from this morning's GlobeSt (9/16):
ICSC DISPATCH Last updated: September 16, 2008 07:47am
Green's Coming of Age in Development Circles
By Connie Gore
"DALLAS-With the retail industry eyeing "green" gains on all fronts, the International Council of Shopping Centers has spent two days huddling over built projects, weighing future ones and learning as much about investment intricacies as design. The force behind the movement is coming from tenants.
"Green is essential today in all business," said David Houle, an award-winning author and futurist consultant from Chicago and keynote speaker for ICSC's first greev conference. "Green is now main stream."" ...
for the complete story
Tuesday, September 16, 2008
Jets/Giants stadium naming rights deal off
from this morning's GlobestNJ (9/16):
UPDATE Last updated: September 15, 2008 12:44pm
Naming Rights Deal is Called Off
By Eric Peterson
"EAST RUTHERFORD, NJ-The new under-construction stadium for the NFL’s Giants and Jets will have a naming sponsor, and the final deal aims to be a record transaction, probably in the $600-million range. But that name won’t be Allianz--the Munich, Germany-based financial giant. As reported, the teams’ joint stadium development organization, the New Meadowlands Stadium Co., had been deep in talks with Allianz, with a deal said to be close. But those talks have been broken off by the teams." ...
for the complete story
UPDATE Last updated: September 15, 2008 12:44pm
Naming Rights Deal is Called Off
By Eric Peterson
"EAST RUTHERFORD, NJ-The new under-construction stadium for the NFL’s Giants and Jets will have a naming sponsor, and the final deal aims to be a record transaction, probably in the $600-million range. But that name won’t be Allianz--the Munich, Germany-based financial giant. As reported, the teams’ joint stadium development organization, the New Meadowlands Stadium Co., had been deep in talks with Allianz, with a deal said to be close. But those talks have been broken off by the teams." ...
for the complete story
Sacramento retail market struggling
from Marcus and Millichap (9/12):
SACRAMENTO RETAIL MARKET FEELS
EFFECTS OF SOFTENING ECONOMY
"SACRAMENTO, Calif., Sept. 12, 2008 – In the Sacramento retail market, the ongoing housing downturn and an overall weakened economy have contributed to vacancy rising in each of the past seven quarters, according to a third-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm. Although sales activity is forecast to stay near current levels, eroding corporate profitability may encourage some firms to seek sale-leaseback opportunities in the single-tenant sector as a means to raise capital.
“Investors may want to explore opportunities near redevelopment efforts downtown,” says Robert Hicks, regional manager of the Sacramento office of Marcus & Millichap. “The 240-acre Railyards project, which will contain entertainment space, urban housing, retail product and a hotel, is expected to accelerate area foot traffic upon its completion in 2009.”" ...
for the complete press release
For the complete report on Sacramento retail, contact Ruth.
SACRAMENTO RETAIL MARKET FEELS
EFFECTS OF SOFTENING ECONOMY
"SACRAMENTO, Calif., Sept. 12, 2008 – In the Sacramento retail market, the ongoing housing downturn and an overall weakened economy have contributed to vacancy rising in each of the past seven quarters, according to a third-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm. Although sales activity is forecast to stay near current levels, eroding corporate profitability may encourage some firms to seek sale-leaseback opportunities in the single-tenant sector as a means to raise capital.
“Investors may want to explore opportunities near redevelopment efforts downtown,” says Robert Hicks, regional manager of the Sacramento office of Marcus & Millichap. “The 240-acre Railyards project, which will contain entertainment space, urban housing, retail product and a hotel, is expected to accelerate area foot traffic upon its completion in 2009.”" ...
for the complete press release
For the complete report on Sacramento retail, contact Ruth.
San Diego high but falling in rental market
from this morning's San Diego Business Journal (9/16):
San Diego Still Among Top 10 Rental Markets
By MICHELLE MOWAD - 9/15/2008
San Diego Business Journal Staff
"San Diego fell five spots to rank as the 10th best apartment market in the nation for rentals, according to Marcus & Millichap’s annual apartment report released this month.
The firm said tight conditions and healthy revenue growth kept San Diego in the top 10, but said cooling employment growth resulted in the drop in the rankings.
Marcus & Millichap explained that the local apartment market is expected to post modest improvements this year.
It said expensive homes and a more conservative lending environment will continue to drive the demand for apartments this year.
In addition, rising building costs will again restrain construction of new apartments.
Some 1,200 units will be delivered in San Diego in 2008 compared with 900 units last year.
San Diego also ranked in the top 10 of markets with the lowest vacancy rates, according to Marcus & Millichap." ...
for the complete story
For the complete report on the San Diego apartment market, contact Ruth.
San Diego Still Among Top 10 Rental Markets
By MICHELLE MOWAD - 9/15/2008
San Diego Business Journal Staff
"San Diego fell five spots to rank as the 10th best apartment market in the nation for rentals, according to Marcus & Millichap’s annual apartment report released this month.
The firm said tight conditions and healthy revenue growth kept San Diego in the top 10, but said cooling employment growth resulted in the drop in the rankings.
Marcus & Millichap explained that the local apartment market is expected to post modest improvements this year.
It said expensive homes and a more conservative lending environment will continue to drive the demand for apartments this year.
In addition, rising building costs will again restrain construction of new apartments.
Some 1,200 units will be delivered in San Diego in 2008 compared with 900 units last year.
San Diego also ranked in the top 10 of markets with the lowest vacancy rates, according to Marcus & Millichap." ...
for the complete story
For the complete report on the San Diego apartment market, contact Ruth.
Monday, September 15, 2008
Asian domestic tourism
Cushman and Wakefield has issued a new report (9/2008) on domestic tourism within Asia. Contact Ruth if you want to know more.
San Diego Corridor--development bright spot
from this afternoon's GlobeSt (9/15):
Last updated: September 12, 2008 09:33pm
I-15 Corridor Leads San Diego County
By Bob Howard
"SAN DIEGO-All of its neighboring submarkets have registered negative activity thus far this year, but the I-15 Corridor has managed to absorb 188,589 sf of office space during tough times economically and a generally flat-to-down trend in leasing throughout San Diego County. News of the performance of the Interstate 15 Corridor-- which is the main north-south artery--is painted as a "growing bright spot" in a Cushman & Wakefield Inc. report.
The just-released C&W report shows the I-15 Corridor led all areas of the county with its direct positive absorption. The next best-performing area was Carlsbad with 119,416 sf of positive absorption. All other submarkets reported negative activity "as the county continues to adjust to corporate belt-tightening in the wake of slower economic growth," the C&W team says.
Among the high-profile tenants taking space in the corridor are Sony, Yahoo! and the Paradigm Group, all of which are expanding their San Diego presences with locations at the Point in Rancho Bernardo. Chase Manhattan has reaffirmed its commitment to the area by renewing its 127,000-sf lease in Bernardo Heights Corporate Center." ...
for the complete story
Last updated: September 12, 2008 09:33pm
I-15 Corridor Leads San Diego County
By Bob Howard
"SAN DIEGO-All of its neighboring submarkets have registered negative activity thus far this year, but the I-15 Corridor has managed to absorb 188,589 sf of office space during tough times economically and a generally flat-to-down trend in leasing throughout San Diego County. News of the performance of the Interstate 15 Corridor-- which is the main north-south artery--is painted as a "growing bright spot" in a Cushman & Wakefield Inc. report.
The just-released C&W report shows the I-15 Corridor led all areas of the county with its direct positive absorption. The next best-performing area was Carlsbad with 119,416 sf of positive absorption. All other submarkets reported negative activity "as the county continues to adjust to corporate belt-tightening in the wake of slower economic growth," the C&W team says.
Among the high-profile tenants taking space in the corridor are Sony, Yahoo! and the Paradigm Group, all of which are expanding their San Diego presences with locations at the Point in Rancho Bernardo. Chase Manhattan has reaffirmed its commitment to the area by renewing its 127,000-sf lease in Bernardo Heights Corporate Center." ...
for the complete story
CBS opens themed restaurant adjacent to Gillette Stadium
from this afternoon's Nation's Restaurant News (9/15):
CBS debuts restaurant near football stadium
"FOXBOROUGH, Mass. (Sept. 8, 2008) Media conglomerate CBS Corp. said it has opened CBS Scene Restaurant & Bar, a 15,000-square-foot casual-dining and entertainment venue near Gillette Stadium, the home of the New England Patriots football team." ...
"CBS Scene, which opened Monday, sports a locally inspired menu of American dishes that was created by executive chef Brian Corbley. Menu prices range from $6.50 to $11.50 for appetizers and $14.75 to $29.50 for entrees.
The restaurant is housed in a three-story space and features more than 135 TV screens that show current and classic programs produced by CBS. The media company said the restaurant could accommodate 900 customers." ...
for the complete story
CBS debuts restaurant near football stadium
"FOXBOROUGH, Mass. (Sept. 8, 2008) Media conglomerate CBS Corp. said it has opened CBS Scene Restaurant & Bar, a 15,000-square-foot casual-dining and entertainment venue near Gillette Stadium, the home of the New England Patriots football team." ...
"CBS Scene, which opened Monday, sports a locally inspired menu of American dishes that was created by executive chef Brian Corbley. Menu prices range from $6.50 to $11.50 for appetizers and $14.75 to $29.50 for entrees.
The restaurant is housed in a three-story space and features more than 135 TV screens that show current and classic programs produced by CBS. The media company said the restaurant could accommodate 900 customers." ...
for the complete story
San Diego Cross-border terminal prospects
from this morning's San Diego Business Journal (9/15):
‘If We Build It, They Will Come’
By MICHELLE MOWAD - 9/15/2008
San Diego Business Journal Staff
"A cross-border terminal in South County has been a slow moving effort for more than a decade, but recently investors took a big step forward in ferrying air travelers from the U.S. into Tijuana’s Gen. Abelardo L. Rodriguez Airport.
A group of Mexican and American investors, largely backed by billionaire real estate mogul and newspaper publisher Sam Zell, purchased 52 acres of undeveloped industrial land at Siempre Viva Road and Britannia Boulevard in Otay Mesa for $34 million earlier this year.
The land was purchased by Otay Tijuana Venture LLC, a limited liability company consisting of Zell’s Equity Group Investments, a private investment firm, and several private Mexican investors, including shareholders and board members of Grupo Aeroportuario del Pacifico, or GAP, the private operator of 12 airports in Mexico, including Tijuana’s international airport." ....
for the complete story
‘If We Build It, They Will Come’
By MICHELLE MOWAD - 9/15/2008
San Diego Business Journal Staff
"A cross-border terminal in South County has been a slow moving effort for more than a decade, but recently investors took a big step forward in ferrying air travelers from the U.S. into Tijuana’s Gen. Abelardo L. Rodriguez Airport.
