Monday, September 8, 2008
Thursday, September 4, 2008
Hollywood (CA) BID growing
from this morning's Los Angeles Business Journal (9/4):
Hollywood’s Business Improvement District To Grow
By DEBORAH CROWE - 9/4/2008
Los Angeles Business Journal Staff
"The Los Angeles City Council has endorsed the Hollywood property owners’ vote to renew and expand the Hollywood Entertainment District for a 10-year period through the end of 2018.
The ballot tabulation, which was conducted by the Office of the City Clerk, resulted in an estimated 91 percent affirmative vote by property owners for renewal of the District, making the HED one of the more heavily supported business improvement districts in the Los Angeles area, officials said.
Property assessments will fund a $3.4 million-a-year budget for the district. The district pays for security, maintenance and marketing services that have helped drive Hollywood’s revitalization efforts." ...
for the complete story
Hollywood’s Business Improvement District To Grow
By DEBORAH CROWE - 9/4/2008
Los Angeles Business Journal Staff
"The Los Angeles City Council has endorsed the Hollywood property owners’ vote to renew and expand the Hollywood Entertainment District for a 10-year period through the end of 2018.
The ballot tabulation, which was conducted by the Office of the City Clerk, resulted in an estimated 91 percent affirmative vote by property owners for renewal of the District, making the HED one of the more heavily supported business improvement districts in the Los Angeles area, officials said.
Property assessments will fund a $3.4 million-a-year budget for the district. The district pays for security, maintenance and marketing services that have helped drive Hollywood’s revitalization efforts." ...
for the complete story
Gaylord planning convention resort in Phoenix
from this morning's San Diego Business Journal (9/4):
Gaylord Casts Eye on Phoenix
By - 9/3/2008
San Diego Business Journal Staff
"Gaylord Entertainment, still planning to build a $1 billion convention center and hotel in Chula Vista, said Sept. 3 it entered into a land purchase agreement for 100 acres at the Mesa Proving Grounds, next to Phoenix Mesa Gateway Airport, to create an anchor resort and convention center." ....
for the complete story
Gaylord Casts Eye on Phoenix
By - 9/3/2008
San Diego Business Journal Staff
"Gaylord Entertainment, still planning to build a $1 billion convention center and hotel in Chula Vista, said Sept. 3 it entered into a land purchase agreement for 100 acres at the Mesa Proving Grounds, next to Phoenix Mesa Gateway Airport, to create an anchor resort and convention center." ....
for the complete story
Sacramento Railyard project planning continues
from this morning's Sacramento Bee (9/4):
Thousands of new residences seen at downtown Sacramento railyard project
By Jim Wasserman - jwasserman@sacbee.com
Published 12:00 am PDT Thursday, September 4, 2008
"More than a year after a collapse of two big residential tower projects in downtown Sacramento, a still more ambitious generation of downtown living is coming into view.
Much depends on the economy and other variables in the next 20 to 30 years. But serious plans exist for up to 15,000 residential units north of downtown at the railyard and nearby Township 9.
If all goes as hoped, the first of these homes, condominiums and townhouses may open in a rebounded housing market – and one also shaped by high-priced gasoline that discourages long commutes.
Up to 12,000 residences are planned just north of the existing downtown on the 240-acre railyard. Given favorable conditions, the first projects could rise about 2012." .....
for the complete story with illustrations
Thousands of new residences seen at downtown Sacramento railyard project
By Jim Wasserman - jwasserman@sacbee.com
Published 12:00 am PDT Thursday, September 4, 2008
"More than a year after a collapse of two big residential tower projects in downtown Sacramento, a still more ambitious generation of downtown living is coming into view.
Much depends on the economy and other variables in the next 20 to 30 years. But serious plans exist for up to 15,000 residential units north of downtown at the railyard and nearby Township 9.
If all goes as hoped, the first of these homes, condominiums and townhouses may open in a rebounded housing market – and one also shaped by high-priced gasoline that discourages long commutes.
Up to 12,000 residences are planned just north of the existing downtown on the 240-acre railyard. Given favorable conditions, the first projects could rise about 2012." .....
for the complete story with illustrations
Dallas Logistics Hub breaks ground
from this morning's GlobeST (9/4):
EXCLUSIVE Last updated: September 3, 2008 08:11pm
$30M-Plus Auction Yard Fueling More CRE Plans
By Connie Gore
"HUTCHINS, TX-With the final details now ironed out, the Allen Group Tuesday will break ground on its first build-to-suit in the 6,000-acre Dallas Logistics Hub in the southern sector. The milestone deal with Adesa Inc. for a 200,000-sf auto auction complex is opening doors for additional commercial space to support the multi-modal industrial hub.
"This is a very unique use. It doesn't interact or feed off the intermodal facility or the rail lines. It's a destination for car dealers," says Daniel J. McAuliffe, president of Allen Development Texas LLC, "and it creates a tremendous need for hotels in the area." Likewise, Adesa's 175-acre tract at 3501 Lancaster-Hutchins Rd., secured by a 20-year lease with options, is expected to be a catalyst for brand-new retail and restaurant development in the corridor.
The San Diego-based Allen Group has peppered Dallas Logistics Hub's master plan with eight hotels at two entrances to its land. McAuliffe tells GlobeSt.com that the hope is at least one hotel will be under construction at the eastern end when Adesa's complex comes on line in July 2009 and $8 million of road and utility line infrastructure is finished." ...
for the complete story
EXCLUSIVE Last updated: September 3, 2008 08:11pm
$30M-Plus Auction Yard Fueling More CRE Plans
By Connie Gore
"HUTCHINS, TX-With the final details now ironed out, the Allen Group Tuesday will break ground on its first build-to-suit in the 6,000-acre Dallas Logistics Hub in the southern sector. The milestone deal with Adesa Inc. for a 200,000-sf auto auction complex is opening doors for additional commercial space to support the multi-modal industrial hub.
"This is a very unique use. It doesn't interact or feed off the intermodal facility or the rail lines. It's a destination for car dealers," says Daniel J. McAuliffe, president of Allen Development Texas LLC, "and it creates a tremendous need for hotels in the area." Likewise, Adesa's 175-acre tract at 3501 Lancaster-Hutchins Rd., secured by a 20-year lease with options, is expected to be a catalyst for brand-new retail and restaurant development in the corridor.
The San Diego-based Allen Group has peppered Dallas Logistics Hub's master plan with eight hotels at two entrances to its land. McAuliffe tells GlobeSt.com that the hope is at least one hotel will be under construction at the eastern end when Adesa's complex comes on line in July 2009 and $8 million of road and utility line infrastructure is finished." ...
for the complete story
NY Jets open training facility at the Meadowlands
from this morning's GllobeStNJ (9/4):
Last updated: September 3, 2008 11:24am
Jets Open $75M Training Facility
By Eric Peterson
"FLORHAM PARK, NJ-The New York Jets have officially opened their new training facility here, ending 30 years of training on the campus of Hofstra University on Long Island. Totaling 218,000 sf on two floors, encompassing five practice football fields and built at a cost of $75 million, the complex is nearly double the size of the former facility.
The complex, dubbed the Atlantic Health Jets Training Center after its naming rights were sold, is part of the Jets’ and New York Giants’ deal with the New Jersey Sports and Exposition Authority for a new stadium to house the two teams within the Meadowlands Sports Complex. The $1.3-billion venue replacing the existing Giants Stadium will be co-owned by the two teams on land leased from the NJSEA, and is slated for completion in time for the 2010 season." ...
for the complete story
Last updated: September 3, 2008 11:24am
Jets Open $75M Training Facility
By Eric Peterson
"FLORHAM PARK, NJ-The New York Jets have officially opened their new training facility here, ending 30 years of training on the campus of Hofstra University on Long Island. Totaling 218,000 sf on two floors, encompassing five practice football fields and built at a cost of $75 million, the complex is nearly double the size of the former facility.
The complex, dubbed the Atlantic Health Jets Training Center after its naming rights were sold, is part of the Jets’ and New York Giants’ deal with the New Jersey Sports and Exposition Authority for a new stadium to house the two teams within the Meadowlands Sports Complex. The $1.3-billion venue replacing the existing Giants Stadium will be co-owned by the two teams on land leased from the NJSEA, and is slated for completion in time for the 2010 season." ...
for the complete story
Wednesday, September 3, 2008
Shoppers changing with the economy
from the NSGA enewsletter and TNS Retail Forward(9/3):
Shoppers Shift Shopping Patterns, Discount and Value Retailers Benefit, TNS Retail Forward Reports
"COLUMBUS, Sept. 2, 2008—Shoppers have shifted their shopping patterns as gasoline and food continue to grab a larger share of wallet. In American ShopperScape™ 2008, TNS Retail Forward reports that shoppers are trading down to save money and seeking one-stop shopping venues and stores closer to home to save time and gasoline. Discount and value retailers are benefiting from an influx of cost-conscious shoppers at the expense of conventional and high-end retailers. And, store brands are benefiting at the expense of national brands.
American ShopperScape™ 2008 analyzes the shopping behaviors of the thousands of consumers TNS Retail Forward studies as part of the company’s ongoing tracking survey.
“Shoppers’ strategies of spending less and migrating to lower-priced retailers are capable of shaking the retail landscape and creating seismic shifts,” comments Mandy Putnam, Vice President with TNS Retail Forward and author of American ShopperScape™ 2008. “As a result of shopper migration, retailers’ customer profiles are shifting. Some are shifting not just because they are gaining customers who are trading down, but because they are losing customers who are turning to even more value-oriented channels,” she adds. “Whether new patrons permanently adopt these retailers depends on how well retailers address the needs of their new customers and how well new patrons acclimate to shopping in less-familiar territory.”" ...
for the complete press release including tables
Shoppers Shift Shopping Patterns, Discount and Value Retailers Benefit, TNS Retail Forward Reports
"COLUMBUS, Sept. 2, 2008—Shoppers have shifted their shopping patterns as gasoline and food continue to grab a larger share of wallet. In American ShopperScape™ 2008, TNS Retail Forward reports that shoppers are trading down to save money and seeking one-stop shopping venues and stores closer to home to save time and gasoline. Discount and value retailers are benefiting from an influx of cost-conscious shoppers at the expense of conventional and high-end retailers. And, store brands are benefiting at the expense of national brands.
American ShopperScape™ 2008 analyzes the shopping behaviors of the thousands of consumers TNS Retail Forward studies as part of the company’s ongoing tracking survey.
“Shoppers’ strategies of spending less and migrating to lower-priced retailers are capable of shaking the retail landscape and creating seismic shifts,” comments Mandy Putnam, Vice President with TNS Retail Forward and author of American ShopperScape™ 2008. “As a result of shopper migration, retailers’ customer profiles are shifting. Some are shifting not just because they are gaining customers who are trading down, but because they are losing customers who are turning to even more value-oriented channels,” she adds. “Whether new patrons permanently adopt these retailers depends on how well retailers address the needs of their new customers and how well new patrons acclimate to shopping in less-familiar territory.”" ...
for the complete press release including tables
Georgia tourism hit by Russian invasion
from Reuters (9/3):
Russia conflict hits emerging Georgia tourism trade
Wed Sep 3, 2008 7:44am EDT
By Noah Barkin
"TBILISI, Sept 3 (Reuters) - The Adamanti Hotel near Georgia's Black Sea coast was full of tourists in early August when war broke out between Russian and Georgian forces in South Ossetia to the northeast.
