from yesterday's Columbus Dispatch (10/5):
Casino's effects mixed for town in Michigan
Same developer will build Ohio casino if it wins vote
Sunday, October 5, 2008 3:31 AM
By James Nash
THE COLUMBUS DISPATCH
"NEW BUFFALO, Mich. -- Barbara Flies has lots of reasons to dislike her new neighbor.
Cars bring visitors at all hours of the day and night, turning Flies' formerly quiet two-lane road into a pulsing artery. She now has to lock her front door and car doors. Most disturbingly, on the second day after her neighbor moved in, a visitor broke into her house, tried to steal her possessions and then drove off in her van when the thief thought he'd been spotted." ...
"Four Winds opened in August 2007 as the first casino developed by Lakes Entertainment Inc., the Minnesota gambling company that's backing the Nov. 4 Ohio ballot measure that would allow it to build a casino along I-71 about halfway between Columbus and Cincinnati." ...
for the complete story
Monday, October 6, 2008
CT Indian casinos hit by economy
from yesterday's Hartford Courant (10/5):
Gambling Misfortune
State's Casinos Aren't Recession-Proof After All
By ERIC GERSHON
The Hartford Courant
October 5, 2008
"In the early 1990s, as defense and insurance industry job cuts imperiled the state's economy, a twinkling Las Vegas-style business opened in the little town of Ledyard on land owned by the Mashantucket Pequot Indians.
It wasn't long before the Mohegan tribe opened its own casino, just 8 miles away, across the Thames River near the Uncasville section of Montville.
Gambling proved an economic dynamo. Foxwoods Resort Casino and Mohegan Sun hired tens of thousands of workers, generated billions of dollars for their owners and the state treasury and remade the image of the region. Growth became the status quo.
Now New England and the nation are struggling through the most serious economic crisis since big-time gambling came to Connecticut, and the mighty casinos suddenly seem more vulnerable than previously thought." ...
for the complete story
Gambling Misfortune
State's Casinos Aren't Recession-Proof After All
By ERIC GERSHON
The Hartford Courant
October 5, 2008
"In the early 1990s, as defense and insurance industry job cuts imperiled the state's economy, a twinkling Las Vegas-style business opened in the little town of Ledyard on land owned by the Mashantucket Pequot Indians.
It wasn't long before the Mohegan tribe opened its own casino, just 8 miles away, across the Thames River near the Uncasville section of Montville.
Gambling proved an economic dynamo. Foxwoods Resort Casino and Mohegan Sun hired tens of thousands of workers, generated billions of dollars for their owners and the state treasury and remade the image of the region. Growth became the status quo.
Now New England and the nation are struggling through the most serious economic crisis since big-time gambling came to Connecticut, and the mighty casinos suddenly seem more vulnerable than previously thought." ...
for the complete story
Seminole gaming pact update
from yesterday's Tampa Bay Online (10/6):
Decision Complicates Seminole Gaming Pact
By CATHERINE DOLINSKI
Published: October 5, 2008
"TALLAHASSEE - Last year, Gov. Charlie Crist signed off on a gaming compact between Florida and the Seminole Tribe. Now Florida's Supreme Court has ruled that Crist lacked authority to do that.
So ... now what? Now the issue of tribal gaming gets really complicated.
Seminole casinos are still offering games approved in the compact that are otherwise illegal in Florida. Legally, the state can't stop them. Both the state and tribe could gain from negotiating a new compact - but state leaders are divided on whether to start those talks, so long as the tribe continues to offer the games. Only federal authorities can compel the tribe to stop.
But they haven't, so the games play on. Here's a breakdown of this jurisdictional round robin, and where it might lead" ...
for the complete story
Decision Complicates Seminole Gaming Pact
By CATHERINE DOLINSKI
Published: October 5, 2008
"TALLAHASSEE - Last year, Gov. Charlie Crist signed off on a gaming compact between Florida and the Seminole Tribe. Now Florida's Supreme Court has ruled that Crist lacked authority to do that.
So ... now what? Now the issue of tribal gaming gets really complicated.
Seminole casinos are still offering games approved in the compact that are otherwise illegal in Florida. Legally, the state can't stop them. Both the state and tribe could gain from negotiating a new compact - but state leaders are divided on whether to start those talks, so long as the tribe continues to offer the games. Only federal authorities can compel the tribe to stop.
But they haven't, so the games play on. Here's a breakdown of this jurisdictional round robin, and where it might lead" ...
for the complete story
branding TX cities
from yesterday's Dallas Morning News (10/5):
In competition for tourists, business, cities use 'brands' to stand out 08:36 AM CDT on Sunday, October 5, 2008
By FRANK TREJO / The Dallas Morning News
"For Mesquite, it's a wisp of smoke. For Grapevine, a cluster of purple grapes. For McKinney, the serene outline of a tree.
To get logos like these, along with market studies and more, North Texas cities are shelling out big bucks to companies that specialize in helping them make a name for themselves.
While city "branding" has been around for a decade or more, officials from several area cities say increased competition for tourist and development dollars makes it essential these days." ...
for the complete story
In competition for tourists, business, cities use 'brands' to stand out 08:36 AM CDT on Sunday, October 5, 2008
By FRANK TREJO / The Dallas Morning News
"For Mesquite, it's a wisp of smoke. For Grapevine, a cluster of purple grapes. For McKinney, the serene outline of a tree.
To get logos like these, along with market studies and more, North Texas cities are shelling out big bucks to companies that specialize in helping them make a name for themselves.
While city "branding" has been around for a decade or more, officials from several area cities say increased competition for tourist and development dollars makes it essential these days." ...
for the complete story
AR biofuels plant groundbreaking
from this morning's Arkansas Business journal (10/6):
Officials Break Ground on Tyson-Syntroleum Synthetic Fuel Plant
By Amy Riggin - 10/6/2008 11:09:09 AM
"A groundbreaking ceremony was held Monday for the Dynamic Fuels plant in Geismar, La., a joint venture of Tyson Foods Inc. of Springdale and Syntroleum Corp., company officials announced.
The plant, located near Baton Rouge, will produce diesel and jet fuels from animal fats and greases and is expected to cost $138 million to construct." ...
for the complete story
Officials Break Ground on Tyson-Syntroleum Synthetic Fuel Plant
By Amy Riggin - 10/6/2008 11:09:09 AM
"A groundbreaking ceremony was held Monday for the Dynamic Fuels plant in Geismar, La., a joint venture of Tyson Foods Inc. of Springdale and Syntroleum Corp., company officials announced.
The plant, located near Baton Rouge, will produce diesel and jet fuels from animal fats and greases and is expected to cost $138 million to construct." ...
for the complete story
UCSD economic impact report
from this morning's San Diego Business Journal (10/6):
UCSD Holds Strong as Economic Force, But Wary of State Cutbacks
By BRAD GRAVES - 10/6/2008
San Diego Business Journal Staff
"UC San Diego is a dynamo, an industrial-sized generator of jobs and a force that pulls the San Diego economy along, according to a study commissioned by the university.
The campus on the bluffs overlooking the Pacific Ocean, and its Hillcrest medical center, contribute an estimated $4.1 billion to the city’s economy annually and $5.7 billion to the county’s economy, when counting direct spending, indirect spending and personal income.
It’s a $7.2 billion force exerted on the state economy.
UCSD was the third-largest employer in San Diego in 2007, with 26,900 employees, behind the state and federal governments. The university provides stable jobs, San Diego Mayor Jerry Sanders said during a Sept. 30 news conference detailing the study. Sanders called UCSD an example of “what’s going right locally” during tough economic times." ...
for the complete story
for the complete report
UCSD Holds Strong as Economic Force, But Wary of State Cutbacks
By BRAD GRAVES - 10/6/2008
San Diego Business Journal Staff
"UC San Diego is a dynamo, an industrial-sized generator of jobs and a force that pulls the San Diego economy along, according to a study commissioned by the university.
The campus on the bluffs overlooking the Pacific Ocean, and its Hillcrest medical center, contribute an estimated $4.1 billion to the city’s economy annually and $5.7 billion to the county’s economy, when counting direct spending, indirect spending and personal income.
It’s a $7.2 billion force exerted on the state economy.
UCSD was the third-largest employer in San Diego in 2007, with 26,900 employees, behind the state and federal governments. The university provides stable jobs, San Diego Mayor Jerry Sanders said during a Sept. 30 news conference detailing the study. Sanders called UCSD an example of “what’s going right locally” during tough economic times." ...
for the complete story
for the complete report
San Diego condo hotel switched mid construction to extended stay hotel
from this morning's San Diego Business Journal (10/6):
Hang Up Your Coat and Stay Awhile
By CONNIE LEWIS - 10/6/2008
San Diego Business Journal Staff
"Midway through construction on a condo project on Hancock Street near Old Town in April, developer Constellation Property Group decided to convert the property into a residence hotel.
It may have been the first time that such a conversion had ever happened locally.
But it wasn’t because of the slumping residential real estate market, says Constellation President Eugene Marchese. Constellation’s general contractor had filed for Chapter 11 bankruptcy protection. “The bank was concerned that we were going to turn over the keys,” said Marchese." ...
for the complete story
Hang Up Your Coat and Stay Awhile
By CONNIE LEWIS - 10/6/2008
San Diego Business Journal Staff
"Midway through construction on a condo project on Hancock Street near Old Town in April, developer Constellation Property Group decided to convert the property into a residence hotel.
It may have been the first time that such a conversion had ever happened locally.
But it wasn’t because of the slumping residential real estate market, says Constellation President Eugene Marchese. Constellation’s general contractor had filed for Chapter 11 bankruptcy protection. “The bank was concerned that we were going to turn over the keys,” said Marchese." ...
for the complete story
MLB attendance steady
from this morning's Street and Smith's Sports Business Journal (10/6):
MLB attendance ends strong, but no record
By ERIC FISHER
Staff writer
Published October 06, 2008 : Page 08
"Major League Baseball’s four-year run of attendance records is over, but Commissioner Bud Selig has not abandoned his goal of reaching 80 million in aggregate ticket sales.
MLB ended the 2008 regular season with total attendance of more than 78.6 million, down about 1 percent from last year but still the second-best mark in league history. Selig had planned to cross the 80 million mark this season, and strong season-ticket sales for many clubs last winter suggested the goal would indeed be met.
A tough combination of a sharply declining national economy and wet weather in a variety of individual markets, however, dulled advance individual game and walk-up purchases considerably. Fifteen clubs declined at the gate this year, compared with just seven last season. Five teams fell by double-digit percentages in 2008." ...
for the complete story
MLB attendance ends strong, but no record
By ERIC FISHER
Staff writer
Published October 06, 2008 : Page 08
"Major League Baseball’s four-year run of attendance records is over, but Commissioner Bud Selig has not abandoned his goal of reaching 80 million in aggregate ticket sales.
