The Dept. of Commerce's International Trade Administration announced this morning (4/29):
For Immediate Release: April 29, 2008
WORLD TRAVELERS FLOCK TO THE UNITED STATES
International visitation up 11 percent & Spending at $11.4 billion for January 2008
"WASHINGTON–The U.S. Department of Commerce today announced that in January 2008, visitation to the United States, as well as spending by those visitors, continued to rise, marked by 3.4 million international visitors, an increase of 11 percent over January 2007.
International visitors also spent a record $11.38 billion in January, a 23 percent increase from January 2007. Spending by international travelers while in the United States, including travel receipts and passenger fares, is defined as a U.S. export. Exports are a critical driver of economic growth in the U.S. economy. In 2007, the United States exported $1.6 trillion of goods and services—nearly a 13.0 percent increase over 2006." ....
for the complete press release
for the complete vistor numbers report
for the complete visitor spending report
Wednesday, April 30, 2008
Monday, April 28, 2008
Marina white paper
Boating Industry has released its marina/boating industry white paper (actually a series of articles on the industry from it's January issue) on best practices and trends in the industry.
Collect your own copy
Collect your own copy
Wednesday, April 23, 2008
local and regional real estate/business news
California Real Estate Journal (3/31): Grand Avenue hotel tax rebates; L.A. Dept of Parks under investigation for budget surplus
Indian Country Today (3/26): MA Class II licensing decision; OR town split on proposed tribal casino; Fort Sill Apaches try to expedite NM casino
Los Angeles Business Journal (3/24): L.A. luxury hotels expanding spa facilities; commercial real estate market problems
San Fernando Valley Business Journal (3/17): biotech corridor on the 101; space science center in Sun Valley; LACMA (Los Angeles County Museum of Art) Palm Garden opened; Calabasas Film Fest
San Diego Business Journal (3/24): Padres ticket sales slump
California Real Estate Journal (3/24): workforce apartments financially feasible?; Inland Empire industrial growth; San Diego downtown hotel in trademark suit; CA water restrictions and development (series of articles); CA green/sustainability standards stalled in committee
Crain's Chicago Business (3/10): office vacancies up slightly
Orange County Business Journal (3/24): Disney and OC hotels doing well for 1st quarter
Los Angeles Business Journal (3/17): alternative energy; L.A. port's foreign trade zone expanding
New Orleans City Business (3/10): NOLA office space overbooked
California Real Estate Journal (3/17): SCAG regional transportation plan raising concerns; redevelopment zones set to expire?; San Diego Navy Broadway complex question on environmental issues
San Diego Business Journal ( 3/17): Sea World, Legoland growing; San Diego County hotel room rates and occupancy down in 1st quarter
New Orleans City Business (March 17): LA film tax credit program; real estate market stabilizing
Indian Country Today (3/26): MA Class II licensing decision; OR town split on proposed tribal casino; Fort Sill Apaches try to expedite NM casino
Los Angeles Business Journal (3/24): L.A. luxury hotels expanding spa facilities; commercial real estate market problems
San Fernando Valley Business Journal (3/17): biotech corridor on the 101; space science center in Sun Valley; LACMA (Los Angeles County Museum of Art) Palm Garden opened; Calabasas Film Fest
San Diego Business Journal (3/24): Padres ticket sales slump
California Real Estate Journal (3/24): workforce apartments financially feasible?; Inland Empire industrial growth; San Diego downtown hotel in trademark suit; CA water restrictions and development (series of articles); CA green/sustainability standards stalled in committee
Crain's Chicago Business (3/10): office vacancies up slightly
Orange County Business Journal (3/24): Disney and OC hotels doing well for 1st quarter
Los Angeles Business Journal (3/17): alternative energy; L.A. port's foreign trade zone expanding
New Orleans City Business (3/10): NOLA office space overbooked
California Real Estate Journal (3/17): SCAG regional transportation plan raising concerns; redevelopment zones set to expire?; San Diego Navy Broadway complex question on environmental issues
San Diego Business Journal ( 3/17): Sea World, Legoland growing; San Diego County hotel room rates and occupancy down in 1st quarter
New Orleans City Business (March 17): LA film tax credit program; real estate market stabilizing
Monday, April 21, 2008
San Pedro coming out
from today's LABJ (4/21):
Special Report: The Promise of San Pedro
Special Report: Real Estate Quarterly
By HOWARD FINE - 4/21/2008
Los Angeles Business Journal Staff
"Once a bustling waterfront community full of fishermen, cannery workers and shipbuilders, downtown San Pedro has in recent decades become a symbol of urban decay." ....
"Seedy bars and tattoo parlors, mom-and-pop stores struggling in half-vacant buildings and low-income housing projects – all within yards of the waterfront and the massive Port of Los Angeles complex.
But, finally, San Pedro is showing some signs of new life.
Led by a wave of loft and condominium developments, more than 1,200 residential units have been completed or are under construction, most of these in five major projects that also contain tens of thousands of square feet of retail space. New businesses are opening up, halting a decades-long business exodus. In addition, plans for a waterfront makeover are finally getting some serious attention." ...
for the complete story
Special Report: The Promise of San Pedro
Special Report: Real Estate Quarterly
By HOWARD FINE - 4/21/2008
Los Angeles Business Journal Staff
"Once a bustling waterfront community full of fishermen, cannery workers and shipbuilders, downtown San Pedro has in recent decades become a symbol of urban decay." ....
"Seedy bars and tattoo parlors, mom-and-pop stores struggling in half-vacant buildings and low-income housing projects – all within yards of the waterfront and the massive Port of Los Angeles complex.
But, finally, San Pedro is showing some signs of new life.
Led by a wave of loft and condominium developments, more than 1,200 residential units have been completed or are under construction, most of these in five major projects that also contain tens of thousands of square feet of retail space. New businesses are opening up, halting a decades-long business exodus. In addition, plans for a waterfront makeover are finally getting some serious attention." ...
for the complete story
Wednesday, April 16, 2008
World looking to US for suburbia clues
from today's USA Today (4/16):
Modern suburbia: It's not just in America anymore;
China, other nations see USA as a model for how to handle growth -- and what to avoid
Haya El Nasser
"A Chinese delegation from Beijing arrived in Phoenix last month and headed west to the Sonoran Desert, deep into suburbia. Its destination: a quintessential American residential development in Buckeye, one of the many suburbs dotting the sprawling metropolitan area.
Members of the group studied the streetscape, the golf course, the spa, the cybercafe, the health care amenities and the design of the single-family homes at Sun City Festival, a 3,000-acre, planned community for people over 55. They commented on the cleanliness and orderliness of it all.
The 25 Chinese who toured the Del Webb development were not seniors planning their retirement but government officials and their spouses, a couple of architects and a banker. Their mission: study American suburbia with an eye toward replicating it back home.
For good or bad, the USA's suburbs have become a living laboratory for the world. Developing countries contending with explosive population growth and economic expansion are looking here for hints about how to manage growing cities. For many, modern suburbia -- a largely American concept and lifestyle for more than 50 years -- is a nirvana worth emulating. Others want to avoid it." ...
for the complete story
Modern suburbia: It's not just in America anymore;
China, other nations see USA as a model for how to handle growth -- and what to avoid
Haya El Nasser
"A Chinese delegation from Beijing arrived in Phoenix last month and headed west to the Sonoran Desert, deep into suburbia. Its destination: a quintessential American residential development in Buckeye, one of the many suburbs dotting the sprawling metropolitan area.
Members of the group studied the streetscape, the golf course, the spa, the cybercafe, the health care amenities and the design of the single-family homes at Sun City Festival, a 3,000-acre, planned community for people over 55. They commented on the cleanliness and orderliness of it all.
The 25 Chinese who toured the Del Webb development were not seniors planning their retirement but government officials and their spouses, a couple of architects and a banker. Their mission: study American suburbia with an eye toward replicating it back home.
For good or bad, the USA's suburbs have become a living laboratory for the world. Developing countries contending with explosive population growth and economic expansion are looking here for hints about how to manage growing cities. For many, modern suburbia -- a largely American concept and lifestyle for more than 50 years -- is a nirvana worth emulating. Others want to avoid it." ...
for the complete story
Affordable housing tax proposed for Broward County, FL
from today's Fort Lauderdale's Sun-Sentinel (4/16):
AFFORDABLE HOUSING TAX CONSIDERED;
BROWARD PLAN WOULD TAP NEW BUSINESSES
Scott Wyman Staff writer
"New businesses could be taxed to help generate affordable housing needed for workers under a proposal that Broward County officials agreed to explore Tuesday.
About $2.6 million could be raised to build homes or rental complexes or help families with home purchases if the county were to charge developers an extra $1 per square foot for their projects.
Builders have expressed skepticism about the housing fees, but supporters argue it will provide needed financing to solve a long-standing problem. Independent studies have repeatedly shown the area has a shortfall of housing for low- and middle-income families because wages have not kept pace with real estate prices and rents." ...
for the complete story
AFFORDABLE HOUSING TAX CONSIDERED;
BROWARD PLAN WOULD TAP NEW BUSINESSES
Scott Wyman Staff writer
"New businesses could be taxed to help generate affordable housing needed for workers under a proposal that Broward County officials agreed to explore Tuesday.
About $2.6 million could be raised to build homes or rental complexes or help families with home purchases if the county were to charge developers an extra $1 per square foot for their projects.
Builders have expressed skepticism about the housing fees, but supporters argue it will provide needed financing to solve a long-standing problem. Independent studies have repeatedly shown the area has a shortfall of housing for low- and middle-income families because wages have not kept pace with real estate prices and rents." ...
for the complete story
Indian gaming revenues down
from today's Indian Country Today online (4/16):
NIGA optimistic in a time when revenues are down
Posted: April 16, 2008
by: Jerry Reynolds
"WASHINGTON - The growth rate in revenues from Indian gaming has fallen by more than half, from 12 percent in 2006 to 5.5 or 6 percent in 2007, according to the National Indian Gaming Association." ...
"NIGA doesn't forecast the future economic performance of Indian gaming, Van Norman said, but added that the industry's track record, combined with examples of growth in local venues, is cause for optimism." ...
for the complete story
NIGA optimistic in a time when revenues are down
Posted: April 16, 2008
by: Jerry Reynolds
"WASHINGTON - The growth rate in revenues from Indian gaming has fallen by more than half, from 12 percent in 2006 to 5.5 or 6 percent in 2007, according to the National Indian Gaming Association." ...
