from yesterday's GlobeSt (5/15):
Last updated: May 15, 2008 08:26am
M Resort, Spa, Casino Adds 1M-SF Mall to Mix
By Brian K. Miller
"LAS VEGAS-A one-million-sf mall will be integrated into the M Resort, Spa and Casino under construction on Las Vegas Boulevard, 10 miles south of that six-mile stretch of the boulevard known as the Las Vegas Strip. Developer Anthony Marnell III said Wednesday that Taubman Centers, which owns no properties in Las Vegas, will assist with the last-minute addition to the resort, and that additional details on the project will be revealed during the International Council of Shopping Centers annual convention here next week." ...
"As of December, the first phase of M Resort was to cover 40 of the 80 acres Marnell owns at Las Vegas Boulevard and St. Rose Parkway with an 11-story building housing 390 rooms and suites, 90,000 sf of gaming space and approximately 40,000 sf of meeting and conference space. Additional amenities included a 20,000-sf spa and outdoor pool, a top-floor lounge and multiple dining and entertainment options. The second phase called for an additional 600 hotel rooms, nearly 2,000 condominiums in multiple mid-rise towers and additional entertainment offerings." ...
for the complete story
Friday, May 16, 2008
Disney beats Vegas
from the Star-Ledger (NJ) (5/14):
Magic Kingdom beating Sin City in tourist battle
Wednesday, May 14, 2008
"This is not a good economy to take a gamble in.
Las Vegas has, and it's hurting casino profits. Disney has not, and the "Magic Kingdom" is reaping the winnings.
In theory, it's not supposed to be this way.
The gaming business often brags it's recession-proof because gamblers will always like to gamble, but amusement destinations historically have see their business get hit hard when consumers' wallets are pinched.
The upscaling of Las Vegas, with its five-star hotels, restaurants and shops, and the down-pricing of Disney to more value-oriented park packages and hotels during the past decade has turned that concept on its head." ...
"... Walt Disney's theme parks and resorts have enjoyed surprising success. They helped increase the company's fiscal second-quarter earnings 22 percent from a year ago, to $1.13 billion, or 58 cents a share. Analysts had been expecting 51 cents a share.
Revenue in the parks and resorts division shot up 11 percent, to $2.7 billion, during the quarter, a gain that was partially driven by an increase in foreign travelers visiting its U.S. parks to take advantage of the weak dollar." ...
for the complete story
Magic Kingdom beating Sin City in tourist battle
Wednesday, May 14, 2008
"This is not a good economy to take a gamble in.
Las Vegas has, and it's hurting casino profits. Disney has not, and the "Magic Kingdom" is reaping the winnings.
In theory, it's not supposed to be this way.
The gaming business often brags it's recession-proof because gamblers will always like to gamble, but amusement destinations historically have see their business get hit hard when consumers' wallets are pinched.
The upscaling of Las Vegas, with its five-star hotels, restaurants and shops, and the down-pricing of Disney to more value-oriented park packages and hotels during the past decade has turned that concept on its head." ...
"... Walt Disney's theme parks and resorts have enjoyed surprising success. They helped increase the company's fiscal second-quarter earnings 22 percent from a year ago, to $1.13 billion, or 58 cents a share. Analysts had been expecting 51 cents a share.
Revenue in the parks and resorts division shot up 11 percent, to $2.7 billion, during the quarter, a gain that was partially driven by an increase in foreign travelers visiting its U.S. parks to take advantage of the weak dollar." ...
for the complete story
Trump's green offering in Philadelphia
from this morning's GlobeSt:
UPDATE Last updated: May 15, 2008 02:17pm
Multi-Million Dollar Trump Tower To Go Green
By Brianne Harrison
"PHILADELPHIA-The luxurious Trump Tower Philadelphia rising on the Delaware River may be able to add another item to its list of offerings and amenities: LEED Silver certification. The 45-floor residential complex is aiming to earn between 33 and 38 points on the LEED rating system, thus landing it in the LEED Silver category.
The Tower, which began preconstruction in early March after a legal battle with the state over riparian rights, will feature 225 residences and 31 different floor plans. In addition, the building will boast a tennis court, indoor and outdoor pool, fitness center, putting green, a business center and a wine cellar and tasting room. Specific financial details of the project were not disclosed, but previous reports set the budget at about $300 million.
As part of the "greening" of the building, all roofs--barring a small portion of the tallest roof--will be landscaped and will house recreation areas such as the swimming pool and serenity gardens. The roofs will be designed to retain rainwater and self-irrigate, eliminating the need to use fresh water for the plants. Condensate from the air conditioning system will also be collected and used for watering. Any excess rainwater that collects will be purified and released into the Delaware River. Living walls will help filter out fumes from the parking garage. In addition, the building is set on a former brownfield industrial site, and 35% of the land will remain undeveloped, leaving some open space."
for the complete story
UPDATE Last updated: May 15, 2008 02:17pm
Multi-Million Dollar Trump Tower To Go Green
By Brianne Harrison
"PHILADELPHIA-The luxurious Trump Tower Philadelphia rising on the Delaware River may be able to add another item to its list of offerings and amenities: LEED Silver certification. The 45-floor residential complex is aiming to earn between 33 and 38 points on the LEED rating system, thus landing it in the LEED Silver category.
The Tower, which began preconstruction in early March after a legal battle with the state over riparian rights, will feature 225 residences and 31 different floor plans. In addition, the building will boast a tennis court, indoor and outdoor pool, fitness center, putting green, a business center and a wine cellar and tasting room. Specific financial details of the project were not disclosed, but previous reports set the budget at about $300 million.
As part of the "greening" of the building, all roofs--barring a small portion of the tallest roof--will be landscaped and will house recreation areas such as the swimming pool and serenity gardens. The roofs will be designed to retain rainwater and self-irrigate, eliminating the need to use fresh water for the plants. Condensate from the air conditioning system will also be collected and used for watering. Any excess rainwater that collects will be purified and released into the Delaware River. Living walls will help filter out fumes from the parking garage. In addition, the building is set on a former brownfield industrial site, and 35% of the land will remain undeveloped, leaving some open space."
for the complete story
Chicago Childrens Museum ok to move
from today's Chicago Tribune (5/16):
Museum clears 1st hurdle on move into Grant Park
13-2 vote sends Daley-backed proposal on to City Council
By Noreen S. Ahmed-Ullah and Hal Dardick
May 16, 2008
"After nearly nine hours of emotional debate that stretched well into Thursday evening, the city Plan Commission overwhelmingly endorsed moving the Chicago Children's Museum to Grant Park.
Preservationists argued that allowing a $100 million museum violates long-standing legal precedent barring buildings in the park, but plan commissioners bypassed that issue, saying their decision was based on whether the proposal met zoning and lakefront protection requirements." ...
for the complete story
************
from today's Crain's Chicago Business (5/16):
Plan Commission OKs Children’s Museum move
By Lorene Yue
May 16, 2008
"(Crain’s) — Chicago’s Plan Commission on Thursday greenlighted a controversial proposal to relocate the Chicago Children’s Museum to Grant Park, a move that opponents fear will allow further private development on public land.
After about 9 hours of testimony and debate, at about 10:45 p.m., commission members voted overwhelmingly in favor of the proposal to build a 100,000-square-foot, two-story structure below ground in the north end of Grant Park." ...
for the complete story
Museum clears 1st hurdle on move into Grant Park
13-2 vote sends Daley-backed proposal on to City Council
By Noreen S. Ahmed-Ullah and Hal Dardick
May 16, 2008
"After nearly nine hours of emotional debate that stretched well into Thursday evening, the city Plan Commission overwhelmingly endorsed moving the Chicago Children's Museum to Grant Park.
Preservationists argued that allowing a $100 million museum violates long-standing legal precedent barring buildings in the park, but plan commissioners bypassed that issue, saying their decision was based on whether the proposal met zoning and lakefront protection requirements." ...
for the complete story
************
from today's Crain's Chicago Business (5/16):
Plan Commission OKs Children’s Museum move
By Lorene Yue
May 16, 2008
"(Crain’s) — Chicago’s Plan Commission on Thursday greenlighted a controversial proposal to relocate the Chicago Children’s Museum to Grant Park, a move that opponents fear will allow further private development on public land.
After about 9 hours of testimony and debate, at about 10:45 p.m., commission members voted overwhelmingly in favor of the proposal to build a 100,000-square-foot, two-story structure below ground in the north end of Grant Park." ...
for the complete story
Thursday, May 15, 2008
Chicago Children's Museum hearing-- fight expected
from today's Chicago Tribune (5/15):
Plan Commission meeting on Children's Museum expected to be emotional
Children's Museum plan on city panel's agenda
By Hal Dardick and Noreen Ahmed-Ullah
May 15, 2008
"Critics and backers predicted the plan to put the Chicago Children's Museum in Grant Park would be endorsed Thursday by the city's Plan Commission—but only after a lengthy, contentious hearing that could highlight the links between museum backers, panel members and Mayor Richard Daley.
The mayor is the project's most powerful supporter, and he selects the 20-member panel. In addition to the mayor, it includes six aldermen who typically back the mayor's initiatives, two Daley cabinet members, another mayoral aide, a top transit official appointed by Daley who sits on the museum's board and a community activist whose organization has been supportive of the proposal." ...
for the complete story
Plan Commission meeting on Children's Museum expected to be emotional
Children's Museum plan on city panel's agenda
By Hal Dardick and Noreen Ahmed-Ullah
May 15, 2008
"Critics and backers predicted the plan to put the Chicago Children's Museum in Grant Park would be endorsed Thursday by the city's Plan Commission—but only after a lengthy, contentious hearing that could highlight the links between museum backers, panel members and Mayor Richard Daley.
The mayor is the project's most powerful supporter, and he selects the 20-member panel. In addition to the mayor, it includes six aldermen who typically back the mayor's initiatives, two Daley cabinet members, another mayoral aide, a top transit official appointed by Daley who sits on the museum's board and a community activist whose organization has been supportive of the proposal." ...
for the complete story
Central FL Fair sees flat admissions and decline in spending
from today's Venues Today enewsletter (5/15):
SPENDING DOWN AT CENTRAL FLORIDA FAIR
"A lot of free tickets went out the door to maintain the status quo at the Central Florida Fair, Orlando. The April 17-27 fair drew 198,000 total attendance, about the same as 2007 when 200,000 were counted, but paid attendance was 93,000, down considerably, and spending on food and games was significantly down, said fair manager Charlie Price." ...
for the complete story, email Ruth.
SPENDING DOWN AT CENTRAL FLORIDA FAIR
"A lot of free tickets went out the door to maintain the status quo at the Central Florida Fair, Orlando. The April 17-27 fair drew 198,000 total attendance, about the same as 2007 when 200,000 were counted, but paid attendance was 93,000, down considerably, and spending on food and games was significantly down, said fair manager Charlie Price." ...
for the complete story, email Ruth.
Wednesday, May 14, 2008
Corp Hotels moving to Saudi Arabia from UAE
from Hotels newswire (5/14):
Corp Executive Hotels expands presence in KSA
Middle East Company News Wire, May 13, 2008 Tuesday 1:31 PM GMT
"Marking its first big move outside the UAE, Corp Executive Hotels unveiled plans for developing 5 outstanding projects in Saudi Arabia.
Addressing a select media gathering at the ATM, Michel Noblet, Managing Director, HMH – Hospitality Management Holdings, said, ‘At the moment we have got the strongest development happening in Saudi Arabia especially for Corp Executive Hotels.’