But when Russian soldiers pushed into Georgia and moved towards the port of Poti, just 20 km (12 miles) up the coast, the tourists fled and now 30 of the hotel's 33 rooms are vacant.
"August and September are usually our best months," said hotel manager Maia Gorgashvili. "But we are practically empty now. We can only hope people will return now that the fighting has stopped."
Boasting snow-capped peaks, over 100 km of beautiful coastline and one of Europe's largest national parks, Georgia was once a top holiday destination for the Soviet elite." ...
for the complete story
Russia conflict hits emerging Georgia tourism trade
Wed Sep 3, 2008 7:44am EDT
By Noah Barkin
"TBILISI, Sept 3 (Reuters) - The Adamanti Hotel near Georgia's Black Sea coast was full of tourists in early August when war broke out between Russian and Georgian forces in South Ossetia to the northeast.
But when Russian soldiers pushed into Georgia and moved towards the port of Poti, just 20 km (12 miles) up the coast, the tourists fled and now 30 of the hotel's 33 rooms are vacant.
"August and September are usually our best months," said hotel manager Maia Gorgashvili. "But we are practically empty now. We can only hope people will return now that the fighting has stopped."
Boasting snow-capped peaks, over 100 km of beautiful coastline and one of Europe's largest national parks, Georgia was once a top holiday destination for the Soviet elite." ...
for the complete story
Chicago needs help wo win 2016
from today's STR hotel news (9/3):
Banding together to lure the Olympics
Jeff Higley -- Editorial Director Hotel News Now
Hotel News Now Blog 03 September 2008
jeff@HotelNewsNow.com
"Northwest Indiana has always found itself in Chicago’s shadow. Although it’s as much a part of the Windy City’s fabric as any of the suburbs that stretch for miles, it often has been ignored. Many Chicagoans look down their noses when they think of their neighbors to the south. Visions of smokestacks spewing the filth that results from steelmaking immediately fills their minds, not the beauty of the Indiana Dunes National Lakeshore." ...
"The times, well, they are a-changing as Chicago is ramping up its efforts to host the 2016 Olympics (London will play host in 2012). It seems the City with Broad Shoulders is going to need some help from its Indiana neighbors if it wants to be the home of the 2016 Summer Games. International Olympic Committee rules state that there must be 60,000 hotel rooms secured to host Olympics-related visitors. The Chicago Olympic Committee reports that it has about 42,000 rooms already committed and it is turning to Northwest Indiana to help it secure the final 18,000 rooms." ....
for the complete entry
Banding together to lure the Olympics
Jeff Higley -- Editorial Director Hotel News Now
Hotel News Now Blog 03 September 2008
jeff@HotelNewsNow.com
"Northwest Indiana has always found itself in Chicago’s shadow. Although it’s as much a part of the Windy City’s fabric as any of the suburbs that stretch for miles, it often has been ignored. Many Chicagoans look down their noses when they think of their neighbors to the south. Visions of smokestacks spewing the filth that results from steelmaking immediately fills their minds, not the beauty of the Indiana Dunes National Lakeshore." ...
"The times, well, they are a-changing as Chicago is ramping up its efforts to host the 2016 Olympics (London will play host in 2012). It seems the City with Broad Shoulders is going to need some help from its Indiana neighbors if it wants to be the home of the 2016 Summer Games. International Olympic Committee rules state that there must be 60,000 hotel rooms secured to host Olympics-related visitors. The Chicago Olympic Committee reports that it has about 42,000 rooms already committed and it is turning to Northwest Indiana to help it secure the final 18,000 rooms." ....
for the complete entry
WI Indian casinos growing above national average
from today's River Falls (WI) Journal (9/3):
Report finds tribal gaming casinos not affected by economic downturn
Wheeler News Service
Published Wednesday, September 03, 2008
"Wisconsin’s Indian casinos have apparently weathered the economic storm just fine.
The Analysis Group, a national business consulting firm, said the state’s 27 gaming facilities took in a combined $1.3 billion dollars last year.
That’s 7.3 percent more than the year before and it’s higher than the national growth rate of 5-percent." ....
for the complete story
Report finds tribal gaming casinos not affected by economic downturn
Wheeler News Service
Published Wednesday, September 03, 2008
"Wisconsin’s Indian casinos have apparently weathered the economic storm just fine.
The Analysis Group, a national business consulting firm, said the state’s 27 gaming facilities took in a combined $1.3 billion dollars last year.
That’s 7.3 percent more than the year before and it’s higher than the national growth rate of 5-percent." ....
for the complete story
Mohegan Sun and Foxwoods staying positive despite declines in revenues
from Indian Country Today (9/2):
Leaders: Economic outlook is sunny at Mohegan Sun and Foxwoods
© Indian Country Today September 02, 2008. All Rights Reserved
Posted: September 02, 2008
by: Gale Courey Toensing / Indian Country Today
"MASHANTUCKET and UNCASVILLE, Conn. - Despite recent declines in casino revenues, leaders at Mohegan Sun and Foxwoods Resort Casino have a sunny outlook. The country's two largest Indian gaming facilities will weather the current economic storm, Mohegan Chairman Bruce ''Two Dogs'' Bozsum and Foxwoods interim President Barry Cregan said.
Combined gaming revenue for the Mohegan Sun and Foxwoods, which is owned by the Mashantucket Pequot Tribal Nation, was $2.532 billion in 2007. That amount was up 1.6 percent from around $2.493 billion in 2006." ....
for the complete story
Leaders: Economic outlook is sunny at Mohegan Sun and Foxwoods
© Indian Country Today September 02, 2008. All Rights Reserved
Posted: September 02, 2008
by: Gale Courey Toensing / Indian Country Today
"MASHANTUCKET and UNCASVILLE, Conn. - Despite recent declines in casino revenues, leaders at Mohegan Sun and Foxwoods Resort Casino have a sunny outlook. The country's two largest Indian gaming facilities will weather the current economic storm, Mohegan Chairman Bruce ''Two Dogs'' Bozsum and Foxwoods interim President Barry Cregan said.
Combined gaming revenue for the Mohegan Sun and Foxwoods, which is owned by the Mashantucket Pequot Tribal Nation, was $2.532 billion in 2007. That amount was up 1.6 percent from around $2.493 billion in 2006." ....
for the complete story
GA Aquarium offers sleepovers and other new features
from the Orlando Sentinel (8/31):
Georgia's aquatic gem ups its awe
Selwyn Crawford
The Dallas Morning News
August 31, 2008
ATLANTA
"At the Georgia Aquarium in downtown Atlanta, you can sleep with the fishes and live to talk about it.
In fact, the folks at the world's largest fish tank want you to. They have a lot of new things happening at the 8-million-gallon facility, which opened in November 2005.
And none of those things even includes the 1.3-million-gallon, $110-million dolphin exhibit that will break ground this summer. That exhibit, to open in November 2010, will house bottlenose dolphins.
But the new things you can see now at the aquarium begin, appropriately, at its beginning. A 1,600-square-foot mural on the ceiling greets visitors at the entrance and leads them into the facility's main atrium. The mural, painted by Italian artist Silvio Irilli, was unveiled in June" ...
"If you thought that the comment about sleeping with the fishes was just a figure of speech, it wasn't. For $100, kids get to spend designated nights at the aquarium, where they get dinner, a snack and breakfast the next morning. And they also get an extensive behind-the-scenes look at what makes the aquarium tick.
And soon, adults will get sleepovers, too, aquarium officials said. In the meantime, the over-18 crowd can take advantage of another new happening: live jazz on Friday nights with food and adult beverages.
But the new experiences don't stop there. For $290 (less for aquarium members), visitors who are certified scuba divers may swim with the whale sharks -- and the other animals in the 6.3 million-gallon tank -- for about 30 minutes." ...
for the complete story
Georgia's aquatic gem ups its awe
Selwyn Crawford
The Dallas Morning News
August 31, 2008
ATLANTA
"At the Georgia Aquarium in downtown Atlanta, you can sleep with the fishes and live to talk about it.
In fact, the folks at the world's largest fish tank want you to. They have a lot of new things happening at the 8-million-gallon facility, which opened in November 2005.
And none of those things even includes the 1.3-million-gallon, $110-million dolphin exhibit that will break ground this summer. That exhibit, to open in November 2010, will house bottlenose dolphins.
But the new things you can see now at the aquarium begin, appropriately, at its beginning. A 1,600-square-foot mural on the ceiling greets visitors at the entrance and leads them into the facility's main atrium. The mural, painted by Italian artist Silvio Irilli, was unveiled in June" ...
"If you thought that the comment about sleeping with the fishes was just a figure of speech, it wasn't. For $100, kids get to spend designated nights at the aquarium, where they get dinner, a snack and breakfast the next morning. And they also get an extensive behind-the-scenes look at what makes the aquarium tick.
And soon, adults will get sleepovers, too, aquarium officials said. In the meantime, the over-18 crowd can take advantage of another new happening: live jazz on Friday nights with food and adult beverages.
But the new experiences don't stop there. For $290 (less for aquarium members), visitors who are certified scuba divers may swim with the whale sharks -- and the other animals in the 6.3 million-gallon tank -- for about 30 minutes." ...
for the complete story
Tuesday, September 2, 2008
Las Vegas Condo-hotel stopped
from this morning's Tradeshow Week (9/2):
Venue Notes
-- Tradeshow Week, 8/28/2008 2:51:00 PM
"The Plaza Las Vegas project has been postponed. Originally slated to break ground at the end of 2008 and be completed in 2011, the $5 billion casino and condo-hotel project was delayed because of tight credit conditions." ...
for the complete column
Venue Notes
-- Tradeshow Week, 8/28/2008 2:51:00 PM
"The Plaza Las Vegas project has been postponed. Originally slated to break ground at the end of 2008 and be completed in 2011, the $5 billion casino and condo-hotel project was delayed because of tight credit conditions." ...
for the complete column
Las Vegas Convention Center construction begins
from this morning's Tradeshow Week (9/2):
First Step in LVCC Construction – Really
-- Tradeshow Week, 8/28/2008 3:02:00 PM
"Above-ground construction on the Las Vegas Convention Center master plan enhancement program is still six months and $13.5 million in underground utility relocation away. Jim Gans, LVCVA senior vice president of operations, said utility work will begin Sept. 2 with an anticipated completion date some time in March.
The largest part of the utility project will be the installation of a new storm drain diagonally across LVCC Silver Lots one and two. Gans explained that, though rain in Las Vegas is rare, when it comes, particularly during the city’s July-September monsoon season, storm water can rush down Convention Center and Paradise roads and across a depression in the Silver Lots." ...
for the complete story
First Step in LVCC Construction – Really
-- Tradeshow Week, 8/28/2008 3:02:00 PM
"Above-ground construction on the Las Vegas Convention Center master plan enhancement program is still six months and $13.5 million in underground utility relocation away. Jim Gans, LVCVA senior vice president of operations, said utility work will begin Sept. 2 with an anticipated completion date some time in March.