A group of Mexican and American investors, largely backed by billionaire real estate mogul and newspaper publisher Sam Zell, purchased 52 acres of undeveloped industrial land at Siempre Viva Road and Britannia Boulevard in Otay Mesa for $34 million earlier this year.
The land was purchased by Otay Tijuana Venture LLC, a limited liability company consisting of Zell’s Equity Group Investments, a private investment firm, and several private Mexican investors, including shareholders and board members of Grupo Aeroportuario del Pacifico, or GAP, the private operator of 12 airports in Mexico, including Tijuana’s international airport." ....
for the complete story
Sports Illustrated opens retail outlet
from this morning's Street and Smith's Sports Business Journal (9/15):
SI enters retail market with Detroit location
By TERRY LEFTON
Staff writer
Published September 15, 2008 : Page 04
"Sports Illustrated is extending its 54-year-old brand to retail for the first time, with an SI store scheduled to open this month in the new North Terminal at Detroit’s Metro Airport.
The 831-square-foot shop will sell a variety of licensed merchandise bearing logos of local Michigan pro and college teams, as well as SI-branded publishing-oriented licensed goods, such as calendars, books and posters. Interactive kiosks will allow shoppers to log onto SI.com, and flat-screen televisions will show live and taped sports programming.
The store is being launched under a multiyear commitment with Delaware North Cos. and could serve as the prototype for similar locations, as new airport terminals open in Los Angeles and other markets during the next year. Delaware North has a broad sports footprint, as it is the owner of the TD Banknorth Garden and the Boston Bruins, and its Sportservice concessions group has operations at multiple pro sporting venues." ...
for the complete story with a table of other sports brands with retail outlets
SI enters retail market with Detroit location
By TERRY LEFTON
Staff writer
Published September 15, 2008 : Page 04
"Sports Illustrated is extending its 54-year-old brand to retail for the first time, with an SI store scheduled to open this month in the new North Terminal at Detroit’s Metro Airport.
The 831-square-foot shop will sell a variety of licensed merchandise bearing logos of local Michigan pro and college teams, as well as SI-branded publishing-oriented licensed goods, such as calendars, books and posters. Interactive kiosks will allow shoppers to log onto SI.com, and flat-screen televisions will show live and taped sports programming.
The store is being launched under a multiyear commitment with Delaware North Cos. and could serve as the prototype for similar locations, as new airport terminals open in Los Angeles and other markets during the next year. Delaware North has a broad sports footprint, as it is the owner of the TD Banknorth Garden and the Boston Bruins, and its Sportservice concessions group has operations at multiple pro sporting venues." ...
for the complete story with a table of other sports brands with retail outlets
Las Vegas arena development consortium (proving Jerry Bruckheimer is behind everything)
from this morning's Street and Smith's Sports Business Journal (9/15):
Harrah’s out of group building Vegas arena, sources say
By DON MURET & TRIPP MICKLE
Staff writers
Published September 15, 2008 : Page 03
"The joint venture AEG formed with Harrah’s in 2007 to build and operate a new major league arena in Las Vegas no longer includes the casino operator, two sources with inside knowledge of the deal said.
Instead, a consortium whose goal is to bring an NHL expansion team to the proposed 20,000-seat facility in 2010 has stepped into the role as a primary investor, the two sources said. The new arena would effectively replace 25-year-old Thomas and Mack Center.
That group, which other sources said is composed of Hollywood producer Jerry Bruckheimer, MGM Studios CEO Harry Sloan and Wall Street financier David Bonderman, has joined AEG in assuming the risk to build a $500 million arena." ...
for the complete story
Harrah’s out of group building Vegas arena, sources say
By DON MURET & TRIPP MICKLE
Staff writers
Published September 15, 2008 : Page 03
"The joint venture AEG formed with Harrah’s in 2007 to build and operate a new major league arena in Las Vegas no longer includes the casino operator, two sources with inside knowledge of the deal said.
Instead, a consortium whose goal is to bring an NHL expansion team to the proposed 20,000-seat facility in 2010 has stepped into the role as a primary investor, the two sources said. The new arena would effectively replace 25-year-old Thomas and Mack Center.
That group, which other sources said is composed of Hollywood producer Jerry Bruckheimer, MGM Studios CEO Harry Sloan and Wall Street financier David Bonderman, has joined AEG in assuming the risk to build a $500 million arena." ...
for the complete story
Sports sponsors and "official" designations
from this morning's Street and Smith's Sports Business Journal (9/15):
Finding value in the smallest of designations
By TERRY LEFTON
Staff writer
Published September 15, 2008 : Page 28
"They can be an integral part of even the highest-priced sports sponsorship, like Sprint’s moniker as “official telecommunications company of NASCAR.” Or they can be excruciatingly banal, like Mexican restaurant chain Rubio’s dubious claim as “the official fish taco of the San Diego Padres,” or Flanagan Krrrrisp, “the official sauerkraut of Lambeau Field.”
They are official designations, and while they are a fundamental part of any sports property’s inventory, their value continues to be debated.
“For NASCAR, designations are an authenticator, so for us they may be more important than ever,” said Jim O’Connell, vice president of corporate marketing at NASCAR.
In addition to major sponsor designations such as official bank (Bank of America) and official fuel (Sunoco), NASCAR has an “official frequent heartburn remedy” (Prilosec) and an “official cheese-filled snack” (Combos)." ...
"Of course the bottom line is that, just as with all sports marketing, any designation is only as good as the activation supporting it. Former NHL CMO Andrew Judelson acknowledged, for example, that making Fisher the official nut of the 2004 NHL All-Star Game started as a simple cash grab. However, the company’s “Nuttiest Fan of the Game” promo made sense." ...
for the complete story (including the Official Pudding of the NY Mets-- come on, you know you want to know)
Finding value in the smallest of designations
By TERRY LEFTON
Staff writer
Published September 15, 2008 : Page 28
"They can be an integral part of even the highest-priced sports sponsorship, like Sprint’s moniker as “official telecommunications company of NASCAR.” Or they can be excruciatingly banal, like Mexican restaurant chain Rubio’s dubious claim as “the official fish taco of the San Diego Padres,” or Flanagan Krrrrisp, “the official sauerkraut of Lambeau Field.”
They are official designations, and while they are a fundamental part of any sports property’s inventory, their value continues to be debated.
“For NASCAR, designations are an authenticator, so for us they may be more important than ever,” said Jim O’Connell, vice president of corporate marketing at NASCAR.
In addition to major sponsor designations such as official bank (Bank of America) and official fuel (Sunoco), NASCAR has an “official frequent heartburn remedy” (Prilosec) and an “official cheese-filled snack” (Combos)." ...
"Of course the bottom line is that, just as with all sports marketing, any designation is only as good as the activation supporting it. Former NHL CMO Andrew Judelson acknowledged, for example, that making Fisher the official nut of the 2004 NHL All-Star Game started as a simple cash grab. However, the company’s “Nuttiest Fan of the Game” promo made sense." ...
for the complete story (including the Official Pudding of the NY Mets-- come on, you know you want to know)
Sports sponsorhip directory
from today's Street and Smith's Sports Business Journal (9/15):
tables listing the sponsors for major sports can be found st the Street and Smith's website
tables listing the sponsors for major sports can be found st the Street and Smith's website
Base RFP announced -- Oakland, CA
from this morning's GlobeSt (9/15);
UPDATE Last updated: September 15, 2008 10:20am
RFP Due for 108-Acre Army Base Redevelopment
By Brian K. Miller
"OAKLAND, CA-The City Council this week is set to finalize an RFP for a 108-acre redevelopment of the former Oakland Army Base at the foot of the Bay Bridge in West Oakland. The would-be master developers, five well known names that were chosen earlier this year via an RFQ, will receive the document in the next 30 days and have until February to create a winning proposal." ...
for the complete story
UPDATE Last updated: September 15, 2008 10:20am
RFP Due for 108-Acre Army Base Redevelopment
By Brian K. Miller
"OAKLAND, CA-The City Council this week is set to finalize an RFP for a 108-acre redevelopment of the former Oakland Army Base at the foot of the Bay Bridge in West Oakland. The would-be master developers, five well known names that were chosen earlier this year via an RFQ, will receive the document in the next 30 days and have until February to create a winning proposal." ...
for the complete story
Las Vegas CVA and the new economy
from this morning's Tradeshow Week (9/15):
Hunkering Down in Bad Times …
Diane Taylor -- Tradeshow Week, 9/12/2008 11:45:00 AM
"What does a major convention and tourist destination do in bad times? It hunkers down, tightens its belt, gets creative and recognizes that it still must plan for better days ahead.
Such was the subject at the Sept. 9 meeting of the Las Vegas Convention and Visitors Authority board of directors.
Outside the boardroom, construction equipment occupied most of the Las Vegas Convention Center Silver parking lots as utility work began on part of the $890 million master plan enhancement program.
Inside, LVCVA President & CEO Rossi Ralenkotter noted that the current economic climate was one of the most demanding he had faced in his 35 years with the bureau.
He pointed to an “imperfect storm” of factors causing concern: rising oil prices, inflation, unemployment, weakening consumer confidence, the loss of 75,000 airline seats per week because of a 13-percent reduction in flights to McCarran Intl. Airport and a projected addition of 9,200 new hotel rooms by early next year." ...
for the complete story
Hunkering Down in Bad Times …
Diane Taylor -- Tradeshow Week, 9/12/2008 11:45:00 AM
"What does a major convention and tourist destination do in bad times? It hunkers down, tightens its belt, gets creative and recognizes that it still must plan for better days ahead.
Such was the subject at the Sept. 9 meeting of the Las Vegas Convention and Visitors Authority board of directors.
Outside the boardroom, construction equipment occupied most of the Las Vegas Convention Center Silver parking lots as utility work began on part of the $890 million master plan enhancement program.
Inside, LVCVA President & CEO Rossi Ralenkotter noted that the current economic climate was one of the most demanding he had faced in his 35 years with the bureau.
He pointed to an “imperfect storm” of factors causing concern: rising oil prices, inflation, unemployment, weakening consumer confidence, the loss of 75,000 airline seats per week because of a 13-percent reduction in flights to McCarran Intl. Airport and a projected addition of 9,200 new hotel rooms by early next year." ...
for the complete story
Friday, September 12, 2008
Chicago 2016 bid
from this afternoon's Crain's Chicago Business (9/12):
Chicago’s Olympics bid about changing image: 2016 chief
By John Pletz
Sept. 12, 2008
"(Crain’s) — After two trips to Beijing in the past six weeks, Patrick G. Ryan is more convinced than ever that Chicago’s best chance for winning its bid to host the Olympics is geography — hosting the games in a relatively compact swath of land along the lakefront near the city’s hotels, museums and other attractions.