Located in Riyadh, Al Khobar, Jeddah, Dammam and El Hasa, most of the projects will be ready by the end of 2009 or early 2010." ...
for the complete story
Corp Executive Hotels expands presence in KSA
Middle East Company News Wire, May 13, 2008 Tuesday 1:31 PM GMT
"Marking its first big move outside the UAE, Corp Executive Hotels unveiled plans for developing 5 outstanding projects in Saudi Arabia.
Addressing a select media gathering at the ATM, Michel Noblet, Managing Director, HMH – Hospitality Management Holdings, said, ‘At the moment we have got the strongest development happening in Saudi Arabia especially for Corp Executive Hotels.’
Located in Riyadh, Al Khobar, Jeddah, Dammam and El Hasa, most of the projects will be ready by the end of 2009 or early 2010." ...
for the complete story
MGM Mirage stock repurchase program
from today's PR Newswire (5/14):
MGM MIRAGE's Board of Directors Approves New Twenty Million Share Repurchase Program
"LAS VEGAS, May 14 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE: MGM)
today announced that its Board of Directors has approved a new stock
repurchase program authorizing the Company to purchase up to twenty million
shares of Company common stock. The purchases can be made from time to time
through open market purchases, privately negotiated third party
transactions or other transactions including but not limited to tender
offers as market conditions warrant.
The Company additionally announced that it has repurchased 1.27 million
shares in the current quarter to date, thereby leaving 1.36 million shares
outstanding under the previous share repurchase program approved in
December 2007." ....
for the complete story
MGM MIRAGE's Board of Directors Approves New Twenty Million Share Repurchase Program
"LAS VEGAS, May 14 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE: MGM)
today announced that its Board of Directors has approved a new stock
repurchase program authorizing the Company to purchase up to twenty million
shares of Company common stock. The purchases can be made from time to time
through open market purchases, privately negotiated third party
transactions or other transactions including but not limited to tender
offers as market conditions warrant.
The Company additionally announced that it has repurchased 1.27 million
shares in the current quarter to date, thereby leaving 1.36 million shares
outstanding under the previous share repurchase program approved in
December 2007." ....
for the complete story
Great Wolf sale update
from today's Milwaukee Journal Sentinel (5/14):
Great Wolf sale may be nearer
Resort owner's agreement averts proxy battle
By TOM DAYKIN
"Madison-based Great Wolf Resorts Inc. may be moving closer to a sale after the company agreed to accept three director candidates supported by a dissident shareholder, averting a proxy battle.
Great Wolf, which operates water-park resorts, announced that two of the three director candidates nominated by Hovde Capital Advisors LLC will be added to the slate of director candidates nominated by Great Wolf.
Those two candidates are Eric Hovde, president and CEO of Washington, D.C.-based Hovde Capital, and Richard Murray, a Hovde Capital senior investment analyst.
A third nominee "reasonably acceptable" to Hovde Capital also will be added to Great Wolf's slate, according to a company news release. Great Wolf's proxy statement, filed Tuesday with the Securities and Exchange Commission, identified that third nominee as Beth May, a private investor and former head of corporate development for Lennar Corp., a Miami-based home builder." ...
for the complete story
Great Wolf sale may be nearer
Resort owner's agreement averts proxy battle
By TOM DAYKIN
"Madison-based Great Wolf Resorts Inc. may be moving closer to a sale after the company agreed to accept three director candidates supported by a dissident shareholder, averting a proxy battle.
Great Wolf, which operates water-park resorts, announced that two of the three director candidates nominated by Hovde Capital Advisors LLC will be added to the slate of director candidates nominated by Great Wolf.
Those two candidates are Eric Hovde, president and CEO of Washington, D.C.-based Hovde Capital, and Richard Murray, a Hovde Capital senior investment analyst.
A third nominee "reasonably acceptable" to Hovde Capital also will be added to Great Wolf's slate, according to a company news release. Great Wolf's proxy statement, filed Tuesday with the Securities and Exchange Commission, identified that third nominee as Beth May, a private investor and former head of corporate development for Lennar Corp., a Miami-based home builder." ...
for the complete story
6 Flags asking for bond cash-in
from this afternoon's Los Angeles Business Journal (5/14):
Six Flags Asks Bond Holders to Cash In
By ALLEN P. ROBERTS Jr. - 5/14/2008
"Six Flags Inc., the owner and operator of Six Flag Magic Mountain in Valencia, said Wednesday that it is seeking to exchange existing bonds at a discount to extend maturities and avoid defaulting.
Bondholders in the New York-based theme park operator are being asked to swap notes maturing in 2010, 2013 and 2014 for 65 cents on the dollar in exchange for $400 million of new bonds maturing in 2016. For the exchange, bondholders will get 12.25 percent versus 8.875 percent to 9.625 percent on the existing bonds." ...
for the complete story
Six Flags Asks Bond Holders to Cash In
By ALLEN P. ROBERTS Jr. - 5/14/2008
"Six Flags Inc., the owner and operator of Six Flag Magic Mountain in Valencia, said Wednesday that it is seeking to exchange existing bonds at a discount to extend maturities and avoid defaulting.
Bondholders in the New York-based theme park operator are being asked to swap notes maturing in 2010, 2013 and 2014 for 65 cents on the dollar in exchange for $400 million of new bonds maturing in 2016. For the exchange, bondholders will get 12.25 percent versus 8.875 percent to 9.625 percent on the existing bonds." ...
for the complete story
L.A. rakes in big bucks from sports
from this afternoon's Los Angeles Business Journal (5/14):
Sports Put $5 Billion Into L.A. Economy
By DAVID NUSBAUM - 5/14/2008
"The Southern California sporting events industry accounted for $5.1 billion in total economic impact during 2007, according to a study released by the Los Angeles Sports Council. The study showed a 12 percent annual growth compared with 2005, the last year in which it was conducted." ...
"The study focused on 55 local sports organizations including professional teams, major colleges, venues, horse racing tracks and recurring annual events." ...
for the complete story
Sports Put $5 Billion Into L.A. Economy
By DAVID NUSBAUM - 5/14/2008
"The Southern California sporting events industry accounted for $5.1 billion in total economic impact during 2007, according to a study released by the Los Angeles Sports Council. The study showed a 12 percent annual growth compared with 2005, the last year in which it was conducted." ...
"The study focused on 55 local sports organizations including professional teams, major colleges, venues, horse racing tracks and recurring annual events." ...
for the complete story
Palm Beach Co, FL affordable housing regulations dedate
from today's South Florida Sun-Sentinel (5/14):
Palm Beach County sticks with price rules on new housing
Critics argue falling market makes price limits needless
By Andy Reid
May 14, 2008
"Two years of sliding home values failed to persuade Palm Beach County commissioners on Tuesday to do away with affordable housing requirements for new development.
Developers pushed for the elimination, or at least suspension, of mandated price limits the county has imposed on some new homes for the past two years.
The rules, approved at the height of South Florida's real estate boom, are intended to reserve a percentage of homes in new neighborhoods for "work force housing" — envisioned for teachers, police officers, young professionals and others getting priced out of Palm Beach County.
So far, the county's requirements have yet to produce any of the homes, but officials blame that on the slowdown in home construction across the country. More than 500 of the homes, to be priced between $164,000 and $304,000, have been approved or are on the drawing board." ...
for the complete story
Palm Beach County sticks with price rules on new housing
Critics argue falling market makes price limits needless
By Andy Reid
May 14, 2008
"Two years of sliding home values failed to persuade Palm Beach County commissioners on Tuesday to do away with affordable housing requirements for new development.
Developers pushed for the elimination, or at least suspension, of mandated price limits the county has imposed on some new homes for the past two years.
The rules, approved at the height of South Florida's real estate boom, are intended to reserve a percentage of homes in new neighborhoods for "work force housing" — envisioned for teachers, police officers, young professionals and others getting priced out of Palm Beach County.
So far, the county's requirements have yet to produce any of the homes, but officials blame that on the slowdown in home construction across the country. More than 500 of the homes, to be priced between $164,000 and $304,000, have been approved or are on the drawing board." ...
for the complete story
European airport aquisition business founded
from this morning's GlobeSt:
Last updated: May 13, 2008 02:32pm
Westcore Starts Europe Airport Biz With $100M
By Ian Ritter
"LAUSANEE, SWITZERLAND-Westcore Properties has started an airport acquisition, development and operation business here called Airport Development Partners and allocated $100 million to get it off the ground. The firm is currently in negotiations to acquire land near the Vienna airport to develop cargo and logistics facilities.
Other projects in the works include the development of a cargo facility at the airport in Bratislava, Slovakia; and development of facilities around an airport in Sion, Switzerland. Airport Development is also reconstructing some of the infrastructure at two airports in Poland." ....
for the complete story
Last updated: May 13, 2008 02:32pm
Westcore Starts Europe Airport Biz With $100M
By Ian Ritter
"LAUSANEE, SWITZERLAND-Westcore Properties has started an airport acquisition, development and operation business here called Airport Development Partners and allocated $100 million to get it off the ground. The firm is currently in negotiations to acquire land near the Vienna airport to develop cargo and logistics facilities.
Other projects in the works include the development of a cargo facility at the airport in Bratislava, Slovakia; and development of facilities around an airport in Sion, Switzerland. Airport Development is also reconstructing some of the infrastructure at two airports in Poland." ....
for the complete story
Joliet, IL approves $1B mixed-use development
from this morning's GlobeSt (5/14):
UPDATE Last updated: May 14, 2008 08:25am
O&S, Strategic Get Approval for $1B MXD Use
By Gina Kenny
"JOLIET, IL-O&S Holdings LLC, based in Santa Monica, CA, and Strategic Retail Development, based in Hollywood, FL, have received city approval for the Bridge Street Town Centre development. The Joliet City Council unanimously approved the 314-acre development at the intersection of Interstate 55, Interstate 80 and Route 59, here. The nearly $1-billion mixed-use development, which had been estimated at about $800 million a year ago, is expected to have 3.5 million sf of retail, office, hotels and residential space, says Gary Safady, managing partner with O&S Holdings.
The partnership expects to break ground early next year on the development. The project includes about 1.7 million sf of retail, including big-box stores, restaurants and upscale small shops. The center will additionally have a 75,000-sf Regal Cinemas, as previously reported by GlobeSt.com. Regal Entertainment Group, based in Knoxville, TN, has a long-term lease for the property with a term between 15 to 20 years for a movie theater with between 16 to 18 screens and at least 3,000 seats, Safady says.
Regal is the only tenant the partnership is announcing at this time, but approximately 70% of the space is committed and the partnership is in negotiations with two department stores, he tells GlobeSt.com. The asking lease rate range for the retail is between $30 per sf and $80 per sf, Safady says. The center is expected to open in 2010. The Chicago office of CB Richard Ellis, O&S Holdings and Strategic Retail Development are handling the retail leasing." ...
for the complete story
UPDATE Last updated: May 14, 2008 08:25am
O&S, Strategic Get Approval for $1B MXD Use
By Gina Kenny
"JOLIET, IL-O&S Holdings LLC, based in Santa Monica, CA, and Strategic Retail Development, based in Hollywood, FL, have received city approval for the Bridge Street Town Centre development. The Joliet City Council unanimously approved the 314-acre development at the intersection of Interstate 55, Interstate 80 and Route 59, here. The nearly $1-billion mixed-use development, which had been estimated at about $800 million a year ago, is expected to have 3.5 million sf of retail, office, hotels and residential space, says Gary Safady, managing partner with O&S Holdings.