The largest part of the utility project will be the installation of a new storm drain diagonally across LVCC Silver Lots one and two. Gans explained that, though rain in Las Vegas is rare, when it comes, particularly during the city’s July-September monsoon season, storm water can rush down Convention Center and Paradise roads and across a depression in the Silver Lots." ...
for the complete story
Medical office space market
from this morning's GlobeSt (9/2):
Last updated: September 2, 2008 11:43am
Medical Offices Project Hope Amid Gloom
By Bob Howard
"BOSTON-A new report says investors see medical offices as a beacon of hope, or at least stability, in an uncertain economic climate and a time of rising office vacancies. The attitude change is particularly timely as traditional office property investments, formerly favored by investors, fall out of favor as the US office market generally weakens.
The report by Yili Dolan, senior research analyst with Torto Wheaton Research, observes that "real estate investment tied to healthcare" has been "relatively unfazed" by developments that have reduced occupancies in the general office category in many markets. In looking at US demographics, a growing number of developers and investors "have determined that investments tied to healthcare are an attractive opportunity," he adds." ...
for the complete story
Last updated: September 2, 2008 11:43am
Medical Offices Project Hope Amid Gloom
By Bob Howard
"BOSTON-A new report says investors see medical offices as a beacon of hope, or at least stability, in an uncertain economic climate and a time of rising office vacancies. The attitude change is particularly timely as traditional office property investments, formerly favored by investors, fall out of favor as the US office market generally weakens.
The report by Yili Dolan, senior research analyst with Torto Wheaton Research, observes that "real estate investment tied to healthcare" has been "relatively unfazed" by developments that have reduced occupancies in the general office category in many markets. In looking at US demographics, a growing number of developers and investors "have determined that investments tied to healthcare are an attractive opportunity," he adds." ...
for the complete story
San Diego multi-family prices lowering
from this morning's San Diego Business Journal (9/2):
Lower Prices for Large Apartment Complexes Welcoming Buyers
By MICHELLE MOWAD - 9/1/2008
San Diego Business Journal Staff
"Sales prices per unit in multifamily investment properties are coming down and welcoming investors to San Diego.
“The volume of sales is off and has been now for a couple of years, but there is no question that we are seeing more interest now as prices have come down to more attractive levels,” said Peter Scepanovic, senior vice president of Colliers International in Carlsbad." ...
"In Colliers’ latest multifamily report, released in March, the average sales price per multifamily unit sold was $140,952 compared with $144,924 in September 2007, $165,820 in March 2007 and $198,226 in March 2006.
Rental rates, on the other hand, are up 4 percent year over year. In March, the average rental rate per square foot was $1.53 compared with $1.50 six months earlier and $1.47 in March 2007.
Vacancy rates in apartments were at 3.63 percent earlier this year. Vacancy has ranged between 5.7 percent and 1.3 percent since 1994, according to Colliers." ...
for the complete story
Lower Prices for Large Apartment Complexes Welcoming Buyers
By MICHELLE MOWAD - 9/1/2008
San Diego Business Journal Staff
"Sales prices per unit in multifamily investment properties are coming down and welcoming investors to San Diego.
“The volume of sales is off and has been now for a couple of years, but there is no question that we are seeing more interest now as prices have come down to more attractive levels,” said Peter Scepanovic, senior vice president of Colliers International in Carlsbad." ...
"In Colliers’ latest multifamily report, released in March, the average sales price per multifamily unit sold was $140,952 compared with $144,924 in September 2007, $165,820 in March 2007 and $198,226 in March 2006.
Rental rates, on the other hand, are up 4 percent year over year. In March, the average rental rate per square foot was $1.53 compared with $1.50 six months earlier and $1.47 in March 2007.
Vacancy rates in apartments were at 3.63 percent earlier this year. Vacancy has ranged between 5.7 percent and 1.3 percent since 1994, according to Colliers." ...
for the complete story
San Diego RevPAR
from this morning's San Diego Business Journal (9/2):
Despite Drop in Occupancy, Hoteliers Did Good Business in July
By CONNIE LEWIS - 9/1/2008
San Diego Business Journal Staff
"The county’s inns experienced a decline in occupancy in July, but the numbers were still good, and owners and operators might have raised their room rates and made more money, instead of lowering them as they did to try to bring in more business, says one industry researcher.
Jan Freitag, a spokesman for Smith Travel Research, said he thinks local innkeepers could have achieved greater RevPAR — a term that refers to the average amount of revenue that’s raked in from rooms that are let nightly — if they hadn’t dropped rates." ...
for the complete story
Despite Drop in Occupancy, Hoteliers Did Good Business in July
By CONNIE LEWIS - 9/1/2008
San Diego Business Journal Staff
"The county’s inns experienced a decline in occupancy in July, but the numbers were still good, and owners and operators might have raised their room rates and made more money, instead of lowering them as they did to try to bring in more business, says one industry researcher.
Jan Freitag, a spokesman for Smith Travel Research, said he thinks local innkeepers could have achieved greater RevPAR — a term that refers to the average amount of revenue that’s raked in from rooms that are let nightly — if they hadn’t dropped rates." ...
for the complete story
Wednesday, August 27, 2008
Moscow getting first Hilton
from today's GlobeSt (8/27):
Last updated: August 27, 2008 01:10am
First Hilton Opens after $100M Renovation
By Robert Carr
"MOSCOW, RUSSIA-Hilton has begun its first foray into Russia, with the opening of the 28-story Hilton Moscow Leningradskaya here in a historic building known as one of the “Seven Sisters” skyscrapers. The property, owned by JSC Sadko, underwent a two-year, $100 million renovation prior to Hilton joining in. Interstate Hotels & Resorts will manage the 273-unit facility." ...
for the complete story
Last updated: August 27, 2008 01:10am
First Hilton Opens after $100M Renovation
By Robert Carr
"MOSCOW, RUSSIA-Hilton has begun its first foray into Russia, with the opening of the 28-story Hilton Moscow Leningradskaya here in a historic building known as one of the “Seven Sisters” skyscrapers. The property, owned by JSC Sadko, underwent a two-year, $100 million renovation prior to Hilton joining in. Interstate Hotels & Resorts will manage the 273-unit facility." ...
for the complete story
FL hotel room rates drop
from yesterday's Orlando Sentinel (8/26):
Hotel room rates dip -- 1st time since 2003
Sara K. Clarke
Sentinel Staff Writer
August 26, 2008
"Hotels of all kinds trimmed their room rates in Metro Orlando last month, something that hasn't happened in the local market in almost five years.
Concerned about a soft U.S. economy and its effect on travelers, hoteliers reduced their average room rate 1.3 percent in July, according to the latest survey by Smith Travel Research, which doesn't include Walt Disney World hotels.
All sectors of the lodging business, from budget motels to luxury resorts, reported lower prices compared with the same month last year. Economy hotels discounted the most, slicing 7 percent from their average daily rate. Luxury hotels shaved the least, with a 1.1 percent average decline.
The last time Orlando-area hotels in all price ranges reduced their average room rate in the same month: October 2003.
Hotel occupancy was also down in July, by 2.2 percent from a year earlier. Combining that with the lower average room rate generated a 3.4 percent decline in revenue per available room, a key industry measure." ...
for the complete story
Hotel room rates dip -- 1st time since 2003
Sara K. Clarke
Sentinel Staff Writer
August 26, 2008
"Hotels of all kinds trimmed their room rates in Metro Orlando last month, something that hasn't happened in the local market in almost five years.
Concerned about a soft U.S. economy and its effect on travelers, hoteliers reduced their average room rate 1.3 percent in July, according to the latest survey by Smith Travel Research, which doesn't include Walt Disney World hotels.
All sectors of the lodging business, from budget motels to luxury resorts, reported lower prices compared with the same month last year. Economy hotels discounted the most, slicing 7 percent from their average daily rate. Luxury hotels shaved the least, with a 1.1 percent average decline.
The last time Orlando-area hotels in all price ranges reduced their average room rate in the same month: October 2003.
Hotel occupancy was also down in July, by 2.2 percent from a year earlier. Combining that with the lower average room rate generated a 3.4 percent decline in revenue per available room, a key industry measure." ...
for the complete story
STR release on Beijing hotel reates/revenues
from today's STR hotel news (8/27);
Beijing hotel rates, revenue spike during 2008 Olympic Games
STR Global releases daily performance results for Beijing and secondary host cities
"LONDON—A study of daily hotel performance by STR Global shows significant rate and revenue spikes in Beijing during the 2008 Olympic Games as the city posted an occupancy rate of 88.47 percent during the event. Secondary host cities Hong Kong and Qingdao experienced RevPAR declines.
“Beijing’s hoteliers benefited hugely from the Olympic Games, reporting a tripling in average room rates,” said James Chappell, Managing Director of STR Global. “However, with the increased supply in the city, it will be interesting to see how the legacy of the Games will impact the city in the future.”
STR Global reported declines in occupancy and RevPAR in the months leading up to the Games, and analysts predict lower occupancies after the Games due to increased supply. However, during the Games, spikes in occupancy ranged from 5.22 percent to 36.16 percent as a city-wide average over the same days in 2007. At their peak on 21 August, occupancies reached 90.72 percent." ...
for the complete story
Beijing hotel rates, revenue spike during 2008 Olympic Games
STR Global releases daily performance results for Beijing and secondary host cities
"LONDON—A study of daily hotel performance by STR Global shows significant rate and revenue spikes in Beijing during the 2008 Olympic Games as the city posted an occupancy rate of 88.47 percent during the event. Secondary host cities Hong Kong and Qingdao experienced RevPAR declines.
“Beijing’s hoteliers benefited hugely from the Olympic Games, reporting a tripling in average room rates,” said James Chappell, Managing Director of STR Global. “However, with the increased supply in the city, it will be interesting to see how the legacy of the Games will impact the city in the future.”
STR Global reported declines in occupancy and RevPAR in the months leading up to the Games, and analysts predict lower occupancies after the Games due to increased supply. However, during the Games, spikes in occupancy ranged from 5.22 percent to 36.16 percent as a city-wide average over the same days in 2007. At their peak on 21 August, occupancies reached 90.72 percent." ...
for the complete story
Soccer gaining in popularity
from today's Business Week enews (8/27):
August 21, 2008, 2:21PM EST text size: TT
English Soccer's Global Reach Scores Big
The lucrative Premiership's international stars make for marketing opportunities the world over, and the EPL is even gaining fast on the NFL
by Mark Scott
"Every weekend from now until next May, teams from the English Premier League (EPL) will battle it out in arguably the world's most competitive soccer championship. Across Britain, fans will flood into local pubs to down a few pints while hoping to catch a moment of brilliance from their favorite superstars, such as Cristiano Ronaldo of Manchester United or Didier Drogba of Chelsea FC.
