text and tables broken out by country on annual growth rates, hotel values (% change 1994-2007), new room supply, hotel values/room (1993-2007), etc.
The Transactions report includes text and tables on single asset transaction (specifics and trends) and portfolio transactions.
Both reports can be accessed at HVS' latest news
resort breaks ground in Nicaragua
from this morning's GlobeSt (3/4):
Last updated: March 4, 2008 08:50am
$50M Nicaragua Beach Resort Breaks Ground
By Michelle Deakin
"GRAN PACIFICA, NICARAGUA-ECI Development and Hunter Blair S.A. have broken ground on a 142-unit condominium building, part of a $50-million beachfront development called Milagro del Mar or Miracle of the Sea. The eight-acre resort, stretching across 3.5 miles of Pacific beach, is one hour west of the country’s capital city of Managua." ...
"Milagro del Mar is being marketed to baby boomers and second-home owners in North America. Expected to be fully completed in 2012, it will include a golf course, as well as pools, water cascades, exercise facilities, restaurants and retail shops. Residences will include condominium buildings and single-family homes." ....
for the complete story
Last updated: March 4, 2008 08:50am
$50M Nicaragua Beach Resort Breaks Ground
By Michelle Deakin
"GRAN PACIFICA, NICARAGUA-ECI Development and Hunter Blair S.A. have broken ground on a 142-unit condominium building, part of a $50-million beachfront development called Milagro del Mar or Miracle of the Sea. The eight-acre resort, stretching across 3.5 miles of Pacific beach, is one hour west of the country’s capital city of Managua." ...
"Milagro del Mar is being marketed to baby boomers and second-home owners in North America. Expected to be fully completed in 2012, it will include a golf course, as well as pools, water cascades, exercise facilities, restaurants and retail shops. Residences will include condominium buildings and single-family homes." ....
for the complete story
Major Houston LEED tower breaks ground
from today's GlobeSt (3/4):
Last updated: March 4, 2008 08:43am
$300M Discovery Tower Breaks Ground in CBD
By Amy Wolff Sorter
"HOUSTON-Trammell Crow Co. and Principal Real Estate Investors have launched construction on the 871,000-sf Discovery Tower. The developer will seek LEED Gold certification for the $300-million landmark project in the city's entertainment district.
As part of its green plan, the 30-story building, being placed on a full city block, will be outfitted with 10 rooftop turbines to generate electricity, a first in the city. Gensler designed the high rise, which will be ready for occupancy in 2010." ....
for the complete story
Last updated: March 4, 2008 08:43am
$300M Discovery Tower Breaks Ground in CBD
By Amy Wolff Sorter
"HOUSTON-Trammell Crow Co. and Principal Real Estate Investors have launched construction on the 871,000-sf Discovery Tower. The developer will seek LEED Gold certification for the $300-million landmark project in the city's entertainment district.
As part of its green plan, the 30-story building, being placed on a full city block, will be outfitted with 10 rooftop turbines to generate electricity, a first in the city. Gensler designed the high rise, which will be ready for occupancy in 2010." ....
for the complete story
CA city rejects waterpark plans
from today's California Real Estate Journal InSites (3/4):
City Council Rejects Latino-Themed Water Park
"SANTA ANA - In a closed session Feb. 26, Garden Grove City Councilmembers voted 5-0 against a proposed theme park at the Willowick Golf Course in what has been deemed the city's InternationalWest resort area. While the 100-acre project site is located in Santa Ana, it is owned and operated by the city of Garden Grove.
The Latino-themed water park was proposed by developer Ron Granados and would have included a 1,500-room hotel." ....
for the complete story
City Council Rejects Latino-Themed Water Park
"SANTA ANA - In a closed session Feb. 26, Garden Grove City Councilmembers voted 5-0 against a proposed theme park at the Willowick Golf Course in what has been deemed the city's InternationalWest resort area. While the 100-acre project site is located in Santa Ana, it is owned and operated by the city of Garden Grove.