"NIGA doesn't forecast the future economic performance of Indian gaming, Van Norman said, but added that the industry's track record, combined with examples of growth in local venues, is cause for optimism." ...
for the complete story
Miami Downtown Development Authority funds facade improvement
from this morning's GlobeSt (4/16):
Last updated: April 15, 2008 04:29pm
Miami Launches Facade Improvement Program
By Crystal Proenza
(Crystal Proenza is associate editor of Real Estate Florida.)
"MIAMI-The Miami Downtown Development Authority has launched a facade improvement grant program for existing buildings in the shadows of the city's newer condominium and office towers. The program is intended to assist building owners within the historic district to improve their exteriors, beautify properties and mitigate code violations.
According to the published guidelines, the program is designed to incentivize exterior improvements to commercial properties in order to create a better environment for customers, residents, and visitors. While other Miami DDA programs contribute to streetscape improvements and enhanced safety, the environment still lacks the aesthetics required to attract quality retail, evening activity and customers, according to the program guidelines.
Under part of the program aimed at tenant improvement, businesses will be eligible for grants reimbursing up to 75% of the cost of improvements, including masonry, security, gates, awnings, paint, window/door glazing, signage, lighting and electrical repairs. Grant funds will be available with a project cap of $75,000 on a matching 75/25 system with up to $56,250, or 75%, available from the grant fund and a minimum 25% from the property owner." ...
for the complete story
Last updated: April 15, 2008 04:29pm
Miami Launches Facade Improvement Program
By Crystal Proenza
(Crystal Proenza is associate editor of Real Estate Florida.)
"MIAMI-The Miami Downtown Development Authority has launched a facade improvement grant program for existing buildings in the shadows of the city's newer condominium and office towers. The program is intended to assist building owners within the historic district to improve their exteriors, beautify properties and mitigate code violations.
According to the published guidelines, the program is designed to incentivize exterior improvements to commercial properties in order to create a better environment for customers, residents, and visitors. While other Miami DDA programs contribute to streetscape improvements and enhanced safety, the environment still lacks the aesthetics required to attract quality retail, evening activity and customers, according to the program guidelines.
Under part of the program aimed at tenant improvement, businesses will be eligible for grants reimbursing up to 75% of the cost of improvements, including masonry, security, gates, awnings, paint, window/door glazing, signage, lighting and electrical repairs. Grant funds will be available with a project cap of $75,000 on a matching 75/25 system with up to $56,250, or 75%, available from the grant fund and a minimum 25% from the property owner." ...
for the complete story
China leads world in airport city development
from this morning's GlobeSt (4/16):
Last updated: April 16, 2008 09:54am
China Leading Globally With Airport City Plans
By Connie Gore
"BEIJING-To keep up with its exponential growth on all fronts, China has embraced the airport cities concept by setting a five-year plan in motion to develop all types of commercial space inside and outside their anchors' fences. The building frenzy is an offshoot of double-digit annual growth in passenger and cargo traffic.
China is leading the world in the development of airport cities, with 15 in various stages of planning as support for an aeronautical pipeline calling for 95 additional airports by 2020 for the existing base of 149 facilities, according to Ping Wang, co-founder and EVP of Washington, DC-based Garfinkle & Wang Associates, and the general manager of GCW [Beijing] Ltd. He said seven of the country's existing airports, which include shared facilities with the military, are supporting 70% of the country's annual passenger and cargo traffic.
As a result of the hard push, the country is caught in an infrastructure race to build roads and high-speed rail to support office, retail, logistics, manufacturing and residential development, all airport-anchored and related." ....
for the complete story
Last updated: April 16, 2008 09:54am
China Leading Globally With Airport City Plans
By Connie Gore
"BEIJING-To keep up with its exponential growth on all fronts, China has embraced the airport cities concept by setting a five-year plan in motion to develop all types of commercial space inside and outside their anchors' fences. The building frenzy is an offshoot of double-digit annual growth in passenger and cargo traffic.
China is leading the world in the development of airport cities, with 15 in various stages of planning as support for an aeronautical pipeline calling for 95 additional airports by 2020 for the existing base of 149 facilities, according to Ping Wang, co-founder and EVP of Washington, DC-based Garfinkle & Wang Associates, and the general manager of GCW [Beijing] Ltd. He said seven of the country's existing airports, which include shared facilities with the military, are supporting 70% of the country's annual passenger and cargo traffic.
As a result of the hard push, the country is caught in an infrastructure race to build roads and high-speed rail to support office, retail, logistics, manufacturing and residential development, all airport-anchored and related." ....
for the complete story
Houston City-owned Hilton going on the market
from this morning's GlobeSt (4/16):
Last updated: April 16, 2008 09:30am
24-Story Hilton Americas Hitting Market in May
By Amy Wolff Sorter
"HOUSTON-The 1,203-room Hilton Americas-Houston will be put on the sales block within 30 days. The no minimum-ask offering is predicted to draw upward of $350 million.
Developed by the City of Houston, the hotel at 1600 Lamar St. is owned by the Houston Convention Center Hotel Corp., which was charged with stabilizing it. Occupancy at the 2007 close was 64.2%, with its average daily room rate at $147." ...
for the complete story
Last updated: April 16, 2008 09:30am
24-Story Hilton Americas Hitting Market in May
By Amy Wolff Sorter
"HOUSTON-The 1,203-room Hilton Americas-Houston will be put on the sales block within 30 days. The no minimum-ask offering is predicted to draw upward of $350 million.
Developed by the City of Houston, the hotel at 1600 Lamar St. is owned by the Houston Convention Center Hotel Corp., which was charged with stabilizing it. Occupancy at the 2007 close was 64.2%, with its average daily room rate at $147." ...
for the complete story
Tuesday, April 15, 2008
American Express releases figures on travel-related rate trends
from American Express (4/15):
INTERNATIONAL AIRFARE SURGED AS DOMESTIC AIRFARE LEVELED OFF IN 2007 ACCORDING TO AMERICAN EXPRESS BUSINESS TRAVEL
Hotel Supply Constraints Drove High Costs As Competition for Business Travelers Propelled Product Improvements; American Express Announced New Consulting Focus Aimed at Managing Traveler Behavior
"NEW YORK, April 15, 2008 -- American Express Business Travel today released analysis of North America based domestic and international air, hotel and car rental rates for the full year 2007. Using data from its Business Travel Monitor, the industry's pricing benchmark, international rates experienced price increases across the board while domestic airfare and hotel rates remained stable.
"Tight global supply and another year of high fuel costs drove continued price growth for international business travel in 2007 even as domestic prices flattened," said Hervé Sedky, Vice President and General Manager, Global Advisory Services, American Express Business Travel. "Companies can achieve savings in this environment through a well managed, dynamic travel and entertainment program allowing the flexibility to adjust their travel policies in real-time accordance with fast-moving industry changes. To help lock in savings, it's also essential for companies to clearly communicate policy changes to travelers in order to influence their spending behavior while on the road." ....
for the complete story with tables on ADR and flight expenses by type and year
INTERNATIONAL AIRFARE SURGED AS DOMESTIC AIRFARE LEVELED OFF IN 2007 ACCORDING TO AMERICAN EXPRESS BUSINESS TRAVEL
Hotel Supply Constraints Drove High Costs As Competition for Business Travelers Propelled Product Improvements; American Express Announced New Consulting Focus Aimed at Managing Traveler Behavior
"NEW YORK, April 15, 2008 -- American Express Business Travel today released analysis of North America based domestic and international air, hotel and car rental rates for the full year 2007. Using data from its Business Travel Monitor, the industry's pricing benchmark, international rates experienced price increases across the board while domestic airfare and hotel rates remained stable.
"Tight global supply and another year of high fuel costs drove continued price growth for international business travel in 2007 even as domestic prices flattened," said Hervé Sedky, Vice President and General Manager, Global Advisory Services, American Express Business Travel. "Companies can achieve savings in this environment through a well managed, dynamic travel and entertainment program allowing the flexibility to adjust their travel policies in real-time accordance with fast-moving industry changes. To help lock in savings, it's also essential for companies to clearly communicate policy changes to travelers in order to influence their spending behavior while on the road." ....
for the complete story with tables on ADR and flight expenses by type and year
Marriott announces new properties in India
from today's Hotels newsletter (4/15):
Marriott Announces Four Hotels in India
Travel Business Review, April 15, 2008 Tuesday
"Four new hotels worth over USD400m have been announced by Marriott International Inc (NYSE:MAR).
The hotels are to debut in India by 2010 in the cities of New Delhi, Hyderabad, Kolkata and Amritsar. This project is in collaboration with Emaar MGF, one of India's real estate developers. The hotels are to be part of the JW Marriott brand except for the one in Amritsar, which is to be Courtyard by Marriott Amritsar." ...
for the complete story
Marriott Announces Four Hotels in India
Travel Business Review, April 15, 2008 Tuesday
"Four new hotels worth over USD400m have been announced by Marriott International Inc (NYSE:MAR).
The hotels are to debut in India by 2010 in the cities of New Delhi, Hyderabad, Kolkata and Amritsar. This project is in collaboration with Emaar MGF, one of India's real estate developers. The hotels are to be part of the JW Marriott brand except for the one in Amritsar, which is to be Courtyard by Marriott Amritsar." ...
for the complete story
Dubai World and Senegal team for resort
from today's Hotels newsletter (4/15):
Dubai World to develop hotel, beach resort on Goree Island
Emirates News Agency, April 15, 2008 Tuesday 6:56 PM EST
"Dubai - Dubai World on Tuesday (April 15) signed an MOU with the Government of Senegal to develop a world-class 5-star hotel and beach resort on Gor?e Island, as well as a bird sanctuary and reserve north of Dakar and another game reserve close to the Senegalese capital.
Agreements to this effect were signed in Dakar by Sultan Ahmed Bin Sulayem, Chairman of Dubai World, and Cheikh Hadjibou Soumare, the Prime Minister of Senegal, in the presence of Karim Wade, Special Advisor to the President of Senegal and Chairman of the National Agency of Organisation of Islamic Conference (ANOCI)." ...
for the complete story
Dubai World to develop hotel, beach resort on Goree Island
Emirates News Agency, April 15, 2008 Tuesday 6:56 PM EST
"Dubai - Dubai World on Tuesday (April 15) signed an MOU with the Government of Senegal to develop a world-class 5-star hotel and beach resort on Gor?e Island, as well as a bird sanctuary and reserve north of Dakar and another game reserve close to the Senegalese capital.