What's surprising, though, is that this scene—minus, perhaps, the authentic British pub—is replicated week in and week out all over the world, from Texas to Thailand. The global appeal of England's "Premiership," coupled with lucrative global broadcasting agreements, has made the EPL an economic juggernaut. Already outstripping other European soccer leagues in revenues and viewership, the Premiership is now gaining on America's National Football League (NFL) and National Basketball Association (NBA) by capitalizing on soccer's place as the world's favorite sport." ...
for the complete story
August 21, 2008, 2:21PM EST text size: TT
English Soccer's Global Reach Scores Big
The lucrative Premiership's international stars make for marketing opportunities the world over, and the EPL is even gaining fast on the NFL
by Mark Scott
"Every weekend from now until next May, teams from the English Premier League (EPL) will battle it out in arguably the world's most competitive soccer championship. Across Britain, fans will flood into local pubs to down a few pints while hoping to catch a moment of brilliance from their favorite superstars, such as Cristiano Ronaldo of Manchester United or Didier Drogba of Chelsea FC.
What's surprising, though, is that this scene—minus, perhaps, the authentic British pub—is replicated week in and week out all over the world, from Texas to Thailand. The global appeal of England's "Premiership," coupled with lucrative global broadcasting agreements, has made the EPL an economic juggernaut. Already outstripping other European soccer leagues in revenues and viewership, the Premiership is now gaining on America's National Football League (NFL) and National Basketball Association (NBA) by capitalizing on soccer's place as the world's favorite sport." ...
for the complete story
London 2012
from today's Business Week enews (8/27):
August 25, 2008, 3:57PM EST text size: TT
London Games 2012: Lessons from Beijing
The British capital can't match China for spending or flash. It aims instead to emphasize fun at the 2012 Summer Olympics
by Mark Scott
"The over-the-top pageantry of the 2008 Beijing Olympics has left many Londoners wondering how Britain's capital can live up to expectations when it hosts the next summer Olympiad in 2012. The city's mayor, Boris Johnson, summed up the mood: "We've been dazzled, impressed, and blown away by these Beijing Games," he says, adding, "but we've not been intimidated."
Brave words, but the London mayor knows he's got his work cut out to match what International Olympic Committee Chairman Jacques Rogge rightfully called an "extraordinary Games." The British capital has a budget of just over $17 billion to deliver London 2012, compared with the $44 billion that Chinese authorities spent on the Beijing Games. China bulldozed neighborhoods to make way for the Games and throttled factories and driving in a scramble to clean up Beijing's polluted air, but British officials enjoy no such impunity. Indeed, they're already coming up against taxpayer outcry over plans for the Olympic site in East London." ...
for the complete story
August 25, 2008, 3:57PM EST text size: TT
London Games 2012: Lessons from Beijing
The British capital can't match China for spending or flash. It aims instead to emphasize fun at the 2012 Summer Olympics
by Mark Scott
"The over-the-top pageantry of the 2008 Beijing Olympics has left many Londoners wondering how Britain's capital can live up to expectations when it hosts the next summer Olympiad in 2012. The city's mayor, Boris Johnson, summed up the mood: "We've been dazzled, impressed, and blown away by these Beijing Games," he says, adding, "but we've not been intimidated."
Brave words, but the London mayor knows he's got his work cut out to match what International Olympic Committee Chairman Jacques Rogge rightfully called an "extraordinary Games." The British capital has a budget of just over $17 billion to deliver London 2012, compared with the $44 billion that Chinese authorities spent on the Beijing Games. China bulldozed neighborhoods to make way for the Games and throttled factories and driving in a scramble to clean up Beijing's polluted air, but British officials enjoy no such impunity. Indeed, they're already coming up against taxpayer outcry over plans for the Olympic site in East London." ...
for the complete story
Tuesday, August 26, 2008
Golf state of the industry and municipal investments
GolfInc for August 2008 offers a "state of the industry" report as well as an article on the wisdom of municipal golf course investments.
to check out the stories
to check out the stories
Tropicana/El Dorado deal on IN casino complicated by bankruptcy
from this morning's GlobeSt (8/26):
Last updated: August 26, 2008 08:24am
Lenders to Tropicana: Sell Indiana Casino
By Brian K. Miller
"LAS VEGAS-Secured lenders in the Tropicana Entertainment LLC Chapter 11 bankruptcy case told the court on Monday that it wants the debtor to complete the sale of its Evansville, IN casino as agreed to, prior to filing for bankruptcy.
The statement, made by the Committee of Senior Secured Lenders created by the bankruptcy court, was made in response to a motion filed earlier this month by would-be buyer Eldorado Resorts LLC of Reno, Nev., to compel Tropicana to decide whether to move forward with the sale prior to the existing Sept. 28 deadline.
Earlier this year, Eldorado agreed to buy Casino Aztar for at least $220 million [in the form of cash and a promissory note] and as much as $245 million, depending on the property’s performance during the first year under the new ownership. Tropicana declared bankruptcy about two months later, technically allowing them to get out of the agreement." ...
for the complete story
Last updated: August 26, 2008 08:24am
Lenders to Tropicana: Sell Indiana Casino
By Brian K. Miller
"LAS VEGAS-Secured lenders in the Tropicana Entertainment LLC Chapter 11 bankruptcy case told the court on Monday that it wants the debtor to complete the sale of its Evansville, IN casino as agreed to, prior to filing for bankruptcy.
The statement, made by the Committee of Senior Secured Lenders created by the bankruptcy court, was made in response to a motion filed earlier this month by would-be buyer Eldorado Resorts LLC of Reno, Nev., to compel Tropicana to decide whether to move forward with the sale prior to the existing Sept. 28 deadline.
Earlier this year, Eldorado agreed to buy Casino Aztar for at least $220 million [in the form of cash and a promissory note] and as much as $245 million, depending on the property’s performance during the first year under the new ownership. Tropicana declared bankruptcy about two months later, technically allowing them to get out of the agreement." ...
for the complete story
Hines drops out of San Diego Civic Center competition
from this morning's San Diego Business Journal (8/26):
Posted date: 8/25/2008
Hines Withdraws From Redevelopment Competition
Equity Office Properties Invests in Local Renovations
By MICHELLE MOWAD
San Diego Business Journal Staff
"The highly competitive bid process to redevelop the San Diego Civic Center for the city became a bit less heated this month.
Hines Interests LP, a Houston-based development company that also built Petco Park, withdrew its bid to redevelop San Diego’s civic center complex on Aug. 15, just days after a city analysis showed its proposal was more expensive. The city started with eight developers vying to develop this downtown project last year.
Hines was one of only two developers approved as a finalist to redevelop the complex.
The city’s analysis found that the alternative, Portland, Ore.-based Gerding Edlen Development Co.’s proposal, would cost a projected $628 million to $650 million during 50 years compared with Hines’ projected $784 million proposal for the same time period." ...
for the complete story
Posted date: 8/25/2008
Hines Withdraws From Redevelopment Competition
Equity Office Properties Invests in Local Renovations
By MICHELLE MOWAD
San Diego Business Journal Staff
"The highly competitive bid process to redevelop the San Diego Civic Center for the city became a bit less heated this month.
Hines Interests LP, a Houston-based development company that also built Petco Park, withdrew its bid to redevelop San Diego’s civic center complex on Aug. 15, just days after a city analysis showed its proposal was more expensive. The city started with eight developers vying to develop this downtown project last year.
Hines was one of only two developers approved as a finalist to redevelop the complex.
The city’s analysis found that the alternative, Portland, Ore.-based Gerding Edlen Development Co.’s proposal, would cost a projected $628 million to $650 million during 50 years compared with Hines’ projected $784 million proposal for the same time period." ...
for the complete story
Wild Horse Pass Resort goes Geo-Green
from today's Business Wire (8/26):
August 26, 2008 11:37 AM Eastern Daylight Time
Experience the World's First Geo-Green Resort at the Sheraton Wild Horse Pass Resort & Spa
"PHOENIX--(BUSINESS WIRE)--The Sheraton Wild Horse Pass Resort & Spa goes beyond Green and promotes both Cultural Sustainability and Environmental Responsibility with its new Geo-Green initiative.
Geo-tourism is defined as tourism that sustains or enhances the geographical character of a place—its environment, culture, aesthetics, heritage and the well-being of its residents. Located on the Gila River Indian Community, the Sheraton Wild Horse Pass Resort & Spa has long been a beacon for how to respectfully and authentically share and showcase Native American culture at a luxury resort and has won multiple national awards for those efforts" .....
for the complete story
August 26, 2008 11:37 AM Eastern Daylight Time
Experience the World's First Geo-Green Resort at the Sheraton Wild Horse Pass Resort & Spa
"PHOENIX--(BUSINESS WIRE)--The Sheraton Wild Horse Pass Resort & Spa goes beyond Green and promotes both Cultural Sustainability and Environmental Responsibility with its new Geo-Green initiative.
Geo-tourism is defined as tourism that sustains or enhances the geographical character of a place—its environment, culture, aesthetics, heritage and the well-being of its residents. Located on the Gila River Indian Community, the Sheraton Wild Horse Pass Resort & Spa has long been a beacon for how to respectfully and authentically share and showcase Native American culture at a luxury resort and has won multiple national awards for those efforts" .....
for the complete story
King of Prussia Mall up for grabs
from this afternoon's GlobeSt (8/26):
Last updated: August 26, 2008 04:09pm
King of Prussia Mall Goes to Market
By Erika Morphy
"KING OF PRUSSIA, PA-Lend Lease is putting its share of the King of Prussia Mall--approximately half of the 2,613,476-sf mall--on the market. Holliday Fenoglio Fowler LP’s executive managing director and managing member, John Pelusi, and senior managing directors Glenn Whitmore and Chris Turner, are representing Lend Lease in the sale. None were available for comment. Lend Lease did not return GlobeSt.com inquiries by deadline. Kravco Simon, also the part owner, manages the mall." ...
"One of the country’s shopping meccas, King of Prussia Mall is one of a handful of malls able to generate over $1 billion in sales annually." ...
for the complete story
Last updated: August 26, 2008 04:09pm
King of Prussia Mall Goes to Market
By Erika Morphy
"KING OF PRUSSIA, PA-Lend Lease is putting its share of the King of Prussia Mall--approximately half of the 2,613,476-sf mall--on the market. Holliday Fenoglio Fowler LP’s executive managing director and managing member, John Pelusi, and senior managing directors Glenn Whitmore and Chris Turner, are representing Lend Lease in the sale. None were available for comment. Lend Lease did not return GlobeSt.com inquiries by deadline. Kravco Simon, also the part owner, manages the mall." ...
"One of the country’s shopping meccas, King of Prussia Mall is one of a handful of malls able to generate over $1 billion in sales annually." ...
for the complete story
Cubs sale saga continues
from today's Crain's Chicago Business (8/26):
Trib aims to sell Cubs by yearend
By: Ann Saphir Aug. 26, 2008
"(Crain’s) — Tribune Co. plans to have a deal to sell the Chicago Cubs by yearend, CEO Sam Zell said Tuesday.