“If you look at Beijing, the games were far out,” Mr. Ryan, CEO of the Chicago 2016 bid committee, told the Executives’ Club of Chicago on Friday morning. “London’s will be at the East End. And that’s OK. But in Chicago, they can be in the center city.” Mr. Ryan unveiled Chicago’s slogan — “In the center of the city, in the heart of a nation” — in a video used to market the city’s bid. The bid committee will underscore the point even more in the next few months as it revises its plans for the games before submitting a final proposal to the International Olympic Committee in February. Mr. Ryan says Chicago doesn’t expect major changes to its bid.
The city is competing against Tokyo, Madrid and Rio de Janeiro to host the Summer Games eight years from now. The decision will be made in October 2009." ...
for the complete story
Chicago’s Olympics bid about changing image: 2016 chief
By John Pletz
Sept. 12, 2008
"(Crain’s) — After two trips to Beijing in the past six weeks, Patrick G. Ryan is more convinced than ever that Chicago’s best chance for winning its bid to host the Olympics is geography — hosting the games in a relatively compact swath of land along the lakefront near the city’s hotels, museums and other attractions.
“If you look at Beijing, the games were far out,” Mr. Ryan, CEO of the Chicago 2016 bid committee, told the Executives’ Club of Chicago on Friday morning. “London’s will be at the East End. And that’s OK. But in Chicago, they can be in the center city.” Mr. Ryan unveiled Chicago’s slogan — “In the center of the city, in the heart of a nation” — in a video used to market the city’s bid. The bid committee will underscore the point even more in the next few months as it revises its plans for the games before submitting a final proposal to the International Olympic Committee in February. Mr. Ryan says Chicago doesn’t expect major changes to its bid.
The city is competing against Tokyo, Madrid and Rio de Janeiro to host the Summer Games eight years from now. The decision will be made in October 2009." ...
for the complete story
U.S. hotel numbers down for early September
from Forbes online (9/11):
US hotel demand declines continue into September
By KRISTEN A. LEE 09.11.08, 8:11 PM ET
"NEW YORK -
Occupancy at U.S. hotels continued to fall in the first week of September, a market research firm said Thursday, although room rates remained steady.
For the week ended Sept. 6, Smith Travel Research said occupancy at U.S. hotels dropped 7.3 percent year-over-year to 54.3 percent. The industry's average daily rate grew 1.2 percent to $100.73.
As a result, average revenue per available room at U.S. hotels fell 6.2 percent to finish the week at $54.70. Revenue per available room, or revpar, is considered a key gauge of a hospitality company's performance." ...
for the complete story
US hotel demand declines continue into September
By KRISTEN A. LEE 09.11.08, 8:11 PM ET
"NEW YORK -
Occupancy at U.S. hotels continued to fall in the first week of September, a market research firm said Thursday, although room rates remained steady.
For the week ended Sept. 6, Smith Travel Research said occupancy at U.S. hotels dropped 7.3 percent year-over-year to 54.3 percent. The industry's average daily rate grew 1.2 percent to $100.73.
As a result, average revenue per available room at U.S. hotels fell 6.2 percent to finish the week at $54.70. Revenue per available room, or revpar, is considered a key gauge of a hospitality company's performance." ...
for the complete story
U.S. tourism numbers up for June 2008
from the U.S. Office of Travel and Tourism (9/12):
For Immediate Release:September 10, 2008
Contact:Seamus Kraft/Michael Brown (202) 482-3809
INTERNATIONAL TOURISM TO THE U.S. BOOMING
Visitor Spending Hits Record High in June 2008
"WASHINGTON —The U.S. Department of Commerce today announced that 4.0 million international visitors traveled to the United States in June 2008, an increase of 8 percent over June 2007. For the first six months of 2008 combined, visitation was up 11 percent compared to 2007. International visitors also spent a record $12.2 billion in June 2008, a 24 percent increase over June 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 Immediate Release:September 10, 2008
Contact:Seamus Kraft/Michael Brown (202) 482-3809
INTERNATIONAL TOURISM TO THE U.S. BOOMING
Visitor Spending Hits Record High in June 2008
"WASHINGTON —The U.S. Department of Commerce today announced that 4.0 million international visitors traveled to the United States in June 2008, an increase of 8 percent over June 2007. For the first six months of 2008 combined, visitation was up 11 percent compared to 2007. International visitors also spent a record $12.2 billion in June 2008, a 24 percent increase over June 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
NY stadium naming rights
from this morning's GlobeStNJ (9/12):
UPDATE Last updated: September 11, 2008 04:28pm
Stadium Naming Rights Could Hit $600M
By Eric Peterson
"EAST RUTHERFORD, NJ-The subject of naming rights has been on the table ever since construction started in early 2007 for a new 82,000-seat stadium for the NFL’s New York Giants and Jets. The new venue will replace the existing Giants Stadium, which both teams share as tenants of the New Jersey Sports & Exposition Authority, and since both teams will co-own the new facility on land leased from the state, the name Giants Stadium would obviously no longer be appropriate.
And the new stadium could be close to having a name. According to published reports, the teams are deep in discussion with Allianz, the Munich-based financial giant, on putting that company’s moniker on the stadium. The teams and potential sponsor would not comment in response to those reports." ...
for the complete
UPDATE Last updated: September 11, 2008 04:28pm
Stadium Naming Rights Could Hit $600M
By Eric Peterson
"EAST RUTHERFORD, NJ-The subject of naming rights has been on the table ever since construction started in early 2007 for a new 82,000-seat stadium for the NFL’s New York Giants and Jets. The new venue will replace the existing Giants Stadium, which both teams share as tenants of the New Jersey Sports & Exposition Authority, and since both teams will co-own the new facility on land leased from the state, the name Giants Stadium would obviously no longer be appropriate.
And the new stadium could be close to having a name. According to published reports, the teams are deep in discussion with Allianz, the Munich-based financial giant, on putting that company’s moniker on the stadium. The teams and potential sponsor would not comment in response to those reports." ...
for the complete
Senior housing and boomers
from this morning's GlobeSt (9/12):
Last updated: September 11, 2008 12:55pm
Seniors Housing is Not About the Boomers
By Robert Carr
"CHICAGO-The problem with the senior housing industry, says Peter Linneman, the Albert Sussman professor of real estate at Wharton, chairman of many investment consultancies and noted author – is that even he doesn’t understand it. The newer niche industry lags decades or more behind in its reporting data, and, in order to encourage investors, needs to be more transparent in how it operates, he said. He made these observations speaking as the keynote at the National Investment Center for the Seniors Housing & Care Industry’s Western Regional Symposium this morning.
He also said that the industry’s main message, “The Baby Boomers are going to need seniors housing soon,” is incorrect. “The average age of the Boomers is 54 years old,” Linneman says. “You’re not going to see a Boomer impact in this industry for at least 15-20 years.” " ...
for the complete story
Last updated: September 11, 2008 12:55pm
Seniors Housing is Not About the Boomers
By Robert Carr
"CHICAGO-The problem with the senior housing industry, says Peter Linneman, the Albert Sussman professor of real estate at Wharton, chairman of many investment consultancies and noted author – is that even he doesn’t understand it. The newer niche industry lags decades or more behind in its reporting data, and, in order to encourage investors, needs to be more transparent in how it operates, he said. He made these observations speaking as the keynote at the National Investment Center for the Seniors Housing & Care Industry’s Western Regional Symposium this morning.
He also said that the industry’s main message, “The Baby Boomers are going to need seniors housing soon,” is incorrect. “The average age of the Boomers is 54 years old,” Linneman says. “You’re not going to see a Boomer impact in this industry for at least 15-20 years.” " ...
for the complete story
Thursday, September 11, 2008
CA High-speed rail on the ballot
from today's San Francisco Chronicle (9/11):
High-speed rail plan a key ballot measure
Michael Cabanatuan, Chronicle Staff Writer
Thursday, September 11, 2008
"(09-10) 17:00 PDT -- Californians will decide in November whether to make a hefty down payment on a flashy new ride that's swift, sleek and already popular in Europe and Asia.
Proposition 1A on the Nov. 4 ballot would authorize the sale of $9.95 billion in bonds to help start construction of an 800-mile high-speed rail network that would send electric trains zipping between Northern and Southern California at up to 220 mph.
A trip from the Transbay Terminal in downtown San Francisco and Los Angeles Union Station would take about 2 1/2 hours, according to the state High Speed Rail Authority, and would cost about $55 one way. There would be stops on the Peninsula and in the South Bay.
The system would be the largest public works project in California history - bigger than the California Aqueduct - and would cost $32 billion for the main line between San Francisco and Los Angeles and an additional $10 billion to complete the network by adding extensions to San Diego, Sacramento and Riverside County. The state is banking on getting about a third of the construction budget from state taxpayers, a third from the federal government and a third from private investors." ...
for the complete story
High-speed rail plan a key ballot measure
Michael Cabanatuan, Chronicle Staff Writer
Thursday, September 11, 2008
"(09-10) 17:00 PDT -- Californians will decide in November whether to make a hefty down payment on a flashy new ride that's swift, sleek and already popular in Europe and Asia.
Proposition 1A on the Nov. 4 ballot would authorize the sale of $9.95 billion in bonds to help start construction of an 800-mile high-speed rail network that would send electric trains zipping between Northern and Southern California at up to 220 mph.
A trip from the Transbay Terminal in downtown San Francisco and Los Angeles Union Station would take about 2 1/2 hours, according to the state High Speed Rail Authority, and would cost about $55 one way. There would be stops on the Peninsula and in the South Bay.
The system would be the largest public works project in California history - bigger than the California Aqueduct - and would cost $32 billion for the main line between San Francisco and Los Angeles and an additional $10 billion to complete the network by adding extensions to San Diego, Sacramento and Riverside County. The state is banking on getting about a third of the construction budget from state taxpayers, a third from the federal government and a third from private investors." ...
for the complete story
UT real estate market "grim"
from today's Appraiser News Online newsletter (9/11):
Utah Association of Appraisers: Real Estate Outlook Looks Grim
"According to economists at the recent Utah Association of Appraisers held its Mid-Year Economic Symposium, the economic outlook looks grim, and relief may not arrive any time soon. Jim Wood, director of the University of Utah's Bureau of Business and Economic Research, told the audience of 300 appraisers and other real estate professionals that the current economy is in a recessionary environment. The Symposium was held in Salt Lake City on August 20.
