from yesterday's Royal Bank of Canada update (9/24):
RBC ECONOMICS RESEARCH - DAILY ECONOMIC UPDATE - September 24, 2008
U.S. existing home sales fall, but inventories moving lower
"Existing home sales were slightly weaker than expected in August, dropping 2.2% to an annualized 4.91 million units compared to an upwardly revised level in July of 5.02 million units (originally reported as 5.00 million units). Market expectations had been for a 1.2% decline to 4.94 million units.
However, the report did provide some hope that the imbalances in the housing market are starting to correct as the inventories of unsold homes dropped a sizeable 7% to 4.255 million units. This represented the second largest monthly decline since the end of 2004. Measured in terms of sales days, the ratio moderated to 10.4 days from 10.9 days despite sales weakening in the month.
Weakness in the housing market was also conveyed by the median sales prices of homes sold, which dropped 3.4% in August. This sent the year-over-year rate down to 9.5% from 8% in July. The annual decline in August represented a record low."...
for the affiliated data tables
Thursday, September 25, 2008
Mohegan Sun suspends expansion plans
from yesterday's GlobeSt (9/24):
Last updated: September 24, 2008 09:47am
Mohegan Sun's Expansion Put on Hold
By Ryan Clark
"UNCASVILLE, CT-The Mohegan Tribal Gaming Authority is planning to delay a large capital spending component in the Project Horizon expansion of Mohegan Sun. A statement cites the ongoing economic recession affects on regional gaming markets as the cause of the interruption.
The components that will be suspended are the Earth Expansion and the adjacent parking garage. The complex consists of Casino of the Earth, Casino of the Sky, Casino of the Wind, Sunrise Square, the Shops at Mohegan Sun, along with a 10,000-seat arena, a 350-seat cabaret theatre and 100,000 sf of meeting and convention space. There is also a 1,200-room Sky Hotel Tower. The Project Horizon project included costs spent on different parts of the complex with $17 million to Sunrise Square, $116 million for Casino of the Wind, $58 million for Property Infrastructure and $75 million has already been spent on Earth Expansion and $5 million on the parking garage. By halting the expansion now, the project will save $734 million." ...
for the complete story
Last updated: September 24, 2008 09:47am
Mohegan Sun's Expansion Put on Hold
By Ryan Clark
"UNCASVILLE, CT-The Mohegan Tribal Gaming Authority is planning to delay a large capital spending component in the Project Horizon expansion of Mohegan Sun. A statement cites the ongoing economic recession affects on regional gaming markets as the cause of the interruption.
The components that will be suspended are the Earth Expansion and the adjacent parking garage. The complex consists of Casino of the Earth, Casino of the Sky, Casino of the Wind, Sunrise Square, the Shops at Mohegan Sun, along with a 10,000-seat arena, a 350-seat cabaret theatre and 100,000 sf of meeting and convention space. There is also a 1,200-room Sky Hotel Tower. The Project Horizon project included costs spent on different parts of the complex with $17 million to Sunrise Square, $116 million for Casino of the Wind, $58 million for Property Infrastructure and $75 million has already been spent on Earth Expansion and $5 million on the parking garage. By halting the expansion now, the project will save $734 million." ...
for the complete story
Tuesday, September 23, 2008
Incheon, South Korea getting major mixed-use tower
from this morning's GlobeSt (9/22):
Consortium Breaks Ground for 151-Story Tower
By Robert Carr
"INCHEON, SOUTH KOREA-A developer consortium has broken ground on the 151-story Incheon Tower, expected to become the second tallest tower in the world. The developers are Portman Holdings, Samsung C&T Corp. Hyundai E&C and SYM Associates. The mixed-use building is part of the $35 billion, 1,500-acre Songdo International Business District, going up here in this port city about 15 miles west of Seoul.
At 2,000 feet high, the 5.7-million-sf building will have a multitude of uses. There will be 30 floors of commercial offices, a 300-room hotel, apartments and condominiums, two public observation levels at floors 118 and 119, five stories of retail and a restaurant at the top of the tower..."
for the complete story
Consortium Breaks Ground for 151-Story Tower
By Robert Carr
"INCHEON, SOUTH KOREA-A developer consortium has broken ground on the 151-story Incheon Tower, expected to become the second tallest tower in the world. The developers are Portman Holdings, Samsung C&T Corp. Hyundai E&C and SYM Associates. The mixed-use building is part of the $35 billion, 1,500-acre Songdo International Business District, going up here in this port city about 15 miles west of Seoul.