MLB ended the 2008 regular season with total attendance of more than 78.6 million, down about 1 percent from last year but still the second-best mark in league history. Selig had planned to cross the 80 million mark this season, and strong season-ticket sales for many clubs last winter suggested the goal would indeed be met.
A tough combination of a sharply declining national economy and wet weather in a variety of individual markets, however, dulled advance individual game and walk-up purchases considerably. Fifteen clubs declined at the gate this year, compared with just seven last season. Five teams fell by double-digit percentages in 2008." ...
for the complete story
Arena improvements
from this morning's Street and Smith's Sports Business Journal (10/6):
Arenas deliver new seats, new eats for fans
Published October 06, 2008 : Page 06
Stories by Don Muret
"With the NBA and NHL seasons approaching, we take a look at facilities improvements around the leagues." ...
"TAMPA BAY: Lightning adds a branded suite
The Tampa Bay Lightning has developed its fifth branded premium group space this season at the St. Pete Times Forum.
The NHL team signed a seven-year sponsorship with CCM Graphics Solutions, a local printing company, to put its name on a new 40-person suite in Section 213, in the east corner of the Jeep Club level." ...
"HOUSTON: Rockets accompany three more courtside suites with another event-level club
The Rockets have signed a five-year naming-rights deal with Woodforest National Bank to sponsor a new event-level club next to three new courtside suites at Toyota Center.
The contract for the 3,500-square-foot Woodforest Club, opening for the Rockets’ Oct. 29 regular-season home opener, is valued in the mid- to high six figures annually, said Tad Brown, the team’s CEO." ...
"PHOENIX: Suns bring new life to dead space
The Phoenix Suns signed new sponsorships with Scottsdale, Ariz.-based Kahala Corp., a fast-food company that owns 13 national brands, and Sol de Mexico, a new high-end tequila maker. Both deals include concession operations at US Airways Center." ...
for the complete story
Arenas deliver new seats, new eats for fans
Published October 06, 2008 : Page 06
Stories by Don Muret
"With the NBA and NHL seasons approaching, we take a look at facilities improvements around the leagues." ...
"TAMPA BAY: Lightning adds a branded suite
The Tampa Bay Lightning has developed its fifth branded premium group space this season at the St. Pete Times Forum.
The NHL team signed a seven-year sponsorship with CCM Graphics Solutions, a local printing company, to put its name on a new 40-person suite in Section 213, in the east corner of the Jeep Club level." ...
"HOUSTON: Rockets accompany three more courtside suites with another event-level club
The Rockets have signed a five-year naming-rights deal with Woodforest National Bank to sponsor a new event-level club next to three new courtside suites at Toyota Center.
The contract for the 3,500-square-foot Woodforest Club, opening for the Rockets’ Oct. 29 regular-season home opener, is valued in the mid- to high six figures annually, said Tad Brown, the team’s CEO." ...
"PHOENIX: Suns bring new life to dead space
The Phoenix Suns signed new sponsorships with Scottsdale, Ariz.-based Kahala Corp., a fast-food company that owns 13 national brands, and Sol de Mexico, a new high-end tequila maker. Both deals include concession operations at US Airways Center." ...
for the complete story
St. Louis Blues (NHL)
from this morning's Street and Smith's Sports Business Journal (10/6):
St. Louis finds reason to buy into the Blues
By TRIPP MICKLE
Staff writer
Published October 06, 2008 : Page 18
"When SCP Worldwide bought the St. Louis Blues in July 2006, its partners knew a difficult task lay ahead, but even they were surprised by how tough the job turned out to be.
The New York group, headed by Dave Checketts, took over a franchise with just 5,600 season-ticket holders and a fan base frustrated by the cost cuts of former owners Nancy and Bill Laurie.
SCP raised ticket prices for the 2006-07 season, further frustrating fans, and watched attendance plummet. The team finished the first half of the season with the worst attendance in the league, averaging 9,117 fans in 12 of its first 13 games." ...
for the complete story
St. Louis finds reason to buy into the Blues
By TRIPP MICKLE
Staff writer
Published October 06, 2008 : Page 18
"When SCP Worldwide bought the St. Louis Blues in July 2006, its partners knew a difficult task lay ahead, but even they were surprised by how tough the job turned out to be.
The New York group, headed by Dave Checketts, took over a franchise with just 5,600 season-ticket holders and a fan base frustrated by the cost cuts of former owners Nancy and Bill Laurie.
SCP raised ticket prices for the 2006-07 season, further frustrating fans, and watched attendance plummet. The team finished the first half of the season with the worst attendance in the league, averaging 9,117 fans in 12 of its first 13 games." ...
for the complete story
TX multifamily still building
from this morning's GlobeSt (10/6):
RESEARCH Last updated: October 3, 2008 07:20pm
Texas Apartment Count Aggressively Growing
By Connie Gore
"DALLAS-Whether it's bravado or foolhardy development, Texas' multifamily developers haven't been stopped cold by the financial chokehold on new projects prevailing in many markets. There are 55,516 units under construction in the four major metros, with Dallas/Fort Worth at the head of the pack in the 18-month pipeline.
In North Texas, there are 20,585 units being built. Houston's adding 16,282 units while Austin is in line for an additional 13,018 and San Antonio, 5,631, according to a just-released third-quarter report by Carrollton, TX-based M/PF YieldStar." ...
for the complete story
RESEARCH Last updated: October 3, 2008 07:20pm
Texas Apartment Count Aggressively Growing
By Connie Gore
"DALLAS-Whether it's bravado or foolhardy development, Texas' multifamily developers haven't been stopped cold by the financial chokehold on new projects prevailing in many markets. There are 55,516 units under construction in the four major metros, with Dallas/Fort Worth at the head of the pack in the 18-month pipeline.
In North Texas, there are 20,585 units being built. Houston's adding 16,282 units while Austin is in line for an additional 13,018 and San Antonio, 5,631, according to a just-released third-quarter report by Carrollton, TX-based M/PF YieldStar." ...
for the complete story
Reosrt selling large apartment development (Phoenix, AZ)
from this morning's GlobeSt (10/6):
EXCLUSIVE Last updated: October 3, 2008 07:13pm
CA Resort Owner Hangs $70M Tag on 768 Units
By John McCloud
"PHOENIX-Despite a generally slow market for multifamily properties, a private California investor has put the Peaks at Papago Park, a 768-unit apartment complex on the block for $70 million. The seller is Peaks Papago LLC, whose general partner, Papago Properties Inc. of Santa Ana, CA, is headed by James Carter, developer of the exclusive South Coast Winery Resort & Spa in Temecula, CA." ...
for the complete story
EXCLUSIVE Last updated: October 3, 2008 07:13pm
CA Resort Owner Hangs $70M Tag on 768 Units
By John McCloud
"PHOENIX-Despite a generally slow market for multifamily properties, a private California investor has put the Peaks at Papago Park, a 768-unit apartment complex on the block for $70 million. The seller is Peaks Papago LLC, whose general partner, Papago Properties Inc. of Santa Ana, CA, is headed by James Carter, developer of the exclusive South Coast Winery Resort & Spa in Temecula, CA." ...
for the complete story
NJ off-shore windfarm approved
from this morning's GlobeStNJ (10/6):
Last updated: October 3, 2008 03:55pm
$1B Offshore Wind Farm Gets BPU Approval
By Eric Peterson
"TRENTON, NJ-It took several months for the state's Board of Public Utilities to decide which bidder would build the first wind farm off New Jersey's coast, and one of the first on the East Coast. And BPU stayed at home with its decision, with the five-member board opting unanimously for Garden State Offshore Energy, a joint venture of the Public Enterprise Group Renewable Generation subsidiary of Newark-based PSE&G, the state's largest utility, and the Hoboken-based Deepwater Wind." ....
for the complete story
Last updated: October 3, 2008 03:55pm
$1B Offshore Wind Farm Gets BPU Approval
By Eric Peterson
"TRENTON, NJ-It took several months for the state's Board of Public Utilities to decide which bidder would build the first wind farm off New Jersey's coast, and one of the first on the East Coast. And BPU stayed at home with its decision, with the five-member board opting unanimously for Garden State Offshore Energy, a joint venture of the Public Enterprise Group Renewable Generation subsidiary of Newark-based PSE&G, the state's largest utility, and the Hoboken-based Deepwater Wind." ....
for the complete story
Sacramento retail/mixed use neighborhood problems
from yesterday's Sacramento Bee (10/5):
Florin Road marked by seesaw development
By Jon Ortiz - jortiz@sacbee.com
Published 12:00 am PDT Sunday, October 5, 2008
"Up and down. Down and up.
Florin Road, once a regional retail powerhouse, is in the middle of another seesaw economic cycle.
East of Highway 99, the south Sacramento retail corridor is rebounding after years of decline. Meanwhile, Florin Road west of the freeway is on the down stroke with several key businesses closing recently or preparing to leave." ...
"City and county officials say that they're working on plans to revitalize Florin Road's west side. There's talk of mixing residential and retail development that targets the local area's rich diversity. Developers have toured the street, which straddles city and county line." ...
for the complete story
Florin Road marked by seesaw development
By Jon Ortiz - jortiz@sacbee.com
Published 12:00 am PDT Sunday, October 5, 2008
"Up and down. Down and up.
Florin Road, once a regional retail powerhouse, is in the middle of another seesaw economic cycle.
East of Highway 99, the south Sacramento retail corridor is rebounding after years of decline. Meanwhile, Florin Road west of the freeway is on the down stroke with several key businesses closing recently or preparing to leave." ...
"City and county officials say that they're working on plans to revitalize Florin Road's west side. There's talk of mixing residential and retail development that targets the local area's rich diversity. Developers have toured the street, which straddles city and county line." ...
for the complete story
Thursday, October 2, 2008
LV Sands gets loan to cover Macau
from this afternoon's GlobeSt:
Last updated: October 2, 2008 03:02pm
Adelson Loans $475M to Las Vegas Sands
By Brian K. Miller
"LAS VEGAS-Las Vegas Sands Corp. received a $475-million loan from its chairman Sheldon Adelson this week that helped the company meet liquidity requirements, according to a Wednesday filing with the SEC. The investment was made the same day the company said its US senior secured credit facility and furniture, fixtures and equipment credit facility required it to comply with certain financial covenants, including one to maintain a maximum leverage ratio of net debt to trailing twelve-month EBITDA (net cash flow).