The partnership expects to break ground early next year on the development. The project includes about 1.7 million sf of retail, including big-box stores, restaurants and upscale small shops. The center will additionally have a 75,000-sf Regal Cinemas, as previously reported by GlobeSt.com. Regal Entertainment Group, based in Knoxville, TN, has a long-term lease for the property with a term between 15 to 20 years for a movie theater with between 16 to 18 screens and at least 3,000 seats, Safady says.
Regal is the only tenant the partnership is announcing at this time, but approximately 70% of the space is committed and the partnership is in negotiations with two department stores, he tells GlobeSt.com. The asking lease rate range for the retail is between $30 per sf and $80 per sf, Safady says. The center is expected to open in 2010. The Chicago office of CB Richard Ellis, O&S Holdings and Strategic Retail Development are handling the retail leasing." ...
for the complete story
Tuesday, May 13, 2008
University of Chicago buys shopping center for mixed-use development
from this afternoon's Crain's Chicago Business (5/13):
U of C buys Hyde Park shopping center
By Andrew Schroedter
May 13, 2008
"(Crain’s) — The University of Chicago has paid $6.5 million for the Harper Court shopping center in Hyde Park, which will eventually be leveled in favor of a mixed-use development." ...
for the complete story
U of C buys Hyde Park shopping center
By Andrew Schroedter
May 13, 2008
"(Crain’s) — The University of Chicago has paid $6.5 million for the Harper Court shopping center in Hyde Park, which will eventually be leveled in favor of a mixed-use development." ...
for the complete story
Tishman out of the Hudson Yards Project
from this afternoon's GlobeSt. (5/13):
UPDATE Last updated: May 13, 2008 03:17pm
Tishman Withdraws From Hudson Yards Project
By Ian Ritter
"NEW YORK CITY-Tishman Speyer has withdrawn its $1-billion bid to build a massive mixed-use project here on Manhattan’s West Side as part of the Hudson Yards redevelopment project. Tishman and Metropolitan Transportation Authority, which owns 26 acres of rail yards considered for redevelopment, were unable to come to an agreement" ...
for the complete story
UPDATE Last updated: May 13, 2008 03:17pm
Tishman Withdraws From Hudson Yards Project
By Ian Ritter
"NEW YORK CITY-Tishman Speyer has withdrawn its $1-billion bid to build a massive mixed-use project here on Manhattan’s West Side as part of the Hudson Yards redevelopment project. Tishman and Metropolitan Transportation Authority, which owns 26 acres of rail yards considered for redevelopment, were unable to come to an agreement" ...
for the complete story
Beverly Hills Hilton redev deal
from this morning's GlobeSt. (5/13):
Waldorf-Astoria OK'd
By HOWARD FINE - 5/12/2008
Los Angeles Business Journal Staff
"The Beverly Hills City Council on Monday gave final approval to a proposed $500 million revitalization project for the Beverly Hilton Hotel that would include the first Waldorf-Astoria Hotel on the West Coast." ...
for the complete story
Waldorf-Astoria OK'd
By HOWARD FINE - 5/12/2008
Los Angeles Business Journal Staff
"The Beverly Hills City Council on Monday gave final approval to a proposed $500 million revitalization project for the Beverly Hilton Hotel that would include the first Waldorf-Astoria Hotel on the West Coast." ...
for the complete story
Indian casino/land deal limits passed in CA
from yesterday's Fresno Bee (5/12):
Senate passes casino limits
Measure bars Indian gaming compacts without land deals.
By E.J. Schultz / Bee Capitol Bureau
05/12/08 22:38:08
"SACRAMENTO -- In a sign that lawmakers aren't pleased with the recent Highway 99 casino deal, the state Senate on Monday passed a bill that would prohibit the governor from negotiating gambling compacts with Indian tribes until they have qualified gaming land.
Senate Bill 1695 by Sen. Dean Florez, D-Shafter, passed on a 31-4 vote with bipartisan support." ...
"The tribe still needs federal approval to put a casino on land along Highway 99 just north of Madera. That didn't stop the governor from announcing a compact two weeks ago that would allow for 2,500 slot machines at the targeted site -- which is about 35 miles from the tribe's traditional homeland.
Because the deal already is signed, the Florez bill would not affect the casino. But state lawmakers still must approve the compact, and Monday's vote suggests the tribe might face an uphill fight." ...
for the complete story
Senate passes casino limits
Measure bars Indian gaming compacts without land deals.
By E.J. Schultz / Bee Capitol Bureau
05/12/08 22:38:08
"SACRAMENTO -- In a sign that lawmakers aren't pleased with the recent Highway 99 casino deal, the state Senate on Monday passed a bill that would prohibit the governor from negotiating gambling compacts with Indian tribes until they have qualified gaming land.
Senate Bill 1695 by Sen. Dean Florez, D-Shafter, passed on a 31-4 vote with bipartisan support." ...
"The tribe still needs federal approval to put a casino on land along Highway 99 just north of Madera. That didn't stop the governor from announcing a compact two weeks ago that would allow for 2,500 slot machines at the targeted site -- which is about 35 miles from the tribe's traditional homeland.
Because the deal already is signed, the Florez bill would not affect the casino. But state lawmakers still must approve the compact, and Monday's vote suggests the tribe might face an uphill fight." ...
for the complete story
OC funding transit analyses
from this morning's L.A. Times (5/13):
O.C. agency approves $12 million to study transit ideas
A monorail in Anaheim and trolley system in Santa Ana are being considered to lighten traffic load.
By David Reyes
May 13, 2008
"In Anaheim, planners are mulling a monorail to move passengers from the city's train station to its resort district.
In Santa Ana, the idea is a bit more old school -- trolleys.
In an effort to get such wide-ranging projects off the ground, Orange County transportation leaders Monday approved spending $12 million to complete environmental studies for inner-city public transportation projects.
As part of Anaheim's plan to transform the area near Angel Stadium into a vibrant residential and retail community, the city wanted an inviting, if not entertaining, way of moving people from the train station to their destination, said Mayor Curt Pringle." ....
for the complete story
O.C. agency approves $12 million to study transit ideas
A monorail in Anaheim and trolley system in Santa Ana are being considered to lighten traffic load.
By David Reyes
May 13, 2008
"In Anaheim, planners are mulling a monorail to move passengers from the city's train station to its resort district.
In Santa Ana, the idea is a bit more old school -- trolleys.
In an effort to get such wide-ranging projects off the ground, Orange County transportation leaders Monday approved spending $12 million to complete environmental studies for inner-city public transportation projects.
As part of Anaheim's plan to transform the area near Angel Stadium into a vibrant residential and retail community, the city wanted an inviting, if not entertaining, way of moving people from the train station to their destination, said Mayor Curt Pringle." ....
for the complete story
Oakland mixed-use TOD gets LEED certificate
from yesterday's California Real Estate Journal InSites newsletter (5/12):
Oakland Project Is First to Receive LEED Silver Certification
"OAKLAND - A joint mixed-use project by a Forest City Residential Group Inc. subsidiary, MacFarlane Partners and the City of Oakland was the first multifamily development to receive the Leadership in Energy and Environmental Design Silver certification from the U.S. Green Building Council." ...
for the complete snippet
to review the project's homepage
Oakland Project Is First to Receive LEED Silver Certification
"OAKLAND - A joint mixed-use project by a Forest City Residential Group Inc. subsidiary, MacFarlane Partners and the City of Oakland was the first multifamily development to receive the Leadership in Energy and Environmental Design Silver certification from the U.S. Green Building Council." ...
for the complete snippet
to review the project's homepage
Monday, May 12, 2008
Irving, TX CVB planning LEED certified hotel and convention center complex
from this morning's GlobeSt (5/12):
Last updated: May 12, 2008 09:29am
Irving Eyes Summer Start for $125M CVB Center
By Connie Gore
"IRVING, TX-The Irving Convention & Visitors Bureau, armed with a totally revamped plan, expects work to start in late summer on a $125-million project. The 250,000-sf final design will be unveiled to council in late June or early July, with work slated to get underway shortly thereafter.
The convention center project, in one form or another, has been on the city's "to do" list since 1999. A fall 2010 opening is now within reach. The revised plan for the city's 40-acre tract will plant a 250,000-sf convention center on the north side as phase one and a $50-million-plus concert venue with 3,500 seats and additional parking on the south side as phase two. The tract's interior is expected to hold roughly 150,000 sf of retail and two hotels. The development site is bounded by Texas 114 on the west, Northwest Highway on the north, Las Colinas Boulevard on the east and Fuller Drive on the south."
for the complete story
Last updated: May 12, 2008 09:29am
Irving Eyes Summer Start for $125M CVB Center
By Connie Gore
"IRVING, TX-The Irving Convention & Visitors Bureau, armed with a totally revamped plan, expects work to start in late summer on a $125-million project. The 250,000-sf final design will be unveiled to council in late June or early July, with work slated to get underway shortly thereafter.
The convention center project, in one form or another, has been on the city's "to do" list since 1999. A fall 2010 opening is now within reach. The revised plan for the city's 40-acre tract will plant a 250,000-sf convention center on the north side as phase one and a $50-million-plus concert venue with 3,500 seats and additional parking on the south side as phase two. The tract's interior is expected to hold roughly 150,000 sf of retail and two hotels. The development site is bounded by Texas 114 on the west, Northwest Highway on the north, Las Colinas Boulevard on the east and Fuller Drive on the south."
for the complete story
Chicago's Magnificent Mile retail suffering
from today's Crain's Chicago Business (5/12):
Big-box gap on Mag Mile
By Eddie Baeb
May 12, 2008
"There are more vacant storefronts around the Magnificent Mile than at any time in the past 16 years, a sign that even Chicago's premier shopping strip isn't immune to the forces buffeting the broader retail industry.
And things are likely to get worse before they get better, as retailers vacate big-box-style storefronts in the area this year while few such merchants seek new space." ...
for the complete story
Big-box gap on Mag Mile
By Eddie Baeb
May 12, 2008
"There are more vacant storefronts around the Magnificent Mile than at any time in the past 16 years, a sign that even Chicago's premier shopping strip isn't immune to the forces buffeting the broader retail industry.
And things are likely to get worse before they get better, as retailers vacate big-box-style storefronts in the area this year while few such merchants seek new space." ...
for the complete story
China and mid-range hotels
from this morning's Business Week Asia Insider (5/12):
Will China Welcome a Mid-Range Hotel?
Hotel Jen marries high design with smart business strategy as it targets an overlooked—and growing—sector of the hotel market
by Matt Vella
"The Chinese hotel boom continues. This March yet another new property opened its doors in Hong Kong's bustling Western District. But Hotel Jen, as the newcomer is called, is unlike any of the myriad other brands that have sprouted in China's fast-growing hospitality market.
Hotel Jen is a study in sleek, ultramodernist design: Light, airy rooms are equipped with high-speed WiFi. In the lobby, wall-mounted flat-panel TVs pulse with rapid-fire images. A rooftop pool overlooks the city's harbor. Despite the glitz, this is not one of the thousands of new high-end luxury hotels. Nor, clearly, is it a budget offering, an equally competitive sector of the market. Rather, Hotel Jen is an experiment—the first, most likely if it's successful, in a line of mid-range hotels aimed at the burgeoning population of Chinese business travelers. It's also a signal that design, as a tool of brand creation, is trickling down from China's luxury sector.
Hotel Jen is born into a rapidly changing environment. China's economic liberalization has fueled a countrywide building boom that has littered the nation's skylines with most of the world's cranes. The World Bank estimates that by 2015, half of new-building construction around the globe will take place in China. And upcoming events such as this summer's Olympic Games and 2010's World's Fair and Asian Games are further sparking growth—and a $10 billion business travel market.