Agreements to this effect were signed in Dakar by Sultan Ahmed Bin Sulayem, Chairman of Dubai World, and Cheikh Hadjibou Soumare, the Prime Minister of Senegal, in the presence of Karim Wade, Special Advisor to the President of Senegal and Chairman of the National Agency of Organisation of Islamic Conference (ANOCI)." ...
for the complete story
Hilton Novosibirsk
from today's Hotels newsletter (4/14):
Doubletree by Hilton(TM) to Launch in Russia; Doubletree by Hilton Novosibirsk expected to open in Fall 2008
Business Wire, April 14, 2008 Monday 1:59 AM GMT
"Hilton Hotels Corporation (HHC) has today announced that it has entered into a franchise agreement with ZAO Russkaya Kompaniya Razvitiya (a wholly owned subsidiary of the London & Regional group) to introduce the Doubletree by Hilton(TM)hotel product in Russia.
This agreement forms part of a 'Strategic Development Alliance' with London & Regional Properties Limited (L&R) which (once formalised) is expected to introduce approximately 25 new hotels across Russia, encompassing selected brands within the Hilton Family of Hotels.
Scheduled to open towards the end of 2008, the upscale, full service hotel Doubletree by Hilton brand will debut in Novosibirsk, Russia's third largest and fastest growing city, marking Hilton's rapid expansion into the country with three different hotel brands launching this year." ...
for the complete story
Doubletree by Hilton(TM) to Launch in Russia; Doubletree by Hilton Novosibirsk expected to open in Fall 2008
Business Wire, April 14, 2008 Monday 1:59 AM GMT
"Hilton Hotels Corporation (HHC) has today announced that it has entered into a franchise agreement with ZAO Russkaya Kompaniya Razvitiya (a wholly owned subsidiary of the London & Regional group) to introduce the Doubletree by Hilton(TM)hotel product in Russia.
This agreement forms part of a 'Strategic Development Alliance' with London & Regional Properties Limited (L&R) which (once formalised) is expected to introduce approximately 25 new hotels across Russia, encompassing selected brands within the Hilton Family of Hotels.
Scheduled to open towards the end of 2008, the upscale, full service hotel Doubletree by Hilton brand will debut in Novosibirsk, Russia's third largest and fastest growing city, marking Hilton's rapid expansion into the country with three different hotel brands launching this year." ...
for the complete story
spa trends
from today's Hotels newsletter (4/15):
Profitable Spas: Be On-Trend Rather Than Trendy
-- Hotels, 4/15/2008 7:34:00 AM
By Judith L. Singer, Ed.D., ISHC, President & Co-Owner Health Fitness Dynamics, Pompano Beach, Florida. www.hfdspa.com
"As someone who has made a career out of researching, planning, marketing and providing management advisory services for the spa industry, I have seen the “good, bad and the ugly” in terms of facilities, treatment menus, service standards, staffing schedule, compensation programs, marketing messages, financial statements, etc.
As I look ahead, there are many challenges and opportunities for the spa industry. In this article, I am presenting some ideas that might help you prepare for the future. Keep in mind that the future is tomorrow, so if any of the ideas make sense, think about how you can use them now.
One of the most popular marketing terms in the hospitality industry is the 3 letter word called “spa.” Other industries have since adopted this term as a marketing tool, e.g., auto spa, spa tea, spa shoes, spa pillows, spa music, spa candles, spa cuisine, spa lifestyle, etc. Spas have become an adjective as well as a noun. They are a commodity as well as an experience. This is good because it broadens the awareness of the term, but there is a danger in the hospitality industry with people jumping on the spa bandwagon to develop or operate a spa without always understanding what the consumer expects, what it costs to build and operate, what are the economic realities and risks, etc.
Spas are “hot” but it is easy to get “burned” unless your spa development, marketing and management plans are on-trend and market-driven. There is very little room for error. Spas are part of just about every new four and five star resort, condo-hotel and lifestyle real estate development. They are also being added to existing properties so that the property does not lose its market share or competitive positioning. Consumers are very spa savvy so it’s important to know how to make your spa different from and better than that of your competitors.
We always tell our clients that they do NOT want to be in the spa business per se. They should only build a spa if it contributes to their “core” business of selling rooms or real-estate. We are not believers in “build it and they will come” although if you do not have a spa, your property may not even be considered by meeting planners or leisure guests. Hospitality operators need to be committed to marketing and integrating the spa into their “core” business if they want it to be a profitable business as well as an asset to the overall lodging or real estate venture." ....
for the complete story
Profitable Spas: Be On-Trend Rather Than Trendy
-- Hotels, 4/15/2008 7:34:00 AM
By Judith L. Singer, Ed.D., ISHC, President & Co-Owner Health Fitness Dynamics, Pompano Beach, Florida. www.hfdspa.com
"As someone who has made a career out of researching, planning, marketing and providing management advisory services for the spa industry, I have seen the “good, bad and the ugly” in terms of facilities, treatment menus, service standards, staffing schedule, compensation programs, marketing messages, financial statements, etc.
As I look ahead, there are many challenges and opportunities for the spa industry. In this article, I am presenting some ideas that might help you prepare for the future. Keep in mind that the future is tomorrow, so if any of the ideas make sense, think about how you can use them now.
One of the most popular marketing terms in the hospitality industry is the 3 letter word called “spa.” Other industries have since adopted this term as a marketing tool, e.g., auto spa, spa tea, spa shoes, spa pillows, spa music, spa candles, spa cuisine, spa lifestyle, etc. Spas have become an adjective as well as a noun. They are a commodity as well as an experience. This is good because it broadens the awareness of the term, but there is a danger in the hospitality industry with people jumping on the spa bandwagon to develop or operate a spa without always understanding what the consumer expects, what it costs to build and operate, what are the economic realities and risks, etc.
Spas are “hot” but it is easy to get “burned” unless your spa development, marketing and management plans are on-trend and market-driven. There is very little room for error. Spas are part of just about every new four and five star resort, condo-hotel and lifestyle real estate development. They are also being added to existing properties so that the property does not lose its market share or competitive positioning. Consumers are very spa savvy so it’s important to know how to make your spa different from and better than that of your competitors.
We always tell our clients that they do NOT want to be in the spa business per se. They should only build a spa if it contributes to their “core” business of selling rooms or real-estate. We are not believers in “build it and they will come” although if you do not have a spa, your property may not even be considered by meeting planners or leisure guests. Hospitality operators need to be committed to marketing and integrating the spa into their “core” business if they want it to be a profitable business as well as an asset to the overall lodging or real estate venture." ....
for the complete story
Monday, April 14, 2008
New Ritz-Carlton with estate homes for Paradise Valley, AZ
from today's GlobeSt (4/14):
UPDATE Last updated: April 14, 2008 07:55am
Town Council OKs $1.5B Ritz-Carlton Development
By John McCloud
"PARADISE VALLEY, AZ-In a unanimous vote, Paradise Valley Town Council has approved a $1.5-billion hotel and residential development that would be the first luxury master-planned community under the Ritz-Carlton brand. With a final map now being drawn, presales could begin as early as May.
The 123-acre project is being developed by Five Star Development Group Inc. of neighboring Scottsdale, AZ in partnership with Ritz-Carlton Hotel Co. LLC of Chevy Chase, MD." ... "the project will include a 225-room Ritz-Carlton hotel and 160 villas and estate homes as well as 15 one-acre home sites." ...
for the complete story
UPDATE Last updated: April 14, 2008 07:55am
Town Council OKs $1.5B Ritz-Carlton Development
By John McCloud
"PARADISE VALLEY, AZ-In a unanimous vote, Paradise Valley Town Council has approved a $1.5-billion hotel and residential development that would be the first luxury master-planned community under the Ritz-Carlton brand. With a final map now being drawn, presales could begin as early as May.
The 123-acre project is being developed by Five Star Development Group Inc. of neighboring Scottsdale, AZ in partnership with Ritz-Carlton Hotel Co. LLC of Chevy Chase, MD." ... "the project will include a 225-room Ritz-Carlton hotel and 160 villas and estate homes as well as 15 one-acre home sites." ...
for the complete story
North Las Vegas casino resort, community development JV announced
from this morning's GlobeSt. (4/14):
Last updated: April 14, 2008 07:54am
Boyd, Olympia Propose North-End Resort, Casino
By Brian K. Miller
"LAS VEGAS-Boyd Gaming Corp. and Olympia Gaming have formed a joint venture to develop a $1-billion-plus casino, resort and spa on the northern edge of the Las Vegas Valley. The JV filed an application with the City of North Las Vegas this week to develop the mixed-use entertainment center on a 66-acre site at Losee Road and Interstate 215, a few exits west of Interstate 15 in the Park Highlands master-planned community.
The preliminary proposal calls for 1,200 hotel rooms to be built over three phases. The first phase would include 400 hotel rooms, a casino, race and sports book, restaurants, meeting rooms and other entertainment amenities. Boyd Gaming will construct and manage the casino, resort and spa on behalf of the joint venture; assuming approval, construction of the casino would not begin for three- to five years, allowing additional time for the surrounding area to be built out.
The Park Highlands development is expected to feature six school sites; a regional police station; a fire station; a post office; a public library; 130 acres of dedicated parks and trails; and 300 acres of preservation area. Boyd says costs for infrastructure and improvements are estimated to be in excess of $1 billion. Olympia, American West, Astoria, Standard Pacific and D.R. Horton are the homebuilders." ...
for the complete story
Last updated: April 14, 2008 07:54am
Boyd, Olympia Propose North-End Resort, Casino
By Brian K. Miller
"LAS VEGAS-Boyd Gaming Corp. and Olympia Gaming have formed a joint venture to develop a $1-billion-plus casino, resort and spa on the northern edge of the Las Vegas Valley. The JV filed an application with the City of North Las Vegas this week to develop the mixed-use entertainment center on a 66-acre site at Losee Road and Interstate 215, a few exits west of Interstate 15 in the Park Highlands master-planned community.