Analysts applauded the move but it did not appear to help the company’s share price, which ended Wednesday at $31.32, down 13.27% on the day, and was off by another 13% in afternoon trading on Thursday, taking its share price to $27.23. Part of the concern is believed to be the company’s ongoing need to refinance a multi-billion dollar loan that is coming due and find billions more to complete multiple projects in Macau." ...
for the complete story
Last updated: October 2, 2008 03:02pm
Adelson Loans $475M to Las Vegas Sands
By Brian K. Miller
"LAS VEGAS-Las Vegas Sands Corp. received a $475-million loan from its chairman Sheldon Adelson this week that helped the company meet liquidity requirements, according to a Wednesday filing with the SEC. The investment was made the same day the company said its US senior secured credit facility and furniture, fixtures and equipment credit facility required it to comply with certain financial covenants, including one to maintain a maximum leverage ratio of net debt to trailing twelve-month EBITDA (net cash flow).
Analysts applauded the move but it did not appear to help the company’s share price, which ended Wednesday at $31.32, down 13.27% on the day, and was off by another 13% in afternoon trading on Thursday, taking its share price to $27.23. Part of the concern is believed to be the company’s ongoing need to refinance a multi-billion dollar loan that is coming due and find billions more to complete multiple projects in Macau." ...
for the complete story
WTC gets new plan
from this afternoon's GlobeSt (10/2):
UPDATE Last updated: October 2, 2008 03:45pm
WTC Rebuilding Schedule Gets New Roadmap
By Natalie Dolce
"NEW YORK CITY-In a board meeting Thursday morning, the Port Authority of New York and New Jersey's detailed an updated progress report on the World Trade Center redevelopment, outlining a road map that will guide the ongoing rebuilding of the site. The report was an attempt to bring a new level of certainty and control to the complex project and, for the most part, sources say the agency has come up with an achievable timetable." ...
for the complete story
UPDATE Last updated: October 2, 2008 03:45pm
WTC Rebuilding Schedule Gets New Roadmap
By Natalie Dolce
"NEW YORK CITY-In a board meeting Thursday morning, the Port Authority of New York and New Jersey's detailed an updated progress report on the World Trade Center redevelopment, outlining a road map that will guide the ongoing rebuilding of the site. The report was an attempt to bring a new level of certainty and control to the complex project and, for the most part, sources say the agency has come up with an achievable timetable." ...
for the complete story
Russian hotels can issues visas
from today's Hotels newsfeed (10/2):
FMS Trial Program launched - hotels empowered to register visas
SKRIN Market & Corporate News, October 1, 2008 Wednesday 2:57 PM GMT
"On September 12, Russia’s Federal Migration Service (FMS) started an experimental program to allow hotels to directly register visas." ...
for the complete story
FMS Trial Program launched - hotels empowered to register visas
SKRIN Market & Corporate News, October 1, 2008 Wednesday 2:57 PM GMT
"On September 12, Russia’s Federal Migration Service (FMS) started an experimental program to allow hotels to directly register visas." ...
for the complete story
Hyattt Aby Dhabi announced
from today's Hotels newsfeed (10/2):
Hyatt Hotels & Resorts and Abu Dhabi National Hotels announce 2010 opening of Park Hyatt Abu Dhabi Hotel and Villas
Middle East Company News Wire, October 2, 2008 Thursday 2:33 PM GMT
"Hyatt Hotels & Resorts and Abu Dhabi National Hotels (ADNH) announce the signing of a management agreement for Park Hyatt Abu Dhabi.
To be located on the northern part of Saadiyat Island and surrounded by a golf course, Park Hyatt Abu Dhabi will boast a 9-kilometre stretch of pristine natural beach where guests can watch dolphins and visit the natural, turtle-nesting habitat on the island. When it is completed in 2010, Park Hyatt Abu Dhabi will be the 34th hotel in the Park Hyatt portfolio, the third Park Hyatt property in the Middle East following Park Hyatt Dubai and Park Hyatt Jeddah, the fourth Hyatt hotel in the UAE, and the ninth Hyatt branded property in the region." ...
for the complete story
Hyatt Hotels & Resorts and Abu Dhabi National Hotels announce 2010 opening of Park Hyatt Abu Dhabi Hotel and Villas
Middle East Company News Wire, October 2, 2008 Thursday 2:33 PM GMT
"Hyatt Hotels & Resorts and Abu Dhabi National Hotels (ADNH) announce the signing of a management agreement for Park Hyatt Abu Dhabi.
To be located on the northern part of Saadiyat Island and surrounded by a golf course, Park Hyatt Abu Dhabi will boast a 9-kilometre stretch of pristine natural beach where guests can watch dolphins and visit the natural, turtle-nesting habitat on the island. When it is completed in 2010, Park Hyatt Abu Dhabi will be the 34th hotel in the Park Hyatt portfolio, the third Park Hyatt property in the Middle East following Park Hyatt Dubai and Park Hyatt Jeddah, the fourth Hyatt hotel in the UAE, and the ninth Hyatt branded property in the region." ...
for the complete story
Marriott reports decline in RevPAR for 3rd Q.
from today's PR Newswire (10/2):
Marriott International Reports Third Quarter Results
BETHESDA, Md., Oct. 2 /PRNewswire-FirstCall/ --
"Third Quarter Highlights:
-- Worldwide comparable company-operated revenue per available room
(REVPAR) rose 3.4 percent (1.1 percent using constant dollars) for the
third quarter ended September 5, 2008;
-- Outside North America, comparable company-operated REVPAR increased
13.4 percent (5.7 percent using constant dollars) with double-digit growth
in South and Central America, the Caribbean, and the Middle East;" ...
for the complete release
Marriott International Reports Third Quarter Results
BETHESDA, Md., Oct. 2 /PRNewswire-FirstCall/ --
"Third Quarter Highlights:
-- Worldwide comparable company-operated revenue per available room
(REVPAR) rose 3.4 percent (1.1 percent using constant dollars) for the
third quarter ended September 5, 2008;
-- Outside North America, comparable company-operated REVPAR increased
13.4 percent (5.7 percent using constant dollars) with double-digit growth
in South and Central America, the Caribbean, and the Middle East;" ...
for the complete release
Trump Tower plans cancelled for FL
from this morning's GlobeStFL (10/2):
Last updated: October 1, 2008 08:12pm
Trump Cancels Tampa Tower Plans
By Carl Cronan
(Carl Cronan is editor of Real Estate Florida.)
"TAMPA, FL-Donald J. Trump’s planned local condominium tower, originally promoted to be the tallest structure on Florida’s Gulf Coast, will not move past the groundbreaking stage, at least with his name on it. The New York City real estate icon has settled a lawsuit with the $300-million project’s development partners, likely laying the project to rest.
Trump sued SimDag-RoBEL LLC in May 2007 to recover more than $2 million in fees he claimed to be owed for the right to put his name on the proposed 52-story luxury condos, called Trump Tower Tampa. The developer countersued, saying Trump should have never made his licensing arrangement public. Mediation in the suit ended Monday with no specific terms disclosed." ...
for the complete story
Last updated: October 1, 2008 08:12pm
Trump Cancels Tampa Tower Plans
By Carl Cronan
(Carl Cronan is editor of Real Estate Florida.)
"TAMPA, FL-Donald J. Trump’s planned local condominium tower, originally promoted to be the tallest structure on Florida’s Gulf Coast, will not move past the groundbreaking stage, at least with his name on it. The New York City real estate icon has settled a lawsuit with the $300-million project’s development partners, likely laying the project to rest.
Trump sued SimDag-RoBEL LLC in May 2007 to recover more than $2 million in fees he claimed to be owed for the right to put his name on the proposed 52-story luxury condos, called Trump Tower Tampa. The developer countersued, saying Trump should have never made his licensing arrangement public. Mediation in the suit ended Monday with no specific terms disclosed." ...
for the complete story
Tropicana redo priced by potential buyers
from this morning's GlobeStNJ (10/2):
UPDATE Last updated: October 1, 2008 09:13am
Cordish Would Spend $100M for Tropicana Redo
By Eric Peterson
"ATLANTIC CITY-Potential Tropicana Casino and Resort buyer Cordish Co. has started to roll out some ideas of what it plans to do with the troubled property, even as current owner Tropicana Entertainment is looking to challenge the pending deal in court. The latter let its feelings be known last week after the potential $700-million deal was put on the table.
In general terms, the Baltimore-based Cordish says it will spend $100 million on top of the $700-million sale price to renovate and reposition the 2,100-room property and its 150,000 sf of casino and retail space. Those general plans were released by bankruptcy conservator Gary Stein, a former New Jersey State Supreme Court justice and current partner in the Hackensack law firm of Pashman Stein, who’s overseeing the sale." ...
for the complete story
UPDATE Last updated: October 1, 2008 09:13am
Cordish Would Spend $100M for Tropicana Redo
By Eric Peterson
"ATLANTIC CITY-Potential Tropicana Casino and Resort buyer Cordish Co. has started to roll out some ideas of what it plans to do with the troubled property, even as current owner Tropicana Entertainment is looking to challenge the pending deal in court. The latter let its feelings be known last week after the potential $700-million deal was put on the table.
In general terms, the Baltimore-based Cordish says it will spend $100 million on top of the $700-million sale price to renovate and reposition the 2,100-room property and its 150,000 sf of casino and retail space. Those general plans were released by bankruptcy conservator Gary Stein, a former New Jersey State Supreme Court justice and current partner in the Hackensack law firm of Pashman Stein, who’s overseeing the sale." ...
for the complete story
Scottsdale resort planning delay
from this morning's GlobeSt (10/2):
Last updated: October 1, 2008 07:20pm
Planners Delay Action on $600M Solis Resort
By Amy Wolff Sorter
"SCOTTSDALE, AZ-The Scottsdale Planning Commission issued a continuance to Scottsdale Canal Development LLC for a rezoning request on the $600-million Solis Scottsdale Resort and Residences. The 11-acre project is designed for a 241-room Solis Hotel, 141 condominiums and 16 penthouse residences, restaurants and a spa." ...
for the complete story
Last updated: October 1, 2008 07:20pm
Planners Delay Action on $600M Solis Resort
By Amy Wolff Sorter
"SCOTTSDALE, AZ-The Scottsdale Planning Commission issued a continuance to Scottsdale Canal Development LLC for a rezoning request on the $600-million Solis Scottsdale Resort and Residences. The 11-acre project is designed for a 241-room Solis Hotel, 141 condominiums and 16 penthouse residences, restaurants and a spa." ...
for the complete story
Tuesday, September 30, 2008
Hilton moving on Caribbean and Latin America
from today's Los Angeles Business Journal (9/30):
Posted date: 9/30/2008
Hilton Plans Major Caribbean-Latin America Expansion
By DEBORAH CROWE
Los Angeles Business Journal Staff
"Hilton Hotels Corp. on Tuesday announced plans to quadruple its presence in the Caribbean and Latin America by adding 150 hotels to its portfolio over the next five years.