The company will choose from the current field of five bidders and present a sale plan to Major League Baseball that is “fully negotiated, fully financed and where the MLB’s decision would be hopefully very rapid,” Mr. Zell told bond investors on a conference call Tuesday." ...
for the complete story
Trib aims to sell Cubs by yearend
By: Ann Saphir Aug. 26, 2008
"(Crain’s) — Tribune Co. plans to have a deal to sell the Chicago Cubs by yearend, CEO Sam Zell said Tuesday.
The company will choose from the current field of five bidders and present a sale plan to Major League Baseball that is “fully negotiated, fully financed and where the MLB’s decision would be hopefully very rapid,” Mr. Zell told bond investors on a conference call Tuesday." ...
for the complete story
Real estate, retail, and planning news
Shopping Center Business (Aug): New Orleans mixed-use development; Houston getting top mixed-use project; FL's new retail developments
Retail Traffic (Aug): Dubai Mall gets indoor, Olympic ice rink; Brazil’s retail market; FL luxury retail
JAPA (Winter 2008): Boomers and the housing bubble
National Real Estate Investor (Aug): Las Vegas sees tourism slowdown; Vietnam hotel sector up; timeshare market boom; FL luxury retail
Urban Land (July): Ho Chi Minh City to get urban delta; sustainable master plan proposed for London’s Battersea Power Station; biotech building developments; Chinese urbanity; Portland (OR) green development; green building retrofits; medical office market; health tourism; sustainability planning; London’s development future; Vietnam development; the UK to get BIDs; military housing privatization; RI to get intermodal facility; hospital site redevelopment; downtown office markets; impact of immigration on multifamily housing market; housing market and affordability; affordable housing recommendations from CA developer; senior housing
Retail Traffic (Aug): Dubai Mall gets indoor, Olympic ice rink; Brazil’s retail market; FL luxury retail
JAPA (Winter 2008): Boomers and the housing bubble
National Real Estate Investor (Aug): Las Vegas sees tourism slowdown; Vietnam hotel sector up; timeshare market boom; FL luxury retail
Urban Land (July): Ho Chi Minh City to get urban delta; sustainable master plan proposed for London’s Battersea Power Station; biotech building developments; Chinese urbanity; Portland (OR) green development; green building retrofits; medical office market; health tourism; sustainability planning; London’s development future; Vietnam development; the UK to get BIDs; military housing privatization; RI to get intermodal facility; hospital site redevelopment; downtown office markets; impact of immigration on multifamily housing market; housing market and affordability; affordable housing recommendations from CA developer; senior housing
misc news
Native American Casino ((July): Agua Caliente resort review; sports and casino marketing
IGWB (Aug): NY racinos; IA gets first land-based casino; Moody’s reacts to Vegas’ tourism decline; Pocono Downs opened by Mohegan Sun; Asia’s top 50 casinos; Kazakhstan to get $1.5b hotel casino complex; gaming in China; casino development in Argentina; special supplement on gaming in Asia
Native American Casino (Aug): Foxwood Casino review; best tribal golf courses; Circling Raven Golf Club (ID)
IGWB (Jul): Atlantic City developments; Tijuana resort; Crown Casino cancels Vegas plan; Harrah’s looking to move into Ireland; Beijing travel limits to Macau from Gunadong; plans for Vegas-style complex in Vietnam; Monticello Grand Casino planned for Chile
Tradeshow Week (8/18): Sparks (NV) considering splitting from Reno-Sparks CVA; Atlanta Hartsfield-Jackson Airport developments; DMAI allying with CVBHotRates.com
IGWB (Aug): NY racinos; IA gets first land-based casino; Moody’s reacts to Vegas’ tourism decline; Pocono Downs opened by Mohegan Sun; Asia’s top 50 casinos; Kazakhstan to get $1.5b hotel casino complex; gaming in China; casino development in Argentina; special supplement on gaming in Asia
Native American Casino (Aug): Foxwood Casino review; best tribal golf courses; Circling Raven Golf Club (ID)
IGWB (Jul): Atlantic City developments; Tijuana resort; Crown Casino cancels Vegas plan; Harrah’s looking to move into Ireland; Beijing travel limits to Macau from Gunadong; plans for Vegas-style complex in Vietnam; Monticello Grand Casino planned for Chile
Tradeshow Week (8/18): Sparks (NV) considering splitting from Reno-Sparks CVA; Atlanta Hartsfield-Jackson Airport developments; DMAI allying with CVBHotRates.com
Business news
Business Week (8/28): China’s economic growth post-Games
Forbes (9/1): China’s housing market troubles
Business Week (8/11): IOC profits from Beijing Olympics
The Economist (8/2): special section on sports business
Fortune (8/11): China’s suburban development
The Economist (8/9): London 2012 Games
The Economist (8/16): Beijing’s post-Games economy; medical tourism
Forbes (9/1): China’s housing market troubles
Business Week (8/11): IOC profits from Beijing Olympics
The Economist (8/2): special section on sports business
Fortune (8/11): China’s suburban development
The Economist (8/9): London 2012 Games
The Economist (8/16): Beijing’s post-Games economy; medical tourism
Local, regional, and state news
Indian County Today (8/20): amphitheater opens at Two Rivers Casino (WA); Cherokee Heritage Center museum store renovated (Tulsa, OK)
CP&DR (Aug): sustainability; Oakland and Sacramento take TOD/infill grant awards
California Real Estate Journal (8/11): green building renovations; San Diego State proposed retail and student housing center
San Diego Business Journal (8/4): Pechanga Casino seeing workforce decline; House of Blues ownership wondering about place in face of current economy; Chargers stadium deal saga continues
San Diego Business Journal (8/11): hotel market; declining home prices and their impact on affordable housing
Indian Country Today (7/30): Ute Mountain Tribal Park; Buffalo Nations Luxton Museum (Banff); Museum of Native American Artifacts (Bentonville, AR); Apalachees (FL)living history; OK bond initiative for Indian museum
California Real Estate Journal (8/4): San Diego civic center proposals submitted
Los Angeles Business Journal (8/4): Save the Queen LLC developments
California real Estate Journal (8/18): Sacramento leasing slowdown
Indian Country Today (8/6): 3 Indian museums proposed in San Francisco
Orange County Business Journal (8/18): OC convention business; corporate retreats
Los Angeles Business Journal (8/18): L.A. luxury hotels
California Real Estate Journal (7/28): CA hotel market having difficulty; CA retail performance; L.A. high-rise market and the condo decline; San Bernardino transit center plans hoping for TOD accompaniment; marina redevelopment
New Orleans City Business (7/21): City development board re-reviewing tax incentives for new housing developments
Crain’s Chicago Business (7/28): Mark Cuban’s bid for the Cubs
CP&DR (Aug): sustainability; Oakland and Sacramento take TOD/infill grant awards
California Real Estate Journal (8/11): green building renovations; San Diego State proposed retail and student housing center
San Diego Business Journal (8/4): Pechanga Casino seeing workforce decline; House of Blues ownership wondering about place in face of current economy; Chargers stadium deal saga continues
San Diego Business Journal (8/11): hotel market; declining home prices and their impact on affordable housing
Indian Country Today (7/30): Ute Mountain Tribal Park; Buffalo Nations Luxton Museum (Banff); Museum of Native American Artifacts (Bentonville, AR); Apalachees (FL)living history; OK bond initiative for Indian museum
California Real Estate Journal (8/4): San Diego civic center proposals submitted
Los Angeles Business Journal (8/4): Save the Queen LLC developments
California real Estate Journal (8/18): Sacramento leasing slowdown
Indian Country Today (8/6): 3 Indian museums proposed in San Francisco
Orange County Business Journal (8/18): OC convention business; corporate retreats
Los Angeles Business Journal (8/18): L.A. luxury hotels
California Real Estate Journal (7/28): CA hotel market having difficulty; CA retail performance; L.A. high-rise market and the condo decline; San Bernardino transit center plans hoping for TOD accompaniment; marina redevelopment
New Orleans City Business (7/21): City development board re-reviewing tax incentives for new housing developments
Crain’s Chicago Business (7/28): Mark Cuban’s bid for the Cubs
Monday, August 25, 2008
Las Vegas airport numbers down
from the Las Vegas Review Journal (8/22):
McCarran sees largest traffic decline since 2002
Benjamin Spillman LAS VEGAS REVIEW-JOURNAL
By BENJAMIN SPILLMAN
"Traffic at McCarran International Airport in Las Vegas fell 8.6 percent in July to about 3.9 million arrivals and departures.
The decline reflects an ongoing trend in Las Vegas tourism due to a rocky national economy and high oil prices that make it more difficult to travel.
The latest dip at McCarran, which is the largest since February 2002, marks the ninth consecutive month of declining airline visits, including a slight increase in February due to an extra day thanks to leap year.
Among the top five airlines serving Las Vegas, only American posted an increase. It took nearly 185,000 people to and from Southern Nevada during the month, a 3.6 percent increase." ...
for the complete story
McCarran sees largest traffic decline since 2002
Benjamin Spillman LAS VEGAS REVIEW-JOURNAL
By BENJAMIN SPILLMAN
"Traffic at McCarran International Airport in Las Vegas fell 8.6 percent in July to about 3.9 million arrivals and departures.
The decline reflects an ongoing trend in Las Vegas tourism due to a rocky national economy and high oil prices that make it more difficult to travel.
The latest dip at McCarran, which is the largest since February 2002, marks the ninth consecutive month of declining airline visits, including a slight increase in February due to an extra day thanks to leap year.
Among the top five airlines serving Las Vegas, only American posted an increase. It took nearly 185,000 people to and from Southern Nevada during the month, a 3.6 percent increase." ...
for the complete story
Tourism growth in Brazil
from today's Hotels enewsfeed (8/25):
Brazilian tourism sector grows twice as much as global average; TOURISM: Brazilian sector grows twice as much as global average
InvestNews (Brazil), August 25, 2008 Monday
"SÃO PAULO - Tourism activities in Brazil are growing twice as much as the world's average, and three times over the country's GDP, according to Jeanine Pires, president of Embratur, Brazil's tourism board.
Tourism revenues amounted to $468US million in July"....
for the complete story
Brazilian tourism sector grows twice as much as global average; TOURISM: Brazilian sector grows twice as much as global average
InvestNews (Brazil), August 25, 2008 Monday
"SÃO PAULO - Tourism activities in Brazil are growing twice as much as the world's average, and three times over the country's GDP, according to Jeanine Pires, president of Embratur, Brazil's tourism board.
Tourism revenues amounted to $468US million in July"....
for the complete story
Friday, August 22, 2008
Moody's concerned about Indian casino numbers
from today's The Day (CT) (8/22):
Moody's casts wary eye on local casinos
By Heather Allen
Published on 8/22/2008
"Coming on the heels of July's disappointing slot numbers, both local casinos received bad news Thursday afternoon, something they have had plenty of in recent months.
Just after noon Thursday, Moody's Investors Service announced that both the Mohegan Tribal Gaming Authority and the Mashantucket Pequot Tribal Nation would be put on review and could face a downgrade in their credit ratings.Increased competition in the Northeast gaming market coupled with a downturn in the economy have continued to plague the state's two tribally owned casinos.