The Latino-themed water park was proposed by developer Ron Granados and would have included a 1,500-room hotel." ....
for the complete story
Monday, March 3, 2008
Islamic-compliant hotels planned worldwide
from Emirates News Agency (3/3):
$2 billion investment plan for Islamically-compliant hotels
Mar 3, 2008 - 08:57 -
"WAM Dubai, March 3rd, 2008 (WAM) -- A $2 billion plan to develop an Islamically-compliant hotel brand portfolio appealing to lifestyle travellers - both Muslim and non-Muslim - is to be outlined to potential investors.
Abdulla Mohamed Almulla, Chairman of Dubai-based Almulla Hospitality, will reveal details of a multi-brand chain of up to 90 international hotels operating under a Shari'ah supervisory board at the Arabian Hotel Investment Conference that takes place in May in Dubai." ...
"The initial destinations targeted by Almulla Hospitality are Saudi Arabia, the United Arab Emirates, Jordan, Egypt, Malaysia and Thailand. The company is also looking to set up operations in Europe." ...
for the complete story
$2 billion investment plan for Islamically-compliant hotels
Mar 3, 2008 - 08:57 -
"WAM Dubai, March 3rd, 2008 (WAM) -- A $2 billion plan to develop an Islamically-compliant hotel brand portfolio appealing to lifestyle travellers - both Muslim and non-Muslim - is to be outlined to potential investors.
Abdulla Mohamed Almulla, Chairman of Dubai-based Almulla Hospitality, will reveal details of a multi-brand chain of up to 90 international hotels operating under a Shari'ah supervisory board at the Arabian Hotel Investment Conference that takes place in May in Dubai." ...
"The initial destinations targeted by Almulla Hospitality are Saudi Arabia, the United Arab Emirates, Jordan, Egypt, Malaysia and Thailand. The company is also looking to set up operations in Europe." ...
for the complete story
Legacy Park (formerly Tustin MCAS) gets hotels deal
from this afternoon's Hotels enews briefs (3/3):
Shea, R.D. Olson Announce Multiple-Hotel Deal In California
Shea Properties
March 3, 2008
"Shea Properties, a leading real estate development and investment company headquartered in Aliso Viejo, Calif., has announced a deal with R.D. Olson Development, a premiere California hotel developer based in Irvine, Calif., for one upscale, full-service Kimpton boutique hotel and two major-brand select-service hotels at Legacy Park in Tustin. This is the first hospitality development deal to transpire at Legacy Park, the 820-acre mixed-use community located between Red Hill Avenue, Edinger Avenue, Jamboree Road and Barranca Parkway on the site of the former Tustin Marine Corps Air Station." ...
The Kimpton full-service boutique hotel includes approximately 180 rooms with an upscale restaurant at ground level, a rooftop patio and bar overlooking the urban plaza and Legacy vistas, and the addition of much-needed banquet and conference facilities." .....
"The two major-brand select service concepts are designed to meet the needs of the future 5.7 million square feet of new office users. The first hotel anchors the west end of the main street and includes approximately 160 rooms." ...
"The second, all-suites hotel—slated to include approximately 140 suites" ...
for the complete story
Shea, R.D. Olson Announce Multiple-Hotel Deal In California
Shea Properties
March 3, 2008
"Shea Properties, a leading real estate development and investment company headquartered in Aliso Viejo, Calif., has announced a deal with R.D. Olson Development, a premiere California hotel developer based in Irvine, Calif., for one upscale, full-service Kimpton boutique hotel and two major-brand select-service hotels at Legacy Park in Tustin. This is the first hospitality development deal to transpire at Legacy Park, the 820-acre mixed-use community located between Red Hill Avenue, Edinger Avenue, Jamboree Road and Barranca Parkway on the site of the former Tustin Marine Corps Air Station." ...
The Kimpton full-service boutique hotel includes approximately 180 rooms with an upscale restaurant at ground level, a rooftop patio and bar overlooking the urban plaza and Legacy vistas, and the addition of much-needed banquet and conference facilities." .....