The Beverly Hill-based hotel chain announced a six-person development team that will focus on the goal. Hilton currently has 51 hotels throughout the Caribbean and Latin America, another 42 properties in its development pipeline and has identified a number of potential locations, it said." ...
for the complete story
The company previously set a goal of adding 1,000 hotels to its international portfolio in 10 years. Hilton went private last October in a $26 billion acquisition by the Blackstone Group, the New York City private equity group.
Posted date: 9/30/2008
Hilton Plans Major Caribbean-Latin America Expansion
By DEBORAH CROWE
Los Angeles Business Journal Staff
"Hilton Hotels Corp. on Tuesday announced plans to quadruple its presence in the Caribbean and Latin America by adding 150 hotels to its portfolio over the next five years.
The Beverly Hill-based hotel chain announced a six-person development team that will focus on the goal. Hilton currently has 51 hotels throughout the Caribbean and Latin America, another 42 properties in its development pipeline and has identified a number of potential locations, it said." ...
for the complete story
The company previously set a goal of adding 1,000 hotels to its international portfolio in 10 years. Hilton went private last October in a $26 billion acquisition by the Blackstone Group, the New York City private equity group.
South American hotel market
from today's HNN newline (9/30):
South America presents opportunities
30 September 2008 12:02 PM
By Ellen Hoffman
HNN correspondent
"BUENOS AIRES, Argentina—As the U.S. House of Representatives was rejecting the bailout package and the Dow Jones Industrial Average was plummeting, speakers at the 1st South American Hotel & Tourism Investment Conference on Monday predicted a relatively positive future for hotel development and investment in the region." ...
for the complete story
South America presents opportunities
30 September 2008 12:02 PM
By Ellen Hoffman
HNN correspondent
"BUENOS AIRES, Argentina—As the U.S. House of Representatives was rejecting the bailout package and the Dow Jones Industrial Average was plummeting, speakers at the 1st South American Hotel & Tourism Investment Conference on Monday predicted a relatively positive future for hotel development and investment in the region." ...
for the complete story
Transportation and hotel demand
from today's HNN newsline (9/30):
Transportation's impact on lodging demand
30 September 2008 12:03 PM
Charles Snyder
charles@hotelnewsnow.com
"HENDERSONVILLE, Tennessee and KNOXVILLE, Tennessee—Newfound pressures are changing the historical dynamic between business and leisure hotel demand. In a whitepaper released on 09 September 2008 at the HSMAI Sales Strategy Conference in Washington, DC, Steve Morse, Ph.D., director and economist, Tourism Institute, University of Tennessee and Chad Church, manager, industry research at Smith Travel Research, analyzed the effect of increased transportation costs and an unstable economy on the current state of the U.S. lodging industry.
The analysis of hotel performance from 2006 through July 2008 looked at the effect economic and transportation issues had on demand and the business/leisure mix across the U.S., the top 25 metro markets and their price points (chain scale)." ...
for the complete story
Transportation's impact on lodging demand
30 September 2008 12:03 PM
Charles Snyder
charles@hotelnewsnow.com
"HENDERSONVILLE, Tennessee and KNOXVILLE, Tennessee—Newfound pressures are changing the historical dynamic between business and leisure hotel demand. In a whitepaper released on 09 September 2008 at the HSMAI Sales Strategy Conference in Washington, DC, Steve Morse, Ph.D., director and economist, Tourism Institute, University of Tennessee and Chad Church, manager, industry research at Smith Travel Research, analyzed the effect of increased transportation costs and an unstable economy on the current state of the U.S. lodging industry.
The analysis of hotel performance from 2006 through July 2008 looked at the effect economic and transportation issues had on demand and the business/leisure mix across the U.S., the top 25 metro markets and their price points (chain scale)." ...
for the complete story
Midway Airport privatization deal settled
from this afternoon's Crain's Chicago Business (9/30):
City strikes $2.52B Midway privatization deal
By Paul Merrion
Sept. 30, 2008
"(Crain’s) — Mayor Richard Daley says the city has reached a landmark agreement to privatize Midway Airport for $2.521 billion.
The deal will net the city more than $1 billion, the mayor said.
The winning bidder was a consortium called Midway Investment & Development Corp., consisting of YVR Airport Services Ltd., an affiliate of the Vancouver Airport Authority, Citi Infrastructure Investors of New York and John Hancock Life Insurance Co. of Boston." ...
for the complete story
City strikes $2.52B Midway privatization deal
By Paul Merrion
Sept. 30, 2008
"(Crain’s) — Mayor Richard Daley says the city has reached a landmark agreement to privatize Midway Airport for $2.521 billion.
The deal will net the city more than $1 billion, the mayor said.
The winning bidder was a consortium called Midway Investment & Development Corp., consisting of YVR Airport Services Ltd., an affiliate of the Vancouver Airport Authority, Citi Infrastructure Investors of New York and John Hancock Life Insurance Co. of Boston." ...
for the complete story
Monday, September 29, 2008
Holiday Inn going timeshare in FL
from this morning's GlobeStFL (9/29):
Last updated: September 29, 2008 12:28pm
Holiday Inn Gets Into Timeshares
By Carl Cronan
"ORLANDO, FL-The formation of Holiday Inn Club Vacations provides a boost of confidence to the nation’s timeshare market, according to industry leaders. Intercontinental Hotels Group, which owns the traditional hotel chain, launched the new venture with the Family of Orange Lake Resorts during the company’s annual conference last week.
The 2,412-villa Orange Lake property near Walt Disney World in Lake Buena Vista, just west of Orlando, will be the first timeshare resort to carry Holiday Inn’s familiar green flag and revamped logo. The 1,400-acre site was developed in the early 1980s by Kemmons Wilson, who also launched the Holiday Inn chain more than a half-century ago." ...
for the complete story
Last updated: September 29, 2008 12:28pm
Holiday Inn Gets Into Timeshares
By Carl Cronan
"ORLANDO, FL-The formation of Holiday Inn Club Vacations provides a boost of confidence to the nation’s timeshare market, according to industry leaders. Intercontinental Hotels Group, which owns the traditional hotel chain, launched the new venture with the Family of Orange Lake Resorts during the company’s annual conference last week.
The 2,412-villa Orange Lake property near Walt Disney World in Lake Buena Vista, just west of Orlando, will be the first timeshare resort to carry Holiday Inn’s familiar green flag and revamped logo. The 1,400-acre site was developed in the early 1980s by Kemmons Wilson, who also launched the Holiday Inn chain more than a half-century ago." ...
for the complete story
San Diego home permits down
from this morning's San Diego Business Journal (9/29):
New Home Permit Numbers Bleak
By MICHELLE MOWAD - 9/29/2008
San Diego Business Journal Staff
"Median home prices are down; sales are down and so is the number of new home projects in the county.
Ada Kaiser, a San Diego-based real estate consultant, said the number of permits issued this year is down 30 percent from last year and 50 percent from 2006." ...
for the complete story
New Home Permit Numbers Bleak
By MICHELLE MOWAD - 9/29/2008
San Diego Business Journal Staff
"Median home prices are down; sales are down and so is the number of new home projects in the county.
Ada Kaiser, a San Diego-based real estate consultant, said the number of permits issued this year is down 30 percent from last year and 50 percent from 2006." ...
for the complete story
High-end boutique hotel planned for Chicago
from this morning's Crain's Chicago Business Journal (9/29):
Reschke plans high-end hotel
By: Alby Gallun September 29, 2008
"Local developer Michael Reschke is drawing up plans for a $95-million, 237-room boutique hotel in the River North neighborhood, six months after launching construction of a 610-room hotel in Chicago's Loop.
Mr. Reschke over the summer signed a contract to buy a site being used as a surface parking lot at 500 N. State St., just south of the Rock Bottom Brewery, and plans to break ground in nine months. Gansevoort Hotel Group, a New York-based boutique chain, has agreed to run the new hotel, says Mr. Reschke, chairman and CEO of Chicago-based Prime Group Inc.
Landing a construction loan in today's frozen financial markets will be a major challenge, and demand for downtown hotel rooms is likely to slip with the economy weakening. In addition, a recent hotel construction boom will add more rooms to the downtown market, increasing competition, especially at the high end where the Gansevoort would compete." ...
for the complete story
Reschke plans high-end hotel
By: Alby Gallun September 29, 2008
"Local developer Michael Reschke is drawing up plans for a $95-million, 237-room boutique hotel in the River North neighborhood, six months after launching construction of a 610-room hotel in Chicago's Loop.
Mr. Reschke over the summer signed a contract to buy a site being used as a surface parking lot at 500 N. State St., just south of the Rock Bottom Brewery, and plans to break ground in nine months. Gansevoort Hotel Group, a New York-based boutique chain, has agreed to run the new hotel, says Mr. Reschke, chairman and CEO of Chicago-based Prime Group Inc.
Landing a construction loan in today's frozen financial markets will be a major challenge, and demand for downtown hotel rooms is likely to slip with the economy weakening. In addition, a recent hotel construction boom will add more rooms to the downtown market, increasing competition, especially at the high end where the Gansevoort would compete." ...
for the complete story
Cubs bidding and the current economy
from today's Crain's Chicago Business Journal (9/29):
Cubs bidders face credit squeeze
By Ann Saphir
Sept. 29, 2008
"Wall Street's meltdown threatens Tribune Co. CEO Sam Zell's plan to get top dollar for the Cubs — and he's prepared to delay the sale in response.
Mr. Zell has urged bidders to finance the purchase with debt, which would cut his tax bill on the sale. But buyout loans have become more expensive and harder to come by as credit markets contract, potentially limiting any price offered for the team." ...
for the complete story
Cubs bidders face credit squeeze
By Ann Saphir
Sept. 29, 2008
"Wall Street's meltdown threatens Tribune Co. CEO Sam Zell's plan to get top dollar for the Cubs — and he's prepared to delay the sale in response.
Mr. Zell has urged bidders to finance the purchase with debt, which would cut his tax bill on the sale. But buyout loans have become more expensive and harder to come by as credit markets contract, potentially limiting any price offered for the team." ...
for the complete story
Chicago explains the Olypics bidding process
from Crain's Chicago Business Journal (9/29):
Making a bid: How it works
By Erica Schlaikjer
Sept. 29, 2008
"How does a city enter the running to host the Olympics?
Landing the Olympics takes the stamina of a marathon runner, the precision of a sharpshooter and the charisma of the U.S. gymnastics team. Not to mention loads of paperwork.
The competition for the 2016 games started with applications from seven cities: Chicago; Tokyo; Madrid, Spain; Rio de Janeiro, Brazil; Baku, Azerbaijan; Prague, Czech Republic, and Doha, Qatar. Each detailed plans, from venues to financing.