Affordable but Attractive Accommodations
Until now, though, the hotel market has boomed at the extremes: high-end four- and five-star luxury properties and low-cost, homegrown budget accommodations." ...
"Success Uncertain
Rather than construct a new property, The Kerry Group spent about $12 million to redesign an existing hotel in partnership with MetaDesign, which commissioned architects and other manufacturers to create everything inside from the cafeteria's silverware to the furniture in each of the 280 rooms.
The result is in marked contrast to the small, dingy rooms at many of the country's budget chains. Each room comes with a bevy of extras, including wireless and broadband and liquid-crystal display TVs. In the smaller ones, designers located the bathroom sinks and closets between the front doors and bedrooms, creating a more cloistered, private sleeping environment. Designers also laid out certain rooms so they could be used as daytime offices for business travelers. Rates range from $100 to $180 for the high-end suites, compared with about $50 to $100 for bare-bones budget accommodations elsewhere." ...
for the complete story
Will China Welcome a Mid-Range Hotel?
Hotel Jen marries high design with smart business strategy as it targets an overlooked—and growing—sector of the hotel market
by Matt Vella
"The Chinese hotel boom continues. This March yet another new property opened its doors in Hong Kong's bustling Western District. But Hotel Jen, as the newcomer is called, is unlike any of the myriad other brands that have sprouted in China's fast-growing hospitality market.
Hotel Jen is a study in sleek, ultramodernist design: Light, airy rooms are equipped with high-speed WiFi. In the lobby, wall-mounted flat-panel TVs pulse with rapid-fire images. A rooftop pool overlooks the city's harbor. Despite the glitz, this is not one of the thousands of new high-end luxury hotels. Nor, clearly, is it a budget offering, an equally competitive sector of the market. Rather, Hotel Jen is an experiment—the first, most likely if it's successful, in a line of mid-range hotels aimed at the burgeoning population of Chinese business travelers. It's also a signal that design, as a tool of brand creation, is trickling down from China's luxury sector.
Hotel Jen is born into a rapidly changing environment. China's economic liberalization has fueled a countrywide building boom that has littered the nation's skylines with most of the world's cranes. The World Bank estimates that by 2015, half of new-building construction around the globe will take place in China. And upcoming events such as this summer's Olympic Games and 2010's World's Fair and Asian Games are further sparking growth—and a $10 billion business travel market.
Affordable but Attractive Accommodations
Until now, though, the hotel market has boomed at the extremes: high-end four- and five-star luxury properties and low-cost, homegrown budget accommodations." ...
"Success Uncertain
Rather than construct a new property, The Kerry Group spent about $12 million to redesign an existing hotel in partnership with MetaDesign, which commissioned architects and other manufacturers to create everything inside from the cafeteria's silverware to the furniture in each of the 280 rooms.
The result is in marked contrast to the small, dingy rooms at many of the country's budget chains. Each room comes with a bevy of extras, including wireless and broadband and liquid-crystal display TVs. In the smaller ones, designers located the bathroom sinks and closets between the front doors and bedrooms, creating a more cloistered, private sleeping environment. Designers also laid out certain rooms so they could be used as daytime offices for business travelers. Rates range from $100 to $180 for the high-end suites, compared with about $50 to $100 for bare-bones budget accommodations elsewhere." ...
for the complete story
San Diego Navy Yard Project wins court approval
from this morning's San Diego Business Journal (5/12):
Federal Judge Rules in Favor of Downtown Waterfront Project
By NED RANDOLPH - 5/12/2008
"A ruling in favor of developer Douglas Manchester’s effort to build a mixed-use waterfront park on downtown Navy land has dealt a blow to the California Coastal Commission’s authority to regulate this project and other private developments built on federal property, according to Manchester’s attorney.
A federal judge ruled April 30 that the Coastal Commission can’t require Manchester to seek a coastal development permit for the 15-acre Navy Broadway Complex, which is adjacent to Seaport Village." ...
"The $1.2 billion Navy Broadway Complex project is part of the North Embarcadero Visionary Plan. The master plan calls for 3 million square feet of office, hotel and museum space, including a 17-story Navy headquarters.
The Manchester Group was awarded the 99-year lease by the Navy in 2006 to develop the project, which has languished since it was first approved by regulators, including the Coastal Commission, in 1991." ...
for the complete story
Federal Judge Rules in Favor of Downtown Waterfront Project
By NED RANDOLPH - 5/12/2008
"A ruling in favor of developer Douglas Manchester’s effort to build a mixed-use waterfront park on downtown Navy land has dealt a blow to the California Coastal Commission’s authority to regulate this project and other private developments built on federal property, according to Manchester’s attorney.
A federal judge ruled April 30 that the Coastal Commission can’t require Manchester to seek a coastal development permit for the 15-acre Navy Broadway Complex, which is adjacent to Seaport Village." ...
"The $1.2 billion Navy Broadway Complex project is part of the North Embarcadero Visionary Plan. The master plan calls for 3 million square feet of office, hotel and museum space, including a 17-story Navy headquarters.
The Manchester Group was awarded the 99-year lease by the Navy in 2006 to develop the project, which has languished since it was first approved by regulators, including the Coastal Commission, in 1991." ...
for the complete story
Sunday, May 11, 2008
retail and restaurant news
Shopping Centers Today (Apr): retailers and real estate; store closings and malls; retail and green development
Value Retail News (Apr): state of the industry report part 1; planned projects list
IOJ (Intl Outlet Journal) (Spring): economic downturn; Turkey and outlet shopping
Nation's Restaurant News (4/14): independent operators continue with growth plans
Retail Traffic (Mar): debt and shopping center REITs; mixed use development features; regional feature: NC, S, Mid-Atlantic
Shopping Center Business (Mar): regional focus on Mid-Atlantic
Value Retail News (Apr): state of the industry report part 1; planned projects list
IOJ (Intl Outlet Journal) (Spring): economic downturn; Turkey and outlet shopping
Nation's Restaurant News (4/14): independent operators continue with growth plans
Retail Traffic (Mar): debt and shopping center REITs; mixed use development features; regional feature: NC, S, Mid-Atlantic
Shopping Center Business (Mar): regional focus on Mid-Atlantic
attractions news
Museum (May-June): debut briefs of several museums including the Gettysburg National Military Park; feature on the Negro Leagues Baseball Museum
Funworld (Apr): KSC "Shuttle Launch Experience debuting; Sea World, Queensland gets world's tallest observation wheel; Disney World opens Cinderella's Castle Suite; India plans indoor theme park/FEC; adult sleepovers available at the Akron Zoo; 6 Flags sells 7 parks; feature on Landry's Restaurants
World Waterpark (Mar): Canad Inns Destination Center (Grand Forks, ND); Waterworld San Francisco, CA); Water Waves Land, Iran; Splash Cove, Shawnee, KS
Funworld (Apr): KSC "Shuttle Launch Experience debuting; Sea World, Queensland gets world's tallest observation wheel; Disney World opens Cinderella's Castle Suite; India plans indoor theme park/FEC; adult sleepovers available at the Akron Zoo; 6 Flags sells 7 parks; feature on Landry's Restaurants
World Waterpark (Mar): Canad Inns Destination Center (Grand Forks, ND); Waterworld San Francisco, CA); Water Waves Land, Iran; Splash Cove, Shawnee, KS
real estate news
Valuation (1st quarter): hotel transactions down;
Western City (Apr): feature on Lompoc Aquatic Center
Urban Land (Apr): Dubai continued development; Toronto green dvt; smart growth; museums and the city feature/list; North TX regional review; Dallas Fort Worth development; north TX downtown planning developments; Dallas/Fort Worth arts district; L.A. Nokia Theatre feature; Moscow's art spaces; Glory Park development in Arlington, TX; FL real estate forecast; edgeless cities; Santa Cruz, CA family housing; Columbia University's expansion plans; storm-resistant development in the Caribbean; shared parking; regional spotlight feature on TX
Urban Land Multifamily News (Mar-Apr): NC green development; green building stats; green design features; LEED certification worthwhile?; affordable housing; feature section on TX multifamily market
CP&DR (Apr): Diamond Bar may seek annexation; South Bay stadium deal
New Urban News (Apr-May): fortified FL development plans; San Antonio planning new downtown district; Santa Fe TND
Real Estate Forum (Apr): Abu Dhabi sustainable progress progresses
CP&DR (Mar): Monrovia transit development
National Real Estate Investor (Mar): Santa Monica mixed use gets go ahead; Chicago to get new convention hotel?; TIC supplement; city review of Albuquerque; hotel remodeling
New Urban News (Mar): malls converting to mixed-use; Lancaster County, PA TND setback; NOLA debuts double cottage model; Austin, TX airport redevelopment (to housing)
Urban Land Green (spring): U.S. Mayors summit; 10 greener cities; redeveloping existing buildings; sustainable development in China; density development; green real estate financing; regional spotlight on NC, SC, and GA
Urban Land (Mar): sustainable transportation; mass transit infrastructure; infrastructure as an investment; European transportation; TOD; civic centers; university expansions and developments; transit center design; mixed-use development; regional spotlight: HI, Australia, AK
Western City (Apr): feature on Lompoc Aquatic Center
Urban Land (Apr): Dubai continued development; Toronto green dvt; smart growth; museums and the city feature/list; North TX regional review; Dallas Fort Worth development; north TX downtown planning developments; Dallas/Fort Worth arts district; L.A. Nokia Theatre feature; Moscow's art spaces; Glory Park development in Arlington, TX; FL real estate forecast; edgeless cities; Santa Cruz, CA family housing; Columbia University's expansion plans; storm-resistant development in the Caribbean; shared parking; regional spotlight feature on TX
Urban Land Multifamily News (Mar-Apr): NC green development; green building stats; green design features; LEED certification worthwhile?; affordable housing; feature section on TX multifamily market
CP&DR (Apr): Diamond Bar may seek annexation; South Bay stadium deal
New Urban News (Apr-May): fortified FL development plans; San Antonio planning new downtown district; Santa Fe TND
Real Estate Forum (Apr): Abu Dhabi sustainable progress progresses
CP&DR (Mar): Monrovia transit development
National Real Estate Investor (Mar): Santa Monica mixed use gets go ahead; Chicago to get new convention hotel?; TIC supplement; city review of Albuquerque; hotel remodeling
New Urban News (Mar): malls converting to mixed-use; Lancaster County, PA TND setback; NOLA debuts double cottage model; Austin, TX airport redevelopment (to housing)
Urban Land Green (spring): U.S. Mayors summit; 10 greener cities; redeveloping existing buildings; sustainable development in China; density development; green real estate financing; regional spotlight on NC, SC, and GA
Urban Land (Mar): sustainable transportation; mass transit infrastructure; infrastructure as an investment; European transportation; TOD; civic centers; university expansions and developments; transit center design; mixed-use development; regional spotlight: HI, Australia, AK
general business publications
Business Week (5/4): intl travel numbers rising (brief); Mideast boom
Economist (4/5): Navajo Nation business development; Ho-Chunk, Inc. Indian business success
Business Week (3/31): Cape Cod baseball league
Business Week (4/7): Irish economy finally slowing; sports events in the Middle East
Economist (4/5): Navajo Nation business development; Ho-Chunk, Inc. Indian business success
Business Week (3/31): Cape Cod baseball league
Business Week (4/7): Irish economy finally slowing; sports events in the Middle East
Hotels, casinos/gaming, spas, convention/conference facilities news
