Area Development (Jun-Jul): Malaysia case study; Atlantic Canada business
New Urban News (Jul-Aug): TOD for HI
National Real Estate Investor (Jul): Times Square and green building; Louisville, KY city profile
CP&DR (Jun): Westwood Village redevelopment
Economic Development Quarterly (Aug): nanodistricts
Urban Land (Jun): green special issue; Grand Rapids (MI) green museum; valuing green buildings; green cities; tall buildings/green buildings; public/private partnerships for green infill; green factories/manufacturing; renewable energy outlook; preservation and sustainable development; green housing; green retail; regional spotlight – NY and MA
New Urban News (Jun): agricultural urbanism; TND in Greensboro; gas prices impacting housing demand towards cities
National Real Estate Investor (Jun): China and Western retail; biotech developments; waterfront redevelopment; Kansas City redevelopment boom; U.S. ports and trade; port of Savannah; East Coast ports
Sunday, August 3, 2008
Retail and restaurant news
Value Retail News (Aug): 44 new projects breaking ground (table of info); briefs on the 4 largest outlet holders
Retail Traffic (Jul): city feature on Boston
Nation’s Restaurant News (7/28): FL economy forces wave of restaurant closures
International Outlet Journal (Summer): marketing outlets to Asia
Value Retail News (Jun-Jul): Prime outlets opens in Orlando; demographics of outlet shoppers; Legoland expansion in Carlsbad, CA
Shopping Center Business (Jul): NASCAR Sports Grille; green retail/mixed use; retail LEED standards
Retail Traffic (Jun): Taubman goes ahead with retail development, Songdo City, Korea
Shopping Center Business (Jun): Summit Fremaux commercial development reopens in New Orleans; mixed-use development profiles; retail and brownfields
Nation’s Restaurant News (6/2): Vegas thinks high-end restaurants will succeed as economy declines in the city
Retail Traffic (Jul): city feature on Boston
Nation’s Restaurant News (7/28): FL economy forces wave of restaurant closures
International Outlet Journal (Summer): marketing outlets to Asia
Value Retail News (Jun-Jul): Prime outlets opens in Orlando; demographics of outlet shoppers; Legoland expansion in Carlsbad, CA
Shopping Center Business (Jul): NASCAR Sports Grille; green retail/mixed use; retail LEED standards
Retail Traffic (Jun): Taubman goes ahead with retail development, Songdo City, Korea
Shopping Center Business (Jun): Summit Fremaux commercial development reopens in New Orleans; mixed-use development profiles; retail and brownfields
Nation’s Restaurant News (6/2): Vegas thinks high-end restaurants will succeed as economy declines in the city
Thursday, July 31, 2008
Sacramento sees intl tourism boom
from today's Sacramento Bee (7/31):
Capital's in the money: Dollar's fall lures tourists
By Darrell Smith - dvsmith@sacbee.com
Published 12:00 am PDT Thursday, July 31, 2008
"International tourists are taking advantage of a slumping dollar and planning their summer stays in Sacramento.
Whether it's the euro, pound or yen, tourists are getting more bang for their buck in the United States and increasingly are choosing California as a destination, say those in the local tourism industry.
"The U.S. is effectively on sale to the world," said Mike Testa, a vice president at the Sacramento Convention and Visitors Bureau. "California is an international draw, and Sacramento is the capital of that international draw."
More than 17 percent of tourism spending in California last year – about $17 billion – was attributed to international visitors, reported the California Travel & Tourism Commission. Nearly 22 percent of all overseas visitors to the United States in 2007 chose California as their destination." ....
for the complete story
Capital's in the money: Dollar's fall lures tourists
By Darrell Smith - dvsmith@sacbee.com
Published 12:00 am PDT Thursday, July 31, 2008
"International tourists are taking advantage of a slumping dollar and planning their summer stays in Sacramento.
Whether it's the euro, pound or yen, tourists are getting more bang for their buck in the United States and increasingly are choosing California as a destination, say those in the local tourism industry.
"The U.S. is effectively on sale to the world," said Mike Testa, a vice president at the Sacramento Convention and Visitors Bureau. "California is an international draw, and Sacramento is the capital of that international draw."
More than 17 percent of tourism spending in California last year – about $17 billion – was attributed to international visitors, reported the California Travel & Tourism Commission. Nearly 22 percent of all overseas visitors to the United States in 2007 chose California as their destination." ....
for the complete story
British Columbia green resort moving into residential development stage
from today's GlobeSt (7/31):
Last updated: July 29, 2008 10:47pm
Five-Star Resort To Get First Residential Units
By Connie Gore
"VICTORIA, BC-Looking to leverage its oceanfront views, the developer of Brentwood Bay Lodge & Spa will break ground in the coming months on the five-star resort's first residential phase. The six villas will deliver in late spring 2009, opening the door to a marketing blitz for a 24-condo phase two.
The resort's OceanVillas development is expected to be one of the first multi-unit projects to deliver in Canada with LEED for Home certification. The two three-story buildings will have two-bedroom units, with dens and great rooms, averaging 1,850 sf at prices ranging from nearly $1.4 million to $1.79 million. The amenity package includes a private 40-foot boat slip in the resort's full-service marina.
The two residential phases will add a combined $22 million of sales value to the $20-million resort, which opened in May 2004, says Dan Behune, managing director and developer of the two-acre Brentwood Bay Lodge & Spa. He tells GlobeSt.com that ground will break "as soon as we get our permits," estimating the milestone will be marked within 50 days. He confides the permit request will go into the city before this week ends." ...
for the complete story
Last updated: July 29, 2008 10:47pm
Five-Star Resort To Get First Residential Units
By Connie Gore
"VICTORIA, BC-Looking to leverage its oceanfront views, the developer of Brentwood Bay Lodge & Spa will break ground in the coming months on the five-star resort's first residential phase. The six villas will deliver in late spring 2009, opening the door to a marketing blitz for a 24-condo phase two.
The resort's OceanVillas development is expected to be one of the first multi-unit projects to deliver in Canada with LEED for Home certification. The two three-story buildings will have two-bedroom units, with dens and great rooms, averaging 1,850 sf at prices ranging from nearly $1.4 million to $1.79 million. The amenity package includes a private 40-foot boat slip in the resort's full-service marina.
The two residential phases will add a combined $22 million of sales value to the $20-million resort, which opened in May 2004, says Dan Behune, managing director and developer of the two-acre Brentwood Bay Lodge & Spa. He tells GlobeSt.com that ground will break "as soon as we get our permits," estimating the milestone will be marked within 50 days. He confides the permit request will go into the city before this week ends." ...
for the complete story
Porsche to PA
from today's GlobeSt (7/31):
Last updated: July 31, 2008 07:27am
Porsche To Move to Chrin Commerce Centre
By Casey Freeman
"EASTON, PA-Porsche Cars North America Inc. plans to move into a 130,000-sf build-to-suit facility in the Chrin Commerce Centre. The building will be the new home of Porsche’s Northeast Regional Support Center which is made up of a Porsche Academy Training Center, Porsche’s Area East Office and new Northeast Parts Distribution center." ...
for the complete story
Last updated: July 31, 2008 07:27am
Porsche To Move to Chrin Commerce Centre
By Casey Freeman
"EASTON, PA-Porsche Cars North America Inc. plans to move into a 130,000-sf build-to-suit facility in the Chrin Commerce Centre. The building will be the new home of Porsche’s Northeast Regional Support Center which is made up of a Porsche Academy Training Center, Porsche’s Area East Office and new Northeast Parts Distribution center." ...
for the complete story
San Diego's University Towne Center to be redeveloped
from today's San Diego Business Journal (7/31):
Posted date: 7/30/2008
$900M Project Will Remake UTC Mall
"The San Diego City Council approved a $900 million mixed-use expansion project at Westfield UTC in University Towne Center July 29.
The project is estimated to bring the city more than $60 million in annual sales and property tax revenues, more than 2,500 new full- and part-time jobs and more than 6,000 construction jobs, according to Westfield, the Australian-based developer." ...
for the complete story
Posted date: 7/30/2008
$900M Project Will Remake UTC Mall
"The San Diego City Council approved a $900 million mixed-use expansion project at Westfield UTC in University Towne Center July 29.
The project is estimated to bring the city more than $60 million in annual sales and property tax revenues, more than 2,500 new full- and part-time jobs and more than 6,000 construction jobs, according to Westfield, the Australian-based developer." ...
for the complete story
Disney up, then down
from today's Los Angeles Business Journal (7/31):
Disney Shares Decline on Slow Ad Spending
By ALLEN P. ROBERTS Jr.
"A day after posting strong second quarter earnings, shares in Walt Disney Co. lost nearly 5 percent after the entertainment company said ad sales have slowed in recent weeks." ...
for the complete story
Disney Shares Decline on Slow Ad Spending
By ALLEN P. ROBERTS Jr.
"A day after posting strong second quarter earnings, shares in Walt Disney Co. lost nearly 5 percent after the entertainment company said ad sales have slowed in recent weeks." ...
for the complete story
Athens Olympics impact on hotel industry
from today's Hotels newsfeed (7/31):
Athens Hotel Industry After Athens Olympics
-- Hotels, 7/31/2008 8:13:00 AM
Contributed by Dr. Aris Ikkos, ISHC, MAE, Managing Partner; Stefan Merkenhof, Managing Consultant
"So, what was the impact of the Athens Olympics on the Athens Hotel Industry? Comparing the performance of the Athens Hotel Industry with 2 competitive sets of 27 European cities and 8 Mediterranean cities1 for the period of 2003 – 2007, one can conclude that Athens’ occupancy picked up substantially after the 2004 Olympics reaching the average European level and exceeding the average Mediterranean level in 2007. Furthermore, although Athens’ Average Room Rate (ARR) followed the European and Mediterranean trend, it still is at a much lower level. As a result Athens’ Revenue Per Available Room (RevPAR) remains below that of European and the Mediterranean but the gap is slowly closing." ....
for the complete story
Athens Hotel Industry After Athens Olympics
-- Hotels, 7/31/2008 8:13:00 AM
Contributed by Dr. Aris Ikkos, ISHC, MAE, Managing Partner; Stefan Merkenhof, Managing Consultant
"So, what was the impact of the Athens Olympics on the Athens Hotel Industry? Comparing the performance of the Athens Hotel Industry with 2 competitive sets of 27 European cities and 8 Mediterranean cities1 for the period of 2003 – 2007, one can conclude that Athens’ occupancy picked up substantially after the 2004 Olympics reaching the average European level and exceeding the average Mediterranean level in 2007. Furthermore, although Athens’ Average Room Rate (ARR) followed the European and Mediterranean trend, it still is at a much lower level. As a result Athens’ Revenue Per Available Room (RevPAR) remains below that of European and the Mediterranean but the gap is slowly closing." ....
for the complete story
Tuesday, July 29, 2008
PKF begins hotel financing program
from today's Hotels newsfeed (7/29):
PKF Capital Launches Hotel Financing Program
PKF Capital -- Hotels, 7/29/2008 10:18:00 AM
"Moving to address critical financial needs in funding today’s hotel transactions, PKF Capital announced the launch of a Hotel Finance Program designed to help hospitality investors and owners secure funds required to purchase, refinance or renovate properties.
“Securing adequate capital is the primary issue today that determines whether a hotel deal succeeds or fails,” says PKF Capital Executive Managing Director Bob Eaton. “With our new program, we are moving aggressively to help our clients transact business. We are rounding out the suite of services that the PKF family of companies offers, from consulting, hospitality research, through brokerage.”" ...
"Bridge financing can also be made available through PKF Capital’s sources when owners are repositioning a property by reflagging it or by making property improvements and a period of improving cash flow is required in order stabilize the property’s permanent income.