Despite a brief uptick in slot earnings in May, both have reported disappointing slot revenue numbers in the last three quarters, or nine-month period, which appears to have contributed to the review." ...
for the complete story
Moody's casts wary eye on local casinos
By Heather Allen
Published on 8/22/2008
"Coming on the heels of July's disappointing slot numbers, both local casinos received bad news Thursday afternoon, something they have had plenty of in recent months.
Just after noon Thursday, Moody's Investors Service announced that both the Mohegan Tribal Gaming Authority and the Mashantucket Pequot Tribal Nation would be put on review and could face a downgrade in their credit ratings.Increased competition in the Northeast gaming market coupled with a downturn in the economy have continued to plague the state's two tribally owned casinos.
Despite a brief uptick in slot earnings in May, both have reported disappointing slot revenue numbers in the last three quarters, or nine-month period, which appears to have contributed to the review." ...
for the complete story
GA budget hits state parks
from today's Atlanta Journal-Constitution (8/22):
August 22, 2008 Friday
Budget cuts could close 13 state parks, sites;
Natural Resources board votes on proposals next week. Most won't affect public.
STACY SHELTON; Staff
"Up to 13 state parks and historic sites could close or curtail their hours under budget cuts proposed by the Department of Natural Resources.
DNR Commissioner Noel Holcomb would not name the spots.
Like every other state agency, the DNR identified cuts of 6 percent, 8 percent and 10 percent to help close the state's budget gap of at least $1.6 billion. In the worst scenario, more than 200 of the department's 3,000 employees will be affected through layoffs, shuffling jobs to different locations or outsourcing, spokeswoman Beth Brown said.
Most reductions can be made without impacting the public, Holcomb said. He already has curtailed travel, and the department will not buy new cars or trucks any time soon. Other cuts will be noticed.
In addition to shuttering some parks and historic sites, DNR will withdraw its workers from all federally owned wildlife management areas in North Georgia, including those in the Chattahoochee and Oconee national forests. Hunters still will have access.
Next summer, no swimming pools in state parks will open. The newly built Suwanee River Eco-Lodge in South Georgia won't open --- at least for now. The energy-efficient lodge is a source of pride for the state park system." ....
for the complete story
August 22, 2008 Friday
Budget cuts could close 13 state parks, sites;
Natural Resources board votes on proposals next week. Most won't affect public.
STACY SHELTON; Staff
"Up to 13 state parks and historic sites could close or curtail their hours under budget cuts proposed by the Department of Natural Resources.
DNR Commissioner Noel Holcomb would not name the spots.
Like every other state agency, the DNR identified cuts of 6 percent, 8 percent and 10 percent to help close the state's budget gap of at least $1.6 billion. In the worst scenario, more than 200 of the department's 3,000 employees will be affected through layoffs, shuffling jobs to different locations or outsourcing, spokeswoman Beth Brown said.
Most reductions can be made without impacting the public, Holcomb said. He already has curtailed travel, and the department will not buy new cars or trucks any time soon. Other cuts will be noticed.
In addition to shuttering some parks and historic sites, DNR will withdraw its workers from all federally owned wildlife management areas in North Georgia, including those in the Chattahoochee and Oconee national forests. Hunters still will have access.
Next summer, no swimming pools in state parks will open. The newly built Suwanee River Eco-Lodge in South Georgia won't open --- at least for now. The energy-efficient lodge is a source of pride for the state park system." ....
for the complete story
India unprepared for Commonwealth Games 2010?
from today's Hotels e-newsletter (8/22):
HOSPITALITY INDUSTRY NOT PREPARED FOR COMMONWEALTH GAMES
Report from UNI brought to you by HT Syndication. -- UNI (United News of India), August 21, 2008 Thursday 5:56 PM EST
"Mumbai, Aug 21 (UNI) The hospitality industry may be not be prepared in time for Commonwealth Games, to be held in New Delhi in 2010, according to Federation of Hotel & Restaurant Association of India (FHRAI). Speaking to mediapersons here today, Sunit Kothari, Executive Member of FHRAI (Western Region) said unless the government simplified and speeded up the process, New Delhi will not be able to provide the 12,000 rooms necessary to host guests and athletes." ...
for the complete story
HOSPITALITY INDUSTRY NOT PREPARED FOR COMMONWEALTH GAMES
Report from UNI brought to you by HT Syndication. -- UNI (United News of India), August 21, 2008 Thursday 5:56 PM EST
"Mumbai, Aug 21 (UNI) The hospitality industry may be not be prepared in time for Commonwealth Games, to be held in New Delhi in 2010, according to Federation of Hotel & Restaurant Association of India (FHRAI). Speaking to mediapersons here today, Sunit Kothari, Executive Member of FHRAI (Western Region) said unless the government simplified and speeded up the process, New Delhi will not be able to provide the 12,000 rooms necessary to host guests and athletes." ...
for the complete story
Thursday, August 21, 2008
NJ MLS Stadium develops
from today's GlobeSt (8/21):
UPDATE Last updated: August 21, 2008 09:17am
$200M Soccer Stadium Moves Ahead
By Eric Peterson
"HARRISON, NJ-It's to be a centerpiece for this city's major redevelopment, but for all of the starts and stops, some wondered if the new 25,189-seat stadium for the Red Bulls franchise of Major League Soccer would ever get done. Now, it will apparently happen with the start of vertical construction for the $200-million facility." ...
"Its genesis goes back nearly a decade, when the Red Bulls were known as the MetroStars. The team continues to play its home games at Giants Stadium in the Meadowlands, but their average crowd of 20-25,000 rattles around in that 76,000-seat venue, and the team, which became known as the Red Bulls a couple of years ago, has long been in search of a more intimate venue. That venue is now slated for completion by September 2009." ...
for the complete story
UPDATE Last updated: August 21, 2008 09:17am
$200M Soccer Stadium Moves Ahead
By Eric Peterson
"HARRISON, NJ-It's to be a centerpiece for this city's major redevelopment, but for all of the starts and stops, some wondered if the new 25,189-seat stadium for the Red Bulls franchise of Major League Soccer would ever get done. Now, it will apparently happen with the start of vertical construction for the $200-million facility." ...
"Its genesis goes back nearly a decade, when the Red Bulls were known as the MetroStars. The team continues to play its home games at Giants Stadium in the Meadowlands, but their average crowd of 20-25,000 rattles around in that 76,000-seat venue, and the team, which became known as the Red Bulls a couple of years ago, has long been in search of a more intimate venue. That venue is now slated for completion by September 2009." ...
for the complete story
The Economist
I would like to announce that social networking has gone too far. The Economist has a Facebook page!
The social Economist
The social Economist
Live Nation moving into Mexico and Brazil with venue deals
From this afternoon's Los Angeles Business Journal (8/21):
Live Nation Signs Mexico, Brazil Concert Deals
By DEBORAH CROWE - 8/21/2008
Los Angeles Business Journal Staff
"Shares of Live Nation Inc. fell five percent on Thursday even as the nation’s largest concert promoter announced two partnerships that should significantly expand its business south of the border.
Beverly Hills-based Live Nation said that it has signed five-year deals to extend its world tours to venues operated by event organizers in Brazil and Mexico. Corporacion Interamericana de Entretenimiento SAB, which had $1 billion in sales last year, handles more than 85 percent of international artists' shows in Mexico. In Brazil, Live Nation will be working with Time For Fun, which also has venues in Chile and Argentina." ...
for the complete story
Live Nation Signs Mexico, Brazil Concert Deals
By DEBORAH CROWE - 8/21/2008
Los Angeles Business Journal Staff
"Shares of Live Nation Inc. fell five percent on Thursday even as the nation’s largest concert promoter announced two partnerships that should significantly expand its business south of the border.
Beverly Hills-based Live Nation said that it has signed five-year deals to extend its world tours to venues operated by event organizers in Brazil and Mexico. Corporacion Interamericana de Entretenimiento SAB, which had $1 billion in sales last year, handles more than 85 percent of international artists' shows in Mexico. In Brazil, Live Nation will be working with Time For Fun, which also has venues in Chile and Argentina." ...
for the complete story
San Diego Port's Economic Impact
from this afternoon's San Diego Business Journal (8/21):
Study: Pair of Marine Terminals Create $1.8B in Economic Impact
By - 8/20/2008
San Diego Business Journal Staff
"San Diego’s two marine terminals generate an annual economic impact of $1.8 billion to the regional economy, and help create some 19,000 jobs, according to a study released Aug. 20 by the San Diego Institute for Policy Research, a private research organization funded by former mayoral candidate Steve Francis.
To give some context to how important the terminals are, the study said their impacts are the same as 4.5 Super Bowls, 12 U.S. Open Golf Championships or 60 Holiday Bowls.
The terminals also exceed the total impact from the San Diego Convention Center, the report said.
Of the 19,298 jobs associated with terminal activities, only 1,817 are from direct employment at companies operating at the Tenth Avenue Marine Terminal and National City’s 24th Street Terminal." ...
for the complete story
The full report is in and can be appreciated as a lovely photo here tomorrow.
Study: Pair of Marine Terminals Create $1.8B in Economic Impact
By - 8/20/2008
San Diego Business Journal Staff
"San Diego’s two marine terminals generate an annual economic impact of $1.8 billion to the regional economy, and help create some 19,000 jobs, according to a study released Aug. 20 by the San Diego Institute for Policy Research, a private research organization funded by former mayoral candidate Steve Francis.
To give some context to how important the terminals are, the study said their impacts are the same as 4.5 Super Bowls, 12 U.S. Open Golf Championships or 60 Holiday Bowls.
The terminals also exceed the total impact from the San Diego Convention Center, the report said.
Of the 19,298 jobs associated with terminal activities, only 1,817 are from direct employment at companies operating at the Tenth Avenue Marine Terminal and National City’s 24th Street Terminal." ...
for the complete story
The full report is in and can be appreciated as a lovely photo here tomorrow.
Carribbean hotel numbers
from today's PR Newswire (8/21):
Caribbean Hotels Face Several Threats in 2008
"ATLANTA, Aug. 21 /PRNewswire/ -- PKF Hospitality Research (PKF-HR), an
affiliate of PKF Consulting, today announced that it has released its 2008
edition of Caribbean Trends in the Hotel Industry. The report finds that
the Caribbean hotel industry faces some strong challenges going forward.
After a soft 2006, most Caribbean destinations saw their visitation rates
grow in 2007. In 2008, however, the combination of a slow U.S. economy,
increased competition, rising energy costs, and threats of reduced air
service could result in lower levels of occupancy and profits for the
region's hotel owners and operators." ...
for the complete release
The PKF report came in today and will be up in its full photo glory tomorrow.
Caribbean Hotels Face Several Threats in 2008
"ATLANTA, Aug. 21 /PRNewswire/ -- PKF Hospitality Research (PKF-HR), an
affiliate of PKF Consulting, today announced that it has released its 2008
edition of Caribbean Trends in the Hotel Industry. The report finds that
the Caribbean hotel industry faces some strong challenges going forward.