"The two major-brand select service concepts are designed to meet the needs of the future 5.7 million square feet of new office users. The first hotel anchors the west end of the main street and includes approximately 160 rooms." ...
"The second, all-suites hotel—slated to include approximately 140 suites" ...
for the complete story
Starwood opening The Luxury Collection hotel in UAE
from today's STR Hospitality news (3/3):
The Luxury Collection® Announces Landmark Entry into the United Arab Emirates with the Opening of a Luxury Collection Hotel in Ras Al Khaimah
"NEW YORK | Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announces the entry of The Luxury Collection® in Ras Al Khaimah, the fourth largest emirate in the United Arab Emirates. Under a long-term agreement with Saraya Islands, PJSC., the hotel will be operated under the Luxury Collection brand within the Saraya Islands, a distinguished mixed-use destination in the heart of Ras Al Khaimah between the Hajjar Mountains and the Arabian Gulf. The Luxury Collection Resort is expected to open in 2011." ...
"The hotel’s 300 lavishly decorated guestrooms will include 40 suites, all with breathtaking views and the latest modern conveniences. It will serve a variety of international culinary options at its six food and beverages outlets, including two specialty restaurants, and offer approximately 43,000 square feet of indoor meeting space. The Luxury Collection Resort will provide guests with an exceptional level of service, a majestic ambience and exquisite oceanfront dining options. Guests can take a refreshing swim in the pool, play an invigorating game of tennis, indulge themselves with a soothing spa treatment or simply enjoy the sun along the hotel’s beautifully landscaped property, which includes a private stretch of pristine beachfront.
Saraya Islands, the luxurious mixed-use destination, is conveniently located fifteen minutes from Ras Al Khaimah’s international airport. The Luxury Collection Resort will occupy a prime spot in Saraya Islands. Within this destination, guests will have access to upscale shops, restaurants, entertainment outlets, indoor and outdoor sports facilities, a water amusement park and three miles of sandy beaches." ...
for the complete story
“It is only right and in sync with our strategy to partner with the best in the tourism field for Saraya
The Luxury Collection® Announces Landmark Entry into the United Arab Emirates with the Opening of a Luxury Collection Hotel in Ras Al Khaimah
"NEW YORK | Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announces the entry of The Luxury Collection® in Ras Al Khaimah, the fourth largest emirate in the United Arab Emirates. Under a long-term agreement with Saraya Islands, PJSC., the hotel will be operated under the Luxury Collection brand within the Saraya Islands, a distinguished mixed-use destination in the heart of Ras Al Khaimah between the Hajjar Mountains and the Arabian Gulf. The Luxury Collection Resort is expected to open in 2011." ...
"The hotel’s 300 lavishly decorated guestrooms will include 40 suites, all with breathtaking views and the latest modern conveniences. It will serve a variety of international culinary options at its six food and beverages outlets, including two specialty restaurants, and offer approximately 43,000 square feet of indoor meeting space. The Luxury Collection Resort will provide guests with an exceptional level of service, a majestic ambience and exquisite oceanfront dining options. Guests can take a refreshing swim in the pool, play an invigorating game of tennis, indulge themselves with a soothing spa treatment or simply enjoy the sun along the hotel’s beautifully landscaped property, which includes a private stretch of pristine beachfront.
Saraya Islands, the luxurious mixed-use destination, is conveniently located fifteen minutes from Ras Al Khaimah’s international airport. The Luxury Collection Resort will occupy a prime spot in Saraya Islands. Within this destination, guests will have access to upscale shops, restaurants, entertainment outlets, indoor and outdoor sports facilities, a water amusement park and three miles of sandy beaches." ...
for the complete story
“It is only right and in sync with our strategy to partner with the best in the tourism field for Saraya
Green residential tower for NYC
from today's GlobeSt (3/3):
Last updated: March 3, 2008 09:08am
Construction To Begin on Green Residence
By Natalie Dolce
"NEW YORK CITY-Freestanding residential tower HL23 will rise from a site on West 23rd Street half beneath the High Line elevated railway bed, now slated for transformation into an urban park. Construction will begin in March on the 14-story building, which will have a reverse-tapering structure.