According to Wood, the rapid loss of construction jobs in Utah has contributed to much of the decline, and the current downturn rivals the economic turbulence the state experienced during the 1980. Wood also pointed out that construction jobs account for approximately 40 percent of all jobs lost from the state's economy this year. Kelly Matthews, an economist with Wells Fargo, echoed Wood's views adding that as long as the housing market struggles, it will continue to burden the state’s economy." ...
for the complete story
Utah Association of Appraisers: Real Estate Outlook Looks Grim
"According to economists at the recent Utah Association of Appraisers held its Mid-Year Economic Symposium, the economic outlook looks grim, and relief may not arrive any time soon. Jim Wood, director of the University of Utah's Bureau of Business and Economic Research, told the audience of 300 appraisers and other real estate professionals that the current economy is in a recessionary environment. The Symposium was held in Salt Lake City on August 20.
According to Wood, the rapid loss of construction jobs in Utah has contributed to much of the decline, and the current downturn rivals the economic turbulence the state experienced during the 1980. Wood also pointed out that construction jobs account for approximately 40 percent of all jobs lost from the state's economy this year. Kelly Matthews, an economist with Wells Fargo, echoed Wood's views adding that as long as the housing market struggles, it will continue to burden the state’s economy." ...
for the complete story
San Diego waterfront development on ballot
from today's San Diego Business Journal (9/11):
Appeals Court Allows Waterfront Issue on Ballot
By - 9/10/2008
San Diego Business Journal Staff
"A referendum that would permit the construction of hotels, restaurants, stores and possibly a football stadium at the Tenth Avenue Marine Terminal will be on the Nov. 4 ballot, following a ruling from the state’s 4th District Court of Appeal Sept. 10." ...
for the complete story
Appeals Court Allows Waterfront Issue on Ballot
By - 9/10/2008
San Diego Business Journal Staff
"A referendum that would permit the construction of hotels, restaurants, stores and possibly a football stadium at the Tenth Avenue Marine Terminal will be on the Nov. 4 ballot, following a ruling from the state’s 4th District Court of Appeal Sept. 10." ...
for the complete story
Dutch hotel market down
from this morning's STR's Hotel News Network news (9/11):
Growth Dutch Hotel Market Slowing Down
"The growth of the Dutch hotel market is slowing down. The HOSTA 2008 report by consulting firm Horwath HTL shows that occupancies and average room rates have increased only slightly. For the coming years, a further slowing of the growth or even a small decline is expected.
Horwath HTL performed the research among 265 three, four and five star hotels in The Netherlands. Occupancies have increased slightly, from 72.1% in 2006 to 72.5% in 2007. This is an increase of 0.4 percentage points; clearly lower than the achieved growth in 2006 (1.9 percentage points) and 2005 (2.5 percentage points).
The average room rates increased by 1.9%, from € 108 to € 110. This increase is considerably lower than the 10% increase that was achieved the year before. As a result, the RevPAR (Revenue per available room) increased by 2.6%, from € 78 to € 80. This is also far lower than the 15% growth achieved in 2006." ....
for the complete story
Growth Dutch Hotel Market Slowing Down
"The growth of the Dutch hotel market is slowing down. The HOSTA 2008 report by consulting firm Horwath HTL shows that occupancies and average room rates have increased only slightly. For the coming years, a further slowing of the growth or even a small decline is expected.
Horwath HTL performed the research among 265 three, four and five star hotels in The Netherlands. Occupancies have increased slightly, from 72.1% in 2006 to 72.5% in 2007. This is an increase of 0.4 percentage points; clearly lower than the achieved growth in 2006 (1.9 percentage points) and 2005 (2.5 percentage points).
The average room rates increased by 1.9%, from € 108 to € 110. This increase is considerably lower than the 10% increase that was achieved the year before. As a result, the RevPAR (Revenue per available room) increased by 2.6%, from € 78 to € 80. This is also far lower than the 15% growth achieved in 2006." ....
for the complete story
Fairmont moving into East Africa
from Bloomberg net news service (9/9):
Fairmont to Invest $62 Million in East Africa Over Two Years
By Eric Ombok
"Sept. 9 (Bloomberg) -- Fairmont Hotels & Resorts Inc., a Canadian hotel chain, will spend $62 million over the next two years refurbishing five inns in Kenya and expanding one on the Indian Ocean island of Zanzibar.
The Toronto-based company, acquired by a group led by Saudi Prince Alwaleed bin Talal in 2006, will spend $15 million upgrading its flagship Norfolk Hotel in the Kenyan capital, Nairobi, said Sean Billing, Fairmont's managing director for the region. Fairmont will spend $35 million at its other outlets in Kenya, in addition to the $12 million that will be invested its Zanzibar resort." ...
for the complete story
Fairmont to Invest $62 Million in East Africa Over Two Years
By Eric Ombok
"Sept. 9 (Bloomberg) -- Fairmont Hotels & Resorts Inc., a Canadian hotel chain, will spend $62 million over the next two years refurbishing five inns in Kenya and expanding one on the Indian Ocean island of Zanzibar.
The Toronto-based company, acquired by a group led by Saudi Prince Alwaleed bin Talal in 2006, will spend $15 million upgrading its flagship Norfolk Hotel in the Kenyan capital, Nairobi, said Sean Billing, Fairmont's managing director for the region. Fairmont will spend $35 million at its other outlets in Kenya, in addition to the $12 million that will be invested its Zanzibar resort." ...
for the complete story
Wednesday, September 10, 2008
Detroit's Motor City Casino debuts renovation
from yesterday's Detroit Free Press (9/9):
Motor City Casino shows off new digs
By MARGARITA BAUZA • FREE PRESS BUSINESS WRITER • September 9, 2008
"Motor City Casino showed off one million square feet of edgy and newly renovated space this morning.
The property underwent a three-year $300 million metamorphosis that included remodeling and expanding its gaming area, and adding many amenities, including a new 400-room hotel, a spa, and theater and convention space.
In all, the casino features eight new bars and restaurants with varied themes, including a non-smoking quiet bar near the hotel, which is also non-smoking.
The highlight of the tour was a new 1,886-seat live entertainment theater called the Sound Board, which offers suites for rent with a bar and private butler." ...
for the complete story
Motor City Casino shows off new digs
By MARGARITA BAUZA • FREE PRESS BUSINESS WRITER • September 9, 2008
"Motor City Casino showed off one million square feet of edgy and newly renovated space this morning.
The property underwent a three-year $300 million metamorphosis that included remodeling and expanding its gaming area, and adding many amenities, including a new 400-room hotel, a spa, and theater and convention space.
In all, the casino features eight new bars and restaurants with varied themes, including a non-smoking quiet bar near the hotel, which is also non-smoking.
The highlight of the tour was a new 1,886-seat live entertainment theater called the Sound Board, which offers suites for rent with a bar and private butler." ...
for the complete story
Atlanta to get luxury condo-hotel
from today's Atlanta Journal-Constitution (9/10):
New luxury condo project to get a touch of Ritz-Carlton brand
By Paul Donsky
The Atlanta Journal-Constitution
Wednesday, September 10, 2008
"Residents of a new Buckhead condo project will be pampered with luxury services courtesy of Ritz-Carlton —- everything, it seems, short of a plush robe and mints on the pillow.
The developers of a mixed-use, high-rise being built near Phipps Plaza on Tuesday said that the top half of the building will contain 129 high-end condos with hotel-quality services provided by the upscale Ritz-Carlton hotel chain." ...
"The move rebrands the project’s condo component, which had been known as 3630 Peachtree, as the Ritz-Carlton Residences, Atlanta, Buckhead.
Novare and its partner on the condos, Post Properties, believe the Ritz-Carlton brand will appeal to high-end buyers looking to downsize or purchase a second home in the city. Prices will range from $600,000 to more than $2 million for one of the seven penthouse units on the top two floors of the 34-story building.
Homeowners will pay for the hotel-like services as part of their monthly condo association fee. The fees will range between 60 and 80 cents per square foot, Borders said —- that’s about $600 to $800 for the smallest units and $1,800 to $2,400 for the largest homes, which top out at 3,000 square feet." ...
for the complete story
New luxury condo project to get a touch of Ritz-Carlton brand
By Paul Donsky
The Atlanta Journal-Constitution
Wednesday, September 10, 2008
"Residents of a new Buckhead condo project will be pampered with luxury services courtesy of Ritz-Carlton —- everything, it seems, short of a plush robe and mints on the pillow.
The developers of a mixed-use, high-rise being built near Phipps Plaza on Tuesday said that the top half of the building will contain 129 high-end condos with hotel-quality services provided by the upscale Ritz-Carlton hotel chain." ...
"The move rebrands the project’s condo component, which had been known as 3630 Peachtree, as the Ritz-Carlton Residences, Atlanta, Buckhead.
Novare and its partner on the condos, Post Properties, believe the Ritz-Carlton brand will appeal to high-end buyers looking to downsize or purchase a second home in the city. Prices will range from $600,000 to more than $2 million for one of the seven penthouse units on the top two floors of the 34-story building.
Homeowners will pay for the hotel-like services as part of their monthly condo association fee. The fees will range between 60 and 80 cents per square foot, Borders said —- that’s about $600 to $800 for the smallest units and $1,800 to $2,400 for the largest homes, which top out at 3,000 square feet." ...
for the complete story
Live Nation sells motor sports division
from this morning's L.A. Business Journal (9/10):
Posted date: 9/10/2008
Live Nation Sells Division
By BRETT SPORICH
Los Angeles Business Journal Staff
"Concert promoter Live Nation announced the sale of its Motor Sports division to Feld Entertainment Inc. for $205 million. Feld paid $175 million in cash with an additional $30 million to be paid according to a performance agreement." ...
for the complete story
Posted date: 9/10/2008
Live Nation Sells Division
By BRETT SPORICH
Los Angeles Business Journal Staff
"Concert promoter Live Nation announced the sale of its Motor Sports division to Feld Entertainment Inc. for $205 million. Feld paid $175 million in cash with an additional $30 million to be paid according to a performance agreement." ...
for the complete story
L.L. Bean retail property gets LEED Silver
from Design and Display Ideas (9/9):
L.L. Bean Hunting & Fishing Store Receives LEED Silver
September 09, 2008
"Freeport, Maine-based L.L. Bean Inc.'s new Hunting & Fishing Store recently received LEED Silver certification, becoming the first certified retail project in Maine. In 2006, L.L. Bean committed to build all new structures according to the U.S. Green Building Council's (USGBC) LEED standards. The Hunting & Fishing store is L.L. Bean's sixth LEED-registered retail store and its first to receive certification." ...
for the complete sztory
L.L. Bean Hunting & Fishing Store Receives LEED Silver
September 09, 2008
"Freeport, Maine-based L.L. Bean Inc.'s new Hunting & Fishing Store recently received LEED Silver certification, becoming the first certified retail project in Maine. In 2006, L.L. Bean committed to build all new structures according to the U.S. Green Building Council's (USGBC) LEED standards. The Hunting & Fishing store is L.L. Bean's sixth LEED-registered retail store and its first to receive certification." ...
for the complete sztory
Tuesday, September 9, 2008
USTA/US Open brand master-planned community in India
from yesterday's Street and Smith's Sports Business Journal (9/8):
Planned community in India to carry U.S. Open marks
By DANIEL KAPLAN
Staff writer
Published September 08, 2008 : Page 03
"The U.S. Tennis Association is licensing the U.S. Open trademark to a real estate developer in India, a deal believed to mark the first time an American sports property has cashed in overseas in this fashion.