After a soft 2006, most Caribbean destinations saw their visitation rates
grow in 2007. In 2008, however, the combination of a slow U.S. economy,
increased competition, rising energy costs, and threats of reduced air
service could result in lower levels of occupancy and profits for the
region's hotel owners and operators." ...
for the complete release
The PKF report came in today and will be up in its full photo glory tomorrow.
Macau visitor numbers for July up
from today's China View news (8/21):
Macao registers over 2.6 mln visitor arrivals in July
"MACAO, Aug. 21 (Xinhua) -- Macao's visitor arrivals amounted toover 2.6 million in July 2008, a year-on-year increase of 20.7 percent, according to the figures released Thursday by the city's Statistics and Census Service (DSEC).
The figures showed that the majority of the visitors came from the Chinese mainland, Hong Kong and China's Taiwan, which accounted for 57.6 percent, 29.2 percent and 4.3 percent of the total, respectively. Same-day visitors took up 52.6 percent of the total arrivals, at 1,401,478." ....
for the complete story
Macao registers over 2.6 mln visitor arrivals in July
"MACAO, Aug. 21 (Xinhua) -- Macao's visitor arrivals amounted toover 2.6 million in July 2008, a year-on-year increase of 20.7 percent, according to the figures released Thursday by the city's Statistics and Census Service (DSEC).
The figures showed that the majority of the visitors came from the Chinese mainland, Hong Kong and China's Taiwan, which accounted for 57.6 percent, 29.2 percent and 4.3 percent of the total, respectively. Same-day visitors took up 52.6 percent of the total arrivals, at 1,401,478." ....
for the complete story
Olympic impact on hotel revPAR
from today's Hotels enews (8/21):
Beijing hotels perform well since Olympic opening: survey
Xinhua Economic News Service, August 20, 2008 Wednesday 11:10 PM EST
"Beijing hotels have performed well and reaped strong profit since the Olympic Games opened on Aug. 8, according to global business advisory firm Deloitte.
The auditing giant's review showed on the Games opening night revenue per available room (revPAR) in the Chinese capital's hotels increased 546 percent to 390 U.S. dollars from the same period a year previously.
In addition, occupancy reached 86.3 percent while average room rates increased 421 percent to 451 U.S. dollars (up 364 U.S. dollars from the average of 87 U.S. dollars on the same day in 2007)." ...
for the complete story
Beijing hotels perform well since Olympic opening: survey
Xinhua Economic News Service, August 20, 2008 Wednesday 11:10 PM EST
"Beijing hotels have performed well and reaped strong profit since the Olympic Games opened on Aug. 8, according to global business advisory firm Deloitte.
The auditing giant's review showed on the Games opening night revenue per available room (revPAR) in the Chinese capital's hotels increased 546 percent to 390 U.S. dollars from the same period a year previously.
In addition, occupancy reached 86.3 percent while average room rates increased 421 percent to 451 U.S. dollars (up 364 U.S. dollars from the average of 87 U.S. dollars on the same day in 2007)." ...
for the complete story
Midway (Chicago) airport privatization deal continues
from today's Crain's Chicago Business Journal (8/21):
Midway bidder stays on course
By Paul Merrion
Aug. 21, 2008
"(Crain’s) — A consortium headed by Macquarie Group Ltd. is still pursuing a long-term lease to privatize Midway Airport, even though one unit of the giant Australian bank has pulled out of the deal.
Alarm bells went off in City Hall when the head of Macquarie Airports, a publicly traded investment fund and airport operator, announced yesterday that it would not pursue Midway. Mayor Richard M. Daley is hoping to reap several billion dollars from the Southwest Side airport at a time when he’s facing a $420-million hole in the city budget next year.
Macquarie Airports also announced plans to sell some of its airport holdings and buy back up to $1 billion of its shares after reporting a huge first-half loss." ...
for the complete story
Midway bidder stays on course
By Paul Merrion
Aug. 21, 2008
"(Crain’s) — A consortium headed by Macquarie Group Ltd. is still pursuing a long-term lease to privatize Midway Airport, even though one unit of the giant Australian bank has pulled out of the deal.
Alarm bells went off in City Hall when the head of Macquarie Airports, a publicly traded investment fund and airport operator, announced yesterday that it would not pursue Midway. Mayor Richard M. Daley is hoping to reap several billion dollars from the Southwest Side airport at a time when he’s facing a $420-million hole in the city budget next year.
Macquarie Airports also announced plans to sell some of its airport holdings and buy back up to $1 billion of its shares after reporting a huge first-half loss." ...
for the complete story
Council Bluffs to get new outlet mall
from today's GlobeSt (8/21):
Last updated: August 21, 2008 12:45pm
Continental Plans $200M New Outlet Center
By Robert Carr
"COUNCIL BLUFFS, IA-Columbus-based Continental Retail Development has announced plans to build the $200 million Designer Outlets of MidAmerica here at the intersection of Interstates 80 and 29. The 450,000-sf project will have more than 80 stores on 47 acres, company officials say." ...
for the complete story
Last updated: August 21, 2008 12:45pm
Continental Plans $200M New Outlet Center
By Robert Carr
"COUNCIL BLUFFS, IA-Columbus-based Continental Retail Development has announced plans to build the $200 million Designer Outlets of MidAmerica here at the intersection of Interstates 80 and 29. The 450,000-sf project will have more than 80 stores on 47 acres, company officials say." ...
for the complete story
Tuesday, August 19, 2008
NYC student housing
from today's GlobeSt (8/19):
Last updated: August 19, 2008 09:29am
NYU Closes on $275M Dorm Buy
By Natalie Dolce
"NEW YORK CITY-New York University has closed on its purchase of the Gramercy Green building at 316 Third Ave. from developer JD Carlisle Development Corp. According to the Office of the City Register, the purchase of the approximately 260,000-sf building was for $275 million, although an NYU spokesperson did not confirm the price.
The spokesperson did confirm that "the purchase has closed" and notes that NYU "determined its intentions to use the 21-story condo for dorm use early on." The facility, located at 23rd Street and Third Avenue is the newest addition to the NYU residential education family and will primarily house sophomore students." ...
for the complete story
Last updated: August 19, 2008 09:29am
NYU Closes on $275M Dorm Buy
By Natalie Dolce
"NEW YORK CITY-New York University has closed on its purchase of the Gramercy Green building at 316 Third Ave. from developer JD Carlisle Development Corp. According to the Office of the City Register, the purchase of the approximately 260,000-sf building was for $275 million, although an NYU spokesperson did not confirm the price.
The spokesperson did confirm that "the purchase has closed" and notes that NYU "determined its intentions to use the 21-story condo for dorm use early on." The facility, located at 23rd Street and Third Avenue is the newest addition to the NYU residential education family and will primarily house sophomore students." ...
for the complete story
$3b mixed-use project for Dubai
from today's GlobeSt (8/19):
Last updated: August 19, 2008 12:36am
Emaar Unveils $3.2B Mixed-Use Neighborhood
By Robert Carr
"DUBAI, UAE-Emaar Properties, already developing the tallest building in the world, has now announced that it will spend about $3.2 billion (US) on Mushrif Heights. The 44-million-sf property is near Al Awir and is close to Mushrif park, according to the company in a statement.
The company is already building the Burj Dubai, the world’s tallest building, and the Dubai Mall, one of the largest retail centers ever developed. Emaar is also developing the $26.6 billion King Abdullah Economic City, the region’s largest private sector-led project in Saudi Arabia. The firm holds a 30% equity in Dubai Bank." ...
for the complete story
Last updated: August 19, 2008 12:36am
Emaar Unveils $3.2B Mixed-Use Neighborhood
By Robert Carr
"DUBAI, UAE-Emaar Properties, already developing the tallest building in the world, has now announced that it will spend about $3.2 billion (US) on Mushrif Heights. The 44-million-sf property is near Al Awir and is close to Mushrif park, according to the company in a statement.
The company is already building the Burj Dubai, the world’s tallest building, and the Dubai Mall, one of the largest retail centers ever developed. Emaar is also developing the $26.6 billion King Abdullah Economic City, the region’s largest private sector-led project in Saudi Arabia. The firm holds a 30% equity in Dubai Bank." ...
for the complete story
Sacramento airport businesses
from today's Sacramento Bee (8/19):
Sacramento airport businesses flying high despite economic turbulence
By Mark Glover - mglover@sacbee.com
Published 12:00 am PDT Tuesday, August 19, 2008
"There's a local place where businesses are doing well in these uncertain economic times: Sacramento International Airport.
Restaurants and stores inside the airport's A and B terminals are holding up amid economic volatility, tight credit and reduced spending by consumers whose confidence has been shaken.
Airport retail stores generated $13.4 million in sales from July 2007 to May, airport officials said. That was up nearly 23 percent from $10.9 million for the same period a year ago.
Airport food and beverage outlets had sales of $21.8 million through May, up 5.4 percent from $20.7 million a year ago." ...
"The cost of operating at the airport ranges from 11 to 18 percent of revenues for food/beverage services. For retail operations, it's 10 to 12 percent.
Richard Nelson, general manager of Nelson's Books and News in Terminal A, said businesses operating in the more-modern Terminal A have an advantage being amid gates served by Southwest Airlines, by far the largest carrier in Sacramento. The older Terminal B is scheduled to be torn down, part of a planned $1.27 billion airport expansion." ...
for the complete story
Sacramento airport businesses flying high despite economic turbulence
By Mark Glover - mglover@sacbee.com
Published 12:00 am PDT Tuesday, August 19, 2008
"There's a local place where businesses are doing well in these uncertain economic times: Sacramento International Airport.
Restaurants and stores inside the airport's A and B terminals are holding up amid economic volatility, tight credit and reduced spending by consumers whose confidence has been shaken.
Airport retail stores generated $13.4 million in sales from July 2007 to May, airport officials said. That was up nearly 23 percent from $10.9 million for the same period a year ago.
Airport food and beverage outlets had sales of $21.8 million through May, up 5.4 percent from $20.7 million a year ago." ...
"The cost of operating at the airport ranges from 11 to 18 percent of revenues for food/beverage services. For retail operations, it's 10 to 12 percent.
Richard Nelson, general manager of Nelson's Books and News in Terminal A, said businesses operating in the more-modern Terminal A have an advantage being amid gates served by Southwest Airlines, by far the largest carrier in Sacramento. The older Terminal B is scheduled to be torn down, part of a planned $1.27 billion airport expansion." ...
for the complete story
Monday, August 18, 2008
Olympic fatigue?
from this morning's Street and Smith's Sports Business Journal enews (8/18):
Springboard to success or prelude to Olympic fatigue?
By TRIPP MICKLE & JAY WEINER
Staff writers
Published August 18, 2008 : Page 01
"An opening ceremony to die for. A swimmer making a splash for the ages. A nation of 1.3 billion passionate, or at least potential, fans. TV ratings that “Seinfeld” could take to the bank. Political tension as a backdrop.
Can the Olympics get any better than this?
Ever again?
Will the Beijing Games, with their energy and scope, issues and corporate attractiveness be remembered as the Last Great Games?