The International Olympic Committee set up a 13-person working group, which rated the bids in 11 categories: infrastructure, transportation, venues, Olympic Village, accommodations, environmental impact, security, financing, government and public support, past experience and overall legacy. Some categories, such as infrastructure and accommodations, were more heavily weighted than others." ...
for the complete story
Making a bid: How it works
By Erica Schlaikjer
Sept. 29, 2008
"How does a city enter the running to host the Olympics?
Landing the Olympics takes the stamina of a marathon runner, the precision of a sharpshooter and the charisma of the U.S. gymnastics team. Not to mention loads of paperwork.
The competition for the 2016 games started with applications from seven cities: Chicago; Tokyo; Madrid, Spain; Rio de Janeiro, Brazil; Baku, Azerbaijan; Prague, Czech Republic, and Doha, Qatar. Each detailed plans, from venues to financing.
The International Olympic Committee set up a 13-person working group, which rated the bids in 11 categories: infrastructure, transportation, venues, Olympic Village, accommodations, environmental impact, security, financing, government and public support, past experience and overall legacy. Some categories, such as infrastructure and accommodations, were more heavily weighted than others." ...
for the complete story
Laughlin CVB rebranding
from Tradeshow Week (9/25):
Laughlin Rebrands to Reattract
Lisa Plummer -- Tradeshow Week, 9/25/2008 5:57:00 PM
"Laughlin’s image needed freshening up, according to the Las Vegas Convention & Visitors Authority and Laughlin Visitors Bureau. Maybe a $2.1 million rebranding campaign will do the trick.
The new tagline – “Laughlin. It’s Like You Own the Place” – is the LVCVA’s latest effort to revitalize the brand and attract visitors to the casino and resort destination 90 miles south of Las Vegas." ...
for the complete story
Laughlin Rebrands to Reattract
Lisa Plummer -- Tradeshow Week, 9/25/2008 5:57:00 PM
"Laughlin’s image needed freshening up, according to the Las Vegas Convention & Visitors Authority and Laughlin Visitors Bureau. Maybe a $2.1 million rebranding campaign will do the trick.
The new tagline – “Laughlin. It’s Like You Own the Place” – is the LVCVA’s latest effort to revitalize the brand and attract visitors to the casino and resort destination 90 miles south of Las Vegas." ...
for the complete story
Las Vegas convention business up; visitor numbers down
from Tradeshow Week (9/25):
Convention Numbers Stable in July
Diane Taylor -- Tradeshow Week, 9/25/2008 5:51:00 PM
"When is no news good news? When the numbers indicate that so far, even with a struggling economy, convention business has not seen a fall-off in terms of numbers, compared with the same period in 2007.
In July, according to the Las Vegas Convention & Visitors Authority Executive Summary, convention attendance was .6-percent above a year earlier, and year-to-date convention attendance was .2-percent higher than in 2007 – not numbers to write home about, but perhaps better than other segments of the economy.
Although convention attendance held up in July, total visitor volume in Las Vegas decreased 4.6 percent from a year earlier. To attract more visitors, hotels have slashed prices, some 10-percent lower than this past year. As a result, the economic impact of conventions has, therefore, also declined, 3.7 percent from the same period in 2007 and 4.2 percent year-to-date." ...
for the complete story
Convention Numbers Stable in July
Diane Taylor -- Tradeshow Week, 9/25/2008 5:51:00 PM
"When is no news good news? When the numbers indicate that so far, even with a struggling economy, convention business has not seen a fall-off in terms of numbers, compared with the same period in 2007.
In July, according to the Las Vegas Convention & Visitors Authority Executive Summary, convention attendance was .6-percent above a year earlier, and year-to-date convention attendance was .2-percent higher than in 2007 – not numbers to write home about, but perhaps better than other segments of the economy.
Although convention attendance held up in July, total visitor volume in Las Vegas decreased 4.6 percent from a year earlier. To attract more visitors, hotels have slashed prices, some 10-percent lower than this past year. As a result, the economic impact of conventions has, therefore, also declined, 3.7 percent from the same period in 2007 and 4.2 percent year-to-date." ...
for the complete story
Canadian census figures released
from today's Saskatoon StarPhoenix (9/29):
We are 33,311,389: StatsCan
Immigration feeds the increase, especially in Prairie provinces, P.E.I.
Canwest News Service
Monday, September 29, 2008
"Immigration accounted for a spike in the Canadian population during the second quarter of 2008, the largest increase in 17 years, according to a Statistics Canada report released Monday.
Of the 125,800 additional Canadians during the quarter, 91,600 were from another country. That total was the highest number of immigrants Canada has experienced since the late 1980s.
Immigration increased in every province and territory, with new second-quarter records being set in Prince Edward Island, Manitoba, Saskatchewan and Alberta." ...
for the complete story
We are 33,311,389: StatsCan
Immigration feeds the increase, especially in Prairie provinces, P.E.I.
Canwest News Service
Monday, September 29, 2008
"Immigration accounted for a spike in the Canadian population during the second quarter of 2008, the largest increase in 17 years, according to a Statistics Canada report released Monday.
Of the 125,800 additional Canadians during the quarter, 91,600 were from another country. That total was the highest number of immigrants Canada has experienced since the late 1980s.
Immigration increased in every province and territory, with new second-quarter records being set in Prince Edward Island, Manitoba, Saskatchewan and Alberta." ...
for the complete story
Sunday, September 28, 2008
Mohegan Sun expansion postponed
from today's Hartford Courant (9/28):
CT Review: Economic Downturn Delays Casino Expansion Plans
By CHRISTOPHER KEATING
September 28, 2008
"For 15 years, the state's two casinos had one overriding drive: Expand, expand, expand.
But with the national economy slowing and Wall Street becoming more volatile than ever, the Mohegan Sun last week said it was postponing a major expansion. The announcement came as the foundation was being poured for a new hotel, which was just one part of a huge new initiative.
In addition to stalling the 922-room, 39-story hotel, the casino pulled the plug — at least temporarily — on plans for new restaurants, stores, a spa, a parking garage and a 1,500-seat House of Blues Music Hall. The delay is a substantial blow to the labor market in southeastern Connecticut because the full expansion was expected to create thousands of permanent jobs, along with about 1,200 construction jobs.
Last week seemed to be all about the economic slowdown, and the move by Mohegan Sun, one of the state's economic powerhouses, may be particularly sobering because casino officials are known for having their finger on the pulse of the economy." ...
for the complete story
CT Review: Economic Downturn Delays Casino Expansion Plans
By CHRISTOPHER KEATING
September 28, 2008
"For 15 years, the state's two casinos had one overriding drive: Expand, expand, expand.
But with the national economy slowing and Wall Street becoming more volatile than ever, the Mohegan Sun last week said it was postponing a major expansion. The announcement came as the foundation was being poured for a new hotel, which was just one part of a huge new initiative.
In addition to stalling the 922-room, 39-story hotel, the casino pulled the plug — at least temporarily — on plans for new restaurants, stores, a spa, a parking garage and a 1,500-seat House of Blues Music Hall. The delay is a substantial blow to the labor market in southeastern Connecticut because the full expansion was expected to create thousands of permanent jobs, along with about 1,200 construction jobs.
Last week seemed to be all about the economic slowdown, and the move by Mohegan Sun, one of the state's economic powerhouses, may be particularly sobering because casino officials are known for having their finger on the pulse of the economy." ...
for the complete story
Turning Stone -- Indain golf jewel
from yesterday's Rocky Mountain News (9/27):
Native Americans build golf mecca in upstate NY
By JOHN KEKIS
Published September 27, 2008 at 2 a.m.
"VERONA, N.Y. (AP) _ Growing up as a Native American in upstate New York, Ray Halbritter always thought golf was out of reach.
"Golf to us was something that wealthy people did," he said. "We couldn't afford golf balls. We would look in the woods for golf balls. To this day, I like finding golf balls."
Today, the 58-year-old Halbritter no longer has to search for golf balls. The chief executive officer of the Oneida Indian Nation of New York has coupled his business savvy and love of golf to develop Turning Stone Casino and Resort into one of the nation's top golf meccas.
Turning Stone, nestled in the Mohawk Valley region of central New York about 35 miles east of Syracuse, opened as a casino in 1993, but Halbritter had a vision that dovetailed with golf. The resort now boasts three courses rated among the top 10 in the state: the Shenendoah and Kaluhyat layouts, designed by Rick Smith and Robert Trent Jones Jr., respectively, and Atunyote, the crown jewel that opened four years ago." ...
for the complete story
Native Americans build golf mecca in upstate NY
By JOHN KEKIS
Published September 27, 2008 at 2 a.m.
"VERONA, N.Y. (AP) _ Growing up as a Native American in upstate New York, Ray Halbritter always thought golf was out of reach.
"Golf to us was something that wealthy people did," he said. "We couldn't afford golf balls. We would look in the woods for golf balls. To this day, I like finding golf balls."
Today, the 58-year-old Halbritter no longer has to search for golf balls. The chief executive officer of the Oneida Indian Nation of New York has coupled his business savvy and love of golf to develop Turning Stone Casino and Resort into one of the nation's top golf meccas.
Turning Stone, nestled in the Mohawk Valley region of central New York about 35 miles east of Syracuse, opened as a casino in 1993, but Halbritter had a vision that dovetailed with golf. The resort now boasts three courses rated among the top 10 in the state: the Shenendoah and Kaluhyat layouts, designed by Rick Smith and Robert Trent Jones Jr., respectively, and Atunyote, the crown jewel that opened four years ago." ...