A source familiar with the development tells GlobeSt.com that the developer, locally based 23 High Line LLC, is buying 100% green energy for the building. Alf Naman of High Line confirms, telling GlobeSt.com that they are in contract to purchase green power from a source that is creating energy elsewhere through wind power. Naman also reveals that total hard costs for the construction are $22 million." ....
for the complete story
Last updated: March 3, 2008 09:08am
Construction To Begin on Green Residence
By Natalie Dolce
"NEW YORK CITY-Freestanding residential tower HL23 will rise from a site on West 23rd Street half beneath the High Line elevated railway bed, now slated for transformation into an urban park. Construction will begin in March on the 14-story building, which will have a reverse-tapering structure.
A source familiar with the development tells GlobeSt.com that the developer, locally based 23 High Line LLC, is buying 100% green energy for the building. Alf Naman of High Line confirms, telling GlobeSt.com that they are in contract to purchase green power from a source that is creating energy elsewhere through wind power. Naman also reveals that total hard costs for the construction are $22 million." ....
for the complete story
Yankee ballpark bonds
from today's Street and Smith's Sports Business Journal (3/3):
Yankees to sell another $300M in bonds to finance ballpark
By DANIEL KAPLAN
Staff writer
Published March 03, 2008 : Page 05
"The New York Yankees are selling another $300 million in bonds to finance their new ballpark on top of the $968 million the club sold in 2006.
The move is not a total surprise: The club last month disclosed that the price tag of the stadium had soared from $1 billion to $1.3 billion. However, the additional money could have come from other sources, such as equity from Yankees partners, instead of a bond sale." ...
"The team has said the price for its new ballpark has climbed to $1.3 billion. The ballpark cost has risen in part because of an initial delay in obtaining financing, increased security measures required by New York City, and enhancements to the facility, which is set to open next year.
The 53,000-seat stadium is expected to be a new revenue boon for the Yankees. The average ticket price is expected to top $100 per game, according to Standard & Poor’s, which rated the original bonds. The team’s 2007 average price was $47, compared with an MLB average of $22.69, according to S&P.
At a $100 average, if the Yankees were to sell out the stadium for each of 81 home dates, the team would pull in $5.3 million a game just in ticket revenue, or $429 million overall before the playoffs." ...
for the complete story log on to ERA's account at Street and Smith's
Yankees to sell another $300M in bonds to finance ballpark
By DANIEL KAPLAN
Staff writer
Published March 03, 2008 : Page 05
"The New York Yankees are selling another $300 million in bonds to finance their new ballpark on top of the $968 million the club sold in 2006.
The move is not a total surprise: The club last month disclosed that the price tag of the stadium had soared from $1 billion to $1.3 billion. However, the additional money could have come from other sources, such as equity from Yankees partners, instead of a bond sale." ...
"The team has said the price for its new ballpark has climbed to $1.3 billion. The ballpark cost has risen in part because of an initial delay in obtaining financing, increased security measures required by New York City, and enhancements to the facility, which is set to open next year.
The 53,000-seat stadium is expected to be a new revenue boon for the Yankees. The average ticket price is expected to top $100 per game, according to Standard & Poor’s, which rated the original bonds. The team’s 2007 average price was $47, compared with an MLB average of $22.69, according to S&P.
At a $100 average, if the Yankees were to sell out the stadium for each of 81 home dates, the team would pull in $5.3 million a game just in ticket revenue, or $429 million overall before the playoffs." ...
for the complete story log on to ERA's account at Street and Smith's
Sunday, March 2, 2008
Disney heading for Sydney?
from Australian Broadcasting Corporation [ABC} News (2/28):
Disney looks at property in Sydney
By Jennifer Macey
Posted Thu Feb 28, 2008 10:13am AEDT
"From Bondi to the Opera House, Sydney already has many tourist attractions - does it need a Disneyland?