Or are they the beginning of a renewed Olympics dynasty?
While the first week of the Beijing Olympics drew record eyeballs worldwide and generated watercooler buzz unlike any Games in the last decade, the question of whether the Olympics leave Beijing as a hot property with new upside or one that will suffer from post-Beijing fatigue was widely debated among stakeholders in China.
Most were abuzz about what the Beijing Games could do for the Olympics. In the eyes of many marketers, ad buyers and sponsorship executives, the Games are a springboard that will catapult the Olympics skyward, not a diving platform off which they’ll fall.
“The Olympics were on the dark side of the moon coming out of Athens and Torino … and now they’re coming back at a level they haven’t seen since the 1980s,” said Rob Prazmark, president of 21 Marketing and a longtime Olympics sponsorship salesman. “(Beijing is) going to reinvigorate interest around the world.”
Larry Novenstern, executive vice president and director of electronic media for Optimedia, agreed, saying, “The Olympics are a big-ticket, high-profile event, which we’re seeing fewer and fewer of each year. The appetite (for the Games) is voracious and will be in the future.”
But not everyone agrees. In the days before the Games, some people saw problems with the health of the Olympics domestically and pointed to Chicago’s 2016 bid as critically important to the future of the Games in the U.S.
“I think things are strong for the most part, but each four-year cycle where there’s not an Olympics in the U.S. makes it a harder sell,” said Jeannie Goldstein, Ogilvy’s executive vice president of sports and entertainment. “What happens with Chicago is going to be key.”
The foundation of most people’s optimism in the long-term health of the Olympics rests on a mix of factors, including the locations of the 2010 and 2012 Olympics (Vancouver and London, respectively) and the relative ease sponsors will have activating in those markets compared to China." ...
"The ‘08 Games have captured the public mind
through the setting and the excitement.“The Winter Games doesn’t pretend to compete at the noise level of the Summer Games, but Vancouver is such a perfect destination in a country that is passionate about Olympic sports … that the experience and atmosphere is going to be stunning.”
The concept of Olympic fatigue isn’t a new one. U.S. Olympic Committee CEO Jim Scherr said he sensed it in Turin in 2006 following the 2004 Athens Games." ...
for the complete
Springboard to success or prelude to Olympic fatigue?
By TRIPP MICKLE & JAY WEINER
Staff writers
Published August 18, 2008 : Page 01
"An opening ceremony to die for. A swimmer making a splash for the ages. A nation of 1.3 billion passionate, or at least potential, fans. TV ratings that “Seinfeld” could take to the bank. Political tension as a backdrop.
Can the Olympics get any better than this?
Ever again?
Will the Beijing Games, with their energy and scope, issues and corporate attractiveness be remembered as the Last Great Games?
Or are they the beginning of a renewed Olympics dynasty?
While the first week of the Beijing Olympics drew record eyeballs worldwide and generated watercooler buzz unlike any Games in the last decade, the question of whether the Olympics leave Beijing as a hot property with new upside or one that will suffer from post-Beijing fatigue was widely debated among stakeholders in China.
Most were abuzz about what the Beijing Games could do for the Olympics. In the eyes of many marketers, ad buyers and sponsorship executives, the Games are a springboard that will catapult the Olympics skyward, not a diving platform off which they’ll fall.
“The Olympics were on the dark side of the moon coming out of Athens and Torino … and now they’re coming back at a level they haven’t seen since the 1980s,” said Rob Prazmark, president of 21 Marketing and a longtime Olympics sponsorship salesman. “(Beijing is) going to reinvigorate interest around the world.”
Larry Novenstern, executive vice president and director of electronic media for Optimedia, agreed, saying, “The Olympics are a big-ticket, high-profile event, which we’re seeing fewer and fewer of each year. The appetite (for the Games) is voracious and will be in the future.”
But not everyone agrees. In the days before the Games, some people saw problems with the health of the Olympics domestically and pointed to Chicago’s 2016 bid as critically important to the future of the Games in the U.S.
“I think things are strong for the most part, but each four-year cycle where there’s not an Olympics in the U.S. makes it a harder sell,” said Jeannie Goldstein, Ogilvy’s executive vice president of sports and entertainment. “What happens with Chicago is going to be key.”
The foundation of most people’s optimism in the long-term health of the Olympics rests on a mix of factors, including the locations of the 2010 and 2012 Olympics (Vancouver and London, respectively) and the relative ease sponsors will have activating in those markets compared to China." ...
"The ‘08 Games have captured the public mind
through the setting and the excitement.“The Winter Games doesn’t pretend to compete at the noise level of the Summer Games, but Vancouver is such a perfect destination in a country that is passionate about Olympic sports … that the experience and atmosphere is going to be stunning.”
The concept of Olympic fatigue isn’t a new one. U.S. Olympic Committee CEO Jim Scherr said he sensed it in Turin in 2006 following the 2004 Athens Games." ...
for the complete
Chicago Olympics 2016 bid facing demands
from this morning's Crain's Chicago Business (8/18):
Grabbing for gold
By John Pletz
Aug. 18, 2008
"With the cheers of Beijing's Olympics crowds ringing in his ears, Mayor Richard M. Daley returned home last week to a chorus of demands from local groups looking to capitalize on his own Olympics dream.
Hyde Parkers want better train service to the Loop. South Side activists want jobs. Neighborhood groups are pushing for affordable housing around Washington Park, proposed site of the stadium for the 2016 Summer Games Mr. Daley hopes to host.
"We are forcing ourselves on the (Olympics bid) committee," says Alderman Leslie Hairston of the 5th Ward, where transportation and parking are the big issues. "The Olympics is in our backyards and front yards."
Ordinarily, such groups would have little influence with the mayor. But they're feeling a rare surge of clout as the importance of their support for Chicago's bid becomes clearer. International Olympic Committee officials choosing a city to host the 2016 games are looking for the kind of grass-roots enthusiasm Beijing residents have shown this month for the 29th Olympiad." ...
for the complete story
Grabbing for gold
By John Pletz
Aug. 18, 2008
"With the cheers of Beijing's Olympics crowds ringing in his ears, Mayor Richard M. Daley returned home last week to a chorus of demands from local groups looking to capitalize on his own Olympics dream.
Hyde Parkers want better train service to the Loop. South Side activists want jobs. Neighborhood groups are pushing for affordable housing around Washington Park, proposed site of the stadium for the 2016 Summer Games Mr. Daley hopes to host.
"We are forcing ourselves on the (Olympics bid) committee," says Alderman Leslie Hairston of the 5th Ward, where transportation and parking are the big issues. "The Olympics is in our backyards and front yards."
Ordinarily, such groups would have little influence with the mayor. But they're feeling a rare surge of clout as the importance of their support for Chicago's bid becomes clearer. International Olympic Committee officials choosing a city to host the 2016 games are looking for the kind of grass-roots enthusiasm Beijing residents have shown this month for the 29th Olympiad." ...
for the complete story
Macau casino plans
from today's WSJ (8/18):
Casino King Takes Gamble
To Fend Off Macau Rivals
By BRUCE STANLEY
August 18, 2008; Page B1
"Macau -- With his grip on Asia's gambling capital slipping, Stanley Ho has gone on the offensive.
Last month, the Hong Kong-born gambling magnate announced plans to tear down his flagship Lisboa casino and hotel and build his biggest and most opulent showcase yet, at a cost of HK$12 billion (US$1.54 billion). The 86-year-old also pushed through a long-delayed initial public offering for the company he controls, SJM Holdings Ltd., raising $494 million despite stock-market jitters.
SJM shares closed at HK$2.69 Friday, down 13% since trading began.
Since 2002, when this former Portuguese colony allowed others to break into Mr. Ho's longtime monopoly here, Las Vegas heavyweights such as Wynn Resorts Ltd., MGM Mirage and Las Vegas Sands Corp. have taken business from him as they pursue their own Asian growth strategies.
The combined gambling revenue for all Macau's casinos increased 80% to HK$80.6 billion between 2005 and 2007, making it bigger than Atlantic City and the Las Vegas Strip combined. But over the same period, revenue at SJM's operating subsidiary, Sociedade De Jogos de Macau S.A, fell to HK$32.1 billion from HK$33.4 billion, as business dropped off at its older, comparatively cramped casinos." ...
for the complete story
Casino King Takes Gamble
To Fend Off Macau Rivals
By BRUCE STANLEY
August 18, 2008; Page B1
"Macau -- With his grip on Asia's gambling capital slipping, Stanley Ho has gone on the offensive.
Last month, the Hong Kong-born gambling magnate announced plans to tear down his flagship Lisboa casino and hotel and build his biggest and most opulent showcase yet, at a cost of HK$12 billion (US$1.54 billion). The 86-year-old also pushed through a long-delayed initial public offering for the company he controls, SJM Holdings Ltd., raising $494 million despite stock-market jitters.
SJM shares closed at HK$2.69 Friday, down 13% since trading began.
Since 2002, when this former Portuguese colony allowed others to break into Mr. Ho's longtime monopoly here, Las Vegas heavyweights such as Wynn Resorts Ltd., MGM Mirage and Las Vegas Sands Corp. have taken business from him as they pursue their own Asian growth strategies.
The combined gambling revenue for all Macau's casinos increased 80% to HK$80.6 billion between 2005 and 2007, making it bigger than Atlantic City and the Las Vegas Strip combined. But over the same period, revenue at SJM's operating subsidiary, Sociedade De Jogos de Macau S.A, fell to HK$32.1 billion from HK$33.4 billion, as business dropped off at its older, comparatively cramped casinos." ...
for the complete story
San Diego office condo market solid
from this morning's San Diego Business Journal (8/18):
Office Condos a Bright Spot in the Commercial Market
By MICHELLE MOWAD - 8/18/2008
San Diego Business Journal Staff
"With leasing activity slowing, office condominiums continue to do well with prices up 5 percent this year over last, according to commercial broker Cushman & Wakefield.
The average countywide office condo sales price as of June 30 was $366 per square foot, up from $347 per square foot for the same time last year.
Jennifer Gallivan, associate with Cushman & Wakefield’s San Diego office, said the rise in the average sales price for office condos is a signal that business owners still recognize the long-term appreciation potential of owning real estate.
In the past 24 months, Cushman & Wakefield said it completed 59 condo transactions valued at $43.5 million and totaling more than 109,000 square feet." ...
for the complete story
Office Condos a Bright Spot in the Commercial Market
By MICHELLE MOWAD - 8/18/2008
San Diego Business Journal Staff
"With leasing activity slowing, office condominiums continue to do well with prices up 5 percent this year over last, according to commercial broker Cushman & Wakefield.
The average countywide office condo sales price as of June 30 was $366 per square foot, up from $347 per square foot for the same time last year.
Jennifer Gallivan, associate with Cushman & Wakefield’s San Diego office, said the rise in the average sales price for office condos is a signal that business owners still recognize the long-term appreciation potential of owning real estate.
In the past 24 months, Cushman & Wakefield said it completed 59 condo transactions valued at $43.5 million and totaling more than 109,000 square feet." ...
for the complete story
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