for the complete story
local and regional real estate/business news
Indian Country Today (9/24): tribal tourism; Palm Springs Canyon Country Club/Palm Springs National Golf Club taken over by Agua Caliente Tribe
California Real Estate Journal (9/22): Inland Empire airport development plans; ULI study of CalTrans work in Orange County; downtown developments hinging on design style
Los Angeles Business Journal (9/22): film festival market moving to TV pilots
San Diego Business Journal (9/22): port development questions; Hotel del Coronado expansion plans
San Diego Business Journal (9/15): UCSD contracts for student housing development; San Diego Sports Arena makeover planned
Indian Country Today (9/17): British Columbia tribe opening new heritage center
San Diego Business Journal (9/1): hotel occupancy down but profits stable for July
California Business Journal (9/2): San Diego City hall/civic center redevelopment competition continues; L.A. River revitalization plans underway
Orange County Business Journal (9/8): hotels steady over the summer season
Los Angeles Business Journal (9/1): L.A. construction up for public buildings only
Los Angeles Business Journal (9/8): Silver Lake's Sunset Junction Street Festival crowded but doesn't aid local business
Crain's Chicago Business Journal (9/15): charitable donations down; Ricketts' bid for Cubs; area suburbs bid for casino licenses
California Real Estate Journal (9/8): economic impact of military on San Diego; green leasing; housing slump impacts retail
San Diego Business Journal (9/8): Vista breaking ground on civic center
New Orleans City Business (9/1): NOLA WTC deal on the rocks
Indian Country Today (9/10): Mohegan's Casino of the Wind opens; Moultrie, GA museum opens
San Fernando Valley Business Journal (9/1): CSUN regional economic impact; DreamWorks modernizing Glendale campus
San Diego Business Journal ((8/25): economic impact of military in San Diego County; San Diego firm producing eco-friendly biodiesel
San Diego Business Journal (8/18): office condos faring well in market
Indian Country Today (9/3): Mohegan Sun and Foxwoods doing well; tribal gaming revenues up in FL;
New Orleans City Business (8/25): NOLA casino revenues up; Port developments
Orange County Business Journal (8/25): medical office market steady
Crain's Chicago Business Journal (8/18): local Chicago groups make Olympic planning demands; condo market slump; hotel occupancy down; condo-conversions market down
California Real Estate Journal (8/25): green building misconceptions column; historic theater renovations and downtown development; special section featuring green development
Indian Country Today (8/27): Sault Ste. Marie troubled over Greektown Casino bankruptcy
San Fernando Valley Business Journal (8/18): special feature section on Simi Valley; presidential library economics; list of the Valley's meeting facilities
California Real Estate Journal (9/22): Inland Empire airport development plans; ULI study of CalTrans work in Orange County; downtown developments hinging on design style
Los Angeles Business Journal (9/22): film festival market moving to TV pilots
San Diego Business Journal (9/22): port development questions; Hotel del Coronado expansion plans
San Diego Business Journal (9/15): UCSD contracts for student housing development; San Diego Sports Arena makeover planned
Indian Country Today (9/17): British Columbia tribe opening new heritage center
San Diego Business Journal (9/1): hotel occupancy down but profits stable for July
California Business Journal (9/2): San Diego City hall/civic center redevelopment competition continues; L.A. River revitalization plans underway
Orange County Business Journal (9/8): hotels steady over the summer season
Los Angeles Business Journal (9/1): L.A. construction up for public buildings only
Los Angeles Business Journal (9/8): Silver Lake's Sunset Junction Street Festival crowded but doesn't aid local business
Crain's Chicago Business Journal (9/15): charitable donations down; Ricketts' bid for Cubs; area suburbs bid for casino licenses
California Real Estate Journal (9/8): economic impact of military on San Diego; green leasing; housing slump impacts retail
San Diego Business Journal (9/8): Vista breaking ground on civic center
New Orleans City Business (9/1): NOLA WTC deal on the rocks
Indian Country Today (9/10): Mohegan's Casino of the Wind opens; Moultrie, GA museum opens
San Fernando Valley Business Journal (9/1): CSUN regional economic impact; DreamWorks modernizing Glendale campus
San Diego Business Journal ((8/25): economic impact of military in San Diego County; San Diego firm producing eco-friendly biodiesel
San Diego Business Journal (8/18): office condos faring well in market
Indian Country Today (9/3): Mohegan Sun and Foxwoods doing well; tribal gaming revenues up in FL;
New Orleans City Business (8/25): NOLA casino revenues up; Port developments
Orange County Business Journal (8/25): medical office market steady
Crain's Chicago Business Journal (8/18): local Chicago groups make Olympic planning demands; condo market slump; hotel occupancy down; condo-conversions market down
California Real Estate Journal (8/25): green building misconceptions column; historic theater renovations and downtown development; special section featuring green development
Indian Country Today (8/27): Sault Ste. Marie troubled over Greektown Casino bankruptcy
San Fernando Valley Business Journal (8/18): special feature section on Simi Valley; presidential library economics; list of the Valley's meeting facilities
Friday, September 26, 2008
California Academy of Sciences pre-opening preview
from Bloomberg today (9/26):
Alligator Claude, Planted Roof Make S.F. Science Museum Special
Preview by Stephen West
"Sept. 26 (Bloomberg) -- The new California Academy of Sciences, opening tomorrow in San Francisco, is the most spectacular museum to be built on the U.S. West Coast in a very long time.
The vast, rectangular steel-and-glass building is designed by Italian architect Renzo Piano in an elegant, high-tech style. It's stuffed with exhibits about life in all its variety: exotic fish in aquarium pools, a rain forest growing in a 90-foot-tall glass sphere, dinosaur and whale skeletons, a living coral reef that will support 3,000 fish, stuffed African antelope in old- fashioned dioramas and a planetarium show that takes the visitor to outer space." ...
for the complete story
Alligator Claude, Planted Roof Make S.F. Science Museum Special
Preview by Stephen West
"Sept. 26 (Bloomberg) -- The new California Academy of Sciences, opening tomorrow in San Francisco, is the most spectacular museum to be built on the U.S. West Coast in a very long time.
The vast, rectangular steel-and-glass building is designed by Italian architect Renzo Piano in an elegant, high-tech style. It's stuffed with exhibits about life in all its variety: exotic fish in aquarium pools, a rain forest growing in a 90-foot-tall glass sphere, dinosaur and whale skeletons, a living coral reef that will support 3,000 fish, stuffed African antelope in old- fashioned dioramas and a planetarium show that takes the visitor to outer space." ...
for the complete story
NPS opens Gettysburg Visitor Center Museum to standing ovation crowds
From today's Patriot-News (PA) (9/26):
1,000-plus attend grand opening of Gettysburg visitor center-museum
by T.W. BURGER, Of The Patriot-News
Friday September 26, 2008, 4:15 PM
DAN GLEITER, The Patriot-News
"At least 1,000 people gave a standing ovation this morning as National Park Service officials, Gov. Ed Rendell, and other dignitaries, officially opened the new Gettysburg National Military Park Visitor Center and Museum and the newly restored Cyclorama painting." ...
"The project is the culmination of nearly 14 years of work by the NPS and The Gettysburg Foundation, a non-profit formed to be the park service's private partner in a model arrangement that will likely be seen in future projects around the nation as federal funding sources dry up.
The new center was initially estimated to cost $40 million, but the project increased in scope and depth over time and ballooned into around $103 million." ...
for the complete story
1,000-plus attend grand opening of Gettysburg visitor center-museum
by T.W. BURGER, Of The Patriot-News
Friday September 26, 2008, 4:15 PM
DAN GLEITER, The Patriot-News
"At least 1,000 people gave a standing ovation this morning as National Park Service officials, Gov. Ed Rendell, and other dignitaries, officially opened the new Gettysburg National Military Park Visitor Center and Museum and the newly restored Cyclorama painting." ...
"The project is the culmination of nearly 14 years of work by the NPS and The Gettysburg Foundation, a non-profit formed to be the park service's private partner in a model arrangement that will likely be seen in future projects around the nation as federal funding sources dry up.
The new center was initially estimated to cost $40 million, but the project increased in scope and depth over time and ballooned into around $103 million." ...
for the complete story
Vail Resorts show fiscal year decline
from yesterday's Wall Street Journal's MarketWatch (9/25):
Vail Resorts shares slide on frosty outlook
By William Spain, MarketWatch
"Last update: 11:39 a.m. EDT Sept. 25, 2008NEW YORK (MarketWatch) -- Vail Resorts posted record results for its full fiscal year and sharply narrowed its fourth-quarter loss, but shares slid more than 6% early Thursday after the ski area operator said forward bookings and purchases of passes for the 2008-09 season have gone soft.
Before the start of trading, Vail (MTN) reported it lost $11 million, or 29 cents a share, in its most recent quarter compared with a loss of $34 million, or 88 cents a share, in the same period a year ago. The company, excluding stock-based compensation expenses, would have lost 26 cents a share. Revenue rose to $270 million compared with $97 million, largely on the back of real estate sales.
The average estimate of analysts polled by FactSet Research had been for the company to lose 20 cents a share on sales of $273 million."...
for the complete story
Vail Resorts shares slide on frosty outlook
By William Spain, MarketWatch
"Last update: 11:39 a.m. EDT Sept. 25, 2008NEW YORK (MarketWatch) -- Vail Resorts posted record results for its full fiscal year and sharply narrowed its fourth-quarter loss, but shares slid more than 6% early Thursday after the ski area operator said forward bookings and purchases of passes for the 2008-09 season have gone soft.
Before the start of trading, Vail (MTN) reported it lost $11 million, or 29 cents a share, in its most recent quarter compared with a loss of $34 million, or 88 cents a share, in the same period a year ago. The company, excluding stock-based compensation expenses, would have lost 26 cents a share. Revenue rose to $270 million compared with $97 million, largely on the back of real estate sales.
The average estimate of analysts polled by FactSet Research had been for the company to lose 20 cents a share on sales of $273 million."...
for the complete story
Caribbean hotel decline
from Hotel News Network (9/26):
Caribbean's RevPAR drop continues
26 September 2008 12:25 PM
HNN Newswire
"HENDERSONVILLE, Tenn.—Analysis of Caribbean hotel performance by STR reveals a 5.6-percent RevPAR decline for 2008 through July. Hotel demand grew 0.4 percent during the period, however new supply growth and rate decreases led to decreased revenue for the region.
STR data shows that moving 12-month figures (June 2007 – July 2008) remained flat. Revenue per room fell 0.1 percent on occupancy growth of 0.8 percent and a 0.8 percent decline in average daily rate. Further inspection reveals an imbalance in the period average. Strong performance in June – December 2007 offsets weak 2008 numbers." ...
for the complete story
Caribbean's RevPAR drop continues
26 September 2008 12:25 PM
HNN Newswire
"HENDERSONVILLE, Tenn.—Analysis of Caribbean hotel performance by STR reveals a 5.6-percent RevPAR decline for 2008 through July. Hotel demand grew 0.4 percent during the period, however new supply growth and rate decreases led to decreased revenue for the region.
STR data shows that moving 12-month figures (June 2007 – July 2008) remained flat. Revenue per room fell 0.1 percent on occupancy growth of 0.8 percent and a 0.8 percent decline in average daily rate. Further inspection reveals an imbalance in the period average. Strong performance in June – December 2007 offsets weak 2008 numbers." ...
for the complete story
Rotana Hotels announcces opening of Dubai Media City apartment-hotel
From Rotana Hotels (9/15):
Dubai - Arjaan - Dubai Media City
"United Arab Emirates, September 2008 - Rotana, the leading Hotel Management Company in the Middle East announced the opening of Arjaan Dubai Media City on the 15th of September 2008, which is the first property under its newly launched brand "Arjaan Hotel Apartments by Rotana"." ...
"Arjaan Dubai Media City is a first-class property, which have been developed with both long-term guests and families in mind. The team of Arjaan Dubai Media City, headed by the General Manager Kinan Al Ghraoui, has been working hand in hand to ensure all areas of the opening are perfected, for the operation of this scenic property".