At 2,000 feet high, the 5.7-million-sf building will have a multitude of uses. There will be 30 floors of commercial offices, a 300-room hotel, apartments and condominiums, two public observation levels at floors 118 and 119, five stories of retail and a restaurant at the top of the tower..."
for the complete story
DC redeveloping with mixed-use, jazz-anchored project
from this morning's GlobeSt (9/22);
Donohoe Steers 475,000-SF MXD Project
By Erika Morphy
"WASHINGTON, DC-Donohoe Cos. will lead a development team to build a 475,000-sf project in the District’s Mount Vernon Triangle neighborhood." ...
"The project includes a luxury European hotel flag, a London-based jazz club, neighborhood retail, restaurants and a 166-unit apartment building at a city-owned site at Fifth and Eye streets." ...
"Called Arts at 5th I, the project will be anchored by a ME by Melia, a high-end Spanish hotel that will deliver 206 keys." ...
for the complete story
From the official Mount Vernon Triangle Neighborhood organization:
... "The 475,000-square-foot project, called Arts at 5th and I, will be anchored by a ME by Melia hotel from Barcelona. It will also include a music venue call the Boisdale Jazz Club from London, a bike shop, a bookstore, café, and the Zenith Art Gallery – a local gallery from 7th Street, NW.
The development will also feature 166 apartments, where 50 units will be reserved for affordable renters earning less than 60 percent of the area median income. The developer has also proposed a 238-space parking garage underground." ...
for the complete announcement
Donohoe Steers 475,000-SF MXD Project
By Erika Morphy
"WASHINGTON, DC-Donohoe Cos. will lead a development team to build a 475,000-sf project in the District’s Mount Vernon Triangle neighborhood." ...
"The project includes a luxury European hotel flag, a London-based jazz club, neighborhood retail, restaurants and a 166-unit apartment building at a city-owned site at Fifth and Eye streets." ...
"Called Arts at 5th I, the project will be anchored by a ME by Melia, a high-end Spanish hotel that will deliver 206 keys." ...
for the complete story
From the official Mount Vernon Triangle Neighborhood organization:
... "The 475,000-square-foot project, called Arts at 5th and I, will be anchored by a ME by Melia hotel from Barcelona. It will also include a music venue call the Boisdale Jazz Club from London, a bike shop, a bookstore, café, and the Zenith Art Gallery – a local gallery from 7th Street, NW.
The development will also feature 166 apartments, where 50 units will be reserved for affordable renters earning less than 60 percent of the area median income. The developer has also proposed a 238-space parking garage underground." ...
for the complete announcement
Las Vegas -- 40-acre mixed-use from gravel pit
from this morning's GlobeSt (9/22):
Last updated: September 23, 2008 10:28am
GSG Submits for Major MXD Project
By Brian K. Miller
"LAS VEGAS-Locally based Glen, Smith & Glen Development is seeking entitlements for a 40-acre mixed-use development in Henderson, NV, a southeast suburb of Las Vegas. The site is adjacent to a city-owned, 100-acre former gravel pit that is slated to become a park. The GSG proposal, which goes before the city’s planning commission next month, calls for 1,588 residential units and 850,000-sf of commercial, office, hotel and civic space, according to city documents." ...
for the complete story
Last updated: September 23, 2008 10:28am
GSG Submits for Major MXD Project
By Brian K. Miller
"LAS VEGAS-Locally based Glen, Smith & Glen Development is seeking entitlements for a 40-acre mixed-use development in Henderson, NV, a southeast suburb of Las Vegas. The site is adjacent to a city-owned, 100-acre former gravel pit that is slated to become a park. The GSG proposal, which goes before the city’s planning commission next month, calls for 1,588 residential units and 850,000-sf of commercial, office, hotel and civic space, according to city documents." ...
for the complete story
Monday, September 22, 2008
TN Civil War Trail gets further funding
from the Tennessee e-News (9/2008):
Second Grant for Civil War Trails
"Governor Phil Bredesen has announced a second enhancement grant, provided by the state, in the amount of $543,480 to assist with phase two of the Tennessee Civil War Trails program, operated by the Tennessee Department of Tourism. The grant funds will be used to develop Civil War Trails sites in communities across the state. Phase two will result in more than 250 newly interpreted and accessible Civil War sites." ...