Native American Casino (4/08): profile of Grey Eagle Casino and Bingo (Calgary, Alberta, Canada); North American casino directory
Hotels (Apr): Africa market feature; Four Seasons hotels expanding to cruise ships; Hilton-Waldorf Astoria opens first ski property in Park City, UT; Asian-Indian hotel market special report; Hard Rock San Diego; green hotels
Venues Today (4/08): FL fair feature; FL market spotlight; Miami performing arts center; top venues lists; MLB stadium concessions
Pulse (Intl Spa Assn journal): (Mar-Apr): profile of the Del Coronado
Tradeshow Week (4/14): hotel meeting space; convention hotels
IGWB (Apr): Thailand's gaming market; Crown investing in Harrah's, Station casinos; Macau gaming increasing; CA tribal casinos get slot expansion approval; Cosmopolitan Resort and Casino continues construction on the Las Vegas Strip having been saved from foreclosure; Dominican casino market
American Indian Report (3/08): green building initiative
Tradeshow Week (3/31): international meetings/facilities; Mid-Atlantic meetings/facilities
Tradeshow Week (3/24): feature on CVBs and convention centers
Tradeshow Week (3/17): Reno-Sparks Convention Center expansion
Hotels (Apr): Africa market feature; Four Seasons hotels expanding to cruise ships; Hilton-Waldorf Astoria opens first ski property in Park City, UT; Asian-Indian hotel market special report; Hard Rock San Diego; green hotels
Venues Today (4/08): FL fair feature; FL market spotlight; Miami performing arts center; top venues lists; MLB stadium concessions
Pulse (Intl Spa Assn journal): (Mar-Apr): profile of the Del Coronado
Tradeshow Week (4/14): hotel meeting space; convention hotels
IGWB (Apr): Thailand's gaming market; Crown investing in Harrah's, Station casinos; Macau gaming increasing; CA tribal casinos get slot expansion approval; Cosmopolitan Resort and Casino continues construction on the Las Vegas Strip having been saved from foreclosure; Dominican casino market
American Indian Report (3/08): green building initiative
Tradeshow Week (3/31): international meetings/facilities; Mid-Atlantic meetings/facilities
Tradeshow Week (3/24): feature on CVBs and convention centers
Tradeshow Week (3/17): Reno-Sparks Convention Center expansion
local and regional real estate/business news
Indian Country Today (4/23): tribal golf resorts feature section
Crain's Chicago Business (4/14): special supplement on golf
California Real Estate Journal (4/28): San Diego Intl Airport expanding; L.A.'s NFL plans for the City of Industry; general plans afoot across state
San Diego Business Journal (4/28): Tribal casinos doing well
Los Angeles Business Journal (4/28): branding/signage for L.A. attractions like the Zoo?; Los Angeles Port seal deal with Disney Cruises; condos going rental rather than purchase
California Real Estate Journal (4/21): Tustin's Legacy Park plans
San Fernando Valley Business Journal (4/28): biotech feature series
Los Angeles Business Journal (4/21): real estate quarterly issue; feature on San Pedro; Santa Monica Place redone; NFL coming to City of Industry?; hotels list
California Real Estate Journal (4/7): downtown San Diego retail
San Fernando Valley Business Journal (4/14): Tejon's foreign trade zone status; tourism up in the Valley; MLS promo clinics throughout the Valley; MLB's minor League JetHawks profiled; list of largest hotels
New Orleans City Business (4/14): tourism dept hoping to lure European visitors in economic downturn
Orange County Business Journal (3/31): Angels season ticket sales up; Simon Property Group's plans for the Orange Mall
California Real Estate Journal (4/14): PM Realty pushing diversified land use in Southern CA's downtowns; Tesco slowing US rollout
Indian Country Today (4/16): Indian green energy company plans; U of MA report shows New England still has a $2b untapped gaming market; Arapaho to open new casino in WY; Navajos ready to build first casino
Los Angeles Business Journal (4/14): student housing recession-proof?
Los Angeles Business Journal (4/7): Westwood Village redevelopment plans; hotels redeveloping for luxury rather than building fresh
Crain's Chicago Business Journal (3/24): South Loop site goes to condo builder; WalMart expansion plans thwarted; Loop hotel plan stuck for funding; city's hotel industry finished 2007 well
Indian Country Today (4/9); Kiowa buy Indian City USA attraction
Crain's Chicago Business (3/31): Chicago hotels bracing for slump
New Orleans City Business (3/24): Superdome improvements
Crain's Chicago Business (4/7): downtown office demand down
San Fernando Valley Business Journal (3/31): retail property values steady
San Diego Business Journal (3/31): Gaylord hotel and convention center back on; list of top hotels; SD convention center contemplating expansion; list of meeting and convention facilities
Crain's Chicago Business (4/14): special supplement on golf
California Real Estate Journal (4/28): San Diego Intl Airport expanding; L.A.'s NFL plans for the City of Industry; general plans afoot across state
San Diego Business Journal (4/28): Tribal casinos doing well
Los Angeles Business Journal (4/28): branding/signage for L.A. attractions like the Zoo?; Los Angeles Port seal deal with Disney Cruises; condos going rental rather than purchase
California Real Estate Journal (4/21): Tustin's Legacy Park plans
San Fernando Valley Business Journal (4/28): biotech feature series
Los Angeles Business Journal (4/21): real estate quarterly issue; feature on San Pedro; Santa Monica Place redone; NFL coming to City of Industry?; hotels list
California Real Estate Journal (4/7): downtown San Diego retail
San Fernando Valley Business Journal (4/14): Tejon's foreign trade zone status; tourism up in the Valley; MLS promo clinics throughout the Valley; MLB's minor League JetHawks profiled; list of largest hotels
New Orleans City Business (4/14): tourism dept hoping to lure European visitors in economic downturn
Orange County Business Journal (3/31): Angels season ticket sales up; Simon Property Group's plans for the Orange Mall
California Real Estate Journal (4/14): PM Realty pushing diversified land use in Southern CA's downtowns; Tesco slowing US rollout
Indian Country Today (4/16): Indian green energy company plans; U of MA report shows New England still has a $2b untapped gaming market; Arapaho to open new casino in WY; Navajos ready to build first casino
Los Angeles Business Journal (4/14): student housing recession-proof?
Los Angeles Business Journal (4/7): Westwood Village redevelopment plans; hotels redeveloping for luxury rather than building fresh
Crain's Chicago Business Journal (3/24): South Loop site goes to condo builder; WalMart expansion plans thwarted; Loop hotel plan stuck for funding; city's hotel industry finished 2007 well
Indian Country Today (4/9); Kiowa buy Indian City USA attraction
Crain's Chicago Business (3/31): Chicago hotels bracing for slump
New Orleans City Business (3/24): Superdome improvements
Crain's Chicago Business (4/7): downtown office demand down
San Fernando Valley Business Journal (3/31): retail property values steady
San Diego Business Journal (3/31): Gaylord hotel and convention center back on; list of top hotels; SD convention center contemplating expansion; list of meeting and convention facilities
Tuesday, May 6, 2008
from Tradeshow Week (5/2):
Wynn Opens Up on New CC
Heidi Genoist -- Tradeshow Week, 5/2/2008 11:35:00 AM
"Steve Wynn has been sitting on a secret for the last couple months, and it’s a big one – possibly as big as 1.8 million square feet.
The chairman and CEO of Wynn Resorts told investors and reporters in a May 1 earnings call that he was planning a new convention center for Las Vegas.
“We’re planning two new hotels of approximately 2,600 rooms a piece that will straddle 1.6 to 1.8 million thousand [sic] feet, it depends on how you count it, of exhibit space that is,” Wynn said.
He added that the convention facility would be built on the site where the golf course is now located, and that it would extend “2,000 feet to Paradise Road, from an area approximately 550 feet east of our villas, so that there will be a large lake with fountains like Bellagio that will entertain both hotels and the convention and meeting space.” " ....
for the complete story
Wynn Opens Up on New CC
Heidi Genoist -- Tradeshow Week, 5/2/2008 11:35:00 AM
"Steve Wynn has been sitting on a secret for the last couple months, and it’s a big one – possibly as big as 1.8 million square feet.
The chairman and CEO of Wynn Resorts told investors and reporters in a May 1 earnings call that he was planning a new convention center for Las Vegas.
“We’re planning two new hotels of approximately 2,600 rooms a piece that will straddle 1.6 to 1.8 million thousand [sic] feet, it depends on how you count it, of exhibit space that is,” Wynn said.
He added that the convention facility would be built on the site where the golf course is now located, and that it would extend “2,000 feet to Paradise Road, from an area approximately 550 feet east of our villas, so that there will be a large lake with fountains like Bellagio that will entertain both hotels and the convention and meeting space.” " ....
for the complete story
Monday, May 5, 2008
Midge McCauley in the news
from the Memphis Commercial Appeal (4/24):
CCDC unveils new retail strategy
Cassandra Kimberly, The Commercial Appeal, Memphis, Tenn.
"Apr. 24--The Center City Development Corp. has a new strategy that may turn Downtown into a retail mecca.
On Wednesday, the CCDC reviewed a Downtown Retail Strategy plan that called for a refined retail focus area, a more diverse range of shops and restaurants and a jumping point to implement it all." ...
"While Downtown's recent resurgence has been marked by spikes in residential development and population growth, retail has lagged. In 2007, the CCDC, a CCC-affiliated board, hired Economics Research Associates to develop a $97,000 retail development strategy for Downtown and a retail growth strategy for the Central Business Improvement District." ...
" "For a city to be healthy, the core must be healthy," said ERA principal Margaret McCauley. As we get Main Street healthier, the other sections will get healthier with it."
To do that, she said, automobile traffic must return to Main. With traffic coming both ways on the road, the added light and population would welcome shoppers.
"Cars are a great way of adding security," she said. "I took a walk down Main Street, and it was 10 minutes be-tween trolleys. The trolleys were the only light on that street. Boy, is that foreboding." " ...
to purchase a copy of the article
CCDC unveils new retail strategy
Cassandra Kimberly, The Commercial Appeal, Memphis, Tenn.
"Apr. 24--The Center City Development Corp. has a new strategy that may turn Downtown into a retail mecca.
On Wednesday, the CCDC reviewed a Downtown Retail Strategy plan that called for a refined retail focus area, a more diverse range of shops and restaurants and a jumping point to implement it all." ...
"While Downtown's recent resurgence has been marked by spikes in residential development and population growth, retail has lagged. In 2007, the CCDC, a CCC-affiliated board, hired Economics Research Associates to develop a $97,000 retail development strategy for Downtown and a retail growth strategy for the Central Business Improvement District." ...
" "For a city to be healthy, the core must be healthy," said ERA principal Margaret McCauley. As we get Main Street healthier, the other sections will get healthier with it."
To do that, she said, automobile traffic must return to Main. With traffic coming both ways on the road, the added light and population would welcome shoppers.
"Cars are a great way of adding security," she said. "I took a walk down Main Street, and it was 10 minutes be-tween trolleys. The trolleys were the only light on that street. Boy, is that foreboding." " ...
to purchase a copy of the article
PLP in the news
from the St. Louis Post-Dispatch (4/28):
THE STATE OF DOWNTOWNS Boosters meet here, foresee long-term growth Revitalization plans stall, but an eventual comeback is expected.
By Tim Logan
"The housing market's in a slump. Credit is hard to come by. The economy as a whole is looking grim.
And that was on the minds of many Sunday at the spring conference of the International Downtown Association, being held at the Renaissance Grand hotel.
As in St. Louis, central city districts all over the country have been popping with new growth in recent years, add-ing housing, residents, restaurants and stores.
Now, in many places, that growth is stalling. And that had this group of downtown boosters looking for ways to pull through.