Hotel refinancing is also a critical need today where properties’ current loans are maturing and borrowers need to find funds to refinance existing loans with permanent debt"......
for the complete story
PKF Capital Launches Hotel Financing Program
PKF Capital -- Hotels, 7/29/2008 10:18:00 AM
"Moving to address critical financial needs in funding today’s hotel transactions, PKF Capital announced the launch of a Hotel Finance Program designed to help hospitality investors and owners secure funds required to purchase, refinance or renovate properties.
“Securing adequate capital is the primary issue today that determines whether a hotel deal succeeds or fails,” says PKF Capital Executive Managing Director Bob Eaton. “With our new program, we are moving aggressively to help our clients transact business. We are rounding out the suite of services that the PKF family of companies offers, from consulting, hospitality research, through brokerage.”" ...
"Bridge financing can also be made available through PKF Capital’s sources when owners are repositioning a property by reflagging it or by making property improvements and a period of improving cash flow is required in order stabilize the property’s permanent income.
Hotel refinancing is also a critical need today where properties’ current loans are maturing and borrowers need to find funds to refinance existing loans with permanent debt"......
for the complete story
Thank you Nathan and Emily
On behalf of all of ERA, we had a going away fete for Nathan (who you all know) and Emily (who you may not all know, but she was a wonderful research asset). You will be pleased to know that we sent them off happily and well appointed for their futures --
local and regional real estate/business news
Crain’s Chicago Business (7/14): Pullman neighborhood plans
CA Real Estate Journal (7/14): appraising green buildings
Los Angeles Business Journal (7/14): Bollywood and Hollywood; Union Pacific and the Port of L.A.
CA Real Estate Journal (7/21): office market update feature; property management of green buildings
Western Real Estate Business (July): green development by region
Los Angeles Business Journal (7/21): feature section on medical office market
San Diego Business Journal (7/14): Port of San Diego economic trends; downtown real estate markets
Los Angeles Business Journal (6/16): Hollywood real estate market
New Orleans City Business (6/30) 6 Flags redevelopment
Crain’s Chicago Business (6/30): Cubs revenue up
CA Real Estate Journal (6/10): Anaheim’s GardenWalk phase 1 opens
Crain’s Chicago Business Journal (6/16): Marina deal and Olympics bid; special feature on potential economic impact of the Games
CA Real Estate Journal (7/7): Chino Hills lifestyle center; affordable housing financing
Los Angeles Business Journal (6/23): list of top retail centers
Los Angeles Business Journal (6/9): mansion market still up
San Fernando Valley Business Journal (7/7): Warner Bros. Studio Museum opened; studios and city incentives; city focus on Burbank
Los Angeles Business Journal (7/7): MLS Galaxy attendance up; L.A. condo sales up, prices down
Crain’s Chicago Business Journal (6/23): Cubs' sale saga; IL tourism feature including Lincoln Museum, College Football Hall of Fame, lists of Chicago’s largest tourist attractions, largest conventions, and largest hotels
San Diego Business Journal (6/30): top tourist attractions; casino/gaming industry slumping
CA Real Estate Journal (6/30): OC mid-rise housing; Riverside downtown redevelopment project; green feature section
Crain’s Chicago Business (7/7): Chicago attractions seeing attendance dip; special demographics facts sections
Crain’s Chicago Business (6/9): Chicago Olympics bid
New Orleans City Business (6/9): Audubon Insectarium; City Park development
Orange County Business Journal (6/23): Dana Point Harbor redevelopment
New Orleans City Business (6/16): port plans; WTC plans
Indian Country Today (7/23): Cherokee Nation plans OK sportsplex; MI Grand Travese Casino going green; Red Lake Casino breaks ground (MN); Seminole compact reversed in court; Black Bear Casino (MN) opens after renovations; Ottawa Co., OK casino resort successful
CA Real Estate Journal (6/23): L.A. MTA seeking private funds for Westside expansion; OC office real estate market tough; Boyle Heights redevelopment ops
CA Real Estate Journal (7/14): appraising green buildings
Los Angeles Business Journal (7/14): Bollywood and Hollywood; Union Pacific and the Port of L.A.
CA Real Estate Journal (7/21): office market update feature; property management of green buildings
Western Real Estate Business (July): green development by region
Los Angeles Business Journal (7/21): feature section on medical office market
San Diego Business Journal (7/14): Port of San Diego economic trends; downtown real estate markets
Los Angeles Business Journal (6/16): Hollywood real estate market
New Orleans City Business (6/30) 6 Flags redevelopment
Crain’s Chicago Business (6/30): Cubs revenue up
CA Real Estate Journal (6/10): Anaheim’s GardenWalk phase 1 opens
Crain’s Chicago Business Journal (6/16): Marina deal and Olympics bid; special feature on potential economic impact of the Games
CA Real Estate Journal (7/7): Chino Hills lifestyle center; affordable housing financing
Los Angeles Business Journal (6/23): list of top retail centers
Los Angeles Business Journal (6/9): mansion market still up
San Fernando Valley Business Journal (7/7): Warner Bros. Studio Museum opened; studios and city incentives; city focus on Burbank
Los Angeles Business Journal (7/7): MLS Galaxy attendance up; L.A. condo sales up, prices down
Crain’s Chicago Business Journal (6/23): Cubs' sale saga; IL tourism feature including Lincoln Museum, College Football Hall of Fame, lists of Chicago’s largest tourist attractions, largest conventions, and largest hotels
San Diego Business Journal (6/30): top tourist attractions; casino/gaming industry slumping
CA Real Estate Journal (6/30): OC mid-rise housing; Riverside downtown redevelopment project; green feature section
Crain’s Chicago Business (7/7): Chicago attractions seeing attendance dip; special demographics facts sections
Crain’s Chicago Business (6/9): Chicago Olympics bid
New Orleans City Business (6/9): Audubon Insectarium; City Park development
Orange County Business Journal (6/23): Dana Point Harbor redevelopment
New Orleans City Business (6/16): port plans; WTC plans
Indian Country Today (7/23): Cherokee Nation plans OK sportsplex; MI Grand Travese Casino going green; Red Lake Casino breaks ground (MN); Seminole compact reversed in court; Black Bear Casino (MN) opens after renovations; Ottawa Co., OK casino resort successful
CA Real Estate Journal (6/23): L.A. MTA seeking private funds for Westside expansion; OC office real estate market tough; Boyle Heights redevelopment ops
general business news
Forbes Life (Jun): Carolina golf resorts
Business Week (6/23): Abu Dhabi Investments
Economist (6/28): biofuels in Brazil; Las Vegas casino market
Business Week (7/7): Six Flags Mark Shapiro interview
Fortune (7/21): Georgia Aquarium
Business Week (6/23): Abu Dhabi Investments
Economist (6/28): biofuels in Brazil; Las Vegas casino market
Business Week (7/7): Six Flags Mark Shapiro interview
Fortune (7/21): Georgia Aquarium
Tuesday, July 15, 2008
International travel to the U.S. up
from yesterday's press release of the USDoC International Trade Administration (7/14):
INTERNATIONAL VISITATION UP IN APRIL 2008
SPENDING AT $11.6 BILLION FOR THE MONTH
"WASHINGTON - The U.S. Department of Commerce today announced that 4.1 million international visitors traveled to the United States in April, an increase of 2 percent over April 2007. For the first four months of 2008, visitation was up 12 percent compared to 2007. International visitors also spent a record $11.6 billion in April, a 21 percent increase from April 2007. Spending by international travelers while in the United States, including travel receipts and passenger fares, is defined as a U.S. export." ....
for the complete press release
for the monthly data archive
INTERNATIONAL VISITATION UP IN APRIL 2008
SPENDING AT $11.6 BILLION FOR THE MONTH
"WASHINGTON - The U.S. Department of Commerce today announced that 4.1 million international visitors traveled to the United States in April, an increase of 2 percent over April 2007. For the first four months of 2008, visitation was up 12 percent compared to 2007. International visitors also spent a record $11.6 billion in April, a 21 percent increase from April 2007. Spending by international travelers while in the United States, including travel receipts and passenger fares, is defined as a U.S. export." ....
for the complete press release
for the monthly data archive
Monday, July 14, 2008
Historic Pullman District (Chicago) redevelopment plans
from this morning's Crain's Chicago Business Journal (7/14):
Big plans for Pullman
By: Thomas A. Corfman July 14, 2008
"Billionaire banker Michael Kelly is picking up where utopian visionary George Pullman left off.
The non-profit development arm of Mr. Kelly's flagship Park National Bank has acquired the former Ryerson Inc. steel plant on the Far South Side with plans for a retail-residential development that would revitalize an area the hardnosed industrialist founded as a workers' village in 1881.
The 170-acre Ryerson site at 720 E. 111th St. abuts Park National's 10-story office building along the Bishop Ford Freeway and the landmark Pullman District, where many of the buildings from Mr. Pullman's quixotic experiment still stand.
Crain's has learned that Mr. Kelly envisions a development with up to 1,000 single-family homes in keeping with the adjacent Pullman District's architecture, as well as big-box stores. Development on such a scale hasn't been seen on the South Side since the postwar era, and the project could transform a largely dormant industrial area into a new neighborhood.
About one-third of the site, which stretches north to about 103rd Street between the Bishop Ford and a railroad line just east of Langley Avenue, likely would be dedicated to a new community center or a park, with the rest split between residential and retail developments, a person familiar with the proposal says.
The price tag for such a development could exceed $100 million." ...
for the complete story
Big plans for Pullman
By: Thomas A. Corfman July 14, 2008
"Billionaire banker Michael Kelly is picking up where utopian visionary George Pullman left off.
The non-profit development arm of Mr. Kelly's flagship Park National Bank has acquired the former Ryerson Inc. steel plant on the Far South Side with plans for a retail-residential development that would revitalize an area the hardnosed industrialist founded as a workers' village in 1881.
The 170-acre Ryerson site at 720 E. 111th St. abuts Park National's 10-story office building along the Bishop Ford Freeway and the landmark Pullman District, where many of the buildings from Mr. Pullman's quixotic experiment still stand.
Crain's has learned that Mr. Kelly envisions a development with up to 1,000 single-family homes in keeping with the adjacent Pullman District's architecture, as well as big-box stores. Development on such a scale hasn't been seen on the South Side since the postwar era, and the project could transform a largely dormant industrial area into a new neighborhood.
About one-third of the site, which stretches north to about 103rd Street between the Bishop Ford and a railroad line just east of Langley Avenue, likely would be dedicated to a new community center or a park, with the rest split between residential and retail developments, a person familiar with the proposal says.
The price tag for such a development could exceed $100 million." ...
for the complete story
TX retail development trends
from this morning's GlobeSt (7/14):
Last updated: July 11, 2008 11:44pm
Houston's 5M-SF Retail Pipeline Leading State
By Connie Gore
"HOUSTON-Feeding "shop till you drop" lifestyles, developers in all four Texas metros are in the throes of a retail construction frenzy. The Greater Houston market, with its cache of top-ranked economic indicators, has 4.9 million sf in various stages of construction, putting it at the head of the state's Big Four.
Dallas/Fort Worth has 4.2 million sf in line to deliver by year's end. San Antonio developers are pushing four million sf out of the ground. And Austin, with its 92.5% occupancy leading the metro pack, is getting an additional 2.5 million sf.
"The best thing about the construction is it is demand-based," says Ian Pierce, who is in the marketing and research division of Dallas-based Weitzman Group and Cencor Realty Services. "Nothing is getting built without the retailers in place."
The snapshots for each metro are:
Houston--a 134.2-million-sf inventory that's 88% occupied. The construction wave, with 1.5 million sf delivering by midyear, is 0.5% lower than yearend 2007 due to construction. Rents are as high as $50 per sf inside Loop 610 while class A shop space is getting in the mid- to high $20 per sf range while endcaps and out-parcels are pushing toward the $40 per sf mark.