The preliminary proposal calls for 1,200 hotel rooms to be built over three phases. The first phase would include 400 hotel rooms, a casino, race and sports book, restaurants, meeting rooms and other entertainment amenities. Boyd Gaming will construct and manage the casino, resort and spa on behalf of the joint venture; assuming approval, construction of the casino would not begin for three- to five years, allowing additional time for the surrounding area to be built out.
The Park Highlands development is expected to feature six school sites; a regional police station; a fire station; a post office; a public library; 130 acres of dedicated parks and trails; and 300 acres of preservation area. Boyd says costs for infrastructure and improvements are estimated to be in excess of $1 billion. Olympia, American West, Astoria, Standard Pacific and D.R. Horton are the homebuilders." ...
for the complete story
Labor and tourism in Asia and the Pacific
from this morning's STR enews highlights (4/14):
The Quiet Battle for Travel and Tourism Talent
The "war for talent" is real
"BANGKOK, THAILAND | The labour pool will soon shrink in many Asia Pacific destinations, even while more than two-thirds of the world's new jobs will be created in the region.
But this does not necessitate slower travel and tourism industry growth rates." ...
"Delegates learned that working-age populations will begin to contract in Korea (ROK) in 2015; China (PRC) in 2016; Singapore in 2017; and Thailand in 2025. In Japan, the number of workers in the population started to decline in 1994.
In the travel and tourism industry, inexperienced staff members are being fast-tracked into positions of responsibility quicker than ever before. Salaries are rising as competition for talent heats up and employees show a willingness to job-hop." ...
for the complete story
The Quiet Battle for Travel and Tourism Talent
The "war for talent" is real
"BANGKOK, THAILAND | The labour pool will soon shrink in many Asia Pacific destinations, even while more than two-thirds of the world's new jobs will be created in the region.
But this does not necessitate slower travel and tourism industry growth rates." ...
"Delegates learned that working-age populations will begin to contract in Korea (ROK) in 2015; China (PRC) in 2016; Singapore in 2017; and Thailand in 2025. In Japan, the number of workers in the population started to decline in 1994.
In the travel and tourism industry, inexperienced staff members are being fast-tracked into positions of responsibility quicker than ever before. Salaries are rising as competition for talent heats up and employees show a willingness to job-hop." ...
for the complete story
Wednesday, April 9, 2008
Monday, March 31, 2008
Wednesday, March 26, 2008
New Orleans office market moves above pre-Katrina levels
from this morning's GlobeSt. (3/26):
Last updated: March 26, 2008 10:55am
Office Fundamentals Peak in Greater New Orleans
By Connie Gore
"NEW ORLEANS-With attention focused on residential and retail, the Greater New Orleans' office market has been overlooked by outsiders in the post-Katrina analyses. But, the fact is most metros would envy its fundamentals: 91.5% class A occupancy in the CBD and suburbs and $1.50-per-sf to $3-per-sf rent increases since the 2005 hurricane." ...
for the complete story
Last updated: March 26, 2008 10:55am
Office Fundamentals Peak in Greater New Orleans
By Connie Gore
"NEW ORLEANS-With attention focused on residential and retail, the Greater New Orleans' office market has been overlooked by outsiders in the post-Katrina analyses. But, the fact is most metros would envy its fundamentals: 91.5% class A occupancy in the CBD and suburbs and $1.50-per-sf to $3-per-sf rent increases since the 2005 hurricane." ...
for the complete story
Monterey, CA waterfront to get new hotel
from this morning's GlobeSt (3/26):
Last updated: March 26, 2008 09:20am
$80M Waterfront Hotel Set to Open
By Brian K. Miller
"MONTEREY, CA-The first new hotel to be built here in 20 years will open in May across from the Monterey Bay Aquarium. The 208-room InterContinental-branded Clement Monterey is a development of Pacific Hotel Management LLC, a San Mateo-based company that develops and manages all of the hotels owned by affiliates of Clement Chen & Associates. The total development cost is $80 million, a source familiar with the project tells GlobeSt.com." ...
for the complete story
Last updated: March 26, 2008 09:20am
$80M Waterfront Hotel Set to Open
By Brian K. Miller
"MONTEREY, CA-The first new hotel to be built here in 20 years will open in May across from the Monterey Bay Aquarium. The 208-room InterContinental-branded Clement Monterey is a development of Pacific Hotel Management LLC, a San Mateo-based company that develops and manages all of the hotels owned by affiliates of Clement Chen & Associates. The total development cost is $80 million, a source familiar with the project tells GlobeSt.com." ...
for the complete story
Tuesday, March 25, 2008
La Quita to get green housing development
from GlobeSt (3/24):
Last updated: March 24, 2008 05:19pm
Coalition Unveils $90M Green Housing
By Bob Howard
"LA QUINTA, CA-The Coachella Valley Housing Coalition has started work on a 218-unit affordable housing and LEED-certified multifamily complex on nearly 15 acres in this upscale community near Palm Springs. The project, called Wolff Waters Place, will provide housing that is designed to be affordable for families earning 35% to 50% of the area's median income, or approximately $30,000 per year for a family of four.
Wolff Waters Place will include 22 buildings designed as townhomes, flats and garden apartments, each with a private outdoor patio or balcony. The project is unusual in that it targets large families, who often have the most difficult time finding affordable housing, coalition executive director John F. Mealey points out. Half the apartments have three or four bedrooms and will be offered at rents that are as much as 65% below market-rate apartments. The project will take nearly two years to be completed and is expected to obtain LEED certification for its construction and design.
The project site is in La Quinta's Redevelopment Area No. 2, at Avenue 48 and Dune Palms Road. The city's redevelopment agency sold the project site to CVHC for $1 and made $30 million to help fund the development. " ...
for the complete story
Last updated: March 24, 2008 05:19pm
Coalition Unveils $90M Green Housing
By Bob Howard
"LA QUINTA, CA-The Coachella Valley Housing Coalition has started work on a 218-unit affordable housing and LEED-certified multifamily complex on nearly 15 acres in this upscale community near Palm Springs. The project, called Wolff Waters Place, will provide housing that is designed to be affordable for families earning 35% to 50% of the area's median income, or approximately $30,000 per year for a family of four.
Wolff Waters Place will include 22 buildings designed as townhomes, flats and garden apartments, each with a private outdoor patio or balcony. The project is unusual in that it targets large families, who often have the most difficult time finding affordable housing, coalition executive director John F. Mealey points out. Half the apartments have three or four bedrooms and will be offered at rents that are as much as 65% below market-rate apartments. The project will take nearly two years to be completed and is expected to obtain LEED certification for its construction and design.
The project site is in La Quinta's Redevelopment Area No. 2, at Avenue 48 and Dune Palms Road. The city's redevelopment agency sold the project site to CVHC for $1 and made $30 million to help fund the development. " ...
for the complete story
Atlantic Yards in trouble?
from this morning's GlobeSt (3/25):
Last updated: March 25, 2008 08:55am
Economy Could Stall Atlantic Yards Project
By Natalie Dolce
"NEW YORK CITY-Recent published reports indicate that the slowing economy is likely to delay Forest City Ratner's proposed $4-billion Atlantic Yards project in Prospect Heights, Brooklyn, but a Forest City Ratner spokesperson tells GlobeSt.com that today’s business environment "will not determine the final face of this project or deny the borough and the city its many benefits, including the thousands of units of affordable housing."
The published reports quote Ratner as saying that construction on a $950-million basketball arena for the Nets would start by the end of the year. The arena was to be surrounded by the office tower, known as Miss Brooklyn, and three residential buildings in the first phase of the project." ...
for the complete story
Last updated: March 25, 2008 08:55am
Economy Could Stall Atlantic Yards Project
By Natalie Dolce
"NEW YORK CITY-Recent published reports indicate that the slowing economy is likely to delay Forest City Ratner's proposed $4-billion Atlantic Yards project in Prospect Heights, Brooklyn, but a Forest City Ratner spokesperson tells GlobeSt.com that today’s business environment "will not determine the final face of this project or deny the borough and the city its many benefits, including the thousands of units of affordable housing."
The published reports quote Ratner as saying that construction on a $950-million basketball arena for the Nets would start by the end of the year. The arena was to be surrounded by the office tower, known as Miss Brooklyn, and three residential buildings in the first phase of the project." ...
for the complete story
Las Vegas Citycenter development plans announced
from this morning's GlobeSt (3/25):
Last updated: March 25, 2008 10:34am
FX Details $3B Plan for Park Central Site
By Brian K. Miller
"LAS VEGAS-FX Real Estate and Entertainment Inc., the publicly traded owner of 17.72 acres across from the multibillion-dollar Citycenter development on the Las Vegas Strip, revealed its development plans Monday in a 10-K filing with the Securities and Exchange Commission. Formed in 2007 and run by Robert F.X. Sillerman and Paul C. Kanavos, the company states in its annual report that it plans to spend $3.1 billion redeveloping the site with 3,047 hotel rooms, a 93,000-sf casino, 94,000 sf of retail, 100,000 sf of entertainment venues and 147 private residences.
Already zoned for a casino resort but currently hosting other uses, the acreage sits on the southeast corner of Las Vegas Boulevard and Harmon Avenue. The six parcels that comprise the site have a combined 1,175 feet of frontage on the Strip and 600 feet on Harmon. “We are designing the project to compete within the upper strata of the luxury market,” the company states in its filing.
The first phase of the project is slated to include approximately eight million sf of development (excluding parking) consisting of a luxury hotel casino, the first for its Elvis-inspired luxury brand, as well as a luxury branded five-star hotel without a casino. The luxury hotel casino is expected to include 2,269 rooms and be wholly owned and operated by FX. The five-star non-gaming hotel is expected to include approximately 778 rooms and approximately 147 for-sale residential units.
The 93,000 sf of gaming area in the hotel casino does not include a high-limit area, race and sports book, and poker room that also are planned. The hotel casino also would include 206,000 sf of convention space including banquet space, ballrooms and break-out meeting rooms. Other plans include a 1,605-seat multi-use theater/showroom and an expansive wedding chapel complex. The 100,000 sf of entertainment uses would include Elvis-themed attractions, including an interactive multimedia experience, a boutique and a superstore. The 94,000 sf of retail would be “distributed throughout the facility” along with 14 restaurants totaling 3,400 seats and various bar/lounge areas with an additional 675 seats." ....
for the complete story
The hotel-casino tower is slated to have 2,269 rooms, including 1,866 standard rooms of approximately 611 sf and 392 suites ranging from 855 sf to more than 6,400 sf. The tower would be crowned with a rooftop restaurant that will convert to a lounge in the evening. The non-gaming hotel in the first phase, in addition to 778 hotel rooms, is currently contemplated to include 37,200 sf of meeting space, a restaurant, bar/lounge, health club and spa. The 147 for-sale residences are expected to feature one-, two- and three-bedroom units averaging 2,274 net sellable sf.