The 10-year deal is worth a low-seven-figure amount annually, a source said, making the contract worth a minimum of $10 million. The deal is set to be announced today.
The developer, Nirmal Lifestyle, envisions its 20 planned communities each having sections dedicated to at least tennis, soccer and cricket. Sources said the group last week met with the NBA in New York, as well.
The U.S. Open section of the developments would include homes designed with the event’s themes, including the flaming ball logo and its trademark blue courts, as well as clubhouses and perhaps even an Open merchandise store." ...
for the complete story
Planned community in India to carry U.S. Open marks
By DANIEL KAPLAN
Staff writer
Published September 08, 2008 : Page 03
"The U.S. Tennis Association is licensing the U.S. Open trademark to a real estate developer in India, a deal believed to mark the first time an American sports property has cashed in overseas in this fashion.
The 10-year deal is worth a low-seven-figure amount annually, a source said, making the contract worth a minimum of $10 million. The deal is set to be announced today.
The developer, Nirmal Lifestyle, envisions its 20 planned communities each having sections dedicated to at least tennis, soccer and cricket. Sources said the group last week met with the NBA in New York, as well.
The U.S. Open section of the developments would include homes designed with the event’s themes, including the flaming ball logo and its trademark blue courts, as well as clubhouses and perhaps even an Open merchandise store." ...
for the complete story
Canadian housing starts rising
from today's Royal Canadian Bank Daily Economic Update (9/9):
RBC ECONOMICS RESEARCH - DAILY ECONOMIC UPDATE - September 9, 2008
Canadian housing starts soar; back up above 200,00 mark
"Although housing starts were expected to retrace some of the 13.6% drop in July, this morning’s numbers indicated almost a full reversal, with starts rising 13.1% to an annualized 211,000 units. Expectations had been for a more modest 2.4% rise to an annualized 191,000. CMHC, which compiles the data, indicated that the volatility during the last three months largely reflected swings in the multiples component in Ontario.
The urban multiples component surged much more that expected, rising 25.2% to an annualized 114,700 units, which more than reversed the 20.2% drop recorded in July. CMHC indicated that this largely reflected activity in Ontario and likely reflects the impact of large condominium projects getting under way. Urban singles also rose in the month though by a more modest 2.0% to an annualized 71,200 units." ...
for the complete data tables
RBC ECONOMICS RESEARCH - DAILY ECONOMIC UPDATE - September 9, 2008
Canadian housing starts soar; back up above 200,00 mark
"Although housing starts were expected to retrace some of the 13.6% drop in July, this morning’s numbers indicated almost a full reversal, with starts rising 13.1% to an annualized 211,000 units. Expectations had been for a more modest 2.4% rise to an annualized 191,000. CMHC, which compiles the data, indicated that the volatility during the last three months largely reflected swings in the multiples component in Ontario.
The urban multiples component surged much more that expected, rising 25.2% to an annualized 114,700 units, which more than reversed the 20.2% drop recorded in July. CMHC indicated that this largely reflected activity in Ontario and likely reflects the impact of large condominium projects getting under way. Urban singles also rose in the month though by a more modest 2.0% to an annualized 71,200 units." ...
for the complete data tables
Green development and contractors
from this afternoon's San Diego Business Journal (9/9):
Contractors See Value of Rolling Green Movement Into Projects
By - 9/8/2008
San Diego Business Journal Staff
BY MARK LARSON
"New buildings designed with energy efficiency and environmental harmony continue to gain market favor as the smarter new model of how best to construct a building." ...
for the complete story
Contractors See Value of Rolling Green Movement Into Projects
By - 9/8/2008
San Diego Business Journal Staff
BY MARK LARSON
"New buildings designed with energy efficiency and environmental harmony continue to gain market favor as the smarter new model of how best to construct a building." ...
for the complete story
Fairmont opening in Hainan, China
from today's Hotels enewsletter (9/9):
Fairmont To Manage New Resort In China
-- Hotels, 9/9/2008 9:52:00 AM
"TORONTO, September 9, 2008 – Fairmont Hotels & Resorts has announced that it will manage the Fairmont Haitang Bay Resort, Sanya, China scheduled to open in 2011. Sanya, on the southernmost tip of Hainan Island, is fast emerging as a premier tropical resort destination.
Fairmont Haitang Bay Resort expands the company’s growing presence in Asia, joining sister hotels in Singapore, Beijing (2008), Kunshan (2009), Macao (2010), Shanghai’s landmark Peace Hotel (2010) and Fairmont Manila, Philippines (2010).
The resort will enjoy a beachfront location and 702 spacious guestrooms and suites including Fairmont Gold, the brand’s exclusive lifestyle offering featuring warm and personalized service with amenities such as a private reception desk and a comfortable guest lounge. In addition, guests can choose from 50 one- and two-bedroom villa suites, as well as a Presidential Villa offering more than 5,000 square feet space and private butlers." ...
"The resort will be developed by Beijing-based Antaeus Group, a leading real estate company that has developed more than 2 million square meters (22 mil sq ft) of real estate in China." ...
for the complete story
Fairmont To Manage New Resort In China
-- Hotels, 9/9/2008 9:52:00 AM
"TORONTO, September 9, 2008 – Fairmont Hotels & Resorts has announced that it will manage the Fairmont Haitang Bay Resort, Sanya, China scheduled to open in 2011. Sanya, on the southernmost tip of Hainan Island, is fast emerging as a premier tropical resort destination.
Fairmont Haitang Bay Resort expands the company’s growing presence in Asia, joining sister hotels in Singapore, Beijing (2008), Kunshan (2009), Macao (2010), Shanghai’s landmark Peace Hotel (2010) and Fairmont Manila, Philippines (2010).
The resort will enjoy a beachfront location and 702 spacious guestrooms and suites including Fairmont Gold, the brand’s exclusive lifestyle offering featuring warm and personalized service with amenities such as a private reception desk and a comfortable guest lounge. In addition, guests can choose from 50 one- and two-bedroom villa suites, as well as a Presidential Villa offering more than 5,000 square feet space and private butlers." ...
"The resort will be developed by Beijing-based Antaeus Group, a leading real estate company that has developed more than 2 million square meters (22 mil sq ft) of real estate in China." ...
for the complete story
DC Redevelopment on the Georgia Avenue Corridor
from this afternoon's GlobeSt (9/9):
Last updated: September 9, 2008 12:17pm
DC Seeks Partner for $170M Redevelopment
By Erika Morphy
"WASHINGTON, DC-The District government is seeking a development partner for its latest redevelopment project it values at $170 million--the redevelopment of the Park Morton public housing complex located on the Georgia Avenue Corridor. Mayor Adrian Fenty’s administration has issued a solicitation for offers to rebuild the complex into a mixed-income community that will include more than 500 new units of affordable and market-rate housing." ...
for the complete story
Last updated: September 9, 2008 12:17pm
DC Seeks Partner for $170M Redevelopment
By Erika Morphy
"WASHINGTON, DC-The District government is seeking a development partner for its latest redevelopment project it values at $170 million--the redevelopment of the Park Morton public housing complex located on the Georgia Avenue Corridor. Mayor Adrian Fenty’s administration has issued a solicitation for offers to rebuild the complex into a mixed-income community that will include more than 500 new units of affordable and market-rate housing." ...
for the complete story
PA riverboat casino relocation
from yesterday's Philadelphia Daily News (9/8):
As Foxwoods looks around, is this Budd for you?
By CHRIS BRENNAN
Philadelphia Daily News
brennac@phillynews.com 215-854-5973
"THE POTENTIAL relocation of at least one proposed riverfront casino has set off serious real-estate speculation and more than a little community concern about where the project might go next.
Foxwoods, which received a license from the state in December 2006 to build a casino on Columbus Boulevard at Reed Street, agreed last month to consider moving after 20 months of delays brought on by a resistant city government and community opposition.
So where could Foxwoods go?
Could the former Budd Co. site in Nicetown, where Donald Trump was rejected for a casino license by the state Gaming Control Board, be back in play?" ...
for the complete story
As Foxwoods looks around, is this Budd for you?
By CHRIS BRENNAN
Philadelphia Daily News
brennac@phillynews.com 215-854-5973
"THE POTENTIAL relocation of at least one proposed riverfront casino has set off serious real-estate speculation and more than a little community concern about where the project might go next.
Foxwoods, which received a license from the state in December 2006 to build a casino on Columbus Boulevard at Reed Street, agreed last month to consider moving after 20 months of delays brought on by a resistant city government and community opposition.
So where could Foxwoods go?
Could the former Budd Co. site in Nicetown, where Donald Trump was rejected for a casino license by the state Gaming Control Board, be back in play?" ...
for the complete story
Montenegran tourism up
from Focus on Travel News (8/19):
Montenegro Visited by 610,000 Tourists
Published by Ozgur Tore
Tuesday, 19 August 2008
"Montenegro Ministry of Tourism satisfied with the results achieved so far; evidence to the claim that this season would be profitable is the most recent data released. According to these figures, more than 610,000 tourists have visited Montenegro during the first seven months of this year, which marks a five percent increase in comparison to the same period last year.
In words of PR advisor with the Ministry of Tourism, Ivana Bulatovic there were 3,7 million recorded overnight stays during the period between January and July, which is by 7,9 percent higher than had been the case in the period of reference." ...
for the complete story
Montenegro Visited by 610,000 Tourists
Published by Ozgur Tore
Tuesday, 19 August 2008
"Montenegro Ministry of Tourism satisfied with the results achieved so far; evidence to the claim that this season would be profitable is the most recent data released. According to these figures, more than 610,000 tourists have visited Montenegro during the first seven months of this year, which marks a five percent increase in comparison to the same period last year.
