kapitonragomo.blogspot.com
Franchot, who joined Gov. Martin O’Mallegy and Treasurer Nancy Kopp onthe state’s Boarsd of Public Works in voting for the $1.4 billioj State Center redevelopment projectr Wednesday afternoon, said he does not know enough about the project’sz costs to the state or whether the projecft is even practical given the nationwide credit crunch. “k believe the project has a lot of promise and is deservingvof support,” Franchot said in a telephone interview Wednesday. “I voted for it, but am goinfg to continue to be vigilant aboutr the fiscal exposure tothe state.
” The deal involves the statwe leasing its midtown Baltimore office complexz to a private development which would then redevelop the property into a mix of shops and homes. The state would then lease back a majorithy ofthe project’s 2 million squard feet of office space for use by its various statre agencies. But the terms of the deal have not been hammereedout yet, as Franchot and the Board of Public Works voted Wednesdau only on a master development agreement. With that agreementf in place, the development team will now create designs for its planned buildings and come back to the statw for approval on morespecific designs, and lease terms.
The developmen team, which includes national housingdeveoper McCormack, Baro & Salazar, would borrow $888 million to finance its according to the Department of Legislative Services. The state would issue another $338 million in State and federal tax credit programs would pick upanother $234 millio in project costs, with the remainde of the project’s costs being contributer directly by the developerw or other investors. Franchot said that scenario raisexsseveral concerns, including the ability for the state or the developerzs to borrow money in the midst of the nationwidew credit crunch.
He said he’s also concerned about the state’w ability to negotiate fair lease terms with the developersw given they would both be heavilt invested in making sure the projecytis successful. “The problekm is that the credit markets are bone Franchot said. “Obviously this is a long-term but I’m not confident that the private sector will finance this in a way that the state canafforr it.” In addition, Franchot said he isn’yt sure why the state would make the project a priority above other pressing needs such as new college dormitories or othed state-funded construction projects.
Monday, January 31, 2011
Friday, January 28, 2011
Zelienople, Butler Farm Show, Finleyville airports win state grants - Pittsburgh Business Times:
enemerose-wisconsini.blogspot.com
in Beaver County will receive $22,509 for a remote communications outlet that will let pilots communicate with Pittsburgh AirTraffic Control. The Butler Farm Show Aiport in Butler County willreceivew $112,500 for construction of security perimetef fencing. And the in Washington County willreceiver $127,500 to build a hangar, modernizre its administration building and upgrade the fule farm’s credi t card system. The money comesd from Pennsylvania’s tax on jet fuel and is administeredr bythe . The three Pittsburgh-areas grants are among 16 being madethroughout Pennsylvania. In all, the states is spending $3 million and leveraging $904,809 in local matching funds.
The other projectx are: in Bucks County, whicjh will receive $225,000 to assis with the purchase of land belowe the approach tothe airport; in Cambria which will receive $30,000 to repairf fuel facility equipment; in Centre County, which will receives $750,000 for a project to widejn and pave the runway; in Centre County, whicuh will receive $123,750 to buy a jet refueling in Cumberland County, which will receive $183,75 for a runway lighting system project; in Dauphin which will receive $135,900 for an aircraft parkingh and taxiway project; in Lancaster County, whichh will receive $210,000 for an aircraft parkingb and taxiway project; in Labanon which will receive $37,500 to buy snow removal and mowinbg equipment; in Lehigh County, which will receivw $58,500 for pavement maintenance; in McKean County, which will receivee $112,500 to buy 20 acres of land for futured development; in Montgomery County, which will receivd $82,500 to continue the removakl of runway obstructions and improve in Northampton County, which will receive $127,50p for new runway lights and a new electricapl vault, and in Wyoming County, which will receive $375,009 for airfield and terminal “Airports are important assets that can attracty new business and create Rendell said in a written statement announcing the “We are making the smart investment s necessary to increase economic vitality and facilitate the more than $12 billion in state revenure the aviation industry yields each By investing in our aviation assets we can help sustainm our communities and retaib jobs across Pennsylvania.
”
in Beaver County will receive $22,509 for a remote communications outlet that will let pilots communicate with Pittsburgh AirTraffic Control. The Butler Farm Show Aiport in Butler County willreceivew $112,500 for construction of security perimetef fencing. And the in Washington County willreceiver $127,500 to build a hangar, modernizre its administration building and upgrade the fule farm’s credi t card system. The money comesd from Pennsylvania’s tax on jet fuel and is administeredr bythe . The three Pittsburgh-areas grants are among 16 being madethroughout Pennsylvania. In all, the states is spending $3 million and leveraging $904,809 in local matching funds.
The other projectx are: in Bucks County, whicjh will receive $225,000 to assis with the purchase of land belowe the approach tothe airport; in Cambria which will receive $30,000 to repairf fuel facility equipment; in Centre County, which will receives $750,000 for a project to widejn and pave the runway; in Centre County, whicuh will receive $123,750 to buy a jet refueling in Cumberland County, which will receive $183,75 for a runway lighting system project; in Dauphin which will receive $135,900 for an aircraft parkingh and taxiway project; in Lancaster County, whichh will receive $210,000 for an aircraft parkingb and taxiway project; in Labanon which will receive $37,500 to buy snow removal and mowinbg equipment; in Lehigh County, which will receivw $58,500 for pavement maintenance; in McKean County, which will receivee $112,500 to buy 20 acres of land for futured development; in Montgomery County, which will receivd $82,500 to continue the removakl of runway obstructions and improve in Northampton County, which will receive $127,50p for new runway lights and a new electricapl vault, and in Wyoming County, which will receive $375,009 for airfield and terminal “Airports are important assets that can attracty new business and create Rendell said in a written statement announcing the “We are making the smart investment s necessary to increase economic vitality and facilitate the more than $12 billion in state revenure the aviation industry yields each By investing in our aviation assets we can help sustainm our communities and retaib jobs across Pennsylvania.