"It is, in fact, a little difficult to find good news out there," said Patrick Phillips, president of Economic Research Associates, a Los Angeles-based real estate consulting firm." ....
to buy a copy of the complete article
THE STATE OF DOWNTOWNS Boosters meet here, foresee long-term growth Revitalization plans stall, but an eventual comeback is expected.
By Tim Logan
"The housing market's in a slump. Credit is hard to come by. The economy as a whole is looking grim.
And that was on the minds of many Sunday at the spring conference of the International Downtown Association, being held at the Renaissance Grand hotel.
As in St. Louis, central city districts all over the country have been popping with new growth in recent years, add-ing housing, residents, restaurants and stores.
Now, in many places, that growth is stalling. And that had this group of downtown boosters looking for ways to pull through.
"It is, in fact, a little difficult to find good news out there," said Patrick Phillips, president of Economic Research Associates, a Los Angeles-based real estate consulting firm." ....
to buy a copy of the complete article
Wednesday, April 30, 2008
International tourism/spending up in U.S. report announces
The Dept. of Commerce's International Trade Administration announced this morning (4/29):
For Immediate Release: April 29, 2008
WORLD TRAVELERS FLOCK TO THE UNITED STATES
International visitation up 11 percent & Spending at $11.4 billion for January 2008
"WASHINGTON–The U.S. Department of Commerce today announced that in January 2008, visitation to the United States, as well as spending by those visitors, continued to rise, marked by 3.4 million international visitors, an increase of 11 percent over January 2007.
International visitors also spent a record $11.38 billion in January, a 23 percent increase from January 2007. Spending by international travelers while in the United States, including travel receipts and passenger fares, is defined as a U.S. export. Exports are a critical driver of economic growth in the U.S. economy. In 2007, the United States exported $1.6 trillion of goods and services—nearly a 13.0 percent increase over 2006." ....
for the complete press release
for the complete vistor numbers report
for the complete visitor spending report
For Immediate Release: April 29, 2008
WORLD TRAVELERS FLOCK TO THE UNITED STATES
International visitation up 11 percent & Spending at $11.4 billion for January 2008
"WASHINGTON–The U.S. Department of Commerce today announced that in January 2008, visitation to the United States, as well as spending by those visitors, continued to rise, marked by 3.4 million international visitors, an increase of 11 percent over January 2007.
International visitors also spent a record $11.38 billion in January, a 23 percent increase from January 2007. Spending by international travelers while in the United States, including travel receipts and passenger fares, is defined as a U.S. export. Exports are a critical driver of economic growth in the U.S. economy. In 2007, the United States exported $1.6 trillion of goods and services—nearly a 13.0 percent increase over 2006." ....
for the complete press release
for the complete vistor numbers report
for the complete visitor spending report
Monday, April 28, 2008
Marina white paper
Boating Industry has released its marina/boating industry white paper (actually a series of articles on the industry from it's January issue) on best practices and trends in the industry.
Collect your own copy
Collect your own copy
Wednesday, April 23, 2008
local and regional real estate/business news
California Real Estate Journal (3/31): Grand Avenue hotel tax rebates; L.A. Dept of Parks under investigation for budget surplus
Indian Country Today (3/26): MA Class II licensing decision; OR town split on proposed tribal casino; Fort Sill Apaches try to expedite NM casino
Los Angeles Business Journal (3/24): L.A. luxury hotels expanding spa facilities; commercial real estate market problems
San Fernando Valley Business Journal (3/17): biotech corridor on the 101; space science center in Sun Valley; LACMA (Los Angeles County Museum of Art) Palm Garden opened; Calabasas Film Fest
San Diego Business Journal (3/24): Padres ticket sales slump
California Real Estate Journal (3/24): workforce apartments financially feasible?; Inland Empire industrial growth; San Diego downtown hotel in trademark suit; CA water restrictions and development (series of articles); CA green/sustainability standards stalled in committee
Crain's Chicago Business (3/10): office vacancies up slightly
Orange County Business Journal (3/24): Disney and OC hotels doing well for 1st quarter
Los Angeles Business Journal (3/17): alternative energy; L.A. port's foreign trade zone expanding
New Orleans City Business (3/10): NOLA office space overbooked
California Real Estate Journal (3/17): SCAG regional transportation plan raising concerns; redevelopment zones set to expire?; San Diego Navy Broadway complex question on environmental issues
San Diego Business Journal ( 3/17): Sea World, Legoland growing; San Diego County hotel room rates and occupancy down in 1st quarter
New Orleans City Business (March 17): LA film tax credit program; real estate market stabilizing
Indian Country Today (3/26): MA Class II licensing decision; OR town split on proposed tribal casino; Fort Sill Apaches try to expedite NM casino
Los Angeles Business Journal (3/24): L.A. luxury hotels expanding spa facilities; commercial real estate market problems
San Fernando Valley Business Journal (3/17): biotech corridor on the 101; space science center in Sun Valley; LACMA (Los Angeles County Museum of Art) Palm Garden opened; Calabasas Film Fest
San Diego Business Journal (3/24): Padres ticket sales slump
California Real Estate Journal (3/24): workforce apartments financially feasible?; Inland Empire industrial growth; San Diego downtown hotel in trademark suit; CA water restrictions and development (series of articles); CA green/sustainability standards stalled in committee
Crain's Chicago Business (3/10): office vacancies up slightly
Orange County Business Journal (3/24): Disney and OC hotels doing well for 1st quarter
Los Angeles Business Journal (3/17): alternative energy; L.A. port's foreign trade zone expanding
New Orleans City Business (3/10): NOLA office space overbooked
California Real Estate Journal (3/17): SCAG regional transportation plan raising concerns; redevelopment zones set to expire?; San Diego Navy Broadway complex question on environmental issues
San Diego Business Journal ( 3/17): Sea World, Legoland growing; San Diego County hotel room rates and occupancy down in 1st quarter
New Orleans City Business (March 17): LA film tax credit program; real estate market stabilizing
Monday, April 21, 2008
San Pedro coming out
from today's LABJ (4/21):
Special Report: The Promise of San Pedro
Special Report: Real Estate Quarterly
By HOWARD FINE - 4/21/2008
Los Angeles Business Journal Staff
"Once a bustling waterfront community full of fishermen, cannery workers and shipbuilders, downtown San Pedro has in recent decades become a symbol of urban decay." ....
"Seedy bars and tattoo parlors, mom-and-pop stores struggling in half-vacant buildings and low-income housing projects – all within yards of the waterfront and the massive Port of Los Angeles complex.
But, finally, San Pedro is showing some signs of new life.
Led by a wave of loft and condominium developments, more than 1,200 residential units have been completed or are under construction, most of these in five major projects that also contain tens of thousands of square feet of retail space. New businesses are opening up, halting a decades-long business exodus. In addition, plans for a waterfront makeover are finally getting some serious attention." ...
for the complete story
Special Report: The Promise of San Pedro
Special Report: Real Estate Quarterly
By HOWARD FINE - 4/21/2008
Los Angeles Business Journal Staff
"Once a bustling waterfront community full of fishermen, cannery workers and shipbuilders, downtown San Pedro has in recent decades become a symbol of urban decay." ....
"Seedy bars and tattoo parlors, mom-and-pop stores struggling in half-vacant buildings and low-income housing projects – all within yards of the waterfront and the massive Port of Los Angeles complex.
But, finally, San Pedro is showing some signs of new life.
Led by a wave of loft and condominium developments, more than 1,200 residential units have been completed or are under construction, most of these in five major projects that also contain tens of thousands of square feet of retail space. New businesses are opening up, halting a decades-long business exodus. In addition, plans for a waterfront makeover are finally getting some serious attention." ...
for the complete story
Wednesday, April 16, 2008
World looking to US for suburbia clues
from today's USA Today (4/16):
Modern suburbia: It's not just in America anymore;
China, other nations see USA as a model for how to handle growth -- and what to avoid
Haya El Nasser
"A Chinese delegation from Beijing arrived in Phoenix last month and headed west to the Sonoran Desert, deep into suburbia. Its destination: a quintessential American residential development in Buckeye, one of the many suburbs dotting the sprawling metropolitan area.
Members of the group studied the streetscape, the golf course, the spa, the cybercafe, the health care amenities and the design of the single-family homes at Sun City Festival, a 3,000-acre, planned community for people over 55. They commented on the cleanliness and orderliness of it all.
The 25 Chinese who toured the Del Webb development were not seniors planning their retirement but government officials and their spouses, a couple of architects and a banker. Their mission: study American suburbia with an eye toward replicating it back home.
For good or bad, the USA's suburbs have become a living laboratory for the world. Developing countries contending with explosive population growth and economic expansion are looking here for hints about how to manage growing cities. For many, modern suburbia -- a largely American concept and lifestyle for more than 50 years -- is a nirvana worth emulating. Others want to avoid it." ...
for the complete story
Modern suburbia: It's not just in America anymore;
China, other nations see USA as a model for how to handle growth -- and what to avoid
Haya El Nasser
"A Chinese delegation from Beijing arrived in Phoenix last month and headed west to the Sonoran Desert, deep into suburbia. Its destination: a quintessential American residential development in Buckeye, one of the many suburbs dotting the sprawling metropolitan area.
Members of the group studied the streetscape, the golf course, the spa, the cybercafe, the health care amenities and the design of the single-family homes at Sun City Festival, a 3,000-acre, planned community for people over 55. They commented on the cleanliness and orderliness of it all.
The 25 Chinese who toured the Del Webb development were not seniors planning their retirement but government officials and their spouses, a couple of architects and a banker. Their mission: study American suburbia with an eye toward replicating it back home.
For good or bad, the USA's suburbs have become a living laboratory for the world. Developing countries contending with explosive population growth and economic expansion are looking here for hints about how to manage growing cities. For many, modern suburbia -- a largely American concept and lifestyle for more than 50 years -- is a nirvana worth emulating. Others want to avoid it." ...
for the complete story
Affordable housing tax proposed for Broward County, FL
from today's Fort Lauderdale's Sun-Sentinel (4/16):
AFFORDABLE HOUSING TAX CONSIDERED;
BROWARD PLAN WOULD TAP NEW BUSINESSES
Scott Wyman Staff writer
"New businesses could be taxed to help generate affordable housing needed for workers under a proposal that Broward County officials agreed to explore Tuesday.
About $2.6 million could be raised to build homes or rental complexes or help families with home purchases if the county were to charge developers an extra $1 per square foot for their projects.
Builders have expressed skepticism about the housing fees, but supporters argue it will provide needed financing to solve a long-standing problem. Independent studies have repeatedly shown the area has a shortfall of housing for low- and middle-income families because wages have not kept pace with real estate prices and rents." ...
for the complete story
AFFORDABLE HOUSING TAX CONSIDERED;
BROWARD PLAN WOULD TAP NEW BUSINESSES
Scott Wyman Staff writer
"New businesses could be taxed to help generate affordable housing needed for workers under a proposal that Broward County officials agreed to explore Tuesday.
About $2.6 million could be raised to build homes or rental complexes or help families with home purchases if the county were to charge developers an extra $1 per square foot for their projects.
Builders have expressed skepticism about the housing fees, but supporters argue it will provide needed financing to solve a long-standing problem. Independent studies have repeatedly shown the area has a shortfall of housing for low- and middle-income families because wages have not kept pace with real estate prices and rents." ...
for the complete story
Indian gaming revenues down
from today's Indian Country Today online (4/16):
NIGA optimistic in a time when revenues are down
Posted: April 16, 2008
by: Jerry Reynolds
"WASHINGTON - The growth rate in revenues from Indian gaming has fallen by more than half, from 12 percent in 2006 to 5.5 or 6 percent in 2007, according to the National Indian Gaming Association." ...