The New South Wales Government recently held meetings with the Walt Disney Company about developing the White Bay site on Sydney Harbour's foreshore, near Anzac Bridge.
Scott Morrison, Liberal Member for Cook and the former managing director of Tourism Australia, says it would be a massive coup for Australia." ....
for the complete story
Disney looks at property in Sydney
By Jennifer Macey
Posted Thu Feb 28, 2008 10:13am AEDT
"From Bondi to the Opera House, Sydney already has many tourist attractions - does it need a Disneyland?
The New South Wales Government recently held meetings with the Walt Disney Company about developing the White Bay site on Sydney Harbour's foreshore, near Anzac Bridge.
Scott Morrison, Liberal Member for Cook and the former managing director of Tourism Australia, says it would be a massive coup for Australia." ....
for the complete story
Property rights v. access rights battle in Scotland
from the Scotsman (3/2):
Bannockburn battle over right to roam
By Jeremy Watson
"Millionaire ordered to unblock paths as estate near historic conflict becomes land reform test
IT is close to the site of one of Scotland's greatest battles but has led a largely peaceful existence in the 794 years since.
But the Sauchieburn Estate just south of the Bannock Burn is now at the centre of a 21st-century conflict over access to land.
Stirling Council is about to serve enforcement notices on William Roddie, the millionaire landowner of the estate, ordering him to unlock gates that block paths that have been in use by walkers, cyclists and horse-riders for generations.
According to official council documents, the Glasgow property developer and landlord who bought the estate and its mansion house last year for £2m, has built the gates and adjoining 6ft fences, without planning permission, across a popular route past the gardens of his house out to a local beauty spot." ...
"The council, backed by walkers' groups, believe the obstructions breach the Scottish Parliament's Land Reform Act, which gives walkers the right to responsible access to property as long as they do not encroach on formal gardens.
Sauchieburn Estate is now set to become the latest testing ground for land access laws following high-profile cases involving newly rich entrepreneurs" ...
for the complete story
Bannockburn battle over right to roam
By Jeremy Watson
"Millionaire ordered to unblock paths as estate near historic conflict becomes land reform test
IT is close to the site of one of Scotland's greatest battles but has led a largely peaceful existence in the 794 years since.
But the Sauchieburn Estate just south of the Bannock Burn is now at the centre of a 21st-century conflict over access to land.
Stirling Council is about to serve enforcement notices on William Roddie, the millionaire landowner of the estate, ordering him to unlock gates that block paths that have been in use by walkers, cyclists and horse-riders for generations.
According to official council documents, the Glasgow property developer and landlord who bought the estate and its mansion house last year for £2m, has built the gates and adjoining 6ft fences, without planning permission, across a popular route past the gardens of his house out to a local beauty spot." ...
"The council, backed by walkers' groups, believe the obstructions breach the Scottish Parliament's Land Reform Act, which gives walkers the right to responsible access to property as long as they do not encroach on formal gardens.
Sauchieburn Estate is now set to become the latest testing ground for land access laws following high-profile cases involving newly rich entrepreneurs" ...
for the complete story
CA cities' hiring practices for services
from today's Sacramento Bee (3/2):
Cities spared pain of layoffs
Citrus Heights, Elk Grove and Rancho Cordova hired firms, not staff, that are easier to cut.
By Ed Fletcher - efletcher@sacbee.com
Published 12:00 am PST Sunday, March 2, 2008
"While Sacramento already has delivered pink slips to two dozen employees – and hundreds more may soon join them in the unemployment line – the cities of Elk Grove, Rancho Cordova and Citrus Heights aren't sweating layoffs.
That's because they didn't form large city work forces after they incorporated – they hired out.
Established over the last decade, the three cities adopted a different model than traditional cities: paying firms – not city workers – to handle city services.