Last updated: March 25, 2008 10:34am
FX Details $3B Plan for Park Central Site
By Brian K. Miller
"LAS VEGAS-FX Real Estate and Entertainment Inc., the publicly traded owner of 17.72 acres across from the multibillion-dollar Citycenter development on the Las Vegas Strip, revealed its development plans Monday in a 10-K filing with the Securities and Exchange Commission. Formed in 2007 and run by Robert F.X. Sillerman and Paul C. Kanavos, the company states in its annual report that it plans to spend $3.1 billion redeveloping the site with 3,047 hotel rooms, a 93,000-sf casino, 94,000 sf of retail, 100,000 sf of entertainment venues and 147 private residences.
Already zoned for a casino resort but currently hosting other uses, the acreage sits on the southeast corner of Las Vegas Boulevard and Harmon Avenue. The six parcels that comprise the site have a combined 1,175 feet of frontage on the Strip and 600 feet on Harmon. “We are designing the project to compete within the upper strata of the luxury market,” the company states in its filing.
The first phase of the project is slated to include approximately eight million sf of development (excluding parking) consisting of a luxury hotel casino, the first for its Elvis-inspired luxury brand, as well as a luxury branded five-star hotel without a casino. The luxury hotel casino is expected to include 2,269 rooms and be wholly owned and operated by FX. The five-star non-gaming hotel is expected to include approximately 778 rooms and approximately 147 for-sale residential units.
The 93,000 sf of gaming area in the hotel casino does not include a high-limit area, race and sports book, and poker room that also are planned. The hotel casino also would include 206,000 sf of convention space including banquet space, ballrooms and break-out meeting rooms. Other plans include a 1,605-seat multi-use theater/showroom and an expansive wedding chapel complex. The 100,000 sf of entertainment uses would include Elvis-themed attractions, including an interactive multimedia experience, a boutique and a superstore. The 94,000 sf of retail would be “distributed throughout the facility” along with 14 restaurants totaling 3,400 seats and various bar/lounge areas with an additional 675 seats." ....
for the complete story
The hotel-casino tower is slated to have 2,269 rooms, including 1,866 standard rooms of approximately 611 sf and 392 suites ranging from 855 sf to more than 6,400 sf. The tower would be crowned with a rooftop restaurant that will convert to a lounge in the evening. The non-gaming hotel in the first phase, in addition to 778 hotel rooms, is currently contemplated to include 37,200 sf of meeting space, a restaurant, bar/lounge, health club and spa. The 147 for-sale residences are expected to feature one-, two- and three-bedroom units averaging 2,274 net sellable sf.
Aerojet land development approved
from this morning's Sacramento Bee (3/25):
Aerojet gets state OK to develop 2,300 acres in Rancho Cordova
By Dale Kasler - dkasler@sacbee.com
Published 12:24 am PDT Tuesday, March 25, 2008
"Aerojet has won final environmental clearance to develop 2,300 acres of land where dangerous chemicals were once dumped, marking a big step in realizing the company's real estate dreams – and perhaps soothing some of its impatient shareholders.
Aerojet's parent GenCorp Inc. on Monday announced what it called a "milestone" agreement with the state Department of Toxic Substances Control that declares the 2,300 acres in Rancho Cordova safe for development. The agreement lets Aerojet move ahead on a major portion of Rio del Oro, one of several developments planned by Aerojet on land south of Highway 50.
Much of Aerojet's property remains subject to environmental cleanup orders, the legacy of years of rocket-engine testing and manufacturing. But of the 6,400 acres earmarked for houses, offices and other development, Monday's agreement means only 1,100 acres are subject to some form of environmental restriction." ...
for the complete story
Aerojet gets state OK to develop 2,300 acres in Rancho Cordova
By Dale Kasler - dkasler@sacbee.com
Published 12:24 am PDT Tuesday, March 25, 2008
"Aerojet has won final environmental clearance to develop 2,300 acres of land where dangerous chemicals were once dumped, marking a big step in realizing the company's real estate dreams – and perhaps soothing some of its impatient shareholders.
Aerojet's parent GenCorp Inc. on Monday announced what it called a "milestone" agreement with the state Department of Toxic Substances Control that declares the 2,300 acres in Rancho Cordova safe for development. The agreement lets Aerojet move ahead on a major portion of Rio del Oro, one of several developments planned by Aerojet on land south of Highway 50.
Much of Aerojet's property remains subject to environmental cleanup orders, the legacy of years of rocket-engine testing and manufacturing. But of the 6,400 acres earmarked for houses, offices and other development, Monday's agreement means only 1,100 acres are subject to some form of environmental restriction." ...
for the complete story
Monday, March 24, 2008
PANYNJ leaseback deal
from this afternoon's GlobeSt (3/24):
Last updated: March 24, 2008 10:49am
Port Authority Cuts $60M Lease Buy-Back Deal
By Eric Peterson
"JERSEY CITY-The Port Authority of NY/NJ has cut a deal to buy back the long-term leasehold of the Northeast Auto-Marine Terminal, involving 119 acres occupied by that facility. The operator is a private company dba Northeast Auto-Marine Terminal, and the deal is valued at $60 million.
What the PA has in mind for the site, surrounding on three sides by water, is to demolish the existing import auto processing center and turn the acreage into a container shipping terminal. PA and state officials say it is part of an effort to prepare the port for the coming expansion of the Panama Canal and an expected influx of new shipping traffic. Combined with ongoing dredging and channel widening, as well as a new rail system, it’s also part of the authority’s 10-year, $2-billion capital improvement plan. " ....
for the complete story
Last updated: March 24, 2008 10:49am
Port Authority Cuts $60M Lease Buy-Back Deal
By Eric Peterson
"JERSEY CITY-The Port Authority of NY/NJ has cut a deal to buy back the long-term leasehold of the Northeast Auto-Marine Terminal, involving 119 acres occupied by that facility. The operator is a private company dba Northeast Auto-Marine Terminal, and the deal is valued at $60 million.
What the PA has in mind for the site, surrounding on three sides by water, is to demolish the existing import auto processing center and turn the acreage into a container shipping terminal. PA and state officials say it is part of an effort to prepare the port for the coming expansion of the Panama Canal and an expected influx of new shipping traffic. Combined with ongoing dredging and channel widening, as well as a new rail system, it’s also part of the authority’s 10-year, $2-billion capital improvement plan. " ....
for the complete story
NOLA hotel nights back to pre-Katrina levels
from the Times Picayune (3/19):
Local hotel occupany is at pre-Katrina levels
But rates are higher, tourism panel told
Friday, March 21, 2008
By Ann Barks
"Hotel occupancy in St. Tammany Parish has leveled off to pre-Katrina levels, according to the St. Tammany Parish Tourist and Convention Commission.
However, because the market has changed since the storm, rates for those hotel and motel rooms are projected to remain higher, in some cases 40 percent more than before the storm. Therefore, the commission is banking that the revenue generated by hotel/motel taxes has stabilized. Its projected 2008-09 budget reflects this expectation. " ...
for the complete story
Local hotel occupany is at pre-Katrina levels
But rates are higher, tourism panel told
Friday, March 21, 2008
By Ann Barks
"Hotel occupancy in St. Tammany Parish has leveled off to pre-Katrina levels, according to the St. Tammany Parish Tourist and Convention Commission.
However, because the market has changed since the storm, rates for those hotel and motel rooms are projected to remain higher, in some cases 40 percent more than before the storm. Therefore, the commission is banking that the revenue generated by hotel/motel taxes has stabilized. Its projected 2008-09 budget reflects this expectation. " ...
for the complete story
Indonesia resort
from todays' Hotels newsfeed (3/24):
Asia Pulse
March 24, 2008 Monday 3:06 PM EST
UAE'S EMAAR CLOSER TO BUILDING BEACH RESORT PROJECT IN LOMBOK
"JAKARTA March 24
United Arab of Emirates property giant Emaar Properties is closer to implementing its resort project in Bali's neighboring island of Lombok after signing a new agreement to establish a joint venture to operate the project. " ...
"Chairman of Emaar Properties Mohamed Ali Alabbar was quoted as saying work will start next month in the project occupying 1,175 hectares of coast land including 7 hectares for a special port, luxurious residential area, and a gold course." ...
for the complete story
Asia Pulse
March 24, 2008 Monday 3:06 PM EST
UAE'S EMAAR CLOSER TO BUILDING BEACH RESORT PROJECT IN LOMBOK
"JAKARTA March 24
United Arab of Emirates property giant Emaar Properties is closer to implementing its resort project in Bali's neighboring island of Lombok after signing a new agreement to establish a joint venture to operate the project. " ...
"Chairman of Emaar Properties Mohamed Ali Alabbar was quoted as saying work will start next month in the project occupying 1,175 hectares of coast land including 7 hectares for a special port, luxurious residential area, and a gold course." ...
for the complete story
Deloitte on China's hotel future
from today's STR & The Bench newsfeed (3/24):
A Year Full Of Promise For China's Hotels
Deloitte Reports
"19 March 2008 | With a strong economy, massive inward investment, a newly-mobile middle class and one of the biggest fixtures in world of sport just months away, China’s influence on world tourism is going to become more and more significant.
Government investment in tourism infrastructure is already paying off, and despite some well-publicised criticism of China’s stance on human rights in the run up to the Olympics, the outlook for 2008 – the year of the rat – looks excellent.
The country’s GDP - at 10% - is still more than double the global average, and analysts expect the economy to remain buoyant.
According to Hotelbenchmark Survey by Deloitte, China’s hotel operators managed to increase revPAR by 3.2% - to US$86 - during 2007, with occupancy at 67.9%. Secondary* cities did best with revPAR growth of 6.9%, compared to 4.0% in primary locations. Primary* locations with more than 5m inhabitants did not perform as well as secondary cities and now operators are hoping that recent investments, increased tourism and the Olympic effect will help them achieve sustainable growth in both occupancy and revenue per available room (revPAR)."
for the complete story
A Year Full Of Promise For China's Hotels
Deloitte Reports
"19 March 2008 | With a strong economy, massive inward investment, a newly-mobile middle class and one of the biggest fixtures in world of sport just months away, China’s influence on world tourism is going to become more and more significant.