"NIGA doesn't forecast the future economic performance of Indian gaming, Van Norman said, but added that the industry's track record, combined with examples of growth in local venues, is cause for optimism." ...
for the complete story
NIGA optimistic in a time when revenues are down
Posted: April 16, 2008
by: Jerry Reynolds
"WASHINGTON - The growth rate in revenues from Indian gaming has fallen by more than half, from 12 percent in 2006 to 5.5 or 6 percent in 2007, according to the National Indian Gaming Association." ...
"NIGA doesn't forecast the future economic performance of Indian gaming, Van Norman said, but added that the industry's track record, combined with examples of growth in local venues, is cause for optimism." ...
for the complete story
Miami Downtown Development Authority funds facade improvement
from this morning's GlobeSt (4/16):
Last updated: April 15, 2008 04:29pm
Miami Launches Facade Improvement Program
By Crystal Proenza
(Crystal Proenza is associate editor of Real Estate Florida.)
"MIAMI-The Miami Downtown Development Authority has launched a facade improvement grant program for existing buildings in the shadows of the city's newer condominium and office towers. The program is intended to assist building owners within the historic district to improve their exteriors, beautify properties and mitigate code violations.
According to the published guidelines, the program is designed to incentivize exterior improvements to commercial properties in order to create a better environment for customers, residents, and visitors. While other Miami DDA programs contribute to streetscape improvements and enhanced safety, the environment still lacks the aesthetics required to attract quality retail, evening activity and customers, according to the program guidelines.
Under part of the program aimed at tenant improvement, businesses will be eligible for grants reimbursing up to 75% of the cost of improvements, including masonry, security, gates, awnings, paint, window/door glazing, signage, lighting and electrical repairs. Grant funds will be available with a project cap of $75,000 on a matching 75/25 system with up to $56,250, or 75%, available from the grant fund and a minimum 25% from the property owner." ...
for the complete story
Last updated: April 15, 2008 04:29pm
Miami Launches Facade Improvement Program
By Crystal Proenza
(Crystal Proenza is associate editor of Real Estate Florida.)
"MIAMI-The Miami Downtown Development Authority has launched a facade improvement grant program for existing buildings in the shadows of the city's newer condominium and office towers. The program is intended to assist building owners within the historic district to improve their exteriors, beautify properties and mitigate code violations.
According to the published guidelines, the program is designed to incentivize exterior improvements to commercial properties in order to create a better environment for customers, residents, and visitors. While other Miami DDA programs contribute to streetscape improvements and enhanced safety, the environment still lacks the aesthetics required to attract quality retail, evening activity and customers, according to the program guidelines.
Under part of the program aimed at tenant improvement, businesses will be eligible for grants reimbursing up to 75% of the cost of improvements, including masonry, security, gates, awnings, paint, window/door glazing, signage, lighting and electrical repairs. Grant funds will be available with a project cap of $75,000 on a matching 75/25 system with up to $56,250, or 75%, available from the grant fund and a minimum 25% from the property owner." ...
for the complete story
China leads world in airport city development
from this morning's GlobeSt (4/16):
Last updated: April 16, 2008 09:54am
China Leading Globally With Airport City Plans
By Connie Gore
"BEIJING-To keep up with its exponential growth on all fronts, China has embraced the airport cities concept by setting a five-year plan in motion to develop all types of commercial space inside and outside their anchors' fences. The building frenzy is an offshoot of double-digit annual growth in passenger and cargo traffic.
China is leading the world in the development of airport cities, with 15 in various stages of planning as support for an aeronautical pipeline calling for 95 additional airports by 2020 for the existing base of 149 facilities, according to Ping Wang, co-founder and EVP of Washington, DC-based Garfinkle & Wang Associates, and the general manager of GCW [Beijing] Ltd. He said seven of the country's existing airports, which include shared facilities with the military, are supporting 70% of the country's annual passenger and cargo traffic.
As a result of the hard push, the country is caught in an infrastructure race to build roads and high-speed rail to support office, retail, logistics, manufacturing and residential development, all airport-anchored and related." ....
for the complete story
Last updated: April 16, 2008 09:54am
China Leading Globally With Airport City Plans
By Connie Gore
"BEIJING-To keep up with its exponential growth on all fronts, China has embraced the airport cities concept by setting a five-year plan in motion to develop all types of commercial space inside and outside their anchors' fences. The building frenzy is an offshoot of double-digit annual growth in passenger and cargo traffic.
China is leading the world in the development of airport cities, with 15 in various stages of planning as support for an aeronautical pipeline calling for 95 additional airports by 2020 for the existing base of 149 facilities, according to Ping Wang, co-founder and EVP of Washington, DC-based Garfinkle & Wang Associates, and the general manager of GCW [Beijing] Ltd. He said seven of the country's existing airports, which include shared facilities with the military, are supporting 70% of the country's annual passenger and cargo traffic.
As a result of the hard push, the country is caught in an infrastructure race to build roads and high-speed rail to support office, retail, logistics, manufacturing and residential development, all airport-anchored and related." ....
for the complete story
Houston City-owned Hilton going on the market
from this morning's GlobeSt (4/16):
Last updated: April 16, 2008 09:30am
24-Story Hilton Americas Hitting Market in May
By Amy Wolff Sorter
"HOUSTON-The 1,203-room Hilton Americas-Houston will be put on the sales block within 30 days. The no minimum-ask offering is predicted to draw upward of $350 million.
Developed by the City of Houston, the hotel at 1600 Lamar St. is owned by the Houston Convention Center Hotel Corp., which was charged with stabilizing it. Occupancy at the 2007 close was 64.2%, with its average daily room rate at $147." ...
for the complete story
Last updated: April 16, 2008 09:30am
24-Story Hilton Americas Hitting Market in May
By Amy Wolff Sorter
"HOUSTON-The 1,203-room Hilton Americas-Houston will be put on the sales block within 30 days. The no minimum-ask offering is predicted to draw upward of $350 million.
Developed by the City of Houston, the hotel at 1600 Lamar St. is owned by the Houston Convention Center Hotel Corp., which was charged with stabilizing it. Occupancy at the 2007 close was 64.2%, with its average daily room rate at $147." ...
for the complete story
Tuesday, April 15, 2008
American Express releases figures on travel-related rate trends
from American Express (4/15):
INTERNATIONAL AIRFARE SURGED AS DOMESTIC AIRFARE LEVELED OFF IN 2007 ACCORDING TO AMERICAN EXPRESS BUSINESS TRAVEL
Hotel Supply Constraints Drove High Costs As Competition for Business Travelers Propelled Product Improvements; American Express Announced New Consulting Focus Aimed at Managing Traveler Behavior
"NEW YORK, April 15, 2008 -- American Express Business Travel today released analysis of North America based domestic and international air, hotel and car rental rates for the full year 2007. Using data from its Business Travel Monitor, the industry's pricing benchmark, international rates experienced price increases across the board while domestic airfare and hotel rates remained stable.
"Tight global supply and another year of high fuel costs drove continued price growth for international business travel in 2007 even as domestic prices flattened," said Hervé Sedky, Vice President and General Manager, Global Advisory Services, American Express Business Travel. "Companies can achieve savings in this environment through a well managed, dynamic travel and entertainment program allowing the flexibility to adjust their travel policies in real-time accordance with fast-moving industry changes. To help lock in savings, it's also essential for companies to clearly communicate policy changes to travelers in order to influence their spending behavior while on the road." ....
for the complete story with tables on ADR and flight expenses by type and year
INTERNATIONAL AIRFARE SURGED AS DOMESTIC AIRFARE LEVELED OFF IN 2007 ACCORDING TO AMERICAN EXPRESS BUSINESS TRAVEL
Hotel Supply Constraints Drove High Costs As Competition for Business Travelers Propelled Product Improvements; American Express Announced New Consulting Focus Aimed at Managing Traveler Behavior
"NEW YORK, April 15, 2008 -- American Express Business Travel today released analysis of North America based domestic and international air, hotel and car rental rates for the full year 2007. Using data from its Business Travel Monitor, the industry's pricing benchmark, international rates experienced price increases across the board while domestic airfare and hotel rates remained stable.
"Tight global supply and another year of high fuel costs drove continued price growth for international business travel in 2007 even as domestic prices flattened," said Hervé Sedky, Vice President and General Manager, Global Advisory Services, American Express Business Travel. "Companies can achieve savings in this environment through a well managed, dynamic travel and entertainment program allowing the flexibility to adjust their travel policies in real-time accordance with fast-moving industry changes. To help lock in savings, it's also essential for companies to clearly communicate policy changes to travelers in order to influence their spending behavior while on the road." ....
for the complete story with tables on ADR and flight expenses by type and year
Marriott announces new properties in India
from today's Hotels newsletter (4/15):
Marriott Announces Four Hotels in India
Travel Business Review, April 15, 2008 Tuesday
"Four new hotels worth over USD400m have been announced by Marriott International Inc (NYSE:MAR).
The hotels are to debut in India by 2010 in the cities of New Delhi, Hyderabad, Kolkata and Amritsar. This project is in collaboration with Emaar MGF, one of India's real estate developers. The hotels are to be part of the JW Marriott brand except for the one in Amritsar, which is to be Courtyard by Marriott Amritsar." ...
for the complete story
Marriott Announces Four Hotels in India
Travel Business Review, April 15, 2008 Tuesday
"Four new hotels worth over USD400m have been announced by Marriott International Inc (NYSE:MAR).
The hotels are to debut in India by 2010 in the cities of New Delhi, Hyderabad, Kolkata and Amritsar. This project is in collaboration with Emaar MGF, one of India's real estate developers. The hotels are to be part of the JW Marriott brand except for the one in Amritsar, which is to be Courtyard by Marriott Amritsar." ...
for the complete story
Dubai World and Senegal team for resort
from today's Hotels newsletter (4/15):
Dubai World to develop hotel, beach resort on Goree Island
Emirates News Agency, April 15, 2008 Tuesday 6:56 PM EST
"Dubai - Dubai World on Tuesday (April 15) signed an MOU with the Government of Senegal to develop a world-class 5-star hotel and beach resort on Gor?e Island, as well as a bird sanctuary and reserve north of Dakar and another game reserve close to the Senegalese capital.
Agreements to this effect were signed in Dakar by Sultan Ahmed Bin Sulayem, Chairman of Dubai World, and Cheikh Hadjibou Soumare, the Prime Minister of Senegal, in the presence of Karim Wade, Special Advisor to the President of Senegal and Chairman of the National Agency of Organisation of Islamic Conference (ANOCI)." ...
for the complete story
Dubai World to develop hotel, beach resort on Goree Island
Emirates News Agency, April 15, 2008 Tuesday 6:56 PM EST
"Dubai - Dubai World on Tuesday (April 15) signed an MOU with the Government of Senegal to develop a world-class 5-star hotel and beach resort on Gor?e Island, as well as a bird sanctuary and reserve north of Dakar and another game reserve close to the Senegalese capital.
Agreements to this effect were signed in Dakar by Sultan Ahmed Bin Sulayem, Chairman of Dubai World, and Cheikh Hadjibou Soumare, the Prime Minister of Senegal, in the presence of Karim Wade, Special Advisor to the President of Senegal and Chairman of the National Agency of Organisation of Islamic Conference (ANOCI)." ...
for the complete story
Hilton Novosibirsk
from today's Hotels newsletter (4/14):
Doubletree by Hilton(TM) to Launch in Russia; Doubletree by Hilton Novosibirsk expected to open in Fall 2008
Business Wire, April 14, 2008 Monday 1:59 AM GMT
"Hilton Hotels Corporation (HHC) has today announced that it has entered into a franchise agreement with ZAO Russkaya Kompaniya Razvitiya (a wholly owned subsidiary of the London & Regional group) to introduce the Doubletree by Hilton(TM)hotel product in Russia.