for the complete story
Second Grant for Civil War Trails
"Governor Phil Bredesen has announced a second enhancement grant, provided by the state, in the amount of $543,480 to assist with phase two of the Tennessee Civil War Trails program, operated by the Tennessee Department of Tourism. The grant funds will be used to develop Civil War Trails sites in communities across the state. Phase two will result in more than 250 newly interpreted and accessible Civil War sites." ...
for the complete story
Friday, September 19, 2008
Santa Monica performing arts center opens
from today's Los Angeles Times (9/19):
Curtain about to rise at Santa Monica College's new performing arts center
Thanks to a decade of planning, $45 million in fundraising and high-profile backers such as Dustin Hoffman and Eli Broad, the long-awaited arts and education facility will debut at a gala Saturday.
By Martha Groves, Los Angeles Times Staff Writer
September 19, 2008
"Sisyphus had it easy. Or so it often seemed to the individuals who spent the last decade bringing to fruition Santa Monica College's new performing arts center.
The king of Corinth was merely doomed to forever push a boulder up a mountain, only to have it roll back down each time he reached the summit. He didn't also have to deal with fundraising amid a topsy-turvy economy and soaring prices for concrete and steel.
Ten years and $45 million after the idea for a world-class arts and education center was conceived, the space will officially open with a gala Saturday, featuring a performance by Broadway legend Barbara Cook." ...
for the complete story
Curtain about to rise at Santa Monica College's new performing arts center
Thanks to a decade of planning, $45 million in fundraising and high-profile backers such as Dustin Hoffman and Eli Broad, the long-awaited arts and education facility will debut at a gala Saturday.
By Martha Groves, Los Angeles Times Staff Writer
September 19, 2008
"Sisyphus had it easy. Or so it often seemed to the individuals who spent the last decade bringing to fruition Santa Monica College's new performing arts center.
The king of Corinth was merely doomed to forever push a boulder up a mountain, only to have it roll back down each time he reached the summit. He didn't also have to deal with fundraising amid a topsy-turvy economy and soaring prices for concrete and steel.
Ten years and $45 million after the idea for a world-class arts and education center was conceived, the space will officially open with a gala Saturday, featuring a performance by Broadway legend Barbara Cook." ...
for the complete story
Long Beach film studio plans
from today's Los Angeles Times (9/19):
Plan to convert an empty airplane hangar into a film studio is taking off
Investors are in escrow to buy the Long Beach site from Boeing and have secured financing for the $500-million project.
By Roger Vincent
Los Angeles Times Staff Writer
September 19, 2008
"Plans for a massive indoor movie studio are underway in Long Beach, where the buyers of a former aerospace plant say they will build a $500-million soundstage facility that would rival the largest established Hollywood studios in scope.
A group of investors led by character actor Jack O'Halloran has already secured financing to convert a closed former Boeing site next to the Long Beach Airport into an elaborate self-contained production facility with 40 soundstages, a water tank stage, offices, commissary, bungalows, a private hotel and an indoor set of a New York street.
The group is already in escrow to buy the facility, a 1.1-million-square-foot behemoth created in the 1950s to build jetliners.
The proposal has won the enthusiastic approval of Long Beach officials, who had fretted that in the troubled economy they would be unable to put anything other than a parking lot on the site." ...
for the complete story
Plan to convert an empty airplane hangar into a film studio is taking off
Investors are in escrow to buy the Long Beach site from Boeing and have secured financing for the $500-million project.
By Roger Vincent
Los Angeles Times Staff Writer
September 19, 2008
"Plans for a massive indoor movie studio are underway in Long Beach, where the buyers of a former aerospace plant say they will build a $500-million soundstage facility that would rival the largest established Hollywood studios in scope.
A group of investors led by character actor Jack O'Halloran has already secured financing to convert a closed former Boeing site next to the Long Beach Airport into an elaborate self-contained production facility with 40 soundstages, a water tank stage, offices, commissary, bungalows, a private hotel and an indoor set of a New York street.
The group is already in escrow to buy the facility, a 1.1-million-square-foot behemoth created in the 1950s to build jetliners.
The proposal has won the enthusiastic approval of Long Beach officials, who had fretted that in the troubled economy they would be unable to put anything other than a parking lot on the site." ...
for the complete story
Beijing hotel market post-Games
from today's HNN newswire (9/19):
What's next for Beijing?