Dallas/Fort Worth--a 167.9-million-sf inventory with 89.4% occupancy, up a tenth of point since the year began. Rents were unavailable, but it's a safe bet they closely follow Houston.
San Antonio--a 34.5-million-sf inventory, with occupancy at 91% or two-tenths lower than it was at yearend 2007. Class A rents for inline shop space range from $24 per sf to $30 per sf on a triple net annual basis while some "key projects" have topped $50 per sf.
Austin--a 38-million-sf inventory, with the 92.5% occupancy up 0.5% in the past six months. Class A inline spaces in high-traffic, anchored suburban centers range from $24 per sf to the mid-$30 per sf on a triple net annual basis. According to the Weitzman-Cencor report, the capital city's rates are being impacted by concessions, both free rent and finish-out allowances.
Houston's development pipeline is the highest it's been in seven years when six million sf delivered. There were 15 major projects under way. "They were coming off that incredibly strong economy of 2000," Pierce says." ....
for the complete story
Last updated: July 11, 2008 11:44pm
Houston's 5M-SF Retail Pipeline Leading State
By Connie Gore
"HOUSTON-Feeding "shop till you drop" lifestyles, developers in all four Texas metros are in the throes of a retail construction frenzy. The Greater Houston market, with its cache of top-ranked economic indicators, has 4.9 million sf in various stages of construction, putting it at the head of the state's Big Four.
Dallas/Fort Worth has 4.2 million sf in line to deliver by year's end. San Antonio developers are pushing four million sf out of the ground. And Austin, with its 92.5% occupancy leading the metro pack, is getting an additional 2.5 million sf.
"The best thing about the construction is it is demand-based," says Ian Pierce, who is in the marketing and research division of Dallas-based Weitzman Group and Cencor Realty Services. "Nothing is getting built without the retailers in place."
The snapshots for each metro are:
Houston--a 134.2-million-sf inventory that's 88% occupied. The construction wave, with 1.5 million sf delivering by midyear, is 0.5% lower than yearend 2007 due to construction. Rents are as high as $50 per sf inside Loop 610 while class A shop space is getting in the mid- to high $20 per sf range while endcaps and out-parcels are pushing toward the $40 per sf mark.
Dallas/Fort Worth--a 167.9-million-sf inventory with 89.4% occupancy, up a tenth of point since the year began. Rents were unavailable, but it's a safe bet they closely follow Houston.
San Antonio--a 34.5-million-sf inventory, with occupancy at 91% or two-tenths lower than it was at yearend 2007. Class A rents for inline shop space range from $24 per sf to $30 per sf on a triple net annual basis while some "key projects" have topped $50 per sf.
Austin--a 38-million-sf inventory, with the 92.5% occupancy up 0.5% in the past six months. Class A inline spaces in high-traffic, anchored suburban centers range from $24 per sf to the mid-$30 per sf on a triple net annual basis. According to the Weitzman-Cencor report, the capital city's rates are being impacted by concessions, both free rent and finish-out allowances.
Houston's development pipeline is the highest it's been in seven years when six million sf delivered. There were 15 major projects under way. "They were coming off that incredibly strong economy of 2000," Pierce says." ....
for the complete story
Baton Rouge condo-hotel announced
from this morning's Globe St (7/14):
Last updated: July 11, 2008 11:39pm
Lafayette Development Unveils $135M Project
By John McCloud
"BATON ROUGE, LA-The developer of a Downtown project, originally proposed as a residential condominium tower with a small amount of retail space, has unveiled a new plan that would place 49 to 75 condos atop a 330-room hotel. Locally based Lafayette Development Holdings Ltd. hopes to have the $135-million RiverPlace under construction by January.
Lafayette partner Richard Preis says the absence of an established high-rise condominium market prompted the change. "Baton Rouge really doesn't have a condo market," he explains. "With the general problems in the residential market, we decided the original scheme didn't make sense." RiverPlace, planned for 427 Lafayette St., would take 18 to 24 months to complete."
for the complete story
Last updated: July 11, 2008 11:39pm
Lafayette Development Unveils $135M Project
By John McCloud
"BATON ROUGE, LA-The developer of a Downtown project, originally proposed as a residential condominium tower with a small amount of retail space, has unveiled a new plan that would place 49 to 75 condos atop a 330-room hotel. Locally based Lafayette Development Holdings Ltd. hopes to have the $135-million RiverPlace under construction by January.
Lafayette partner Richard Preis says the absence of an established high-rise condominium market prompted the change. "Baton Rouge really doesn't have a condo market," he explains. "With the general problems in the residential market, we decided the original scheme didn't make sense." RiverPlace, planned for 427 Lafayette St., would take 18 to 24 months to complete."
for the complete story
Thursday, July 10, 2008
Chinese tourism about to blossom in U.S.
from Investor's Business Daily (7/9):
Chinese Tourism In The U.S. Set To Boom BY DOUG TSURUOKA
INVESTOR'S BUSINESS DAILY
Posted 7/9/2008
"British businessmen in the 19th century quipped that if every Chinese citizen bought a shirt, it would keep English textile mills humming for 100 years.
Imagine the impact on Chinese and U.S. travel firms in 2008 if just some of the 1.3 billion people in China started visiting the Statue of Liberty or Waikiki.
Get ready — signs point to a hefty increase in Chinese sightseers hitting U.S. tourist hot spots. Online travel companies such as Ctrip, (CTRP) Expedia (EXPE) and Priceline (PCLN) are poised to benefit in big ways.
The U.S. and China in December signed a pact that lets Chinese tourist groups travel to the U.S. for the first time. Only business execs and government officials had been allowed to travel here before." ...
"The first Chinese tour group of 200 visitors were greeted in Washington, D.C., on June 19 by Commerce Secretary Carlos Gutierrez." ...
"The number of Chinese citizens traveling overseas will hit 100 million a year by 2020 from 34 million in 2006, estimates the World Tourism Organization.
Chinese visitors to the U.S. have doubled over the last decade to 397,000 last year, Commerce says. The number is expected to reach a robust 755,000 by 2017, according to research firm Tourism Economics. The recent tour pact could push the number higher.
The China National Tourism Administration estimates that nearly 30 million Chinese traveled abroad in the first nine months of 2007, up 17% vs. the year-ago period. Hong Kong, Macau and Japan were top destinations. But many are expected to turn their sights to the U.S." ...
for the complete
story
Chinese Tourism In The U.S. Set To Boom BY DOUG TSURUOKA
INVESTOR'S BUSINESS DAILY
Posted 7/9/2008
"British businessmen in the 19th century quipped that if every Chinese citizen bought a shirt, it would keep English textile mills humming for 100 years.
Imagine the impact on Chinese and U.S. travel firms in 2008 if just some of the 1.3 billion people in China started visiting the Statue of Liberty or Waikiki.
Get ready — signs point to a hefty increase in Chinese sightseers hitting U.S. tourist hot spots. Online travel companies such as Ctrip, (CTRP) Expedia (EXPE) and Priceline (PCLN) are poised to benefit in big ways.
The U.S. and China in December signed a pact that lets Chinese tourist groups travel to the U.S. for the first time. Only business execs and government officials had been allowed to travel here before." ...
"The first Chinese tour group of 200 visitors were greeted in Washington, D.C., on June 19 by Commerce Secretary Carlos Gutierrez." ...
"The number of Chinese citizens traveling overseas will hit 100 million a year by 2020 from 34 million in 2006, estimates the World Tourism Organization.
Chinese visitors to the U.S. have doubled over the last decade to 397,000 last year, Commerce says. The number is expected to reach a robust 755,000 by 2017, according to research firm Tourism Economics. The recent tour pact could push the number higher.
The China National Tourism Administration estimates that nearly 30 million Chinese traveled abroad in the first nine months of 2007, up 17% vs. the year-ago period. Hong Kong, Macau and Japan were top destinations. But many are expected to turn their sights to the U.S." ...
for the complete
story
St. Regis to open in Dubai
from today's Hotels newsline (7/10):
St. Regis makes the next stop on its global expedition with the debut of The St. Regis DubaiMiddle East Company News Wire, July 10, 2008 Thursday 9:16 AM GMT
"Starwood Hotels & Resorts Worldwide, Inc. today announced the introduction of its renowned St. Regis brand to the rapidly growing city of Dubai. Scheduled to open in 2012, The St. Regis Dubai and The Residences.
The St. Regis Dubai will feature 220 luxuriously appointed guest rooms, including 44 Suites, and 80 branded residences as well as three world-class restaurants, two bars, a fitness center, swimming pool, shops and more than 4,500 square feet of meeting and banquet space." ...
"Offering sweeping views of the Dubai Creek extension, the magnificent new property will be a featured component of the Starhill Towers & Gallery, a high-rise, mixed-use development owned and developed by ETA Star Property Developers. Featuring world-class retail, office, hospitality and residential components, the mixed-use project will occupy prime real estate in central Dubai within the multi-billion dollar Business Bay development, a nearly 21 million square-foot master plan by Dubai Properties." ...
for the complete
story
St. Regis makes the next stop on its global expedition with the debut of The St. Regis DubaiMiddle East Company News Wire, July 10, 2008 Thursday 9:16 AM GMT
"Starwood Hotels & Resorts Worldwide, Inc. today announced the introduction of its renowned St. Regis brand to the rapidly growing city of Dubai. Scheduled to open in 2012, The St. Regis Dubai and The Residences.
The St. Regis Dubai will feature 220 luxuriously appointed guest rooms, including 44 Suites, and 80 branded residences as well as three world-class restaurants, two bars, a fitness center, swimming pool, shops and more than 4,500 square feet of meeting and banquet space." ...
"Offering sweeping views of the Dubai Creek extension, the magnificent new property will be a featured component of the Starhill Towers & Gallery, a high-rise, mixed-use development owned and developed by ETA Star Property Developers. Featuring world-class retail, office, hospitality and residential components, the mixed-use project will occupy prime real estate in central Dubai within the multi-billion dollar Business Bay development, a nearly 21 million square-foot master plan by Dubai Properties." ...
for the complete
story
Tuesday, July 8, 2008
CONGRATULATIONS, Mike Wright and Midge McCauley
Our ERA folks contributed vital analyses to ULI's latest edition of the Development Handbook Series -- Retail Development.
If someone would take Midge's photo with her volume, we'd have a complete record of the happy event.
If someone would take Midge's photo with her volume, we'd have a complete record of the happy event.
"Gateway at Southpoint" mixed use with hospital, hotel, etc, for Denison, TX
from this morning's GlobeSt (7/8):
Last updated: July 8, 2008 11:56am
$750M-Plus MXD Project Adding Hotel, Med Center
By Connie Gore
"DENISON, TX-After three years of laying the groundwork, TPJ Properties Ltd. and Brody Associates Inc. are digging into the second phase of the 500-acre Gateway at Southpoint. The mixed-use project will top $750 million of development at build-out.
Gateway at Southpoint's only space to date is Cigna Insurance Co.'s 150,000-sf service center, which was built early last year on 15 of the developer's 500 acres at the junction of US Hwy. 75 and FM 691. But, construction crews are now moving dirt for a 145-key Hilton Garden Inn and adjoining 17,000-sf event center on a 5.5-acre tract and 36-acre Texoma Medical Center, which will have 252 beds, 26-bed emergency room, 32-bed ICU and 120,000-sf medical office building.
Second Century Investments of Plano, TX, holding an option for a second project, will open the Hilton Garden Inn in fourth quarter 2009. King of Prussia, PA-based Universal Health Services Inc. is planning to bring the medical center on line in first quarter 2010." ...