This agreement forms part of a 'Strategic Development Alliance' with London & Regional Properties Limited (L&R) which (once formalised) is expected to introduce approximately 25 new hotels across Russia, encompassing selected brands within the Hilton Family of Hotels.
Scheduled to open towards the end of 2008, the upscale, full service hotel Doubletree by Hilton brand will debut in Novosibirsk, Russia's third largest and fastest growing city, marking Hilton's rapid expansion into the country with three different hotel brands launching this year." ...
for the complete story
Doubletree by Hilton(TM) to Launch in Russia; Doubletree by Hilton Novosibirsk expected to open in Fall 2008
Business Wire, April 14, 2008 Monday 1:59 AM GMT
"Hilton Hotels Corporation (HHC) has today announced that it has entered into a franchise agreement with ZAO Russkaya Kompaniya Razvitiya (a wholly owned subsidiary of the London & Regional group) to introduce the Doubletree by Hilton(TM)hotel product in Russia.
This agreement forms part of a 'Strategic Development Alliance' with London & Regional Properties Limited (L&R) which (once formalised) is expected to introduce approximately 25 new hotels across Russia, encompassing selected brands within the Hilton Family of Hotels.
Scheduled to open towards the end of 2008, the upscale, full service hotel Doubletree by Hilton brand will debut in Novosibirsk, Russia's third largest and fastest growing city, marking Hilton's rapid expansion into the country with three different hotel brands launching this year." ...
for the complete story
spa trends
from today's Hotels newsletter (4/15):
Profitable Spas: Be On-Trend Rather Than Trendy
-- Hotels, 4/15/2008 7:34:00 AM
By Judith L. Singer, Ed.D., ISHC, President & Co-Owner Health Fitness Dynamics, Pompano Beach, Florida. www.hfdspa.com
"As someone who has made a career out of researching, planning, marketing and providing management advisory services for the spa industry, I have seen the “good, bad and the ugly” in terms of facilities, treatment menus, service standards, staffing schedule, compensation programs, marketing messages, financial statements, etc.
As I look ahead, there are many challenges and opportunities for the spa industry. In this article, I am presenting some ideas that might help you prepare for the future. Keep in mind that the future is tomorrow, so if any of the ideas make sense, think about how you can use them now.
One of the most popular marketing terms in the hospitality industry is the 3 letter word called “spa.” Other industries have since adopted this term as a marketing tool, e.g., auto spa, spa tea, spa shoes, spa pillows, spa music, spa candles, spa cuisine, spa lifestyle, etc. Spas have become an adjective as well as a noun. They are a commodity as well as an experience. This is good because it broadens the awareness of the term, but there is a danger in the hospitality industry with people jumping on the spa bandwagon to develop or operate a spa without always understanding what the consumer expects, what it costs to build and operate, what are the economic realities and risks, etc.
Spas are “hot” but it is easy to get “burned” unless your spa development, marketing and management plans are on-trend and market-driven. There is very little room for error. Spas are part of just about every new four and five star resort, condo-hotel and lifestyle real estate development. They are also being added to existing properties so that the property does not lose its market share or competitive positioning. Consumers are very spa savvy so it’s important to know how to make your spa different from and better than that of your competitors.
We always tell our clients that they do NOT want to be in the spa business per se. They should only build a spa if it contributes to their “core” business of selling rooms or real-estate. We are not believers in “build it and they will come” although if you do not have a spa, your property may not even be considered by meeting planners or leisure guests. Hospitality operators need to be committed to marketing and integrating the spa into their “core” business if they want it to be a profitable business as well as an asset to the overall lodging or real estate venture." ....
for the complete story
Profitable Spas: Be On-Trend Rather Than Trendy
-- Hotels, 4/15/2008 7:34:00 AM
By Judith L. Singer, Ed.D., ISHC, President & Co-Owner Health Fitness Dynamics, Pompano Beach, Florida. www.hfdspa.com
"As someone who has made a career out of researching, planning, marketing and providing management advisory services for the spa industry, I have seen the “good, bad and the ugly” in terms of facilities, treatment menus, service standards, staffing schedule, compensation programs, marketing messages, financial statements, etc.
As I look ahead, there are many challenges and opportunities for the spa industry. In this article, I am presenting some ideas that might help you prepare for the future. Keep in mind that the future is tomorrow, so if any of the ideas make sense, think about how you can use them now.
One of the most popular marketing terms in the hospitality industry is the 3 letter word called “spa.” Other industries have since adopted this term as a marketing tool, e.g., auto spa, spa tea, spa shoes, spa pillows, spa music, spa candles, spa cuisine, spa lifestyle, etc. Spas have become an adjective as well as a noun. They are a commodity as well as an experience. This is good because it broadens the awareness of the term, but there is a danger in the hospitality industry with people jumping on the spa bandwagon to develop or operate a spa without always understanding what the consumer expects, what it costs to build and operate, what are the economic realities and risks, etc.
Spas are “hot” but it is easy to get “burned” unless your spa development, marketing and management plans are on-trend and market-driven. There is very little room for error. Spas are part of just about every new four and five star resort, condo-hotel and lifestyle real estate development. They are also being added to existing properties so that the property does not lose its market share or competitive positioning. Consumers are very spa savvy so it’s important to know how to make your spa different from and better than that of your competitors.
We always tell our clients that they do NOT want to be in the spa business per se. They should only build a spa if it contributes to their “core” business of selling rooms or real-estate. We are not believers in “build it and they will come” although if you do not have a spa, your property may not even be considered by meeting planners or leisure guests. Hospitality operators need to be committed to marketing and integrating the spa into their “core” business if they want it to be a profitable business as well as an asset to the overall lodging or real estate venture." ....
for the complete story
Monday, April 14, 2008
New Ritz-Carlton with estate homes for Paradise Valley, AZ
from today's GlobeSt (4/14):
UPDATE Last updated: April 14, 2008 07:55am
Town Council OKs $1.5B Ritz-Carlton Development
By John McCloud
"PARADISE VALLEY, AZ-In a unanimous vote, Paradise Valley Town Council has approved a $1.5-billion hotel and residential development that would be the first luxury master-planned community under the Ritz-Carlton brand. With a final map now being drawn, presales could begin as early as May.
The 123-acre project is being developed by Five Star Development Group Inc. of neighboring Scottsdale, AZ in partnership with Ritz-Carlton Hotel Co. LLC of Chevy Chase, MD." ... "the project will include a 225-room Ritz-Carlton hotel and 160 villas and estate homes as well as 15 one-acre home sites." ...
for the complete story
UPDATE Last updated: April 14, 2008 07:55am
Town Council OKs $1.5B Ritz-Carlton Development
By John McCloud
"PARADISE VALLEY, AZ-In a unanimous vote, Paradise Valley Town Council has approved a $1.5-billion hotel and residential development that would be the first luxury master-planned community under the Ritz-Carlton brand. With a final map now being drawn, presales could begin as early as May.
The 123-acre project is being developed by Five Star Development Group Inc. of neighboring Scottsdale, AZ in partnership with Ritz-Carlton Hotel Co. LLC of Chevy Chase, MD." ... "the project will include a 225-room Ritz-Carlton hotel and 160 villas and estate homes as well as 15 one-acre home sites." ...
for the complete story
North Las Vegas casino resort, community development JV announced
from this morning's GlobeSt. (4/14):
Last updated: April 14, 2008 07:54am
Boyd, Olympia Propose North-End Resort, Casino
By Brian K. Miller
"LAS VEGAS-Boyd Gaming Corp. and Olympia Gaming have formed a joint venture to develop a $1-billion-plus casino, resort and spa on the northern edge of the Las Vegas Valley. The JV filed an application with the City of North Las Vegas this week to develop the mixed-use entertainment center on a 66-acre site at Losee Road and Interstate 215, a few exits west of Interstate 15 in the Park Highlands master-planned community.
The preliminary proposal calls for 1,200 hotel rooms to be built over three phases. The first phase would include 400 hotel rooms, a casino, race and sports book, restaurants, meeting rooms and other entertainment amenities. Boyd Gaming will construct and manage the casino, resort and spa on behalf of the joint venture; assuming approval, construction of the casino would not begin for three- to five years, allowing additional time for the surrounding area to be built out.
The Park Highlands development is expected to feature six school sites; a regional police station; a fire station; a post office; a public library; 130 acres of dedicated parks and trails; and 300 acres of preservation area. Boyd says costs for infrastructure and improvements are estimated to be in excess of $1 billion. Olympia, American West, Astoria, Standard Pacific and D.R. Horton are the homebuilders." ...
for the complete story
Last updated: April 14, 2008 07:54am
Boyd, Olympia Propose North-End Resort, Casino
By Brian K. Miller
"LAS VEGAS-Boyd Gaming Corp. and Olympia Gaming have formed a joint venture to develop a $1-billion-plus casino, resort and spa on the northern edge of the Las Vegas Valley. The JV filed an application with the City of North Las Vegas this week to develop the mixed-use entertainment center on a 66-acre site at Losee Road and Interstate 215, a few exits west of Interstate 15 in the Park Highlands master-planned community.
The preliminary proposal calls for 1,200 hotel rooms to be built over three phases. The first phase would include 400 hotel rooms, a casino, race and sports book, restaurants, meeting rooms and other entertainment amenities. Boyd Gaming will construct and manage the casino, resort and spa on behalf of the joint venture; assuming approval, construction of the casino would not begin for three- to five years, allowing additional time for the surrounding area to be built out.
The Park Highlands development is expected to feature six school sites; a regional police station; a fire station; a post office; a public library; 130 acres of dedicated parks and trails; and 300 acres of preservation area. Boyd says costs for infrastructure and improvements are estimated to be in excess of $1 billion. Olympia, American West, Astoria, Standard Pacific and D.R. Horton are the homebuilders." ...
for the complete story
Labor and tourism in Asia and the Pacific
from this morning's STR enews highlights (4/14):
The Quiet Battle for Travel and Tourism Talent
The "war for talent" is real
"BANGKOK, THAILAND | The labour pool will soon shrink in many Asia Pacific destinations, even while more than two-thirds of the world's new jobs will be created in the region.
But this does not necessitate slower travel and tourism industry growth rates." ...
"Delegates learned that working-age populations will begin to contract in Korea (ROK) in 2015; China (PRC) in 2016; Singapore in 2017; and Thailand in 2025. In Japan, the number of workers in the population started to decline in 1994.
In the travel and tourism industry, inexperienced staff members are being fast-tracked into positions of responsibility quicker than ever before. Salaries are rising as competition for talent heats up and employees show a willingness to job-hop." ...
for the complete story
The Quiet Battle for Travel and Tourism Talent
The "war for talent" is real
"BANGKOK, THAILAND | The labour pool will soon shrink in many Asia Pacific destinations, even while more than two-thirds of the world's new jobs will be created in the region.
But this does not necessitate slower travel and tourism industry growth rates." ...
"Delegates learned that working-age populations will begin to contract in Korea (ROK) in 2015; China (PRC) in 2016; Singapore in 2017; and Thailand in 2025. In Japan, the number of workers in the population started to decline in 1994.
In the travel and tourism industry, inexperienced staff members are being fast-tracked into positions of responsibility quicker than ever before. Salaries are rising as competition for talent heats up and employees show a willingness to job-hop." ...
for the complete story
Wednesday, April 9, 2008
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