Designed with arcs, domes and cupolas, Arjaan complex is laid out in a geometric pattern that engages snooping, fantasy and play. The 30 story Arjaan complex located in the heart of Dubai Media City on Sufouh road and has magnificent views of the sea, the Palm and Burj Al Arab. The complex includes an upscale office tower, a courtyard and a Souk with various shops including a Car Rental Agency, Travel Agency, Ladies' Hair and Beauty salon, Barber shop, Bookshop, a Bank and much more." ...
"Arjaan Dubai Media city offers 167 stunningly furnished apartments with spacious private balconies with one, two and three bedroom hotel apartments, some duplex and others with a private swimming pool, which will be the choice. Features and amenities include plush beds and pillows, 2 LCD TVs in each hotel apartment, high-speed internet access, modern bathroom with shower and bathtub, guest toilet, hairdryer, complimentary tea & coffee making facilities, picturesque kitchenette comprising a full size refrigerator, cooker, washer and dryer"." ...
for the complete announcement
Dubai - Arjaan - Dubai Media City
"United Arab Emirates, September 2008 - Rotana, the leading Hotel Management Company in the Middle East announced the opening of Arjaan Dubai Media City on the 15th of September 2008, which is the first property under its newly launched brand "Arjaan Hotel Apartments by Rotana"." ...
"Arjaan Dubai Media City is a first-class property, which have been developed with both long-term guests and families in mind. The team of Arjaan Dubai Media City, headed by the General Manager Kinan Al Ghraoui, has been working hand in hand to ensure all areas of the opening are perfected, for the operation of this scenic property".
Designed with arcs, domes and cupolas, Arjaan complex is laid out in a geometric pattern that engages snooping, fantasy and play. The 30 story Arjaan complex located in the heart of Dubai Media City on Sufouh road and has magnificent views of the sea, the Palm and Burj Al Arab. The complex includes an upscale office tower, a courtyard and a Souk with various shops including a Car Rental Agency, Travel Agency, Ladies' Hair and Beauty salon, Barber shop, Bookshop, a Bank and much more." ...
"Arjaan Dubai Media city offers 167 stunningly furnished apartments with spacious private balconies with one, two and three bedroom hotel apartments, some duplex and others with a private swimming pool, which will be the choice. Features and amenities include plush beds and pillows, 2 LCD TVs in each hotel apartment, high-speed internet access, modern bathroom with shower and bathtub, guest toilet, hairdryer, complimentary tea & coffee making facilities, picturesque kitchenette comprising a full size refrigerator, cooker, washer and dryer"." ...
for the complete announcement
Dubai's Atlantis hotel opulence
from the Daily Mail (UK) (9/25):
Palace of excess: Dubai's new £750million hotel boasts everything the super-rich could desire (except good taste)
By Kathryn Knight
Last updated at 11:55 PM on 25th September 2008
"As the private elevator ascends the 22 floors to my suite, I ponder quite what one should expect when spending £14,000 for a night's stay.
I know my quarters are 3,000 feet square and feature three en-suite guest bedrooms, a living room the size of Norway and a phalanx of staff including a butler, a chef, a sous-chef and a dishwasher (in the form of a person, not a machine).
What I do not know - although I have my suspicions - is whether it will be in any way tasteful.
Garish: The Atlantis Hotel in Dubai has an aquarium with 65,000 marine creatures
What greets me when I reach the suite - 'room' is certainly not the word to use, perhaps 'hamlet' is more accurate - is a vision of staggering opulence.
From the vast balconies of The Bridge Suite - the flagship suite at Dubai's Atlantis Hotel - floor-to-ceiling windows look out one way over the Arabian Gulf and the other way to the Palm Jumeirah, the ambitious man-made archipelago in the shape of a date palm, which is home to hundreds of perma-tanned residents." ...
for the complete story and a nice picture of the Atlantis' Chihuily
Palace of excess: Dubai's new £750million hotel boasts everything the super-rich could desire (except good taste)
By Kathryn Knight
Last updated at 11:55 PM on 25th September 2008
"As the private elevator ascends the 22 floors to my suite, I ponder quite what one should expect when spending £14,000 for a night's stay.
I know my quarters are 3,000 feet square and feature three en-suite guest bedrooms, a living room the size of Norway and a phalanx of staff including a butler, a chef, a sous-chef and a dishwasher (in the form of a person, not a machine).
What I do not know - although I have my suspicions - is whether it will be in any way tasteful.
Garish: The Atlantis Hotel in Dubai has an aquarium with 65,000 marine creatures
What greets me when I reach the suite - 'room' is certainly not the word to use, perhaps 'hamlet' is more accurate - is a vision of staggering opulence.
From the vast balconies of The Bridge Suite - the flagship suite at Dubai's Atlantis Hotel - floor-to-ceiling windows look out one way over the Arabian Gulf and the other way to the Palm Jumeirah, the ambitious man-made archipelago in the shape of a date palm, which is home to hundreds of perma-tanned residents." ...
for the complete story and a nice picture of the Atlantis' Chihuily
Spain's hotel stays down
from Reuters (9/24):
Spain hotel stays down in August as crisis bites
Wed Sep 24, 2008 4:27am EDT
"MADRID, Sept 24 (Reuters) - Hotel occupancy in Spain fell in August as the holiday budgets of Spaniards, Germans and the British shrank during a time of economic crisis.
Hotel stays fell 0.6 percent in the month compared with the same month a year ago, as Spaniards spent 2.5 percent fewer nights in hotels in Spain, where economic growth has slowed to 0.1 percent in the second quarter and unemployment has hit a 10-year high. Tourism accounts for around 11 percent of Spain's GDP and is its second-largest industry after construction, which has been hit by the collapse of a decade-long property boom." ...
for the complete story
Spain hotel stays down in August as crisis bites
Wed Sep 24, 2008 4:27am EDT
"MADRID, Sept 24 (Reuters) - Hotel occupancy in Spain fell in August as the holiday budgets of Spaniards, Germans and the British shrank during a time of economic crisis.
Hotel stays fell 0.6 percent in the month compared with the same month a year ago, as Spaniards spent 2.5 percent fewer nights in hotels in Spain, where economic growth has slowed to 0.1 percent in the second quarter and unemployment has hit a 10-year high. Tourism accounts for around 11 percent of Spain's GDP and is its second-largest industry after construction, which has been hit by the collapse of a decade-long property boom." ...
for the complete story
STR releases dim numbers for global hospitality
from today's Hotel News Network (9/26):
Global regions show mixed results
26 September 2008 12:38 PM
HNN Newswire
"HENDERSONVILLE, Tennessee and LONDON—The global hotel industry recorded regionally mixed RevPAR results for the month of August 2008, according to data from STR and STR Global. August occupancies fell in every world region." ...
"The Middle East/Africa region ranked first in RevPAR growth among the regions. Regional RevPAR increased by 18.8 percent on 19.4 percent rate growth. Average daily rate in the region stood at US$144.53 and RevPAR at US$105.32. Middle East/Africa was not immune from occupancy declines. August occupancy was recorded at 72.9 percent, down 0.5 percent from 2007.
The Asia Pacific region also posted positive RevPAR growth for August 2008. RevPAR grew by 13.1 percent to finish the month at US$101.13. RevPAR growth in the region was led by strong rate growth. ADR increased 27.2 percent to end the month at US$155.72. However, occupancy fell 11.0 percent to finish at 64.9 percent. Asia Pacific led the world regions in both ADR growth and occupancy decline." ...
for the complete story with data on all regions
Global regions show mixed results
26 September 2008 12:38 PM
HNN Newswire
"HENDERSONVILLE, Tennessee and LONDON—The global hotel industry recorded regionally mixed RevPAR results for the month of August 2008, according to data from STR and STR Global. August occupancies fell in every world region." ...
"The Middle East/Africa region ranked first in RevPAR growth among the regions. Regional RevPAR increased by 18.8 percent on 19.4 percent rate growth. Average daily rate in the region stood at US$144.53 and RevPAR at US$105.32. Middle East/Africa was not immune from occupancy declines. August occupancy was recorded at 72.9 percent, down 0.5 percent from 2007.
The Asia Pacific region also posted positive RevPAR growth for August 2008. RevPAR grew by 13.1 percent to finish the month at US$101.13. RevPAR growth in the region was led by strong rate growth. ADR increased 27.2 percent to end the month at US$155.72. However, occupancy fell 11.0 percent to finish at 64.9 percent. Asia Pacific led the world regions in both ADR growth and occupancy decline." ...
for the complete story with data on all regions
Bond issue for AvalonBay Communities (Contra Costa County) JV with Millennium Partners
from today's California Real Estate Journal In Sites (9/26):
AvalonBay Communities Secures $135 Million Through Bond Allocation
"SAN FRANCISCO - AvalonBay Communities Inc., the developer of a multifamily project in Contra Costa, secured a total of $135 million in bond funds.
The state issued $10 million in tax-exempt multifamily housing revenue bonds, and remarketed $116 million in tax-exempt and $9 million in taxable multifamily housing revenue bonds, proceeds of which will be lent to AvalonBay for the construction of the 422-unit Avalon Walnut Creek at Contra Costa."
for the complete story
AvalonBay Communities Secures $135 Million Through Bond Allocation
"SAN FRANCISCO - AvalonBay Communities Inc., the developer of a multifamily project in Contra Costa, secured a total of $135 million in bond funds.
The state issued $10 million in tax-exempt multifamily housing revenue bonds, and remarketed $116 million in tax-exempt and $9 million in taxable multifamily housing revenue bonds, proceeds of which will be lent to AvalonBay for the construction of the 422-unit Avalon Walnut Creek at Contra Costa."
for the complete story
KB Home posts 3rd Quarter numbers
from this afternoon's Los Angeles Business Journal (9/26):
Posted date: 9/26/2008
KB Home Posts Wider-Than-Expected Loss
By DEBORAH CROWE
Los Angeles Business Journal Staff
"KB Home surprised Wall Street Friday by reporting that its fiscal third-quarter loss had quadrupled from a year ago as revenue fell by 56 percent.
The Los Angeles-based homebuilder reported a net loss of almost $145 million (-$1.87 a share) for the three months ended Aug. 31. Revenue fell to nearly $682 million from $1.54 billion as sales across most markets were poor.
The results did include a pretax charge of $82 million to write down the value of inventory and joint ventures. Even so, analysts polled by Thomson Reuters had predicted a loss of only $1.22 per share on revenue of $735 million." ....
for the complete
Posted date: 9/26/2008
KB Home Posts Wider-Than-Expected Loss
By DEBORAH CROWE
Los Angeles Business Journal Staff
"KB Home surprised Wall Street Friday by reporting that its fiscal third-quarter loss had quadrupled from a year ago as revenue fell by 56 percent.