In words of PR advisor with the Ministry of Tourism, Ivana Bulatovic there were 3,7 million recorded overnight stays during the period between January and July, which is by 7,9 percent higher than had been the case in the period of reference." ...
for the complete story
India sees rise in cruise tourism
from the Press Information Bureau, Ministry of Tourism and Culture (9/4):
INDIA RECORDS OVER 300 PERCENT INCREASE CRUISE TOURISM VISITORS BETWEEN 2002-2006
--------------------------------------------------------------------------------
"The Union Tourism Secretary Sh. S. Banerjee has said that with the recent approval of the policy on cruise shipping, the cruise sector’s latent potential can now be tapped. He was speaking at the inaugural session at the conference on ‘Initiative on Furthering Cruise Tourism In India’ here today. Sh. Banerjee said that cruise tourism is relatively new but an emerging sector. It is a niche market and is primarily associated with the great potential for stimulating economic growth and generating additional employment. He said the high potential of cruise tourism is strongly borne out by our own experience, where India recorded a 310% increase in cruise tourism visitors between 2002-2006." ....
proess release
INDIA RECORDS OVER 300 PERCENT INCREASE CRUISE TOURISM VISITORS BETWEEN 2002-2006
--------------------------------------------------------------------------------
"The Union Tourism Secretary Sh. S. Banerjee has said that with the recent approval of the policy on cruise shipping, the cruise sector’s latent potential can now be tapped. He was speaking at the inaugural session at the conference on ‘Initiative on Furthering Cruise Tourism In India’ here today. Sh. Banerjee said that cruise tourism is relatively new but an emerging sector. It is a niche market and is primarily associated with the great potential for stimulating economic growth and generating additional employment. He said the high potential of cruise tourism is strongly borne out by our own experience, where India recorded a 310% increase in cruise tourism visitors between 2002-2006." ....
proess release
Lebanon -- economic impact of tourism
from the Daily Star (Lebanon) (8/18):
Lebanon's travel and tourism economy expected to generate $4.43 billion in 2008
Daily Star staff
Monday, August 18, 2008
"BEIRUT: The World Travel & Tourism Council (WTTC) estimated that the travel and tourism industry would contribute directly $1.36 billion to the Lebanese economy, equivalent to 5.7 percent of GDP in 2008, according to a report in Lebanon This Week, an economic publication of the Byblos Bank Group. The report added that direct industry employment will reach 80,000, representing 5.9 percent of total employment in Lebanon this year.
The report said that since travel and tourism (T&T) touches on all sectors of the economy, its real direct and indirect impact is even greater, and forecast the T&T economy overall to generate $4.43 billion, or 18.7 percent, of economic activity in Lebanon in 2008. That would include 252,000 jobs, or one in every 5.4 jobs, representing 18.4 percent of total employment in 2008. The WTTC's definition of T&T includes transportation, accommodation, catering, recreation and services for visitors. It added that the industry's direct contribution to Lebanon's economic activity will rise to $2.3 billion, or 5.2 percent of GDP, in 2018, while the broader T&T economy will contribute $7.5 billion, or 17.1 percent of GDP, by 2018." ...
for the complete story
Lebanon's travel and tourism economy expected to generate $4.43 billion in 2008
Daily Star staff
Monday, August 18, 2008
"BEIRUT: The World Travel & Tourism Council (WTTC) estimated that the travel and tourism industry would contribute directly $1.36 billion to the Lebanese economy, equivalent to 5.7 percent of GDP in 2008, according to a report in Lebanon This Week, an economic publication of the Byblos Bank Group. The report added that direct industry employment will reach 80,000, representing 5.9 percent of total employment in Lebanon this year.
The report said that since travel and tourism (T&T) touches on all sectors of the economy, its real direct and indirect impact is even greater, and forecast the T&T economy overall to generate $4.43 billion, or 18.7 percent, of economic activity in Lebanon in 2008. That would include 252,000 jobs, or one in every 5.4 jobs, representing 18.4 percent of total employment in 2008. The WTTC's definition of T&T includes transportation, accommodation, catering, recreation and services for visitors. It added that the industry's direct contribution to Lebanon's economic activity will rise to $2.3 billion, or 5.2 percent of GDP, in 2018, while the broader T&T economy will contribute $7.5 billion, or 17.1 percent of GDP, by 2018." ...
for the complete story
Boating industry sales down
from today's Boating Industry News (9/9):
Dealer sales down more than 20 percent
Boating Industry
Tuesday September 9, 2008
"SIOUX FALLS, S.D. – The average dealer tracked by Spader Business Management is reporting total dealership sales of $5,775,321 for the seven months ending July 31, compared to $7,384,642 during the same period of last year, a decline of 21.8 percent.
The major factor influencing that decline was a 26.4-percent drop in new boat sales to $3,517,621. However, dealers also reported declines in revenue from marina, service, parts & accessories and finance & insurance." ...
for the complete story
Dealer sales down more than 20 percent
Boating Industry
Tuesday September 9, 2008
"SIOUX FALLS, S.D. – The average dealer tracked by Spader Business Management is reporting total dealership sales of $5,775,321 for the seven months ending July 31, compared to $7,384,642 during the same period of last year, a decline of 21.8 percent.
The major factor influencing that decline was a 26.4-percent drop in new boat sales to $3,517,621. However, dealers also reported declines in revenue from marina, service, parts & accessories and finance & insurance." ...
for the complete story
Monday, September 8, 2008
Thursday, September 4, 2008
Hollywood (CA) BID growing
from this morning's Los Angeles Business Journal (9/4):
Hollywood’s Business Improvement District To Grow
By DEBORAH CROWE - 9/4/2008
Los Angeles Business Journal Staff
"The Los Angeles City Council has endorsed the Hollywood property owners’ vote to renew and expand the Hollywood Entertainment District for a 10-year period through the end of 2018.
The ballot tabulation, which was conducted by the Office of the City Clerk, resulted in an estimated 91 percent affirmative vote by property owners for renewal of the District, making the HED one of the more heavily supported business improvement districts in the Los Angeles area, officials said.
Property assessments will fund a $3.4 million-a-year budget for the district. The district pays for security, maintenance and marketing services that have helped drive Hollywood’s revitalization efforts." ...
for the complete story
Hollywood’s Business Improvement District To Grow
By DEBORAH CROWE - 9/4/2008
Los Angeles Business Journal Staff
"The Los Angeles City Council has endorsed the Hollywood property owners’ vote to renew and expand the Hollywood Entertainment District for a 10-year period through the end of 2018.
The ballot tabulation, which was conducted by the Office of the City Clerk, resulted in an estimated 91 percent affirmative vote by property owners for renewal of the District, making the HED one of the more heavily supported business improvement districts in the Los Angeles area, officials said.
Property assessments will fund a $3.4 million-a-year budget for the district. The district pays for security, maintenance and marketing services that have helped drive Hollywood’s revitalization efforts." ...
for the complete story
Gaylord planning convention resort in Phoenix
from this morning's San Diego Business Journal (9/4):
Gaylord Casts Eye on Phoenix
By - 9/3/2008
San Diego Business Journal Staff
"Gaylord Entertainment, still planning to build a $1 billion convention center and hotel in Chula Vista, said Sept. 3 it entered into a land purchase agreement for 100 acres at the Mesa Proving Grounds, next to Phoenix Mesa Gateway Airport, to create an anchor resort and convention center." ....
for the complete story
Gaylord Casts Eye on Phoenix
By - 9/3/2008
San Diego Business Journal Staff
"Gaylord Entertainment, still planning to build a $1 billion convention center and hotel in Chula Vista, said Sept. 3 it entered into a land purchase agreement for 100 acres at the Mesa Proving Grounds, next to Phoenix Mesa Gateway Airport, to create an anchor resort and convention center." ....
for the complete story
Sacramento Railyard project planning continues
from this morning's Sacramento Bee (9/4):
Thousands of new residences seen at downtown Sacramento railyard project
By Jim Wasserman - jwasserman@sacbee.com
Published 12:00 am PDT Thursday, September 4, 2008
"More than a year after a collapse of two big residential tower projects in downtown Sacramento, a still more ambitious generation of downtown living is coming into view.
Much depends on the economy and other variables in the next 20 to 30 years. But serious plans exist for up to 15,000 residential units north of downtown at the railyard and nearby Township 9.
If all goes as hoped, the first of these homes, condominiums and townhouses may open in a rebounded housing market – and one also shaped by high-priced gasoline that discourages long commutes.
Up to 12,000 residences are planned just north of the existing downtown on the 240-acre railyard. Given favorable conditions, the first projects could rise about 2012." .....
for the complete story with illustrations
Thousands of new residences seen at downtown Sacramento railyard project
By Jim Wasserman - jwasserman@sacbee.com
Published 12:00 am PDT Thursday, September 4, 2008
"More than a year after a collapse of two big residential tower projects in downtown Sacramento, a still more ambitious generation of downtown living is coming into view.
Much depends on the economy and other variables in the next 20 to 30 years. But serious plans exist for up to 15,000 residential units north of downtown at the railyard and nearby Township 9.
If all goes as hoped, the first of these homes, condominiums and townhouses may open in a rebounded housing market – and one also shaped by high-priced gasoline that discourages long commutes.
Up to 12,000 residences are planned just north of the existing downtown on the 240-acre railyard. Given favorable conditions, the first projects could rise about 2012." .....
for the complete story with illustrations
Dallas Logistics Hub breaks ground
from this morning's GlobeST (9/4):
EXCLUSIVE Last updated: September 3, 2008 08:11pm
$30M-Plus Auction Yard Fueling More CRE Plans
By Connie Gore
"HUTCHINS, TX-With the final details now ironed out, the Allen Group Tuesday will break ground on its first build-to-suit in the 6,000-acre Dallas Logistics Hub in the southern sector. The milestone deal with Adesa Inc. for a 200,000-sf auto auction complex is opening doors for additional commercial space to support the multi-modal industrial hub.
"This is a very unique use. It doesn't interact or feed off the intermodal facility or the rail lines. It's a destination for car dealers," says Daniel J. McAuliffe, president of Allen Development Texas LLC, "and it creates a tremendous need for hotels in the area." Likewise, Adesa's 175-acre tract at 3501 Lancaster-Hutchins Rd., secured by a 20-year lease with options, is expected to be a catalyst for brand-new retail and restaurant development in the corridor.
The San Diego-based Allen Group has peppered Dallas Logistics Hub's master plan with eight hotels at two entrances to its land. McAuliffe tells GlobeSt.com that the hope is at least one hotel will be under construction at the eastern end when Adesa's complex comes on line in July 2009 and $8 million of road and utility line infrastructure is finished." ...
for the complete story
EXCLUSIVE Last updated: September 3, 2008 08:11pm
$30M-Plus Auction Yard Fueling More CRE Plans
By Connie Gore
"HUTCHINS, TX-With the final details now ironed out, the Allen Group Tuesday will break ground on its first build-to-suit in the 6,000-acre Dallas Logistics Hub in the southern sector. The milestone deal with Adesa Inc. for a 200,000-sf auto auction complex is opening doors for additional commercial space to support the multi-modal industrial hub.