Joe Chinn, Rancho Cordova assistant city manager, said contractors give the city short-term labor without long-term labor costs." ...
for the complete story
Cities spared pain of layoffs
Citrus Heights, Elk Grove and Rancho Cordova hired firms, not staff, that are easier to cut.
By Ed Fletcher - efletcher@sacbee.com
Published 12:00 am PST Sunday, March 2, 2008
"While Sacramento already has delivered pink slips to two dozen employees – and hundreds more may soon join them in the unemployment line – the cities of Elk Grove, Rancho Cordova and Citrus Heights aren't sweating layoffs.
That's because they didn't form large city work forces after they incorporated – they hired out.
Established over the last decade, the three cities adopted a different model than traditional cities: paying firms – not city workers – to handle city services.
Joe Chinn, Rancho Cordova assistant city manager, said contractors give the city short-term labor without long-term labor costs." ...
for the complete story
Friday, February 29, 2008
misc. news
Native American Casino ((Feb): feature on the Desert Diamond Casino (Tohono O'odham Nation, AZ); unique facility features
American Indian Report (Feb): foreign tourism in Indian Country
Builder and Developer (Feb): new urbanism and Stapleton, CO; L.A. lofts
Western Cities (Feb): public transit necessities
Nation's Restaurant News (2/25): San Diego restaurants/Gaslamp District booming despite housing crisis
Museum (Jan-Feb): green programming and outreach; feature on the Field Museum (with a lovely picture of Sue);
American Indian Report (Feb): foreign tourism in Indian Country
Builder and Developer (Feb): new urbanism and Stapleton, CO; L.A. lofts
Western Cities (Feb): public transit necessities
Nation's Restaurant News (2/25): San Diego restaurants/Gaslamp District booming despite housing crisis
Museum (Jan-Feb): green programming and outreach; feature on the Field Museum (with a lovely picture of Sue);
real estate, retail, hotels, and meetings news
The Appraisal Journal (Wtr): sustainable property surveying; highest and best use appraisals; valuation of aircraft hangers; appraising water rights; valuing limited-service hotels; industrial incubator impacts; apartment market highest and best use analysis
M&C (Feb): CVBs cross-selling; the whys and wherefores of bed taxes; Destination guides for -- UT, HI (Big Island), L.A., and MO; special feature issue on new and renovating facilities
Hotels (Feb): Landmark Hotel plans for Abu Dhabi; special report on the GCC (Gulf Coast Council) -- Dubai, Abu Dhabi, UAE, etc.
Tradeshow Week (2/18): Las Vegas Sands earnings decline
National Real Estate Investor (Feb): Chicago's high-end mixed retail/condo development; China's impending hotel glut; air rights prices soaring in NYC; senior housing investors moving into medical office development
Tradeshow Week (2/11): Shreveport-Bossier City riverboat gaming; Biloxi recovery; gaming expansions throughout the U.S.
Shopping Center Business (Feb): U.S. Gulf Coast on rebound
VRN (Jan/Feb): Philadelphia Premium Outlets
M&C (Feb): CVBs cross-selling; the whys and wherefores of bed taxes; Destination guides for -- UT, HI (Big Island), L.A., and MO; special feature issue on new and renovating facilities
Hotels (Feb): Landmark Hotel plans for Abu Dhabi; special report on the GCC (Gulf Coast Council) -- Dubai, Abu Dhabi, UAE, etc.
Tradeshow Week (2/18): Las Vegas Sands earnings decline
National Real Estate Investor (Feb): Chicago's high-end mixed retail/condo development; China's impending hotel glut; air rights prices soaring in NYC; senior housing investors moving into medical office development
Tradeshow Week (2/11): Shreveport-Bossier City riverboat gaming; Biloxi recovery; gaming expansions throughout the U.S.