"... the first phase of support retail will break ground in first quarter 2009 and a 750,000-sf town center will begin to rise in 2011." ...
"Meanwhile, talks are under way with developers for a 30-acre seniors' housing project and 250 multifamily apartments. The master plan includes up to 250,000 sf of additional medical office and 100 acres for townhouses and single-family dwellings. The project's first retail out-parcel has been snapped up by Landmark Bank." ...
for the complete story
Last updated: July 8, 2008 11:56am
$750M-Plus MXD Project Adding Hotel, Med Center
By Connie Gore
"DENISON, TX-After three years of laying the groundwork, TPJ Properties Ltd. and Brody Associates Inc. are digging into the second phase of the 500-acre Gateway at Southpoint. The mixed-use project will top $750 million of development at build-out.
Gateway at Southpoint's only space to date is Cigna Insurance Co.'s 150,000-sf service center, which was built early last year on 15 of the developer's 500 acres at the junction of US Hwy. 75 and FM 691. But, construction crews are now moving dirt for a 145-key Hilton Garden Inn and adjoining 17,000-sf event center on a 5.5-acre tract and 36-acre Texoma Medical Center, which will have 252 beds, 26-bed emergency room, 32-bed ICU and 120,000-sf medical office building.
Second Century Investments of Plano, TX, holding an option for a second project, will open the Hilton Garden Inn in fourth quarter 2009. King of Prussia, PA-based Universal Health Services Inc. is planning to bring the medical center on line in first quarter 2010." ...
"... the first phase of support retail will break ground in first quarter 2009 and a 750,000-sf town center will begin to rise in 2011." ...
"Meanwhile, talks are under way with developers for a 30-acre seniors' housing project and 250 multifamily apartments. The master plan includes up to 250,000 sf of additional medical office and 100 acres for townhouses and single-family dwellings. The project's first retail out-parcel has been snapped up by Landmark Bank." ...
for the complete story
Hainan Island to get Morgan Stanley backed resort
from this morning's GlobeSt (7/8):
Last updated: July 8, 2008 01:52am
Morgan Stanley in $774M Resort Deal
By Ian Ritter
"HAINAN ISLAND, CHINA-Morgan Stanley is paying $774 million to gain a 30% interest in China-based Agile Property Holding Limited’s development here of a vacation resort. Called the Hainan Qingshuiwan Project, the development is reported by local media to have an area of 9.7-million sm.
Both firms are partnering on the development of the resort. It has been reported that the project will include two 18-hole golf courses and six five-star hotels, two of which will begin construction by the end of the year." ...
for the complete story
Last updated: July 8, 2008 01:52am
Morgan Stanley in $774M Resort Deal
By Ian Ritter
"HAINAN ISLAND, CHINA-Morgan Stanley is paying $774 million to gain a 30% interest in China-based Agile Property Holding Limited’s development here of a vacation resort. Called the Hainan Qingshuiwan Project, the development is reported by local media to have an area of 9.7-million sm.
Both firms are partnering on the development of the resort. It has been reported that the project will include two 18-hole golf courses and six five-star hotels, two of which will begin construction by the end of the year." ...
for the complete story
MS Children's Museum under construction
from this morning's GlobeSt (7/8):
Last updated: July 7, 2008 08:21pm
$25M Children's Museum Ready to Break Ground
By John McCloud
"JACKSON, MS-Ground will break Aug. 8 on the long-awaited Mississippi Children's Museum. First conceived in the 1990s and originally scheduled to go into construction last fall, the $24.5-million project was delayed as backers sought additional funds.
Only a bit more than $18.5 million had been committed to the museum's capital campaign by the end of June, but museum board member Bill Bynum, CEO of Jackson-based Enterprise Corp. of the Delta and Hope Community Credit Union, says the organization has enough money to start work on the 43,000-sf project at 2140 Riverside Dr. in LeFleur's Bluff State Park. Completion is planned for early 2010." ...
"The museum's executive director, Susan Garrard, says she believes the project will be one of the best children's museums in the world. According to the Association of Children's Museums in Washington, DC, there are 341 children's museums in 23 countries. The organization says about one quarter of them are still in startup." ...
"The Jackson project will include 20,000 sf of exhibit space and 23,000 sf of administrative and support space. The 500-acre state park also is home to the Mississippi Museum of Natural Science, a 73,000-sf building at 2148 Riverside. The location of the two museums side by side is expected to boost the city's tourist potential by attracting families throughout the region," ....
for the complete story
Last updated: July 7, 2008 08:21pm
$25M Children's Museum Ready to Break Ground
By John McCloud
"JACKSON, MS-Ground will break Aug. 8 on the long-awaited Mississippi Children's Museum. First conceived in the 1990s and originally scheduled to go into construction last fall, the $24.5-million project was delayed as backers sought additional funds.
Only a bit more than $18.5 million had been committed to the museum's capital campaign by the end of June, but museum board member Bill Bynum, CEO of Jackson-based Enterprise Corp. of the Delta and Hope Community Credit Union, says the organization has enough money to start work on the 43,000-sf project at 2140 Riverside Dr. in LeFleur's Bluff State Park. Completion is planned for early 2010." ...
"The museum's executive director, Susan Garrard, says she believes the project will be one of the best children's museums in the world. According to the Association of Children's Museums in Washington, DC, there are 341 children's museums in 23 countries. The organization says about one quarter of them are still in startup." ...
"The Jackson project will include 20,000 sf of exhibit space and 23,000 sf of administrative and support space. The 500-acre state park also is home to the Mississippi Museum of Natural Science, a 73,000-sf building at 2148 Riverside. The location of the two museums side by side is expected to boost the city's tourist potential by attracting families throughout the region," ....
for the complete story
China, industry, and The Games
from today's Business Week Asia Insider (7/8):
China: An Olympic Loss for Industry
Strict limits on production during the Games will be felt across the Mainland—and by consumers abroad
by Dexter Roberts and Chi-Chu Tschang
"Beijing - Hebei Taihang Cement has been on a roll lately. Its three Beijing plants have been running around the clock, churning out thousands of tons of cement needed to build venues such as the "Bird's Nest" stadium, where opening ceremonies for the Beijing Olympic Games will be held on Aug. 8.
But the good times may be about to end. The government has ordered Taihang to shut down its Beijing operations for two months starting on July 20, until both the Olympics and the Paralympics (for handicapped athletes), slated to run from Sept. 6-17, are over. Its 400-plus employees will busy themselves with training courses and equipment repairs, and Taihang will see its cement output fall this year by 500,000 tons, or 9% of its annual capacity. If neighboring Hebei Province also orders cutbacks, as many expect, the damage could be even worse for Taihang—its headquarters and another big plant are located there.
Taihang isn't alone. In an effort to clear Beijing's murky skies for the 10,000 athletes and half-million foreign visitors expected for the Olympics, China is ordering broad restrictions on much of the capital's industry. Another measure will impose strict limits on the number of cars on the roads during the Games. And the industrial shutdown is likely to extend to a broad swath of northern China and other Olympics venues such as the industrial city of Shenyang, where some soccer matches will be played, and the port of Qingdao, home to sailing events." ...
for the complete story
China: An Olympic Loss for Industry
Strict limits on production during the Games will be felt across the Mainland—and by consumers abroad
by Dexter Roberts and Chi-Chu Tschang
"Beijing - Hebei Taihang Cement has been on a roll lately. Its three Beijing plants have been running around the clock, churning out thousands of tons of cement needed to build venues such as the "Bird's Nest" stadium, where opening ceremonies for the Beijing Olympic Games will be held on Aug. 8.
But the good times may be about to end. The government has ordered Taihang to shut down its Beijing operations for two months starting on July 20, until both the Olympics and the Paralympics (for handicapped athletes), slated to run from Sept. 6-17, are over. Its 400-plus employees will busy themselves with training courses and equipment repairs, and Taihang will see its cement output fall this year by 500,000 tons, or 9% of its annual capacity. If neighboring Hebei Province also orders cutbacks, as many expect, the damage could be even worse for Taihang—its headquarters and another big plant are located there.
Taihang isn't alone. In an effort to clear Beijing's murky skies for the 10,000 athletes and half-million foreign visitors expected for the Olympics, China is ordering broad restrictions on much of the capital's industry. Another measure will impose strict limits on the number of cars on the roads during the Games. And the industrial shutdown is likely to extend to a broad swath of northern China and other Olympics venues such as the industrial city of Shenyang, where some soccer matches will be played, and the port of Qingdao, home to sailing events." ...
for the complete story
Friday, June 27, 2008
boating industry up?
from today's Boating Industry news (6/27):
Dealer profits gaining ground
"SIOUX FALLS, S.D. – The average dealer tracked by Spader Business Management is reporting a net profit of $17,198 for the five months ending May 31, compared to $146,039 during the same period of last year, a decline of 88.2 percent.
That may not sound like cause for celebration, but in contrast to last month's report, which suggested Spader dealers' profits were down 476 percent, compared to the same period of 2007, it's a dramatic improvement." ...
for the complete story try www.boating-industry.com whose web page is currently not working -- possibly a casualty of those increased sales.
Dealer profits gaining ground
"SIOUX FALLS, S.D. – The average dealer tracked by Spader Business Management is reporting a net profit of $17,198 for the five months ending May 31, compared to $146,039 during the same period of last year, a decline of 88.2 percent.
That may not sound like cause for celebration, but in contrast to last month's report, which suggested Spader dealers' profits were down 476 percent, compared to the same period of 2007, it's a dramatic improvement." ...
for the complete story try www.boating-industry.com whose web page is currently not working -- possibly a casualty of those increased sales.
KB Home sales down
from today's Los Angeles Business Journal (6/27):
KB Posts Steeper-Than-Expected Second Quarter Loss
By ALLEN P. ROBERTS Jr. - 6/27/2008
Los Angeles Business Journal Staff
"Los Angeles-based homebuilder KB Home reported a second quarter loss Friday that was more than three times greater than analysts expected, sending shares down nearly 7 percent.
The second-quarter net loss, KB’s fifth consecutive quarterly loss, was $256 million (-$3.30 per share). Wall Street was expecting a loss of 94 cents per share, according to a Thomson Financial poll. A year ago, KB posted a second quarter loss of $149 million (-$1.93).
Revenue plunged to $639 million from $1.41 billion in the same period a year earlier thanks in large part to lower housing and land sale revenues. Analysts were expecting sales of $691 million." ...
for the complete story
“Housing market conditions remain difficult for the homebuilding industry, with inventories of unsold homes expanding as foreclosures rise to record highs, and consumer confidence continuing to deteriorate amid signs of weakness in the general economy,” KB’s Chief Executive Jeff Mezger said in a statement.
KB Posts Steeper-Than-Expected Second Quarter Loss
By ALLEN P. ROBERTS Jr. - 6/27/2008
Los Angeles Business Journal Staff
"Los Angeles-based homebuilder KB Home reported a second quarter loss Friday that was more than three times greater than analysts expected, sending shares down nearly 7 percent.
The second-quarter net loss, KB’s fifth consecutive quarterly loss, was $256 million (-$3.30 per share). Wall Street was expecting a loss of 94 cents per share, according to a Thomson Financial poll. A year ago, KB posted a second quarter loss of $149 million (-$1.93).
Revenue plunged to $639 million from $1.41 billion in the same period a year earlier thanks in large part to lower housing and land sale revenues. Analysts were expecting sales of $691 million." ...
for the complete story
“Housing market conditions remain difficult for the homebuilding industry, with inventories of unsold homes expanding as foreclosures rise to record highs, and consumer confidence continuing to deteriorate amid signs of weakness in the general economy,” KB’s Chief Executive Jeff Mezger said in a statement.
san Diego Padres sales suffering
from today's San Diego Business Journal (6/27):
Marlins, Braves and $5.50 Beer: Padres Trim Snack Bar Prices in July
By - 6/26/2008
San Diego Business Journal Staff
"Responding to dwindling attendance at Petco Park, the Padres announced June 26 a discount promotion for all the team’s home games in July.