"This is a very unique use. It doesn't interact or feed off the intermodal facility or the rail lines. It's a destination for car dealers," says Daniel J. McAuliffe, president of Allen Development Texas LLC, "and it creates a tremendous need for hotels in the area." Likewise, Adesa's 175-acre tract at 3501 Lancaster-Hutchins Rd., secured by a 20-year lease with options, is expected to be a catalyst for brand-new retail and restaurant development in the corridor.
The San Diego-based Allen Group has peppered Dallas Logistics Hub's master plan with eight hotels at two entrances to its land. McAuliffe tells GlobeSt.com that the hope is at least one hotel will be under construction at the eastern end when Adesa's complex comes on line in July 2009 and $8 million of road and utility line infrastructure is finished." ...
for the complete story
NY Jets open training facility at the Meadowlands
from this morning's GllobeStNJ (9/4):
Last updated: September 3, 2008 11:24am
Jets Open $75M Training Facility
By Eric Peterson
"FLORHAM PARK, NJ-The New York Jets have officially opened their new training facility here, ending 30 years of training on the campus of Hofstra University on Long Island. Totaling 218,000 sf on two floors, encompassing five practice football fields and built at a cost of $75 million, the complex is nearly double the size of the former facility.
The complex, dubbed the Atlantic Health Jets Training Center after its naming rights were sold, is part of the Jets’ and New York Giants’ deal with the New Jersey Sports and Exposition Authority for a new stadium to house the two teams within the Meadowlands Sports Complex. The $1.3-billion venue replacing the existing Giants Stadium will be co-owned by the two teams on land leased from the NJSEA, and is slated for completion in time for the 2010 season." ...
for the complete story
Last updated: September 3, 2008 11:24am
Jets Open $75M Training Facility
By Eric Peterson
"FLORHAM PARK, NJ-The New York Jets have officially opened their new training facility here, ending 30 years of training on the campus of Hofstra University on Long Island. Totaling 218,000 sf on two floors, encompassing five practice football fields and built at a cost of $75 million, the complex is nearly double the size of the former facility.
The complex, dubbed the Atlantic Health Jets Training Center after its naming rights were sold, is part of the Jets’ and New York Giants’ deal with the New Jersey Sports and Exposition Authority for a new stadium to house the two teams within the Meadowlands Sports Complex. The $1.3-billion venue replacing the existing Giants Stadium will be co-owned by the two teams on land leased from the NJSEA, and is slated for completion in time for the 2010 season." ...
for the complete story
Wednesday, September 3, 2008
Shoppers changing with the economy
from the NSGA enewsletter and TNS Retail Forward(9/3):
Shoppers Shift Shopping Patterns, Discount and Value Retailers Benefit, TNS Retail Forward Reports
"COLUMBUS, Sept. 2, 2008—Shoppers have shifted their shopping patterns as gasoline and food continue to grab a larger share of wallet. In American ShopperScape™ 2008, TNS Retail Forward reports that shoppers are trading down to save money and seeking one-stop shopping venues and stores closer to home to save time and gasoline. Discount and value retailers are benefiting from an influx of cost-conscious shoppers at the expense of conventional and high-end retailers. And, store brands are benefiting at the expense of national brands.
American ShopperScape™ 2008 analyzes the shopping behaviors of the thousands of consumers TNS Retail Forward studies as part of the company’s ongoing tracking survey.
“Shoppers’ strategies of spending less and migrating to lower-priced retailers are capable of shaking the retail landscape and creating seismic shifts,” comments Mandy Putnam, Vice President with TNS Retail Forward and author of American ShopperScape™ 2008. “As a result of shopper migration, retailers’ customer profiles are shifting. Some are shifting not just because they are gaining customers who are trading down, but because they are losing customers who are turning to even more value-oriented channels,” she adds. “Whether new patrons permanently adopt these retailers depends on how well retailers address the needs of their new customers and how well new patrons acclimate to shopping in less-familiar territory.”" ...
for the complete press release including tables
Shoppers Shift Shopping Patterns, Discount and Value Retailers Benefit, TNS Retail Forward Reports
"COLUMBUS, Sept. 2, 2008—Shoppers have shifted their shopping patterns as gasoline and food continue to grab a larger share of wallet. In American ShopperScape™ 2008, TNS Retail Forward reports that shoppers are trading down to save money and seeking one-stop shopping venues and stores closer to home to save time and gasoline. Discount and value retailers are benefiting from an influx of cost-conscious shoppers at the expense of conventional and high-end retailers. And, store brands are benefiting at the expense of national brands.
American ShopperScape™ 2008 analyzes the shopping behaviors of the thousands of consumers TNS Retail Forward studies as part of the company’s ongoing tracking survey.
“Shoppers’ strategies of spending less and migrating to lower-priced retailers are capable of shaking the retail landscape and creating seismic shifts,” comments Mandy Putnam, Vice President with TNS Retail Forward and author of American ShopperScape™ 2008. “As a result of shopper migration, retailers’ customer profiles are shifting. Some are shifting not just because they are gaining customers who are trading down, but because they are losing customers who are turning to even more value-oriented channels,” she adds. “Whether new patrons permanently adopt these retailers depends on how well retailers address the needs of their new customers and how well new patrons acclimate to shopping in less-familiar territory.”" ...
for the complete press release including tables
Georgia tourism hit by Russian invasion
from Reuters (9/3):
Russia conflict hits emerging Georgia tourism trade
Wed Sep 3, 2008 7:44am EDT
By Noah Barkin
"TBILISI, Sept 3 (Reuters) - The Adamanti Hotel near Georgia's Black Sea coast was full of tourists in early August when war broke out between Russian and Georgian forces in South Ossetia to the northeast.
But when Russian soldiers pushed into Georgia and moved towards the port of Poti, just 20 km (12 miles) up the coast, the tourists fled and now 30 of the hotel's 33 rooms are vacant.
"August and September are usually our best months," said hotel manager Maia Gorgashvili. "But we are practically empty now. We can only hope people will return now that the fighting has stopped."
Boasting snow-capped peaks, over 100 km of beautiful coastline and one of Europe's largest national parks, Georgia was once a top holiday destination for the Soviet elite." ...
for the complete story
Russia conflict hits emerging Georgia tourism trade
Wed Sep 3, 2008 7:44am EDT
By Noah Barkin
"TBILISI, Sept 3 (Reuters) - The Adamanti Hotel near Georgia's Black Sea coast was full of tourists in early August when war broke out between Russian and Georgian forces in South Ossetia to the northeast.
But when Russian soldiers pushed into Georgia and moved towards the port of Poti, just 20 km (12 miles) up the coast, the tourists fled and now 30 of the hotel's 33 rooms are vacant.
"August and September are usually our best months," said hotel manager Maia Gorgashvili. "But we are practically empty now. We can only hope people will return now that the fighting has stopped."
Boasting snow-capped peaks, over 100 km of beautiful coastline and one of Europe's largest national parks, Georgia was once a top holiday destination for the Soviet elite." ...
for the complete story
Chicago needs help wo win 2016
from today's STR hotel news (9/3):
Banding together to lure the Olympics
Jeff Higley -- Editorial Director Hotel News Now
Hotel News Now Blog 03 September 2008
jeff@HotelNewsNow.com
"Northwest Indiana has always found itself in Chicago’s shadow. Although it’s as much a part of the Windy City’s fabric as any of the suburbs that stretch for miles, it often has been ignored. Many Chicagoans look down their noses when they think of their neighbors to the south. Visions of smokestacks spewing the filth that results from steelmaking immediately fills their minds, not the beauty of the Indiana Dunes National Lakeshore." ...
"The times, well, they are a-changing as Chicago is ramping up its efforts to host the 2016 Olympics (London will play host in 2012). It seems the City with Broad Shoulders is going to need some help from its Indiana neighbors if it wants to be the home of the 2016 Summer Games. International Olympic Committee rules state that there must be 60,000 hotel rooms secured to host Olympics-related visitors. The Chicago Olympic Committee reports that it has about 42,000 rooms already committed and it is turning to Northwest Indiana to help it secure the final 18,000 rooms." ....
for the complete entry
Banding together to lure the Olympics
Jeff Higley -- Editorial Director Hotel News Now
Hotel News Now Blog 03 September 2008
jeff@HotelNewsNow.com
"Northwest Indiana has always found itself in Chicago’s shadow. Although it’s as much a part of the Windy City’s fabric as any of the suburbs that stretch for miles, it often has been ignored. Many Chicagoans look down their noses when they think of their neighbors to the south. Visions of smokestacks spewing the filth that results from steelmaking immediately fills their minds, not the beauty of the Indiana Dunes National Lakeshore." ...
"The times, well, they are a-changing as Chicago is ramping up its efforts to host the 2016 Olympics (London will play host in 2012). It seems the City with Broad Shoulders is going to need some help from its Indiana neighbors if it wants to be the home of the 2016 Summer Games. International Olympic Committee rules state that there must be 60,000 hotel rooms secured to host Olympics-related visitors. The Chicago Olympic Committee reports that it has about 42,000 rooms already committed and it is turning to Northwest Indiana to help it secure the final 18,000 rooms." ....
for the complete entry
WI Indian casinos growing above national average
from today's River Falls (WI) Journal (9/3):
Report finds tribal gaming casinos not affected by economic downturn
Wheeler News Service
Published Wednesday, September 03, 2008
"Wisconsin’s Indian casinos have apparently weathered the economic storm just fine.
The Analysis Group, a national business consulting firm, said the state’s 27 gaming facilities took in a combined $1.3 billion dollars last year.
That’s 7.3 percent more than the year before and it’s higher than the national growth rate of 5-percent." ....
for the complete story
Report finds tribal gaming casinos not affected by economic downturn
Wheeler News Service
Published Wednesday, September 03, 2008
"Wisconsin’s Indian casinos have apparently weathered the economic storm just fine.
The Analysis Group, a national business consulting firm, said the state’s 27 gaming facilities took in a combined $1.3 billion dollars last year.
That’s 7.3 percent more than the year before and it’s higher than the national growth rate of 5-percent." ....
for the complete story
Mohegan Sun and Foxwoods staying positive despite declines in revenues
from Indian Country Today (9/2):
Leaders: Economic outlook is sunny at Mohegan Sun and Foxwoods
© Indian Country Today September 02, 2008. All Rights Reserved
Posted: September 02, 2008
by: Gale Courey Toensing / Indian Country Today
"MASHANTUCKET and UNCASVILLE, Conn. - Despite recent declines in casino revenues, leaders at Mohegan Sun and Foxwoods Resort Casino have a sunny outlook. The country's two largest Indian gaming facilities will weather the current economic storm, Mohegan Chairman Bruce ''Two Dogs'' Bozsum and Foxwoods interim President Barry Cregan said.