19 September 2008 12:22 PM
By Damien Little
HNN Columnist
"For more than seven years, the 18 million or so residents of Beijing and most of the nation have been focusing on the Beijing 2008 Olympics.
And then on Monday 25 August, we woke up, and the Games were over." ...
"Although the Beijing hotel market had performed well during the Games, it perhaps fell short of Olympic expectations.
Certainly average room rates across the market were impressive, even higher than what many pundits had expected. However, occupancy performance was a little disappointing, particularly for the lower-star-rated hotels in the market." ...
for the complete story
What's next for Beijing?
19 September 2008 12:22 PM
By Damien Little
HNN Columnist
"For more than seven years, the 18 million or so residents of Beijing and most of the nation have been focusing on the Beijing 2008 Olympics.
And then on Monday 25 August, we woke up, and the Games were over." ...
"Although the Beijing hotel market had performed well during the Games, it perhaps fell short of Olympic expectations.
Certainly average room rates across the market were impressive, even higher than what many pundits had expected. However, occupancy performance was a little disappointing, particularly for the lower-star-rated hotels in the market." ...
for the complete story
Condo-hotel trend
from yesterday's USA Today (9/18):
Hotel residences: All the perks with none of the work
By Larry Olmsted, Special for USA TODAY
"For most vacationers, second homes are an alternative to staying in hotels. But for a rapidly growing minority, hotels are their second homes.
The hotel-residences trend is notably different from its predecessors such as fractional/time share hotel units, which are not wholly owned, or condo hotels, which are wholly owned hotel rooms without, for example, kitchens. Not only do hotel residences have kitchens and everything else an owner would expect in a typical abode, they also include amenities such as maid and room service, plus restaurants, spas and gyms.
These residences offer truly turn-key second-home ownership and, in some cases, can create an income stream by letting the hotel rent the apartment when the owner is not there. Another advantage is that some hotel companies allow owners to trade and use residences at other locations." ...
for the complete story
Hotel residences: All the perks with none of the work
By Larry Olmsted, Special for USA TODAY
"For most vacationers, second homes are an alternative to staying in hotels. But for a rapidly growing minority, hotels are their second homes.
The hotel-residences trend is notably different from its predecessors such as fractional/time share hotel units, which are not wholly owned, or condo hotels, which are wholly owned hotel rooms without, for example, kitchens. Not only do hotel residences have kitchens and everything else an owner would expect in a typical abode, they also include amenities such as maid and room service, plus restaurants, spas and gyms.
These residences offer truly turn-key second-home ownership and, in some cases, can create an income stream by letting the hotel rent the apartment when the owner is not there. Another advantage is that some hotel companies allow owners to trade and use residences at other locations." ...
for the complete story
"Celebration vacation" trend -- and Disney moves into the market
from today's Walt Disney World news service (9/19):
Nationwide Survey by Ypartnership Reveals New Trend of 'Celebration Vacations'
"New York (September 18, 2008) – Vacations have always been a welcomed source of rest and relaxation, yet a new survey reveals they are increasingly motivated by events of high “personal significance.”
In a national survey of approximately 4,600 adults conducted by Ypartnership in June 2008, almost three-quarters (70%) revealed they have taken a vacation primarily to celebrate a special occasion. Adults less than 35 years of age (75%) were more likely to have taken such a vacation than adults over 55 years of age (69%).
“The motivations revealed in this fascinating piece of work suggest that vacations are increasingly viewed as an appropriate way to either recognize or reward the participants for some event of great significance in their lives,” said Peter C. Yesawich, whose marketing services firm authored the survey. “As such, we call them ‘Celebration Vacations’.”" ...
for the complete press release
STR newsfeed coverage
Disney announcement:
At-a-Glance: ‘Celebration Vacations’ Come to Life at Disney Parks
"WHAT: Beginning Jan. 1, 2009, Disneyland Resort in California and Walt Disney World Resort in Florida will invite guests to celebrate their lives’ special moments – large and small – with family and friends at the place where dreams come true. New research shows that families are planning trips around life’s special moments, memories and milestones to celebrate with loved ones. It’s a newly identified, national trend dubbed by experts as “celebration vacations.”
WHEN: Beginning Jan. 1, 2009, for guests at the Disneyland and Walt Disney World resorts." ....
for the complete press release
Nationwide Survey by Ypartnership Reveals New Trend of 'Celebration Vacations'
"New York (September 18, 2008) – Vacations have always been a welcomed source of rest and relaxation, yet a new survey reveals they are increasingly motivated by events of high “personal significance.”