July Dollar Days cuts the prices by $1 on hot dogs, soft drinks and beer. The Padres play nine home games in July." ...
for the complete story
Marlins, Braves and $5.50 Beer: Padres Trim Snack Bar Prices in July
By - 6/26/2008
San Diego Business Journal Staff
"Responding to dwindling attendance at Petco Park, the Padres announced June 26 a discount promotion for all the team’s home games in July.
July Dollar Days cuts the prices by $1 on hot dogs, soft drinks and beer. The Padres play nine home games in July." ...
for the complete story
Caribbean tourism
from today's USA Today (6/27):
Airline cutbacks cause concern in the Caribbean
By Barbara De Lollis and Barbara Hansen, USA TODAY
"Could airline cutbacks send Caribbean beachgoers elsewhere this winter?
That's the growing concern of Caribbean tourism industry leaders as they grapple with a double whammy of reduced air service and a slumping U.S. economy.
A reduction in air service — the only way for most Americans to reach the Caribbean's white-sand beaches — could make the journey less convenient and airfares more expensive, ultimately discouraging trips." ...
"For December, U.S. airlines scheduled 17% less service from the lower 48 states to the Caribbean islands, including Puerto Rico and the U.S. Virgin Islands, compared with December 2007, according to an analysis of OAG flight schedules. Other findings:
•Of the five carriers that provide most of the service — American, US Airways, Delta, Continental and JetBlue — only JetBlue grew capacity.
•Service is down to the four most-served islands. In December, Puerto Rico and the Dominican Republic will have 26% less service; Jamaica is down 15%, and the Bahamas down 10%." ...
for the complete story including tables
Airline cutbacks cause concern in the Caribbean
By Barbara De Lollis and Barbara Hansen, USA TODAY
"Could airline cutbacks send Caribbean beachgoers elsewhere this winter?
That's the growing concern of Caribbean tourism industry leaders as they grapple with a double whammy of reduced air service and a slumping U.S. economy.
A reduction in air service — the only way for most Americans to reach the Caribbean's white-sand beaches — could make the journey less convenient and airfares more expensive, ultimately discouraging trips." ...
"For December, U.S. airlines scheduled 17% less service from the lower 48 states to the Caribbean islands, including Puerto Rico and the U.S. Virgin Islands, compared with December 2007, according to an analysis of OAG flight schedules. Other findings:
•Of the five carriers that provide most of the service — American, US Airways, Delta, Continental and JetBlue — only JetBlue grew capacity.
•Service is down to the four most-served islands. In December, Puerto Rico and the Dominican Republic will have 26% less service; Jamaica is down 15%, and the Bahamas down 10%." ...
for the complete story including tables
Thursday, June 26, 2008
HI tourism suffering
from yesterday's CNN Money (6/25):
Hawaii suffers a tourism blow
High fuel prices have forced up airfare, pushing a Hawaiian vacation out of reach for many cash-strapped Americans.
By Chris Lawrence, CNN
Last Updated: June 25, 2008: 6:24 PM EDT
"Honolulu (CNN American Morning) -- A balmy breeze gently blows across the beach, with the warm, clear water of the Pacific Ocean just a few feet away. It's a place honeymooners and families go to get away from it all. But these days, things aren't so perfect in paradise.
High fuel prices have caused airfares to skyrocket. And the economy has caused some Americans to postpone or downsize their travel plans. Fewer tourists are coming to Hawaii, and some think the problems are only beginning.
ATA and Aloha Airlines have already gone bust. And starting next week, two Japanese airlines will increase fuel surcharges on flights to Hawaii by 43%. American Airlines just announced plans to eliminate its Chicago-Honolulu route at the end of the year." ...
"Tourism officials are spending nearly $5 million to market Hawaii in the United States and Asia. Hawaii lawmakers are putting more pressure on the Tourism Authority to aggressively sell the state. One state senator says Hawaii has a brewing crisis on its hands, and wants the state to be proactive before things get really bad." ...
for the complete story
Hawaii suffers a tourism blow
High fuel prices have forced up airfare, pushing a Hawaiian vacation out of reach for many cash-strapped Americans.
By Chris Lawrence, CNN
Last Updated: June 25, 2008: 6:24 PM EDT
"Honolulu (CNN American Morning) -- A balmy breeze gently blows across the beach, with the warm, clear water of the Pacific Ocean just a few feet away. It's a place honeymooners and families go to get away from it all. But these days, things aren't so perfect in paradise.
High fuel prices have caused airfares to skyrocket. And the economy has caused some Americans to postpone or downsize their travel plans. Fewer tourists are coming to Hawaii, and some think the problems are only beginning.
ATA and Aloha Airlines have already gone bust. And starting next week, two Japanese airlines will increase fuel surcharges on flights to Hawaii by 43%. American Airlines just announced plans to eliminate its Chicago-Honolulu route at the end of the year." ...
"Tourism officials are spending nearly $5 million to market Hawaii in the United States and Asia. Hawaii lawmakers are putting more pressure on the Tourism Authority to aggressively sell the state. One state senator says Hawaii has a brewing crisis on its hands, and wants the state to be proactive before things get really bad." ...
for the complete story
Planet Hollywood branding
from today's Hotels newsfeed (6/26);
Planet Hollywood To Launch Branding Division
-- Hotels, 6/26/2008 8:22:00 AM
"Las Vegas, NV- June 24, 2008 - Following the successful launch of its first mega-resort, Planet Hollywood International Inc. today announced that is has created a new division to oversee its plans for international brand expansion. The new branch will work to quickly expand the Planet Hollywood brand as it develops hotel and vacation ownership properties both domestically and internationally. Planet Hollywood entered the hospitality business four years ago when it purchased Planet Hollywood Resort & Casino in a partnership that includes Bay Harbour LLC, Robert Earl and Starwood Hotels & Resorts.
As part of the announcement of the new division, Planet Hollywood named William (Bill) Feather the President of Planet Hollywood Resorts Management, LLC. In his new position Feather will be responsible for expanding the Planet Hollywood brand in the hotel and vacation ownership industries and will remain based out of Las Vegas. While taking on his new role, Feather will continue to manage the hotel and food & beverage operations at the flagship Planet Hollywood Resort & Casino in Las Vegas. Feather’s first project with the new company will be the launch and management the of Planet Hollywood Towers a partnership between Planet Hollywood and Westgate Resorts, set to open in 2009." ...
for the complete story
Planet Hollywood To Launch Branding Division
-- Hotels, 6/26/2008 8:22:00 AM
"Las Vegas, NV- June 24, 2008 - Following the successful launch of its first mega-resort, Planet Hollywood International Inc. today announced that is has created a new division to oversee its plans for international brand expansion. The new branch will work to quickly expand the Planet Hollywood brand as it develops hotel and vacation ownership properties both domestically and internationally. Planet Hollywood entered the hospitality business four years ago when it purchased Planet Hollywood Resort & Casino in a partnership that includes Bay Harbour LLC, Robert Earl and Starwood Hotels & Resorts.
As part of the announcement of the new division, Planet Hollywood named William (Bill) Feather the President of Planet Hollywood Resorts Management, LLC. In his new position Feather will be responsible for expanding the Planet Hollywood brand in the hotel and vacation ownership industries and will remain based out of Las Vegas. While taking on his new role, Feather will continue to manage the hotel and food & beverage operations at the flagship Planet Hollywood Resort & Casino in Las Vegas. Feather’s first project with the new company will be the launch and management the of Planet Hollywood Towers a partnership between Planet Hollywood and Westgate Resorts, set to open in 2009." ...
for the complete story
Monday, June 23, 2008
Sports events and hospitality programs
from today's Street and SMith's Sports Business Journal (6/23):
Creating experiences that pay off
Brands, agencies seek to make memories and make the deal with beefed-up hospitality programs
By JON SHOW
June 23, 2008
"Corporate hospitality at sporting events started out as a way to entertain clients with a ticket and a hot dog. It has developed into an industry with sophisticated methods to determine return on investment and a focus on providing a first-class experience." ...
"The exact size of the corporate sports hospitality industry is unknown, but industry executives estimate the size between $1 billion and $2 billion annually, depending on the timing of high-value, quadrennial events such as the Summer Olympics and FIFA World Cup.
Brands and agency executives point to two areas that have shaped changes to corporate hospitality in recent years: more of a focus on ROI and providing high-quality, unique client experiences.
Proving ROI was a natural outgrowth from existing legal guidelines that limit what companies in various industries, banking for example, can spend on individual clients." ....
for the complete story
Creating experiences that pay off
Brands, agencies seek to make memories and make the deal with beefed-up hospitality programs
By JON SHOW
June 23, 2008
"Corporate hospitality at sporting events started out as a way to entertain clients with a ticket and a hot dog. It has developed into an industry with sophisticated methods to determine return on investment and a focus on providing a first-class experience." ...
"The exact size of the corporate sports hospitality industry is unknown, but industry executives estimate the size between $1 billion and $2 billion annually, depending on the timing of high-value, quadrennial events such as the Summer Olympics and FIFA World Cup.
Brands and agency executives point to two areas that have shaped changes to corporate hospitality in recent years: more of a focus on ROI and providing high-quality, unique client experiences.
Proving ROI was a natural outgrowth from existing legal guidelines that limit what companies in various industries, banking for example, can spend on individual clients." ....
for the complete story
Chicago's top cultural institutions -- Shedd Aquarium tops the list
Crain's Chicago Business released a list this morning of the top cultural institutions of the city. Information for each institution includes: attendance and % change; operating budget and % change; percentage of budget for administration and % change; number of full-time employees.
You can pay for a download of the data as a PDF or Excel or email Ruth for the html.
You can pay for a download of the data as a PDF or Excel or email Ruth for the html.
New Indian casino particulars (Duluth)
from yesterday's Duluth News Tribune (6/22):
Black Bear Casino unveiled
Duluth News Tribune
Published Sunday, June 22, 2008
"Overview: The final cost of the project is about $119 million, $2 million under budget. The 88,000-square-foot casino features about 2,000 slot machines, 16 blackjack tables, four poker tables, a 600-seat bingo hall and a high-stakes gambling area. Construction began in May 2006 and will be completed in August, when the Otter Creek Event Center opens. The casino also has a four-level parking ramp, golf course, arcade and retail shops.
The 17,650-square-foot convention center will host events for up to 1,800 people." ....
for the complete story
Black Bear Casino unveiled
Duluth News Tribune
Published Sunday, June 22, 2008
"Overview: The final cost of the project is about $119 million, $2 million under budget. The 88,000-square-foot casino features about 2,000 slot machines, 16 blackjack tables, four poker tables, a 600-seat bingo hall and a high-stakes gambling area. Construction began in May 2006 and will be completed in August, when the Otter Creek Event Center opens. The casino also has a four-level parking ramp, golf course, arcade and retail shops.
The 17,650-square-foot convention center will host events for up to 1,800 people." ....
for the complete story
Tuesday, June 17, 2008
$1.5b casino for Philippines?
from today's Hotels news announcements (6/17):
Packer in talks to build $1US.5b casino resort in the Philippines
Neil Gough -- South China Morning Post, June 16, 2008 Monday
"James Packer, the Australian gaming and media magnate whose joint venture with Lawrence Ho Yau-lung is investing billions of dollars in Macau, is in advanced talks to build a $1US.5 billion casino resort in the Philippines.