Shopping Center Business (Feb): U.S. Gulf Coast on rebound
VRN (Jan/Feb): Philadelphia Premium Outlets
business news
Fortune (3/3): Dubai World and the world
Business Week (2/18): GenY and social network advertising
Forbes (2/25): MGM Mirage path to diversification
Business Week (3/10): 2008 Olympics and the problem of Darfur; MGM Mirage and the conflict with Indian gaming in Detroit
Business Week (2/25): indoor waterparks
Business Week (2/18): GenY and social network advertising
Forbes (2/25): MGM Mirage path to diversification
Business Week (3/10): 2008 Olympics and the problem of Darfur; MGM Mirage and the conflict with Indian gaming in Detroit
Business Week (2/25): indoor waterparks
Calgary to get major mixed use for downtown Stampede
from today's GlobeSt (2/29):
Last updated: February 28, 2008 04:28pm
430,000-SF MXD District Kicks Off
By Michelle Deakin
"CALGARY, ALBERTA-A new downtown retail district is on tap for this Rocky Mountain City. Known as the Stampede Trail, it will include 430,000 sf of retail, hotel and office space and 17 acres of streetscapes and plazas. Projected to cost $200 million, the Stampede Trail will connect Calgary’s booming downtown with the city’s convention center, sports arena and the world’s largest rodeo.
The site is being developed by Alberta Development Partners, a Colorado-based real estate firm specializing in large-scale, mixed-use retail projects. It will include 170,000 sf of retail space, a 200,000-sf hotel, and 60,000 sf of office space. This week, Communication Arts, based in Boulder, Colo., was selected to design the site." ...
for the complete story
Last updated: February 28, 2008 04:28pm
430,000-SF MXD District Kicks Off
By Michelle Deakin
"CALGARY, ALBERTA-A new downtown retail district is on tap for this Rocky Mountain City. Known as the Stampede Trail, it will include 430,000 sf of retail, hotel and office space and 17 acres of streetscapes and plazas. Projected to cost $200 million, the Stampede Trail will connect Calgary’s booming downtown with the city’s convention center, sports arena and the world’s largest rodeo.
The site is being developed by Alberta Development Partners, a Colorado-based real estate firm specializing in large-scale, mixed-use retail projects. It will include 170,000 sf of retail space, a 200,000-sf hotel, and 60,000 sf of office space. This week, Communication Arts, based in Boulder, Colo., was selected to design the site." ...
for the complete story
Zion Lodge named sustainable hotel of the year
from today's STR Lodging news (2/29):
The Zion Lodge in Zion National Park Named the Sustainable Hotel of the Year by the HotelWorld Expo and Conference
"DENVER, Colo. | The historic Zion Lodge in Zion National Park was named the Sustainable Hotel of the Year at the HotelWorld Global Hospitality and Design Award Ceremony and Expo in Las Vegas last night.
The award was presented in recognition of the many environmental programs implemented by Denver-based operator Xanterra Parks & Resorts." ...
"Xanterra last year created six eco-friendly suites at Zion Lodge. The goals of the project were to incorporate as many environmentally sustainable features as possible and to ultimately reduce the consumption of natural resources and eliminate waste."
for the complete story
The Zion Lodge in Zion National Park Named the Sustainable Hotel of the Year by the HotelWorld Expo and Conference
"DENVER, Colo. | The historic Zion Lodge in Zion National Park was named the Sustainable Hotel of the Year at the HotelWorld Global Hospitality and Design Award Ceremony and Expo in Las Vegas last night.
The award was presented in recognition of the many environmental programs implemented by Denver-based operator Xanterra Parks & Resorts." ...
"Xanterra last year created six eco-friendly suites at Zion Lodge. The goals of the project were to incorporate as many environmentally sustainable features as possible and to ultimately reduce the consumption of natural resources and eliminate waste."
for the complete story
Happy Leap Day from the AZA!!!
I could not resist the simply brilliant marketing of one of our esteemed client groups --
So happy Year of the Frog! The AZA would like you to take this special day to appreciate the amphibians around you.... especially those at a member zoo.
So happy Year of the Frog! The AZA would like you to take this special day to appreciate the amphibians around you.... especially those at a member zoo.
Thursday, February 28, 2008
local and regional real estate/business news
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.
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.
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
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