In a national survey of approximately 4,600 adults conducted by Ypartnership in June 2008, almost three-quarters (70%) revealed they have taken a vacation primarily to celebrate a special occasion. Adults less than 35 years of age (75%) were more likely to have taken such a vacation than adults over 55 years of age (69%).
“The motivations revealed in this fascinating piece of work suggest that vacations are increasingly viewed as an appropriate way to either recognize or reward the participants for some event of great significance in their lives,” said Peter C. Yesawich, whose marketing services firm authored the survey. “As such, we call them ‘Celebration Vacations’.”" ...
for the complete press release
STR newsfeed coverage
Disney announcement:
At-a-Glance: ‘Celebration Vacations’ Come to Life at Disney Parks
"WHAT: Beginning Jan. 1, 2009, Disneyland Resort in California and Walt Disney World Resort in Florida will invite guests to celebrate their lives’ special moments – large and small – with family and friends at the place where dreams come true. New research shows that families are planning trips around life’s special moments, memories and milestones to celebrate with loved ones. It’s a newly identified, national trend dubbed by experts as “celebration vacations.”
WHEN: Beginning Jan. 1, 2009, for guests at the Disneyland and Walt Disney World resorts." ....
for the complete press release
Canada's priciest condo (condo-hotel)
from today's Hotels newsfeed (9/19):
At $30 Million, the "West Penthouse" of Four Seasons Hotel and Private Residences Toronto is the most expensive condo in Canada
Canada NewsWire, September 18, 2008 Thursday 3:00 PM Eastern Time
"Bay-Yorkville Developments Ltd. released the penthouse at Four Seasons Hotel and Private Residences Toronto for sale today. Priced at $30 million, this exclusive residence is the most expensive condominium in Canada.
Located at the northeast corner of Bay Street and Yorkville Avenue, Four Seasons Hotel and Private Residences Toronto is a landmark mixed-use development featuring a world class hotel and over 200 private residences in two 55 and 26-storey towers." ....
for the complete story
At $30 Million, the "West Penthouse" of Four Seasons Hotel and Private Residences Toronto is the most expensive condo in Canada
Canada NewsWire, September 18, 2008 Thursday 3:00 PM Eastern Time
"Bay-Yorkville Developments Ltd. released the penthouse at Four Seasons Hotel and Private Residences Toronto for sale today. Priced at $30 million, this exclusive residence is the most expensive condominium in Canada.
Located at the northeast corner of Bay Street and Yorkville Avenue, Four Seasons Hotel and Private Residences Toronto is a landmark mixed-use development featuring a world class hotel and over 200 private residences in two 55 and 26-storey towers." ....
for the complete story
Marina redevelopment for Riviera Beach, FL
from this afternoon's Boating Industry news (9/19):
Viking in talks on $500M marina project
Boating Industry
Friday September 19, 2008
"RIVIERA BEACH, Fla. — City officials in Riviera Beach, Fla., have begun negotiations with the real estate arm of the Viking Yacht Co. in hopes of spawning a $500 million redevelopment of the city’s marina and its surrounding property" ....
"The city council, sitting as the community redevelopment agency, voted 5-0 to work with Viking Developers LLC – the only company that submitted a response to the CRA's request for marina redevelopment proposals by the Sept. 2 deadline." ....
for the complete story
An earlier story on the same topic from the Palm Beach Post
Viking in talks on $500M marina project
Boating Industry
Friday September 19, 2008
"RIVIERA BEACH, Fla. — City officials in Riviera Beach, Fla., have begun negotiations with the real estate arm of the Viking Yacht Co. in hopes of spawning a $500 million redevelopment of the city’s marina and its surrounding property" ....
"The city council, sitting as the community redevelopment agency, voted 5-0 to work with Viking Developers LLC – the only company that submitted a response to the CRA's request for marina redevelopment proposals by the Sept. 2 deadline." ....
for the complete story
An earlier story on the same topic from the Palm Beach Post
Thursday, September 18, 2008
Davidson's Fort historical center
from the McDowell News (NC):
Help build Davidson's Fort, a brick at a time
By MIKE CONLEY
nconley@mcdowellnews.com
Monday, September 15, 2008
"The directors of Davidson's Fort Historical Park are hoping folks and businesses will buy a brick to help get the fort built.