Mr Packer has emerged as the previously undisclosed owner of Bloombury Investments, a British Virgin Islands firm that is one of four private developers recently tipped by state-owned Philippine Amusement & Gaming Corp (Pagcor) to receive a gaming licence for a cluster of Las Vegas-style mega resorts at Manila Bay, according to Pagcor president and chief operating officer Rafael Butch Francisco.
Bloomsbury has already submitted a $100US million deposit towards plans to develop a 1,700-room resort and convention centre complex that may include a 1,000-room hotel tower bearing Mr Packer's flagship Crown brand......"
for the complete story
Packer in talks to build $1US.5b casino resort in the Philippines
Neil Gough -- South China Morning Post, June 16, 2008 Monday
"James Packer, the Australian gaming and media magnate whose joint venture with Lawrence Ho Yau-lung is investing billions of dollars in Macau, is in advanced talks to build a $1US.5 billion casino resort in the Philippines.
Mr Packer has emerged as the previously undisclosed owner of Bloombury Investments, a British Virgin Islands firm that is one of four private developers recently tipped by state-owned Philippine Amusement & Gaming Corp (Pagcor) to receive a gaming licence for a cluster of Las Vegas-style mega resorts at Manila Bay, according to Pagcor president and chief operating officer Rafael Butch Francisco.
Bloomsbury has already submitted a $100US million deposit towards plans to develop a 1,700-room resort and convention centre complex that may include a 1,000-room hotel tower bearing Mr Packer's flagship Crown brand......"
for the complete story
AH&LA lodging survey 2008
Press Release from the American Hotel and Lodging Association (6/16):
2008 AH&LA LODGING SURVEY STATISTICS SUPPORT NEW HOTEL TRENDS
Survey of More Than 10,000 U.S. Properties Unveils Trends in Technology, Health- and Eco-Conscious Travel
"Washington, June 16, 2006 – The American Hotel & Lodging Association (AH&LA) releases its 2008 Lodging Survey, one of the most comprehensive industry-wide surveys of its kind, revealing notable trends in all segments of U.S. hotels. Funded by the American Hotel & Lodging Educational Foundation (AH&LEF) and conducted by Smith Travel Research, the research analyzes feedback from more than 10,000 U.S. hotel properties polled in more than 100 areas of hotels, including types of in-room amenities, security and technology features, food and beverage options, number of beds, guest services, and property offerings. Additionally, this year’s survey included green initiative analysis for the first time.
Among the many major findings, the survey revealed the following:
New technologies are becoming more common:
Wireless Internet access is represented in 91 percent of responding properties, up 35 percent from just four years earlier;
The number of hotels that charge for in-room Internet use is on the decline. Sixteen percent of hotels charge for this service, down from 19 percent in 2006 and 22 percent in 2004;
35 percent of respondents offer iPod docking stations in-room; Upper upscale (76 percent) and luxury hotels (58 percent) are the most likely to offer this new amenity.
Hotels are getting healthier:
Seventy-nine percent of responding properties have an exercise room and/or fitness facility, and 77 percent of these are complimentary for guests;
The number of respondents who offer vegetarian menu options rose 16 percentage points to 48 percent. The number of hotels offering ‘healthy menu’ options also rose 15 points to 66 percent;
Twenty-four percent of respondents offer allergy-free hotel rooms.
Properties are shading operations with a greener hue:
Sixty-eight percent of properties report using energy-efficient lighting;
Twenty-one percent of respondents are planning to incorporate Leadership in Energy & Environmental Design (LEED) standards into their properties in the next 12 months; Twenty percent note they have already incorporated LEED elements during the past 12 months." ...
“We are thrilled that this study has been recognized as one of the most comprehensive analyses of the total domestic lodging industry, and has been since the Educational Foundation began its funding in 1998,” said Joori Jeon, CPA, CAE, AH&LEF president/COO. “To date, AH&LEF's research program has funded more than $2.4 million in like research studies to benefit the industry.” ..........
for the complete press release -- only members can access the report but individual segments may be purchased.
2008 AH&LA LODGING SURVEY STATISTICS SUPPORT NEW HOTEL TRENDS
Survey of More Than 10,000 U.S. Properties Unveils Trends in Technology, Health- and Eco-Conscious Travel
"Washington, June 16, 2006 – The American Hotel & Lodging Association (AH&LA) releases its 2008 Lodging Survey, one of the most comprehensive industry-wide surveys of its kind, revealing notable trends in all segments of U.S. hotels. Funded by the American Hotel & Lodging Educational Foundation (AH&LEF) and conducted by Smith Travel Research, the research analyzes feedback from more than 10,000 U.S. hotel properties polled in more than 100 areas of hotels, including types of in-room amenities, security and technology features, food and beverage options, number of beds, guest services, and property offerings. Additionally, this year’s survey included green initiative analysis for the first time.
Among the many major findings, the survey revealed the following:
New technologies are becoming more common:
Wireless Internet access is represented in 91 percent of responding properties, up 35 percent from just four years earlier;
The number of hotels that charge for in-room Internet use is on the decline. Sixteen percent of hotels charge for this service, down from 19 percent in 2006 and 22 percent in 2004;
35 percent of respondents offer iPod docking stations in-room; Upper upscale (76 percent) and luxury hotels (58 percent) are the most likely to offer this new amenity.
Hotels are getting healthier:
Seventy-nine percent of responding properties have an exercise room and/or fitness facility, and 77 percent of these are complimentary for guests;
The number of respondents who offer vegetarian menu options rose 16 percentage points to 48 percent. The number of hotels offering ‘healthy menu’ options also rose 15 points to 66 percent;
Twenty-four percent of respondents offer allergy-free hotel rooms.
Properties are shading operations with a greener hue:
Sixty-eight percent of properties report using energy-efficient lighting;
Twenty-one percent of respondents are planning to incorporate Leadership in Energy & Environmental Design (LEED) standards into their properties in the next 12 months; Twenty percent note they have already incorporated LEED elements during the past 12 months." ...
“We are thrilled that this study has been recognized as one of the most comprehensive analyses of the total domestic lodging industry, and has been since the Educational Foundation began its funding in 1998,” said Joori Jeon, CPA, CAE, AH&LEF president/COO. “To date, AH&LEF's research program has funded more than $2.4 million in like research studies to benefit the industry.” ..........
for the complete press release -- only members can access the report but individual segments may be purchased.
Philadelphia Convention Center drives development
from this morning's GlobeSt (6/17):
Last updated: June 16, 2008 03:06pm
Expanded Convention Center Drives Development
By Brianne Harrison
"PHILADELPHIA-The Pennsylvania Convention Center has long been an economic driver for Center City Philadelphia, drawing more than one million visitors a year to the area. Now that the convention center is being expanded, its economic impact on the city could be huge." ...
"Once the expansion is complete, the convention center will boast the largest contiguous exhibit space in the northeast, at 541,000 sf as well as the largest convention center ballroom on the east coast, at 60,000 sf. Total exhibit hall space will be raised from its current 440,000 sf to 700,000 sf. The $700 million project is scheduled for completion in 2010.
With so many more people coming to the convention center, hotel growth in the area is set to boom. "This will stimulate hotel growth, because we have to have it," Ferguson tells GlobeSt.com. "We see somewhere in the neighborhood of 2,200 to 2,500 new hotel rooms coming to Center City Philadelphia, particularly focused near the convention center." According to Ferguson, 533 rooms are currently being converted from former office space in the area and are expected to open in 2009, just ahead of the convention center’s reopening. In addition, a 55,000-sf site at the corner of Broad and Race Streets is being considered for an 800- to 900-room hotel."
for the complete story
Last updated: June 16, 2008 03:06pm
Expanded Convention Center Drives Development
By Brianne Harrison
"PHILADELPHIA-The Pennsylvania Convention Center has long been an economic driver for Center City Philadelphia, drawing more than one million visitors a year to the area. Now that the convention center is being expanded, its economic impact on the city could be huge." ...
"Once the expansion is complete, the convention center will boast the largest contiguous exhibit space in the northeast, at 541,000 sf as well as the largest convention center ballroom on the east coast, at 60,000 sf. Total exhibit hall space will be raised from its current 440,000 sf to 700,000 sf. The $700 million project is scheduled for completion in 2010.
With so many more people coming to the convention center, hotel growth in the area is set to boom. "This will stimulate hotel growth, because we have to have it," Ferguson tells GlobeSt.com. "We see somewhere in the neighborhood of 2,200 to 2,500 new hotel rooms coming to Center City Philadelphia, particularly focused near the convention center." According to Ferguson, 533 rooms are currently being converted from former office space in the area and are expected to open in 2009, just ahead of the convention center’s reopening. In addition, a 55,000-sf site at the corner of Broad and Race Streets is being considered for an 800- to 900-room hotel."
for the complete story
Smart Growth -- NJ discusses Arlington, VA
from this morning's GlobeSt. 96/17):
Last updated: June 17, 2008 12:14pm
Experts Urge State to Pursue Smart Growth
By Brianne Harrison
"NEW BRUNSWICK, NJ-Panelists and speakers at PlanSmart New Jersey’s Smart Growth Economy Project Conference agreed that smart growth is the way of the future and is the best method of producing socially, economically and environmentally healthy communities. New Jersey, with its dense population and strong rail lines, could become a smart growth leader if the state puts its mind to it." ....
"To illustrate his point, Anderson contrasted the smart growth area of Arlington, VA with the growth patterns that have become typical in many areas in recent years. Arlington features high-density development surrounding metro stations, with some low-density development nearby to provide housing choices. Most towns in the US have developed with sprawl patterns—shopping in a separate area off of a major road, with housing cut off from retail. This arrangement forced people into cars, resulting in more pollution, traffic and obesity due to a decline in daily exercise." ...
for the complete story
Smart growth envisions mixed-use environments with a variety of transportation modes, including public transport, bike trails and sidewalks. Demand for this type of community is strong, according to Anderson, research shows that one-third of people want smart growth, and that demand for detached homes on large lots has dropped while demand for attached or small homes on small lots has risen to exceed supply.
Such communities tend to have healthier residents with more disposable income, and they are more environmentally friendly. Densely developed areas tend to be much more efficient than suburbs when it comes to CO2 emissions, according to Anderson, and people who live in walkable communities are 7% less likely to be obese. Those who live near public transportation also spend less overall on transport, giving them more disposable income. High-density development can be a boon for the tax base as well: Anderson explained that Arlington hosts 30-million sf of development on only two square miles of land, and that 33% of the area’s tax revenue comes from only 7.6% of its land.
Last updated: June 17, 2008 12:14pm
Experts Urge State to Pursue Smart Growth
By Brianne Harrison
"NEW BRUNSWICK, NJ-Panelists and speakers at PlanSmart New Jersey’s Smart Growth Economy Project Conference agreed that smart growth is the way of the future and is the best method of producing socially, economically and environmentally healthy communities. New Jersey, with its dense population and strong rail lines, could become a smart growth leader if the state puts its mind to it." ....
"To illustrate his point, Anderson contrasted the smart growth area of Arlington, VA with the growth patterns that have become typical in many areas in recent years. Arlington features high-density development surrounding metro stations, with some low-density development nearby to provide housing choices. Most towns in the US have developed with sprawl patterns—shopping in a separate area off of a major road, with housing cut off from retail. This arrangement forced people into cars, resulting in more pollution, traffic and obesity due to a decline in daily exercise." ...
for the complete story
Smart growth envisions mixed-use environments with a variety of transportation modes, including public transport, bike trails and sidewalks. Demand for this type of community is strong, according to Anderson, research shows that one-third of people want smart growth, and that demand for detached homes on large lots has dropped while demand for attached or small homes on small lots has risen to exceed supply.