Government investment in tourism infrastructure is already paying off, and despite some well-publicised criticism of China’s stance on human rights in the run up to the Olympics, the outlook for 2008 – the year of the rat – looks excellent.
The country’s GDP - at 10% - is still more than double the global average, and analysts expect the economy to remain buoyant.
According to Hotelbenchmark Survey by Deloitte, China’s hotel operators managed to increase revPAR by 3.2% - to US$86 - during 2007, with occupancy at 67.9%. Secondary* cities did best with revPAR growth of 6.9%, compared to 4.0% in primary locations. Primary* locations with more than 5m inhabitants did not perform as well as secondary cities and now operators are hoping that recent investments, increased tourism and the Olympic effect will help them achieve sustainable growth in both occupancy and revenue per available room (revPAR)."
for the complete story
San Diego Padres ticket sales down
from today's San Diego Business Journal (3/24):
Posted date: 3/24/2008
Padres Tickets Not a Big Hit Anymore
But for Some Firms, Season Seats Lead to Home Runs With Clients
By MIKE ALLEN
"Jeff Overton, executive vice president of business services for the San Diego Padres, expects to sell more than 16,000 season tickets this year.
Despite an 11 percent decline in 2008 season ticket sales as of last week, executives for the San Diego Padres aren’t panicking about meeting their sales goals." ...
"At the end of 2007, the Padres had the equivalent of 16,515 season ticket holders. The number includes partial season ticket packages that add up to 81 home games in addition to full season tickets. As of March 18, the number of full season equivalent seats sold for 2008 was 14,720." ...
for the complete story
Posted date: 3/24/2008
Padres Tickets Not a Big Hit Anymore
But for Some Firms, Season Seats Lead to Home Runs With Clients
By MIKE ALLEN
"Jeff Overton, executive vice president of business services for the San Diego Padres, expects to sell more than 16,000 season tickets this year.
Despite an 11 percent decline in 2008 season ticket sales as of last week, executives for the San Diego Padres aren’t panicking about meeting their sales goals." ...
"At the end of 2007, the Padres had the equivalent of 16,515 season ticket holders. The number includes partial season ticket packages that add up to 81 home games in addition to full season tickets. As of March 18, the number of full season equivalent seats sold for 2008 was 14,720." ...
for the complete story
San Diego (City) returns to bond market
from today's San Diego Business Journal (3/24):
Posted date: 3/24/2008
City on Road Back to Bond Market
"The city of San Diego has received an auditor’s opinion for its 2006 fiscal year, clearing the way for the city to re-enter the municipal bond market, it said March 23.
Mayor Jerry Sanders says the city plans to submit the audited financial statements to the City Council, and notify the three Wall Street credit rating agencies in hopes of securing favorable ratings and return to issuing tax-free bonds to help finance delayed capital improvement projects." ...
for the complete story
Posted date: 3/24/2008
City on Road Back to Bond Market
"The city of San Diego has received an auditor’s opinion for its 2006 fiscal year, clearing the way for the city to re-enter the municipal bond market, it said March 23.
Mayor Jerry Sanders says the city plans to submit the audited financial statements to the City Council, and notify the three Wall Street credit rating agencies in hopes of securing favorable ratings and return to issuing tax-free bonds to help finance delayed capital improvement projects." ...
for the complete story
WalMart and Chicago
from today's Crain's Chicago Business (3/24):
Wal-Mart rolls back city expansion plans
By: Monée Fields-White March 24, 2008
"A shifting political landscape has upended Wal-Mart Stores Inc.'s expansion plans in Chicago.
The retailer has suffered a series of setbacks in Chicago after its City Council allies in 2006 narrowly defeated a proposed law that would have required it to pay higher wages. Mayor Richard M. Daley's recent rejection of a Wal-Mart store in Chatham has only added to the Bentonville, Ark., company's woes." ....
[includes a ncie timeline of Wal-Mart/Cichago interactions]
for the complete story
Wal-Mart rolls back city expansion plans
By: Monée Fields-White March 24, 2008
"A shifting political landscape has upended Wal-Mart Stores Inc.'s expansion plans in Chicago.
The retailer has suffered a series of setbacks in Chicago after its City Council allies in 2006 narrowly defeated a proposed law that would have required it to pay higher wages. Mayor Richard M. Daley's recent rejection of a Wal-Mart store in Chatham has only added to the Bentonville, Ark., company's woes." ....
[includes a ncie timeline of Wal-Mart/Cichago interactions]
for the complete story
Friday, March 21, 2008
Voluntourism at the Ritz Carlton
from USA Today (3/20):
New Ritz-Carlton amenity: Charitable work
By Kitty Bean Yancey, USA TODAY
Guests go to a luxury hotel to be pampered. Starting April 1, Ritz-Carltons will have "them planting trees, protecting endangered species and preparing food for the needy — and paying for the privilege.
The Ritz-Carlton's chainwide "Give Back Getaways," billed as a first for a hotel company, will offer guests "a chance to partner with us in making a difference," says Sue Stephenson, the Ritz "social responsibility" chief who proposed the program and is overseeing it.
"Voluntourism" is now a travel buzzword, and "even the luxury consumer is philanthropic," she says. "It gives them the opportunity to feel they've done something … touched the community where they're staying, and have the pampering and luxury, too." ...
for the complete story
New Ritz-Carlton amenity: Charitable work
By Kitty Bean Yancey, USA TODAY
Guests go to a luxury hotel to be pampered. Starting April 1, Ritz-Carltons will have "them planting trees, protecting endangered species and preparing food for the needy — and paying for the privilege.
The Ritz-Carlton's chainwide "Give Back Getaways," billed as a first for a hotel company, will offer guests "a chance to partner with us in making a difference," says Sue Stephenson, the Ritz "social responsibility" chief who proposed the program and is overseeing it.
"Voluntourism" is now a travel buzzword, and "even the luxury consumer is philanthropic," she says. "It gives them the opportunity to feel they've done something … touched the community where they're staying, and have the pampering and luxury, too." ...
for the complete story
Pechanga casino closing nightclubs
from today's San Diego Business Journal (3/21):
Posted date: 3/21/2008
Pechanga Closes Nightclubs Indefinitely
"Pechanga Resort & Casino has shut down its Silk and Eagle’s Nest nightclubs for an unspecified period of time, resort management said March 20.
The venues are on the Pechanga reservation near Temecula.
“Tribal leaders have determined that an unacceptable number of incidents involving alcohol consumption have occurred at Pechanga Resort & Casino,” said a statement issued by Amy Minniear, president of Pechanga Development Corp." ...
for the complete story
Posted date: 3/21/2008
Pechanga Closes Nightclubs Indefinitely
"Pechanga Resort & Casino has shut down its Silk and Eagle’s Nest nightclubs for an unspecified period of time, resort management said March 20.
The venues are on the Pechanga reservation near Temecula.
“Tribal leaders have determined that an unacceptable number of incidents involving alcohol consumption have occurred at Pechanga Resort & Casino,” said a statement issued by Amy Minniear, president of Pechanga Development Corp." ...
for the complete story
Wednesday, March 19, 2008
US economy impacting emerging international markets
from today's GlobeSt. (3/19);
Last updated: March 19, 2008 09:08am
Global Slowdown Benches Many Emerging Markets
By Connie Gore
"MIDDLE EAST-On Tuesday, as the financial markets see-sawed, Global Insight Inc.'s experts forewarned the US recession, no longer an "if" in their world, is preordained to impact all corners of the world except the Middle East and North Africa. The webcast included emerging markets in Greater China, Asia and Latin America.
"Clearly, a global economic slowdown is under way, and it's exacerbated by the financial market turbulence," said Nariman Behravesh, chief economist and webcast moderator for Waltham, MA-based Global Insight. "The US clearly is in a recession. The only question is how deep and how long."
Behravesh predicts the US recession will be "mild" and have ripple effects throughout the world, but not enough to trigger a global recession. His odds are that there's a 30% chance of a worldwide recession due to the US recession and a softening of China's fast-paced growth." ...
for the complete story
Last updated: March 19, 2008 09:08am
Global Slowdown Benches Many Emerging Markets
By Connie Gore
"MIDDLE EAST-On Tuesday, as the financial markets see-sawed, Global Insight Inc.'s experts forewarned the US recession, no longer an "if" in their world, is preordained to impact all corners of the world except the Middle East and North Africa. The webcast included emerging markets in Greater China, Asia and Latin America.
"Clearly, a global economic slowdown is under way, and it's exacerbated by the financial market turbulence," said Nariman Behravesh, chief economist and webcast moderator for Waltham, MA-based Global Insight. "The US clearly is in a recession. The only question is how deep and how long."
Behravesh predicts the US recession will be "mild" and have ripple effects throughout the world, but not enough to trigger a global recession. His odds are that there's a 30% chance of a worldwide recession due to the US recession and a softening of China's fast-paced growth." ...
for the complete story
Tejon Ranch's foreign trade zone development
from this morning's GlobeSt (3/19):
Last updated: March 19, 2008 09:06am
Tejon, Rockefeller Debut 606,000-SF Warehouse
By Bob Howard
"TEJON RANCH, CA-The Tejon Ranch Co. and Rockefeller Group Development Corp. have unveiled their joint venture's first warehouse project, a 606,000-sf building on a site that has won foreign trade zone designation. The US Department of Commerce has recognized an initial 177 acres as an FTZ at Tejon Industrial Complex, the 1,450-acre master planned commercial development north of Los Angeles along the Interstate 5 near its intersection with Route 99.
The 606,000-sf warehouse is being marketed for single or multi-tenant use" ...
for the complete story
Last updated: March 19, 2008 09:06am
Tejon, Rockefeller Debut 606,000-SF Warehouse
By Bob Howard
"TEJON RANCH, CA-The Tejon Ranch Co. and Rockefeller Group Development Corp. have unveiled their joint venture's first warehouse project, a 606,000-sf building on a site that has won foreign trade zone designation. The US Department of Commerce has recognized an initial 177 acres as an FTZ at Tejon Industrial Complex, the 1,450-acre master planned commercial development north of Los Angeles along the Interstate 5 near its intersection with Route 99.