The Los Angeles-based homebuilder reported a net loss of almost $145 million (-$1.87 a share) for the three months ended Aug. 31. Revenue fell to nearly $682 million from $1.54 billion as sales across most markets were poor.
The results did include a pretax charge of $82 million to write down the value of inventory and joint ventures. Even so, analysts polled by Thomson Reuters had predicted a loss of only $1.22 per share on revenue of $735 million." ....
for the complete
USNA heads for Poinsettia Bowl (go WWO!)
from this morning's San Diego Business Journal (9/26);
Poinsettia Bowl Organizers, Midshipmen Look Ahead to 2010
By - 9/25/2008
San Diego Business Journal Staff
"The folks who put on the San Diego County Credit Union Poinsettia Bowl said Sept. 23 they have arranged to have the U.S. Naval Academy play in their 2010 game, providing that Navy wins at least six of its 12 games in that season." ...
for the complete story
Poinsettia Bowl Organizers, Midshipmen Look Ahead to 2010
By - 9/25/2008
San Diego Business Journal Staff
"The folks who put on the San Diego County Credit Union Poinsettia Bowl said Sept. 23 they have arranged to have the U.S. Naval Academy play in their 2010 game, providing that Navy wins at least six of its 12 games in that season." ...
for the complete story
Thursday, September 25, 2008
The Fed (SF) offers green development issue
The Federal Reserve Bank of San Francisco's Community Investments magazine has published an issue focusing on brownfield redevelopment and green development and planning.
Contents:
It's Getting Easier to Be Green
Industrial Decline and the Opportunities and Challenges of Brownfield Redevelopment
Re-Building It Green
Triple-Bottom Line Investing: Balancing Financial, Social and Environmental Returns
There is a link to the PDF on Buzz and you can get your own copy
Contents:
It's Getting Easier to Be Green
Industrial Decline and the Opportunities and Challenges of Brownfield Redevelopment
Re-Building It Green
Triple-Bottom Line Investing: Balancing Financial, Social and Environmental Returns
There is a link to the PDF on Buzz and you can get your own copy
Tropicana (Atlantic City, NJ) casino buy offer
from this afternoon's GlobeSt (9/25):
Last updated: September 25, 2008 12:16pm
Tropicana Owner Trying to Block $700M Sale
By Brianne Harrison
"ATLANTIC CITY-After months of searching, the troubled Tropicana Casino may have found a buyer--Baltimore-based Cordish Co. But Tropicana Entertainment insists that Cordish's $700-million offer is too low and has announced its intentions to block the sale of the property." ...
for the complete story
Last updated: September 25, 2008 12:16pm
Tropicana Owner Trying to Block $700M Sale
By Brianne Harrison
"ATLANTIC CITY-After months of searching, the troubled Tropicana Casino may have found a buyer--Baltimore-based Cordish Co. But Tropicana Entertainment insists that Cordish's $700-million offer is too low and has announced its intentions to block the sale of the property." ...
for the complete story
Guangzhou to get luxury hotel by Jumeirah
from today's Hotels news wire (9/25):
Jumeirah to manage luxury hotel in business district of Guangzhou
"Jumeirah, the Dubai-based luxury hotel company, has been appointed by GT Land Holdings Limited to manage a luxury hotel in Guangzhou.
The Jumeirah Guangzhou Hotel, Jumeirah Group's second hotel to be signed in China" ...
"The 200-room, five-star luxury Jumeirah Guangzhou Hotel, scheduled to open in 2011, will be located in the centre of New Pearl City Tian He District, Guangzhou's premier and rapidly growing commercial city centre.
The Jumeirah Guangzhou Hotel will feature a sky lobby, with elegantly appointed guest rooms, distinctive dining concepts and Jumeirah's own luxury Talise Wellness spa - all situated on the top floors of the 50-storey GT Land Plaza, with commanding views of city-centre Guangzhou.
Facilities of the Jumeirah Guangzhou Hotel will also include restaurants and bars, a swimming pool and fitness centre as well as access to luxury boutiques." ...
for the complete story
Jumeirah to manage luxury hotel in business district of Guangzhou
"Jumeirah, the Dubai-based luxury hotel company, has been appointed by GT Land Holdings Limited to manage a luxury hotel in Guangzhou.
The Jumeirah Guangzhou Hotel, Jumeirah Group's second hotel to be signed in China" ...
"The 200-room, five-star luxury Jumeirah Guangzhou Hotel, scheduled to open in 2011, will be located in the centre of New Pearl City Tian He District, Guangzhou's premier and rapidly growing commercial city centre.
The Jumeirah Guangzhou Hotel will feature a sky lobby, with elegantly appointed guest rooms, distinctive dining concepts and Jumeirah's own luxury Talise Wellness spa - all situated on the top floors of the 50-storey GT Land Plaza, with commanding views of city-centre Guangzhou.
Facilities of the Jumeirah Guangzhou Hotel will also include restaurants and bars, a swimming pool and fitness centre as well as access to luxury boutiques." ...
for the complete story
Expedia ordered to pay hotel occupancy tax
from yesterday's Hotel News Network (9/24):
Court orders Expedia to pay occupancy tax
24 September 2008 2:51 PM
HNN Newswire
"This week the Superior Court of Muscogee County, Georgia, released Columbus, Georgia v. Expedia, Inc., which is a case of significant importance to on-line travel companies (OTCs) and hotel operators regarding the collection and remittance of hotel occupancy taxes. As in other cases filed by various cities, counties and other local jurisdictions around the country, this Georgia case arises from a dispute over Expedia’s calculation of hotel occupancy taxes. Expedia computed and collected the hotel occupancy tax on the wholesale rate paid to the hotel for the room. The City of Columbus asserted that the appropriate taxable base is the marked-up rate charged to the consumer. The Superior Court resolved the dispute in favor of the City and ordered Expedia to collect and remit hotel occupancy taxes to the City based on the room rate charged to consumers instead of the wholesale rate paid to the hotel." ...
For the complete story
Court orders Expedia to pay occupancy tax
24 September 2008 2:51 PM
HNN Newswire
"This week the Superior Court of Muscogee County, Georgia, released Columbus, Georgia v. Expedia, Inc., which is a case of significant importance to on-line travel companies (OTCs) and hotel operators regarding the collection and remittance of hotel occupancy taxes. As in other cases filed by various cities, counties and other local jurisdictions around the country, this Georgia case arises from a dispute over Expedia’s calculation of hotel occupancy taxes. Expedia computed and collected the hotel occupancy tax on the wholesale rate paid to the hotel for the room. The City of Columbus asserted that the appropriate taxable base is the marked-up rate charged to the consumer. The Superior Court resolved the dispute in favor of the City and ordered Expedia to collect and remit hotel occupancy taxes to the City based on the room rate charged to consumers instead of the wholesale rate paid to the hotel." ...
For the complete story
PKF on Slowing U.S. hotel market
From yesterday's PKF hotel news (9/24):
U.S. Hotels To Bottom Out In 2009
PKF Forecasts Two Years Of Declining Lodging Demand
"ATLANTA, GA, September 24, 2008 - A new study released today by PKF Hospitality Research (PKF-HR) reveals that demand for U.S. hotel rooms will contract for the next two years. Compounding the negative impact of declining demand is a projected concurrent increase in supply. PKF-HR is forecasting a combined net increase in 2008 and 2009 of nearly 275,000 new hotel rooms compared to year-end 2007. This represents a 6.2 percent jump in accommodations over this two-year period.
With supply and demand levels moving in opposite directions, occupancy rates are projected to decline in both 2008 and 2009. Considering the 0.3 percent occupancy decline reported by Smith Travel Research in 2007, the result is three consecutive years of fewer accommodated roomnights for the average U.S. hotel." ...
for the complete press release
U.S. Hotels To Bottom Out In 2009
PKF Forecasts Two Years Of Declining Lodging Demand
"ATLANTA, GA, September 24, 2008 - A new study released today by PKF Hospitality Research (PKF-HR) reveals that demand for U.S. hotel rooms will contract for the next two years. Compounding the negative impact of declining demand is a projected concurrent increase in supply. PKF-HR is forecasting a combined net increase in 2008 and 2009 of nearly 275,000 new hotel rooms compared to year-end 2007. This represents a 6.2 percent jump in accommodations over this two-year period.
With supply and demand levels moving in opposite directions, occupancy rates are projected to decline in both 2008 and 2009. Considering the 0.3 percent occupancy decline reported by Smith Travel Research in 2007, the result is three consecutive years of fewer accommodated roomnights for the average U.S. hotel." ...
for the complete press release
Kansas City getting Hard Rock Casino
from yesterday's GlobeSt (9/24):
$705M Hard Rock Casino and Hotel Bid Wins
By Robert Carr
"KANSAS CITY, KS-A joint venture of the Baltimore-based Cordish Co. and the International Speedway Corp. has won the bid to build and manage a new state-owned casino in the northeast Kansas area. The Kansas Entertainment LLC venture will build a $705-million Hard Rock Hotel and Casino, after their proposal was approved recently by the Kansas Lottery Gaming Facility Review Board. The development beat out two other bids, a $500-million proposal by Las Vegas-based Golden Gaming Inc. and a 275-acre project by Legends Sun, made up of the Mohegan Gaming Authority, Olympia Gaming LLC and RED Development LLC.
When completed, the 1.5-million-sf Hard Rock project will going up at the second turn of the speedway, which is at the intersection of interstates 70 and 435. The project will include a 300-room hotel, a casino with 3,000 slot machines and 140 gaming tables, 275,000-sf of retail, and meeting and convention facilities. A temporary casino will operate at the site beginning in 2009, with 2,000 slot machines and 75 tables." ...
for the complete story
$705M Hard Rock Casino and Hotel Bid Wins
By Robert Carr
"KANSAS CITY, KS-A joint venture of the Baltimore-based Cordish Co. and the International Speedway Corp. has won the bid to build and manage a new state-owned casino in the northeast Kansas area. The Kansas Entertainment LLC venture will build a $705-million Hard Rock Hotel and Casino, after their proposal was approved recently by the Kansas Lottery Gaming Facility Review Board. The development beat out two other bids, a $500-million proposal by Las Vegas-based Golden Gaming Inc. and a 275-acre project by Legends Sun, made up of the Mohegan Gaming Authority, Olympia Gaming LLC and RED Development LLC.
When completed, the 1.5-million-sf Hard Rock project will going up at the second turn of the speedway, which is at the intersection of interstates 70 and 435. The project will include a 300-room hotel, a casino with 3,000 slot machines and 140 gaming tables, 275,000-sf of retail, and meeting and convention facilities. A temporary casino will operate at the site beginning in 2009, with 2,000 slot machines and 75 tables." ...
for the complete story
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