Such communities tend to have healthier residents with more disposable income, and they are more environmentally friendly. Densely developed areas tend to be much more efficient than suburbs when it comes to CO2 emissions, according to Anderson, and people who live in walkable communities are 7% less likely to be obese. Those who live near public transportation also spend less overall on transport, giving them more disposable income. High-density development can be a boon for the tax base as well: Anderson explained that Arlington hosts 30-million sf of development on only two square miles of land, and that 33% of the area’s tax revenue comes from only 7.6% of its land.
Tuesday, June 10, 2008
Thursday, June 5, 2008
retail and real estate news
Shopping Centers Today (May): NY’s American Museum of Natural History partnering to open exhibits in malls; Wal-Mart Mexico goes green; Merlin bringing small Legolands to malls; Village Roadshow cinemas and luxury movies at malls; luxury retail in Europe; Simon Property Group and the Mills Corp an update; luxury branded retail moving into Latin America—part of a series on articles on various types of retail in Latin America; space reuse exhibit; medical center moves into Minneapolis mall; Puerto Rico’s retail growing; USGBC and LEED for retail; retail and the Calgary Stampede
Value Retail News (May): Canadian outlet industry; U.S. outlet centers report pt.2; Houston Premium Outlets; Tanger Center expansion at Gonzales, LA; Disney taking back its retail stores; greening centers
Retail Traffic (April): considering new tenant types for vacant mall space; luxury retail; Gulf States recovery report
National Real Estate Investor (April): Salt Lake City proposed mixed-use City Creek Center project; Bronx development boom
Shopping Center Business (April): Forest City projects plans
Shopping Center Business (May): Chicago’s mixed-use landscape; Forest City lifestyle development Temecula Promenade; Raleigh Triangle gets major lifestyle development; Crate and Barrel new branding; Regency Centers pushing green; Royal Hawaiian going luxury; Merlin Entertainments bringing new leisure centers to malls; Meadowlands Xanadu; small format mixed use; mixed use in India and China; mixed use Anaheim GardenWalk; mixed use trends; Tucson The Bridges; retail and food sales – farmers markets, grocers, etc; Americana Glendale; NIMBY opposition continues; urban lifestyle legal issues
Retail Traffic (May): Simon and the Mills; France primed for retail expansion; mixed use development delays; colleges moving into retail spaces; subprime looks at retail in Detroit, Las Vegas, and Stockton
Value Retail News (May): Canadian outlet industry; U.S. outlet centers report pt.2; Houston Premium Outlets; Tanger Center expansion at Gonzales, LA; Disney taking back its retail stores; greening centers
Retail Traffic (April): considering new tenant types for vacant mall space; luxury retail; Gulf States recovery report
National Real Estate Investor (April): Salt Lake City proposed mixed-use City Creek Center project; Bronx development boom
Shopping Center Business (April): Forest City projects plans
Shopping Center Business (May): Chicago’s mixed-use landscape; Forest City lifestyle development Temecula Promenade; Raleigh Triangle gets major lifestyle development; Crate and Barrel new branding; Regency Centers pushing green; Royal Hawaiian going luxury; Merlin Entertainments bringing new leisure centers to malls; Meadowlands Xanadu; small format mixed use; mixed use in India and China; mixed use Anaheim GardenWalk; mixed use trends; Tucson The Bridges; retail and food sales – farmers markets, grocers, etc; Americana Glendale; NIMBY opposition continues; urban lifestyle legal issues
Retail Traffic (May): Simon and the Mills; France primed for retail expansion; mixed use development delays; colleges moving into retail spaces; subprime looks at retail in Detroit, Las Vegas, and Stockton
venue and meeting/tradeshow news
M&C (May): cities using sports venues to lure meeting business; Gaylord corp bio and plans; cruise industry; virtual meetings; destination guides on: Northern CA, Boston, Montreal, and Spain
Tradeshow Week “Going Green” special insert issue (4/21)
M&C (April): day meeting spaces; mega spa resorts; Middle Eastern, gulf-area hotel development; destination guides on AZ, Dallas/Ft Worth, San Antonio, Atlantic City, and CA
M&C “Global Planner” special insert issue (April): includes international planner survey for 2008
Tradeshow Week (4/7): Las Vegas Sands’ expansion gets county approval; international exhibition companies see earnings rise; China tradeshow industry up
Venues Today (May): China venues; corporate sponsorships of US and Australian festivals
Tradeshow Week (5/12): NY expansion to Pier 94; Morial convention center rebranding; Phoenix Convention center going solar; Q1 earnings down for Boyd, Gaylord, and Sands; city review of Las Vegas
Tradeshow Week “Going Green” special insert issue (4/21)
M&C (April): day meeting spaces; mega spa resorts; Middle Eastern, gulf-area hotel development; destination guides on AZ, Dallas/Ft Worth, San Antonio, Atlantic City, and CA
M&C “Global Planner” special insert issue (April): includes international planner survey for 2008
Tradeshow Week (4/7): Las Vegas Sands’ expansion gets county approval; international exhibition companies see earnings rise; China tradeshow industry up
Venues Today (May): China venues; corporate sponsorships of US and Australian festivals
Tradeshow Week (5/12): NY expansion to Pier 94; Morial convention center rebranding; Phoenix Convention center going solar; Q1 earnings down for Boyd, Gaylord, and Sands; city review of Las Vegas
Tuesday, June 3, 2008
local, regional, and state news
New Orleans City Business (5/5): multi-body collaboration for focused economic development announced
New Orleans City Business Journal (5/12): French Quarter parking meters for rent; Jazz Fest vendor sales report; housing costs for green homes
Los Angeles Business Journal (5/12): L.A. stadium-retail plans; home sales up, prices down; Newhall land development in trouble
Crain’s Chicago Business (5/12): big box and other retail gaps on Miracle Mile
San Diego Business Journal (5/12): Navy Broadway Project over another hurdle; Lindbergh Field improvement plans approved; list of the biggest construction projects in the area
California Real Estate Journal (5/19): large hotel proposed for Petco Park (San Diego); green buildings in demand for investors; special section on retail (including: Westfield, redevelopment, mixed use, Caruso Americana in Pasadena, big box changes, home improvement segment, etc.)
Indian Country Today (5/7); Gun Lake Tribe (MI) wins court battle for casino development rights
California Real Estate Journal (5/5): state hotel outlook; Victor Valley loses corridor funding; SF Exploratorium move; Dodgers announce stadium improvements; TOD
Los Angeles Business Journal (5/5): Americana mall (Glendale) opening changes other area retail; Santa Monica Pier’s new wheel; lawyer writes on offsetting green construction costs
Orange County Business Journal (5/5): feature section on tourism
San Fernando Valley Business Journal (5/12): Americana mall’s problems with housing and parking (Glendale)
San Diego Business Journal (5/26): San Diego Civic Center development finalists; special feature on business travel/commuting and sustainability concerns
Crain’s Chicago Business (5/5): Cub’s sale planned for August
San Fernando Valley Business Journal (5/26): Santa Clarita wins state award for best economic development plan
Crain’s Chicago Business (5/19): Mike Ditka in branding deal for FL condo-hotel resorts
San Diego Business Journal (5/19): CVB predicting lower than usual rise in hotel room rates
New Orleans City Business Journal (5/12): French Quarter parking meters for rent; Jazz Fest vendor sales report; housing costs for green homes
Los Angeles Business Journal (5/12): L.A. stadium-retail plans; home sales up, prices down; Newhall land development in trouble
Crain’s Chicago Business (5/12): big box and other retail gaps on Miracle Mile
San Diego Business Journal (5/12): Navy Broadway Project over another hurdle; Lindbergh Field improvement plans approved; list of the biggest construction projects in the area
California Real Estate Journal (5/19): large hotel proposed for Petco Park (San Diego); green buildings in demand for investors; special section on retail (including: Westfield, redevelopment, mixed use, Caruso Americana in Pasadena, big box changes, home improvement segment, etc.)
Indian Country Today (5/7); Gun Lake Tribe (MI) wins court battle for casino development rights
California Real Estate Journal (5/5): state hotel outlook; Victor Valley loses corridor funding; SF Exploratorium move; Dodgers announce stadium improvements; TOD
Los Angeles Business Journal (5/5): Americana mall (Glendale) opening changes other area retail; Santa Monica Pier’s new wheel; lawyer writes on offsetting green construction costs
Orange County Business Journal (5/5): feature section on tourism
San Fernando Valley Business Journal (5/12): Americana mall’s problems with housing and parking (Glendale)
San Diego Business Journal (5/26): San Diego Civic Center development finalists; special feature on business travel/commuting and sustainability concerns
Crain’s Chicago Business (5/5): Cub’s sale planned for August
San Fernando Valley Business Journal (5/26): Santa Clarita wins state award for best economic development plan
Crain’s Chicago Business (5/19): Mike Ditka in branding deal for FL condo-hotel resorts
San Diego Business Journal (5/19): CVB predicting lower than usual rise in hotel room rates
general business news
Forbes (5/5): Atlanta Braves feature
Fortune (5/12): ethanol and biofuels
Business Week (5/26): golf growing
Economist (5/17): Asian tourism
Fortune (5/12): ethanol and biofuels
Business Week (5/26): golf growing
Economist (5/17): Asian tourism
Wednesday, May 28, 2008
OH cities troubled over convention dollars
from the Columbus Dispatch (5/24):
Visitors bureau says it's strapped
Shortfall could put convention dollars at risk, group says
Saturday, May 24, 2008 3:03 AM
By Marla Matzer Rose
THE COLUMBUS DISPATCH
"The group that tries to lure conventions and visitors to Columbus says dwindling coffers have hampered its ability to do its job in the face of growing competition.
Experience Columbus outlined plans this week to lobby political leaders to dedicate more funding to attracting convention business. The group is making a case that it has been shortchanged on hotel bed-tax revenue since 2001, and it is enlisting the support of big convention groups to convince city representatives of the need to back a new convention-center hotel.
The group expects a shortfall of hundreds of thousands of dollars this year because of lagging bed-tax receipts as well as an expected decline in city and county funding." ...
"Among the concerns: losing state-association business to Cleveland, which appears to be moving toward building a new convention center, and being overlooked by big national events because of inadequate hotel space." ...
for the complete story
Visitors bureau says it's strapped
Shortfall could put convention dollars at risk, group says
Saturday, May 24, 2008 3:03 AM
By Marla Matzer Rose
THE COLUMBUS DISPATCH
"The group that tries to lure conventions and visitors to Columbus says dwindling coffers have hampered its ability to do its job in the face of growing competition.
Experience Columbus outlined plans this week to lobby political leaders to dedicate more funding to attracting convention business. The group is making a case that it has been shortchanged on hotel bed-tax revenue since 2001, and it is enlisting the support of big convention groups to convince city representatives of the need to back a new convention-center hotel.
The group expects a shortfall of hundreds of thousands of dollars this year because of lagging bed-tax receipts as well as an expected decline in city and county funding." ...
"Among the concerns: losing state-association business to Cleveland, which appears to be moving toward building a new convention center, and being overlooked by big national events because of inadequate hotel space." ...
for the complete story
Tuesday, May 27, 2008
World zoos and aquariums directory
We're now the proud owners of the international zoos and aquariums directory. It is the closest facsimile to the AZA Directory. Arranged by country, most entries include contact info, number of staff members, exhibit space, annual attendance, number of animals by type, and specialty of the institution. The listings include facilities not open to the public. Also included in a directory of international zoo and aquarium associations and an index by facility name.
Resort hotel development options
from STR's hotel enews (5/27):
Unique Ways For Resorts To Radically Increase Revenue
By David J. Sangree, MAI, CPA, ISHC and Laurel A. Keller
"26 May 2008 | Have you spent much time lately considering ice cream parlors, specialty retail stores, waterslides, or aromatherapy treatments? If so, you could be among a growing number of timeshare resort owners and operators nationwide looking to increase top-line revenue in new and inventive ways. An added amenity such as an indoor waterpark, spa, retail store, or eatery can increase a resort’s overall perceived value to potential owners - resulting in sales at increased point values. Resorts can charge higher maintenance fees as attractions are added, thus passing the cost along to owners. Additionally, resorts with added features can achieve higher annual revenues, especially if those features are available year-round.