The 606,000-sf warehouse is being marketed for single or multi-tenant use" ...
for the complete story
Tuesday, March 18, 2008
Cruise industry steadily rising
from MSNBC (3/17):
Recession? Not for the cruise industry
Executives have rosy outlook despite record oil prices, struggling economy
By Anita Dunham-Potter
Travel columnist
Tripso.com
updated 8:16 a.m. PT, Mon., March. 17, 2008
"Cruise line executives speaking at the annual Seatrade Cruise Shipping Convention in Miami last week presented a surprisingly rosy outlook despite record oil prices and the U.S. economy’s bleak outlook.
While not immune to a weakening economy, the cruise industry has a track record for standing strong in harsh economic times. Gerald Cahill, Carnival Cruise Lines’ president and chief executive, pointed to the tough years of 1990 and 2001." ....
"Cruise executives cite the cruise product’s tremendous value at a low price as the main reason for optimism." ... "Indeed, Cahill noted that on average cruises are about 20 to 50 percent cheaper than comparable land-based vacations." ...
"Executives also hinted at the next big destination — Asia. Singapore, Taiwan and Korea announced new cruise terminals anticipating the growth. Cruise executives say the new cruise terminals aren’t just targeted at North American cruise travelers but are also aimed at the people who live in the region." ...
for the complete story
Recession? Not for the cruise industry
Executives have rosy outlook despite record oil prices, struggling economy
By Anita Dunham-Potter
Travel columnist
Tripso.com
updated 8:16 a.m. PT, Mon., March. 17, 2008
"Cruise line executives speaking at the annual Seatrade Cruise Shipping Convention in Miami last week presented a surprisingly rosy outlook despite record oil prices and the U.S. economy’s bleak outlook.
While not immune to a weakening economy, the cruise industry has a track record for standing strong in harsh economic times. Gerald Cahill, Carnival Cruise Lines’ president and chief executive, pointed to the tough years of 1990 and 2001." ....
"Cruise executives cite the cruise product’s tremendous value at a low price as the main reason for optimism." ... "Indeed, Cahill noted that on average cruises are about 20 to 50 percent cheaper than comparable land-based vacations." ...
"Executives also hinted at the next big destination — Asia. Singapore, Taiwan and Korea announced new cruise terminals anticipating the growth. Cruise executives say the new cruise terminals aren’t just targeted at North American cruise travelers but are also aimed at the people who live in the region." ...
for the complete story
Pullman Hotels and resorts moving into Brazil
from Hotels online newsfeed (3/18):
Gazeta Mercantil Online (Brazil)
March 17, 2008 Monday
Accor will have Pullman brand for Brazil
"SÃO PAULO (SP), 17 de março de 2008 - Expected in the second half of 2008 is the debut of the new brand of the Accor Hotels group in Brazil. Pullman Hotels & Restors, a five-star chain oriented toward the corporative market, launched last year, already counts 12 hotels in cities in France, Germany, Belgium, Thailand and China. And it is expected to finish this year with 50 units in 23 countries, according to an international communiqué from the company. Most are the fruit of a conversion of hotels of the Sofitel banner, which is also gaining a new configuration. The brand was repositioned to operate in the luxury hotel segment." ...
for the complete story
Gazeta Mercantil Online (Brazil)
March 17, 2008 Monday
Accor will have Pullman brand for Brazil
"SÃO PAULO (SP), 17 de março de 2008 - Expected in the second half of 2008 is the debut of the new brand of the Accor Hotels group in Brazil. Pullman Hotels & Restors, a five-star chain oriented toward the corporative market, launched last year, already counts 12 hotels in cities in France, Germany, Belgium, Thailand and China. And it is expected to finish this year with 50 units in 23 countries, according to an international communiqué from the company. Most are the fruit of a conversion of hotels of the Sofitel banner, which is also gaining a new configuration. The brand was repositioned to operate in the luxury hotel segment." ...
for the complete story
JPMorgan Chase pulls out of WTC site
from today's GlobeSt
Last updated: March 18, 2008 10:42am
JPMorgan Chase Could Bail From Downtown Move
By Natalie Dolce
"NEW YORK CITY-JPMorgan Chase & Co. said it is deserting plans to move its Downtown headquarters to the World Trade Center site in the wake of its deal to acquire the Bear Stearns Cos. Inc., according to numerous reports. Those reports note that spokesman Brian Marchiony confirmed that the company was scrapping plans to move the company's investment-banking and trading operations to a building planned for the WTC site.
The bank has a 90-year lease with the Port Authority of New York and New Jersey for the spot where the former Deutsche Bank building now stands near Ground Zero. The firm had expected to construct and occupy a 1.3-million-sf tower on the site, as GlobeSt.com previously reported." ....
for the complete story
Last updated: March 18, 2008 10:42am
JPMorgan Chase Could Bail From Downtown Move
By Natalie Dolce
"NEW YORK CITY-JPMorgan Chase & Co. said it is deserting plans to move its Downtown headquarters to the World Trade Center site in the wake of its deal to acquire the Bear Stearns Cos. Inc., according to numerous reports. Those reports note that spokesman Brian Marchiony confirmed that the company was scrapping plans to move the company's investment-banking and trading operations to a building planned for the WTC site.
The bank has a 90-year lease with the Port Authority of New York and New Jersey for the spot where the former Deutsche Bank building now stands near Ground Zero. The firm had expected to construct and occupy a 1.3-million-sf tower on the site, as GlobeSt.com previously reported." ....
for the complete story
Scottish tourism
from The Scotsman (3/13):
Wind farms 'could drive away tourists and mean big job losses'
By Joe Quinn
"WIND farms could cost the Scottish tourism industry millions of pounds and hundreds of lost jobs in a "worst case scenario", a report warned yesterday.
The findings came in research that found wind farms had the potential for hitting jobs in tourism.
The research was commissioned by the Scottish Government from Glasgow Caledonian University to assess what effect official priorities for wind farms were likely to have on tourism, for good or ill.
Four areas were studied – the Borders; Caithness and Sutherland; Dumfries and Galloway, and Stirling, Perth and Kinross.
For each area, the researchers estimated the likely impact on the tourism economy by 2015 of all the wind farms needed to meet the renewables obligation, compared to a situation where there were no wind farms.
It was estimated that Stirling, Perth and Kinross would lose £6.3 million in tourism income and 339 jobs; Dumfries and Galloway £4.1 million and 277 jobs; the Borders £1.7 million and 81 jobs, and Caithness and Sutherland £700,000 and 30 jobs." ...
for the complete story
Wind farms 'could drive away tourists and mean big job losses'
By Joe Quinn
"WIND farms could cost the Scottish tourism industry millions of pounds and hundreds of lost jobs in a "worst case scenario", a report warned yesterday.
The findings came in research that found wind farms had the potential for hitting jobs in tourism.
The research was commissioned by the Scottish Government from Glasgow Caledonian University to assess what effect official priorities for wind farms were likely to have on tourism, for good or ill.
Four areas were studied – the Borders; Caithness and Sutherland; Dumfries and Galloway, and Stirling, Perth and Kinross.
For each area, the researchers estimated the likely impact on the tourism economy by 2015 of all the wind farms needed to meet the renewables obligation, compared to a situation where there were no wind farms.
It was estimated that Stirling, Perth and Kinross would lose £6.3 million in tourism income and 339 jobs; Dumfries and Galloway £4.1 million and 277 jobs; the Borders £1.7 million and 81 jobs, and Caithness and Sutherland £700,000 and 30 jobs." ...
for the complete story
Monday, March 17, 2008
India's hotel problems
from Hotels' news service (3/14):
Indo-Asian News Service
March 14, 2008 Friday 11:35 AM EST
India's skyrocketing hotel prices figure at Berlin tourism show
Report from Indo-Asian News Service brought to you by HT Syndication.
"Berlin, March 14 -- For many Indian exhibitors at Berlin's International Tourism Bourse (ITB), the world's largest tourism show, their country's skyrocketing hotel room prices could seriously hit the inbound leisure tourism traffic.
India's tourism industry, plagued for decades with inadequate infrastructure, seemed to have got some respite when the government, in the course of its liberalisation policy, announced that it would build up the infrastructure." ...
for the complete story
Indo-Asian News Service
March 14, 2008 Friday 11:35 AM EST
India's skyrocketing hotel prices figure at Berlin tourism show
Report from Indo-Asian News Service brought to you by HT Syndication.
"Berlin, March 14 -- For many Indian exhibitors at Berlin's International Tourism Bourse (ITB), the world's largest tourism show, their country's skyrocketing hotel room prices could seriously hit the inbound leisure tourism traffic.
India's tourism industry, plagued for decades with inadequate infrastructure, seemed to have got some respite when the government, in the course of its liberalisation policy, announced that it would build up the infrastructure." ...
for the complete story
Dubailand timeshares
from Hotels' news service (3/13):
Middle East Company News Wire
March 13, 2008 Thursday 8:46 AM GMT
Dubailand enters timeshare industry with launch of 'Dubailand Vacations'
"Dubailand, a member of Tatweer, announced the launch of Dubailand Vacations LLC a new entity specialising in developing timeshare and fractional business models for the region's biggest leisure, tourism and entertainment destination.
The creation of Dubailand Vacations LLC will introduce timeshare developments within Dubailand generating synergy amongst various theme parks within the destination, creating new market opportunities and contributing to the sophistication of the consumer-driven Dubai tourism, leisure and entertainment markets. Timesharing vacation ownership has been included as a key component of the overall development strategy for Dubailand." ...
for the complete story
Middle East Company News Wire
March 13, 2008 Thursday 8:46 AM GMT
Dubailand enters timeshare industry with launch of 'Dubailand Vacations'
"Dubailand, a member of Tatweer, announced the launch of Dubailand Vacations LLC a new entity specialising in developing timeshare and fractional business models for the region's biggest leisure, tourism and entertainment destination.
The creation of Dubailand Vacations LLC will introduce timeshare developments within Dubailand generating synergy amongst various theme parks within the destination, creating new market opportunities and contributing to the sophistication of the consumer-driven Dubai tourism, leisure and entertainment markets. Timesharing vacation ownership has been included as a key component of the overall development strategy for Dubailand." ...
for the complete story
Middle East tourism/hotel projections
from today's STR's Bench and Global Hospitality enews (3/17):
Hotel Investment Sector Is Soaring But Still Room For Growth, Say Experts
Region’s hotel sector to grow by 7.1% per annum; Projects worth $3.63 trillion earmarked for 2020; 80,000 rooms, 100,000 more employees in Dubai alone by 2010
"Dubai | The region’s tourism growth potential is far from realised, according to Jonathan Worsley, conference co-organiser, Arabian Hotel Investment Conference (AHIC).