They have gotten grant money, which is helping them build the replica of the 18th century pioneer stockade.
But they need additional money to retire the debt on the land itself." ...
for the complete story
Help build Davidson's Fort, a brick at a time
By MIKE CONLEY
nconley@mcdowellnews.com
Monday, September 15, 2008
"The directors of Davidson's Fort Historical Park are hoping folks and businesses will buy a brick to help get the fort built.
They have gotten grant money, which is helping them build the replica of the 18th century pioneer stockade.
But they need additional money to retire the debt on the land itself." ...
for the complete story
Gettysburg admission fees?
from the Philadelphia Inquirer:
Posted on Sat, Aug. 30, 2008
Gettysburg visitor center proposes admission fee
By Amy Worden
Inquirer Staff Writer
"There may soon be a price tag attached to your next visit to Gettysburg.
In a sudden about-face, the foundation that operates the new Gettysburg Museum and Visitor Center has proposed a $7.50 admission fee.
Facing a nearly $1.8 million revenue shortfall as the tourist season winds down, officials of the Gettysburg Foundation are asking the National Park Service to approve the fee." ...
for the complete story
Posted on Sat, Aug. 30, 2008
Gettysburg visitor center proposes admission fee
By Amy Worden
Inquirer Staff Writer
"There may soon be a price tag attached to your next visit to Gettysburg.
In a sudden about-face, the foundation that operates the new Gettysburg Museum and Visitor Center has proposed a $7.50 admission fee.
Facing a nearly $1.8 million revenue shortfall as the tourist season winds down, officials of the Gettysburg Foundation are asking the National Park Service to approve the fee." ...
for the complete story
Tuesday, September 16, 2008
Canada -- dogsledding tourism
from today's Edmonton Journal (9/15):
N.W.T. dogsledder turns mushing into tourism gold
Visitors to Canada's North seek adventure, not just sights
Trish Audette
The Edmonton Journal
Monday, September 15, 2008
"YELLOWKNIFE - Grant Beck's dogsledding heritage reaches back more than a century to the days his German ancestors spent hunting and trapping along Great Slave Lake." ...
"In winter, visitors can take the reins after a short mushing lesson and lead a crew of 14 Alaskan huskies over packed snow. In summer, the dogs are hooked up to a Kawasaki Mule 3010 utility vehicle and run along a short trail." ...
"More mushers are coming around to the same idea, says Richard Zieba, director of tourism and parks for the Northwest Territories.
"The dogsledding is a major attraction or activity for a lot of people," Zieba says, adding there is a growing demand for "experiential tourism" -- activities visitors can get involved in, rather than stand and watch.
Because the cost of flying into Yellowknife -- let alone more remote areas of the territories -- is so prohibitive, the government focuses on the "high-yield market," Zieba says. Essentially, these are "well-educated people who want to experience something off the beaten track."
To appeal particularly to Japanese and German tourists -- and, in the future, Korean, Mexican and Australian tourists -- phrases like "the adventure of a lifetime" are used to describe a vacation in the territories." ...
for the complete story
N.W.T. dogsledder turns mushing into tourism gold
Visitors to Canada's North seek adventure, not just sights
Trish Audette
The Edmonton Journal
Monday, September 15, 2008
"YELLOWKNIFE - Grant Beck's dogsledding heritage reaches back more than a century to the days his German ancestors spent hunting and trapping along Great Slave Lake." ...
"In winter, visitors can take the reins after a short mushing lesson and lead a crew of 14 Alaskan huskies over packed snow. In summer, the dogs are hooked up to a Kawasaki Mule 3010 utility vehicle and run along a short trail." ...
"More mushers are coming around to the same idea, says Richard Zieba, director of tourism and parks for the Northwest Territories.
"The dogsledding is a major attraction or activity for a lot of people," Zieba says, adding there is a growing demand for "experiential tourism" -- activities visitors can get involved in, rather than stand and watch.
Because the cost of flying into Yellowknife -- let alone more remote areas of the territories -- is so prohibitive, the government focuses on the "high-yield market," Zieba says. Essentially, these are "well-educated people who want to experience something off the beaten track."
To appeal particularly to Japanese and German tourists -- and, in the future, Korean, Mexican and Australian tourists -- phrases like "the adventure of a lifetime" are used to describe a vacation in the territories." ...
for the complete story
ICSC green conference
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
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
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
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