Indoor Waterpark Resorts
Hotel & Leisure Advisors (H&LA) defines an indoor waterpark resort as a lodging establishment containing an attached aquatic facility inclusive of amenities such as inner tube slides, body slides, wave pools, water roller coasters, simulated surfboard rides, lazy rivers, and a variety of multi-level indoor water play features. The indoor waterparks are uniquely and heavily themed, offering guests an experience rather than simply an added amenity.
Historically, the primary growth of indoor waterparks in hotels and resorts has taken place in summer vacation-oriented locations. However, indoor waterparks are increasingly being developed in suburban and urban locations. Since the early 1990s, indoor waterpark resorts have been popping up across the United States with escalating frequency. According to Hotel & Leisure Advisors, there were 100 operating indoor waterpark resorts in the U.S. in 21 different states at the end of 2007. These indoor waterparks range in size from 10,000 to 173,000 square feet, averaging 33,172 square feet of indoor aquatic space. The cost to build these large-scale indoor waterparks has ranged from $300 to $500 per square foot of net indoor waterpark space. The cost is highly dependent upon the location, amount of theming, and the attractions included." ....
for the complete story
Unique Ways For Resorts To Radically Increase Revenue
By David J. Sangree, MAI, CPA, ISHC and Laurel A. Keller
"26 May 2008 | Have you spent much time lately considering ice cream parlors, specialty retail stores, waterslides, or aromatherapy treatments? If so, you could be among a growing number of timeshare resort owners and operators nationwide looking to increase top-line revenue in new and inventive ways. An added amenity such as an indoor waterpark, spa, retail store, or eatery can increase a resort’s overall perceived value to potential owners - resulting in sales at increased point values. Resorts can charge higher maintenance fees as attractions are added, thus passing the cost along to owners. Additionally, resorts with added features can achieve higher annual revenues, especially if those features are available year-round.
Indoor Waterpark Resorts
Hotel & Leisure Advisors (H&LA) defines an indoor waterpark resort as a lodging establishment containing an attached aquatic facility inclusive of amenities such as inner tube slides, body slides, wave pools, water roller coasters, simulated surfboard rides, lazy rivers, and a variety of multi-level indoor water play features. The indoor waterparks are uniquely and heavily themed, offering guests an experience rather than simply an added amenity.
Historically, the primary growth of indoor waterparks in hotels and resorts has taken place in summer vacation-oriented locations. However, indoor waterparks are increasingly being developed in suburban and urban locations. Since the early 1990s, indoor waterpark resorts have been popping up across the United States with escalating frequency. According to Hotel & Leisure Advisors, there were 100 operating indoor waterpark resorts in the U.S. in 21 different states at the end of 2007. These indoor waterparks range in size from 10,000 to 173,000 square feet, averaging 33,172 square feet of indoor aquatic space. The cost to build these large-scale indoor waterparks has ranged from $300 to $500 per square foot of net indoor waterpark space. The cost is highly dependent upon the location, amount of theming, and the attractions included." ....
for the complete story
Turkish hotel expansions planned
from Turkish Hotel News (5/23):
Hotel chains seek new facilities
Friday, May 23, 2008
"Chains like Robinson Club, Magic Life and Odeon are looking to operate new hotels in Turkey. The future of toursim is bright, says the Mediterranean Tourist Hoteliers Association (AKTOB) President Sururi Çorabatır.
With the growth of the tourism industry in recent years, hotel investors have been preparing to increase the number of hotels in Turkey.
An increase in early reservations rates from tourists in Europe and Russia has pushed domestic and foreign hotel chains to look toward building and operating more new hotels. In addition to Russian agencies, foreign chains like Robinson Club and Magic Life, part of the TUI Group, and domestic chains like Odeon want to buy independent hotels, especially in southern parts of Turkey. Club Alibey is preparing to invest in an increase in the number of its facilities." ...
for the complete story
Hotel chains seek new facilities
Friday, May 23, 2008
"Chains like Robinson Club, Magic Life and Odeon are looking to operate new hotels in Turkey. The future of toursim is bright, says the Mediterranean Tourist Hoteliers Association (AKTOB) President Sururi Çorabatır.
With the growth of the tourism industry in recent years, hotel investors have been preparing to increase the number of hotels in Turkey.
An increase in early reservations rates from tourists in Europe and Russia has pushed domestic and foreign hotel chains to look toward building and operating more new hotels. In addition to Russian agencies, foreign chains like Robinson Club and Magic Life, part of the TUI Group, and domestic chains like Odeon want to buy independent hotels, especially in southern parts of Turkey. Club Alibey is preparing to invest in an increase in the number of its facilities." ...
for the complete story
Riverfest attendance figures
from the Arkansas Business Journal (5/27):
253,000 Attend Riverfest, Setting New Record
By Amy Riggin
5/27/2008 11:11:01 AM
"A record-setting quarter of a million people spent part of Memorial Day weekend attending Riverfest in downtown Little Rock and North Little Rock.
Figures released after the event showed 253,000 were in attendance at this year's festival held Friday through Sunday, up from 245,000 in 2007. That translates into $1,194,000 in revenue, up from $1,001,000 in 2007." ...
for the complete story
253,000 Attend Riverfest, Setting New Record
By Amy Riggin
5/27/2008 11:11:01 AM
"A record-setting quarter of a million people spent part of Memorial Day weekend attending Riverfest in downtown Little Rock and North Little Rock.
Figures released after the event showed 253,000 were in attendance at this year's festival held Friday through Sunday, up from 245,000 in 2007. That translates into $1,194,000 in revenue, up from $1,001,000 in 2007." ...
for the complete story
Canadian hotel numbers
from Hotels enews (5/27):
Canadian Construction Pipeline At A High
-- Hotels, 5/27/2008 9:55:00 AM
"Portsmouth, NH, USA – Lodging Econometrics (LE), the Global Authority for Hotel Real Estate, announced that Canada’s Construction Pipeline totaled 265 projects and 33,964 guestrooms at the end of Q1 2008, a high for the cycle. LE President Patrick Ford noted, “Hotel construction in Canada has been solid. The total number of guestrooms in the Pipeline grew for an eighth consecutive quarter, and is up 14.2% year-over-year.” All projects included in the LE Pipeline have dedicated land parcels, are being actively pursued by developers and have been verified by the brands.
Ford said, “The total Pipeline appears to have reached its peak, as project and room counts have held steady for the past three quarters. Those to Start Construction in the Next 12 Months, 93 projects/11,649 rooms, and those in Early Planning, 83 projects/9,975 rooms, are at highs for the cycle. Meanwhile, the totals for Under Construction, 89 projects/12,340 rooms, are down from the cyclical peak established in Q2 2007.”
Several Factors Have Developers Becoming Cautious
Certain dynamics have aligned to cause developer caution. The Bank of Canada instituted three consecutive decreases to its key interest rate since December 2007, down a quarterpoint in both December and January, then a further half-point in February, indicating concern about a slowing in the economy. Hotel operating statistics were strong in 2006 and 2007, however, a continued decline in visitors from the United States due to the low US Dollar, higher gasoline costs and reductions in discretionary spending, along with indications that domestic travel is apt to decline as well, mean that guestroom demand is likely to soften moving forward." ....
for the complete story
Canadian Construction Pipeline At A High
-- Hotels, 5/27/2008 9:55:00 AM
"Portsmouth, NH, USA – Lodging Econometrics (LE), the Global Authority for Hotel Real Estate, announced that Canada’s Construction Pipeline totaled 265 projects and 33,964 guestrooms at the end of Q1 2008, a high for the cycle. LE President Patrick Ford noted, “Hotel construction in Canada has been solid. The total number of guestrooms in the Pipeline grew for an eighth consecutive quarter, and is up 14.2% year-over-year.” All projects included in the LE Pipeline have dedicated land parcels, are being actively pursued by developers and have been verified by the brands.
Ford said, “The total Pipeline appears to have reached its peak, as project and room counts have held steady for the past three quarters. Those to Start Construction in the Next 12 Months, 93 projects/11,649 rooms, and those in Early Planning, 83 projects/9,975 rooms, are at highs for the cycle. Meanwhile, the totals for Under Construction, 89 projects/12,340 rooms, are down from the cyclical peak established in Q2 2007.”
Several Factors Have Developers Becoming Cautious
Certain dynamics have aligned to cause developer caution. The Bank of Canada instituted three consecutive decreases to its key interest rate since December 2007, down a quarterpoint in both December and January, then a further half-point in February, indicating concern about a slowing in the economy. Hotel operating statistics were strong in 2006 and 2007, however, a continued decline in visitors from the United States due to the low US Dollar, higher gasoline costs and reductions in discretionary spending, along with indications that domestic travel is apt to decline as well, mean that guestroom demand is likely to soften moving forward." ....
for the complete story
Skateboarding participation up for the long term
from the NSGA Research enewsletter (5/27):
Skateboarding 10-Year Winner in Sports Participation Growth
"Among sports and recreation activities that grew more than 15% the past 10 years, skateboarding led the way with a 74.1% growth, according to NSGA. Data contained in NSGA's annual "Sports Participation - Series I and II" reports, which are now available, shows skateboarding grew from 5.8 to 10.1 million participants between 1998 and 2007. Target shooting had the second highest 10-year growth, 63.3% to 20.9 million participants.
Other sports and recreation activities showing more than 15% growth over the 10-year period included snowboarding (41.7% to 5.1 million participants); running/jogging (40.1% to 30.4 million participants); archery target shooting (37.5% to 6.6 million participants); workout at club (27.5% to 33.8 million participants); motor/power boating (24.1% to 31.9 million participants); muzzleloading (16.1% to 3.6 million participants); and exercise walking (15.6% to 89.8 million participants)" ...
Skateboarding 10-Year Winner in Sports Participation Growth
"Among sports and recreation activities that grew more than 15% the past 10 years, skateboarding led the way with a 74.1% growth, according to NSGA. Data contained in NSGA's annual "Sports Participation - Series I and II" reports, which are now available, shows skateboarding grew from 5.8 to 10.1 million participants between 1998 and 2007. Target shooting had the second highest 10-year growth, 63.3% to 20.9 million participants.
Other sports and recreation activities showing more than 15% growth over the 10-year period included snowboarding (41.7% to 5.1 million participants); running/jogging (40.1% to 30.4 million participants); archery target shooting (37.5% to 6.6 million participants); workout at club (27.5% to 33.8 million participants); motor/power boating (24.1% to 31.9 million participants); muzzleloading (16.1% to 3.6 million participants); and exercise walking (15.6% to 89.8 million participants)" ...
Monday, May 19, 2008
Dick Starr in the news
from the Sun Herald (Biloxi, MS) (5/8):
Pelican Landing report reviewed
By DONNA HARRIS
"MOSS POINT -- A study of Pelican Landing Convention Center by an outside consultant shows bigger is better, but doesn't offer funding ideas to make it happen.
Moss Point aldermen Tuesday charged the city's consultant with that duty." ...
"... the report presented by Richard Starr of Economics Research Associates" ...
for the complete story
Pelican Landing report reviewed
By DONNA HARRIS
"MOSS POINT -- A study of Pelican Landing Convention Center by an outside consultant shows bigger is better, but doesn't offer funding ideas to make it happen.
Moss Point aldermen Tuesday charged the city's consultant with that duty." ...
"... the report presented by Richard Starr of Economics Research Associates" ...
for the complete story
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