“Although the Middle East is pegged to be the fastest-growing region by 2020, with estimated growth of 7.1 per cent per annum, 69 million tourists arrivals1 and almost US$4 trillion in tourism investments announced, there is more to come,” he predicted." ...
for the complete story
Hotel Investment Sector Is Soaring But Still Room For Growth, Say Experts
Region’s hotel sector to grow by 7.1% per annum; Projects worth $3.63 trillion earmarked for 2020; 80,000 rooms, 100,000 more employees in Dubai alone by 2010
"Dubai | The region’s tourism growth potential is far from realised, according to Jonathan Worsley, conference co-organiser, Arabian Hotel Investment Conference (AHIC).
“Although the Middle East is pegged to be the fastest-growing region by 2020, with estimated growth of 7.1 per cent per annum, 69 million tourists arrivals1 and almost US$4 trillion in tourism investments announced, there is more to come,” he predicted." ...
for the complete story
NFL debt figure released
from today's Street and Smith's Sports Business Journal (3/17):
Court filing: NFL carrying $9B of debt
By DANIEL KAPLAN
Staff writer
Published March 17, 2008 : Page 01
"The NFL, through the league and its 32 teams, has more than $9 billion of debt. The figure, which has never before been public, is disclosed in a letter that the league’s outside general counsel, Gregg Levy, wrote last October to the NFL Players Association in response to the union’s questions about a league resolution to reduce team debt." ...
"The NFL debt figure is far higher than that of other leagues. MLB clubs owe $3.1 billion, according to MLB CFO Jonathan Mariner, though that number does not include the roughly $2 billion in financing for the two pending New York ballparks because that debt, technically, is not carried by the teams. The NBA declined to make public its debt total, but the league’s policies limit all team borrowings to $175 million per club. The NHL also declined to discuss any aspect of its debt, but finance sources have previously said that the league allows teams to carry debt up to half of their franchise value." ...
for the complete story
Court filing: NFL carrying $9B of debt
By DANIEL KAPLAN
Staff writer
Published March 17, 2008 : Page 01
"The NFL, through the league and its 32 teams, has more than $9 billion of debt. The figure, which has never before been public, is disclosed in a letter that the league’s outside general counsel, Gregg Levy, wrote last October to the NFL Players Association in response to the union’s questions about a league resolution to reduce team debt." ...
"The NFL debt figure is far higher than that of other leagues. MLB clubs owe $3.1 billion, according to MLB CFO Jonathan Mariner, though that number does not include the roughly $2 billion in financing for the two pending New York ballparks because that debt, technically, is not carried by the teams. The NBA declined to make public its debt total, but the league’s policies limit all team borrowings to $175 million per club. The NHL also declined to discuss any aspect of its debt, but finance sources have previously said that the league allows teams to carry debt up to half of their franchise value." ...
for the complete story
Dubai and Liverpool Football
from The Economist's City Guide for Dubai (3/17):
No luck with Liverpool
"Dubai International Capital (DIC), a state-owned investment company, has been thwarted again in its pursuit of Liverpool Football Club. Shortly after DIC announced it was in advanced talks about buying a 49% stake from George Gillett, one of Liverpool's American co-owners, the other co-owner, Tom Hicks, ended negotiations." ...
for the complete story
No luck with Liverpool
"Dubai International Capital (DIC), a state-owned investment company, has been thwarted again in its pursuit of Liverpool Football Club. Shortly after DIC announced it was in advanced talks about buying a 49% stake from George Gillett, one of Liverpool's American co-owners, the other co-owner, Tom Hicks, ended negotiations." ...
for the complete story
Ft. Myers, FL retail/mixed-use development
from GlobeSt. (3/14):
Last updated: March 14, 2008 02:23pm
Forum at Fort Myers Hits 90% Preleased Mark
By Natalie Keith
"FORT MYERS, FL-Several new tenants have been secured for the $60-million retail component of the mixed-use Forum at Fort Myers project with construction expected to begin this month on a Hyatt Place that is also part of the project.
Bed Bath & Beyond, Books-A-Million, Petco and Rack Room Shoes have been signed for the 480,000-sf power center and SunTrust Bank secured one of three outparcels for the project. Target, Best Buy, Ross Dress for Less, Staples and Home Depot have previously committed to the retail portion, also called the Forum at Fort Myers, which is being developed by Cincinnati-based North American Properties." ...
for the complete story
Last updated: March 14, 2008 02:23pm
Forum at Fort Myers Hits 90% Preleased Mark
By Natalie Keith
"FORT MYERS, FL-Several new tenants have been secured for the $60-million retail component of the mixed-use Forum at Fort Myers project with construction expected to begin this month on a Hyatt Place that is also part of the project.
Bed Bath & Beyond, Books-A-Million, Petco and Rack Room Shoes have been signed for the 480,000-sf power center and SunTrust Bank secured one of three outparcels for the project. Target, Best Buy, Ross Dress for Less, Staples and Home Depot have previously committed to the retail portion, also called the Forum at Fort Myers, which is being developed by Cincinnati-based North American Properties." ...
for the complete story
Midway airport privatization
from today's Crain's Chicago Business (3/17):
Investors circling Midway
By: Paul Merrion March 17, 2008
"Some of the world's biggest investors are lining up to land at Chicago's Midway Airport — a level of interest that increases the likelihood Mayor Richard M. Daley will get the $2.5 billion to $3.5 billion experts believe the city could garner by privatizing the airport.
At least six teams of airport operators and investment banks have formed to bid on the city's proposed long-term lease of the Southwest Side airfield, according to market sources and several firms involved.
Except for a group anchored by an arm of the Houston Airport System, and another headed by Washington, D.C.-based private-equity firm Carlyle Group and J. P. Morgan Asset Management, the other known teams involve foreign airport operators and a mixture of U.S. and foreign investment banks." ...
for the complete story
Investors circling Midway
By: Paul Merrion March 17, 2008
"Some of the world's biggest investors are lining up to land at Chicago's Midway Airport — a level of interest that increases the likelihood Mayor Richard M. Daley will get the $2.5 billion to $3.5 billion experts believe the city could garner by privatizing the airport.
At least six teams of airport operators and investment banks have formed to bid on the city's proposed long-term lease of the Southwest Side airfield, according to market sources and several firms involved.
Except for a group anchored by an arm of the Houston Airport System, and another headed by Washington, D.C.-based private-equity firm Carlyle Group and J. P. Morgan Asset Management, the other known teams involve foreign airport operators and a mixture of U.S. and foreign investment banks." ...
for the complete story
Sunday, March 16, 2008
local and regional real estate/business news
Crain's Chicago Business (3/3): Related Cos. moves on Chicago high-rise market
San Diego Business Journal (3/10): Los Coyotes Band trying for casino; Chula Vista convention center project
Indian Country Today (3/12): OR casino hearings; MA casino meetings
CA Real Estate Journal (3/3): Coastal Commission and hotel developments; condo hotels out of favor
Orange County Business Journal (3/3): mixed-use development with hotels for Tustin
New Orleans City Business (3/3): Mardi Gras Marathon troubles
New Orleans City Business (2/25): NBA All-Stars and New Orleans recovery
Real Estate Southern CA (Feb): industrial market up; feature on San Diego County commercial sector
San Diego Business Journal (3/10): Los Coyotes Band trying for casino; Chula Vista convention center project
Indian Country Today (3/12): OR casino hearings; MA casino meetings
CA Real Estate Journal (3/3): Coastal Commission and hotel developments; condo hotels out of favor
Orange County Business Journal (3/3): mixed-use development with hotels for Tustin
New Orleans City Business (3/3): Mardi Gras Marathon troubles
New Orleans City Business (2/25): NBA All-Stars and New Orleans recovery
Real Estate Southern CA (Feb): industrial market up; feature on San Diego County commercial sector
real estate, planning, hotels, golf, resorts, and facilities news
Urban Land (Feb): sustainable Loreto Bay resort in Baja, Mexico; Atlantis Resort, Bahamas adding towers; worker housing in Dubai; retail Dubai; golf resort fight in Scotland; Central and Eastern European development prospects; resort development future; workforce housing and climate change; land use and climate change; eco resorts; U.S. resort trends; urban timeshares; resort trends in Europe; Asian medical tourism; Qatar resort development; Beijing post-Olympics; Vancouver and 2010 Olympics; English public housing redevelopment; U.S. public housing and Hope IV; special events and urban development (nice tables); USGBC new LEED program; world investment in the UAE; green hotels; special feature section on resorts
Golf Business and Real Estate (3/10): golf gaining in Gulf Coast, Sotheast, and South Central U.S.
Hotels (Mar): hotel spas; Jumeirah debuts in NYC
M&C (Mar): gaming revenue up on Gulf Coast, down in Atlantic City; plans for Miami Convention Center expansion and redevelopment on hold; green resorts; convention center performance review; destination guides on: Las Vegas; Scottsdale, AZ; Caribbean/Bahamas; the Mid-Atlantic; and Monaco
Tradeshow Week (3/10): San Antonio hotel fiasco; MGM Mirage earnings up
ULI Multifamily Trends special issue (Jan-Feb): Detroit; St. Louis; San Francisco; cohousing; affordable condos
Venues Today (Mar): top CA venues chart; TX music festivals and venues
Golf Business and Real Estate (3/10): golf gaining in Gulf Coast, Sotheast, and South Central U.S.
Hotels (Mar): hotel spas; Jumeirah debuts in NYC
M&C (Mar): gaming revenue up on Gulf Coast, down in Atlantic City; plans for Miami Convention Center expansion and redevelopment on hold; green resorts; convention center performance review; destination guides on: Las Vegas; Scottsdale, AZ; Caribbean/Bahamas; the Mid-Atlantic; and Monaco
Tradeshow Week (3/10): San Antonio hotel fiasco; MGM Mirage earnings up
ULI Multifamily Trends special issue (Jan-Feb): Detroit; St. Louis; San Francisco; cohousing; affordable condos
Venues Today (Mar): top CA venues chart; TX music festivals and venues
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