Combined gaming revenue for the Mohegan Sun and Foxwoods, which is owned by the Mashantucket Pequot Tribal Nation, was $2.532 billion in 2007. That amount was up 1.6 percent from around $2.493 billion in 2006." ....
for the complete story
Leaders: Economic outlook is sunny at Mohegan Sun and Foxwoods
© Indian Country Today September 02, 2008. All Rights Reserved
Posted: September 02, 2008
by: Gale Courey Toensing / Indian Country Today
"MASHANTUCKET and UNCASVILLE, Conn. - Despite recent declines in casino revenues, leaders at Mohegan Sun and Foxwoods Resort Casino have a sunny outlook. The country's two largest Indian gaming facilities will weather the current economic storm, Mohegan Chairman Bruce ''Two Dogs'' Bozsum and Foxwoods interim President Barry Cregan said.
Combined gaming revenue for the Mohegan Sun and Foxwoods, which is owned by the Mashantucket Pequot Tribal Nation, was $2.532 billion in 2007. That amount was up 1.6 percent from around $2.493 billion in 2006." ....
for the complete story
GA Aquarium offers sleepovers and other new features
from the Orlando Sentinel (8/31):
Georgia's aquatic gem ups its awe
Selwyn Crawford
The Dallas Morning News
August 31, 2008
ATLANTA
"At the Georgia Aquarium in downtown Atlanta, you can sleep with the fishes and live to talk about it.
In fact, the folks at the world's largest fish tank want you to. They have a lot of new things happening at the 8-million-gallon facility, which opened in November 2005.
And none of those things even includes the 1.3-million-gallon, $110-million dolphin exhibit that will break ground this summer. That exhibit, to open in November 2010, will house bottlenose dolphins.
But the new things you can see now at the aquarium begin, appropriately, at its beginning. A 1,600-square-foot mural on the ceiling greets visitors at the entrance and leads them into the facility's main atrium. The mural, painted by Italian artist Silvio Irilli, was unveiled in June" ...
"If you thought that the comment about sleeping with the fishes was just a figure of speech, it wasn't. For $100, kids get to spend designated nights at the aquarium, where they get dinner, a snack and breakfast the next morning. And they also get an extensive behind-the-scenes look at what makes the aquarium tick.
And soon, adults will get sleepovers, too, aquarium officials said. In the meantime, the over-18 crowd can take advantage of another new happening: live jazz on Friday nights with food and adult beverages.
But the new experiences don't stop there. For $290 (less for aquarium members), visitors who are certified scuba divers may swim with the whale sharks -- and the other animals in the 6.3 million-gallon tank -- for about 30 minutes." ...
for the complete story
Georgia's aquatic gem ups its awe
Selwyn Crawford
The Dallas Morning News
August 31, 2008
ATLANTA
"At the Georgia Aquarium in downtown Atlanta, you can sleep with the fishes and live to talk about it.
In fact, the folks at the world's largest fish tank want you to. They have a lot of new things happening at the 8-million-gallon facility, which opened in November 2005.
And none of those things even includes the 1.3-million-gallon, $110-million dolphin exhibit that will break ground this summer. That exhibit, to open in November 2010, will house bottlenose dolphins.
But the new things you can see now at the aquarium begin, appropriately, at its beginning. A 1,600-square-foot mural on the ceiling greets visitors at the entrance and leads them into the facility's main atrium. The mural, painted by Italian artist Silvio Irilli, was unveiled in June" ...
"If you thought that the comment about sleeping with the fishes was just a figure of speech, it wasn't. For $100, kids get to spend designated nights at the aquarium, where they get dinner, a snack and breakfast the next morning. And they also get an extensive behind-the-scenes look at what makes the aquarium tick.
And soon, adults will get sleepovers, too, aquarium officials said. In the meantime, the over-18 crowd can take advantage of another new happening: live jazz on Friday nights with food and adult beverages.
But the new experiences don't stop there. For $290 (less for aquarium members), visitors who are certified scuba divers may swim with the whale sharks -- and the other animals in the 6.3 million-gallon tank -- for about 30 minutes." ...
for the complete story
Tuesday, September 2, 2008
Las Vegas Condo-hotel stopped
from this morning's Tradeshow Week (9/2):
Venue Notes
-- Tradeshow Week, 8/28/2008 2:51:00 PM
"The Plaza Las Vegas project has been postponed. Originally slated to break ground at the end of 2008 and be completed in 2011, the $5 billion casino and condo-hotel project was delayed because of tight credit conditions." ...
for the complete column
Venue Notes
-- Tradeshow Week, 8/28/2008 2:51:00 PM
"The Plaza Las Vegas project has been postponed. Originally slated to break ground at the end of 2008 and be completed in 2011, the $5 billion casino and condo-hotel project was delayed because of tight credit conditions." ...
for the complete column
Las Vegas Convention Center construction begins
from this morning's Tradeshow Week (9/2):
First Step in LVCC Construction – Really
-- Tradeshow Week, 8/28/2008 3:02:00 PM
"Above-ground construction on the Las Vegas Convention Center master plan enhancement program is still six months and $13.5 million in underground utility relocation away. Jim Gans, LVCVA senior vice president of operations, said utility work will begin Sept. 2 with an anticipated completion date some time in March.
The largest part of the utility project will be the installation of a new storm drain diagonally across LVCC Silver Lots one and two. Gans explained that, though rain in Las Vegas is rare, when it comes, particularly during the city’s July-September monsoon season, storm water can rush down Convention Center and Paradise roads and across a depression in the Silver Lots." ...
for the complete story
First Step in LVCC Construction – Really
-- Tradeshow Week, 8/28/2008 3:02:00 PM
"Above-ground construction on the Las Vegas Convention Center master plan enhancement program is still six months and $13.5 million in underground utility relocation away. Jim Gans, LVCVA senior vice president of operations, said utility work will begin Sept. 2 with an anticipated completion date some time in March.
The largest part of the utility project will be the installation of a new storm drain diagonally across LVCC Silver Lots one and two. Gans explained that, though rain in Las Vegas is rare, when it comes, particularly during the city’s July-September monsoon season, storm water can rush down Convention Center and Paradise roads and across a depression in the Silver Lots." ...
for the complete story
Medical office space market
from this morning's GlobeSt (9/2):
Last updated: September 2, 2008 11:43am
Medical Offices Project Hope Amid Gloom
By Bob Howard
"BOSTON-A new report says investors see medical offices as a beacon of hope, or at least stability, in an uncertain economic climate and a time of rising office vacancies. The attitude change is particularly timely as traditional office property investments, formerly favored by investors, fall out of favor as the US office market generally weakens.
The report by Yili Dolan, senior research analyst with Torto Wheaton Research, observes that "real estate investment tied to healthcare" has been "relatively unfazed" by developments that have reduced occupancies in the general office category in many markets. In looking at US demographics, a growing number of developers and investors "have determined that investments tied to healthcare are an attractive opportunity," he adds." ...
for the complete story
Last updated: September 2, 2008 11:43am
Medical Offices Project Hope Amid Gloom
By Bob Howard
"BOSTON-A new report says investors see medical offices as a beacon of hope, or at least stability, in an uncertain economic climate and a time of rising office vacancies. The attitude change is particularly timely as traditional office property investments, formerly favored by investors, fall out of favor as the US office market generally weakens.
The report by Yili Dolan, senior research analyst with Torto Wheaton Research, observes that "real estate investment tied to healthcare" has been "relatively unfazed" by developments that have reduced occupancies in the general office category in many markets. In looking at US demographics, a growing number of developers and investors "have determined that investments tied to healthcare are an attractive opportunity," he adds." ...
for the complete story
San Diego multi-family prices lowering
from this morning's San Diego Business Journal (9/2):
Lower Prices for Large Apartment Complexes Welcoming Buyers
By MICHELLE MOWAD - 9/1/2008
San Diego Business Journal Staff
"Sales prices per unit in multifamily investment properties are coming down and welcoming investors to San Diego.
“The volume of sales is off and has been now for a couple of years, but there is no question that we are seeing more interest now as prices have come down to more attractive levels,” said Peter Scepanovic, senior vice president of Colliers International in Carlsbad." ...
"In Colliers’ latest multifamily report, released in March, the average sales price per multifamily unit sold was $140,952 compared with $144,924 in September 2007, $165,820 in March 2007 and $198,226 in March 2006.
Rental rates, on the other hand, are up 4 percent year over year. In March, the average rental rate per square foot was $1.53 compared with $1.50 six months earlier and $1.47 in March 2007.
Vacancy rates in apartments were at 3.63 percent earlier this year. Vacancy has ranged between 5.7 percent and 1.3 percent since 1994, according to Colliers." ...
for the complete story
Lower Prices for Large Apartment Complexes Welcoming Buyers
By MICHELLE MOWAD - 9/1/2008
San Diego Business Journal Staff
"Sales prices per unit in multifamily investment properties are coming down and welcoming investors to San Diego.
“The volume of sales is off and has been now for a couple of years, but there is no question that we are seeing more interest now as prices have come down to more attractive levels,” said Peter Scepanovic, senior vice president of Colliers International in Carlsbad." ...
"In Colliers’ latest multifamily report, released in March, the average sales price per multifamily unit sold was $140,952 compared with $144,924 in September 2007, $165,820 in March 2007 and $198,226 in March 2006.
Rental rates, on the other hand, are up 4 percent year over year. In March, the average rental rate per square foot was $1.53 compared with $1.50 six months earlier and $1.47 in March 2007.
Vacancy rates in apartments were at 3.63 percent earlier this year. Vacancy has ranged between 5.7 percent and 1.3 percent since 1994, according to Colliers." ...
for the complete story
San Diego RevPAR
from this morning's San Diego Business Journal (9/2):
Despite Drop in Occupancy, Hoteliers Did Good Business in July
By CONNIE LEWIS - 9/1/2008
San Diego Business Journal Staff
"The county’s inns experienced a decline in occupancy in July, but the numbers were still good, and owners and operators might have raised their room rates and made more money, instead of lowering them as they did to try to bring in more business, says one industry researcher.
Jan Freitag, a spokesman for Smith Travel Research, said he thinks local innkeepers could have achieved greater RevPAR — a term that refers to the average amount of revenue that’s raked in from rooms that are let nightly — if they hadn’t dropped rates." ...
for the complete story
Despite Drop in Occupancy, Hoteliers Did Good Business in July
By CONNIE LEWIS - 9/1/2008
San Diego Business Journal Staff
"The county’s inns experienced a decline in occupancy in July, but the numbers were still good, and owners and operators might have raised their room rates and made more money, instead of lowering them as they did to try to bring in more business, says one industry researcher.
Jan Freitag, a spokesman for Smith Travel Research, said he thinks local innkeepers could have achieved greater RevPAR — a term that refers to the average amount of revenue that’s raked in from rooms that are let nightly — if they hadn’t dropped rates." ...
for the complete story
Subscribe to:
Posts (Atom)