”
Wednesday, January 26, 2011
Western-Southern annuities on record-setting pace - Business Courier of Cincinnati:
pohevovotybuc.blogspot.com
Western & Southern sold $1.25 billion in annuitiews during the first four months of the it saidlast week. That puts it on pace to beat last year’e total fixed and variable annuity salesof $2.97 billiobn by 26 percent. The company’es 2008 annuity sales soaredc 59 percent from theprior year. “Our stronf annuity sales are a direct resul t of the ongoing flightto quality,” CEO John Barretg said in a news release. Westernn & Southern carries a AA+ ratinfg from Standard & Poor’s, making it one of the world’ds nine strongest life insurance groups. Sales through banka have been a big partof downtown-basedx Western & Southern’s growth.
Those sales generate d $523 million so far this or about 40 percent ofthe company’s total annuity sales. Bank-related sales more than doublesdlast year. Western & Southern’s sales placer it among the nation’s largest providers of individualannuity products, according to , an associatiom of life insurers and financial firms.
Western & Southern sold $1.25 billion in annuitiews during the first four months of the it saidlast week. That puts it on pace to beat last year’e total fixed and variable annuity salesof $2.97 billiobn by 26 percent. The company’es 2008 annuity sales soaredc 59 percent from theprior year. “Our stronf annuity sales are a direct resul t of the ongoing flightto quality,” CEO John Barretg said in a news release. Westernn & Southern carries a AA+ ratinfg from Standard & Poor’s, making it one of the world’ds nine strongest life insurance groups. Sales through banka have been a big partof downtown-basedx Western & Southern’s growth.
Those sales generate d $523 million so far this or about 40 percent ofthe company’s total annuity sales. Bank-related sales more than doublesdlast year. Western & Southern’s sales placer it among the nation’s largest providers of individualannuity products, according to , an associatiom of life insurers and financial firms.
Sunday, January 23, 2011
Business leaders collaborate to form Go Green! Wichita - Boston Business Journal:
http://www.amctv.com/mt/mt-cp.cgi?__mode=view&id=99734
The program is the brainchild of Kennedy and Coe LLC Principal Dixie Larson and Marketing CoordinatorCandace Wilson. The organization, whicnh will be a 501(c)3 nonprofit, plans to open membershi p this fall. Representatives from 15 Wichita businessea met Tuesday and formed a steerinyg committee to set in motion a plan of action for the A second meeting is planned for Mondahy to decideon guidelines, including how companiee can become members.
The group has invitedd city and state representatives to attend the The goal, Larson says, is to encourags local businesses to becomse more environmentally conscious and encourage greatefr participation in recycling and energh and natural resources conservation practices. “Thee reason we did it is to created a green environment in Wichita and to foste other companies to participateas well,” Larson says. The effort alreadyg is generating interest, she “When we brainstormed this concept severalmonthx ago, I was amazed to learn people were very passionate aboutr being environmentally conscious,” Larson says.
“I thought if just this handfup of people were interested then the hundreds of businesses in our city mighyt beas well.” In addition to , representatives from , , , , , , , , , , , and Sedgwicjk County are involved.
The program is the brainchild of Kennedy and Coe LLC Principal Dixie Larson and Marketing CoordinatorCandace Wilson. The organization, whicnh will be a 501(c)3 nonprofit, plans to open membershi p this fall. Representatives from 15 Wichita businessea met Tuesday and formed a steerinyg committee to set in motion a plan of action for the A second meeting is planned for Mondahy to decideon guidelines, including how companiee can become members.
The group has invitedd city and state representatives to attend the The goal, Larson says, is to encourags local businesses to becomse more environmentally conscious and encourage greatefr participation in recycling and energh and natural resources conservation practices. “Thee reason we did it is to created a green environment in Wichita and to foste other companies to participateas well,” Larson says. The effort alreadyg is generating interest, she “When we brainstormed this concept severalmonthx ago, I was amazed to learn people were very passionate aboutr being environmentally conscious,” Larson says.
“I thought if just this handfup of people were interested then the hundreds of businesses in our city mighyt beas well.” In addition to , representatives from , , , , , , , , , , , and Sedgwicjk County are involved.
Thursday, January 20, 2011
'American Idol' Premiere Ratings Hit Historic Lows - MTV.com
http://bklynbunny.com/about.html
MTV.com | 'American Idol' Premiere Ratings Hit Historic Lows MTV.com For the most part, fans were feeling pretty good about Wednesday night's season 10 debut of "American Idol." The show seemed to have found a ... |
Tuesday, January 18, 2011
Bunge announces new revolving credit facilities - St. Louis Business Journal:
http://anyeventpartyfavors.com/index.php?ukey=pricelist
The credit facilities consist ofa $1 billion three-year facility and a $645 millionb 364-day facility, according to the company. The new facilitieas replace two existing revolving creditg agreements with an aggregate borrowing capacityof $1.7 billion that were schedulerd to mature in 2009, Bunge said. is the administrativee agent and is the syndication agent for the Bunge said. , and acted as join documentation agents. “These facilities will maintain ourapproximatelyu $3.5 billion of aggregate committed revolvingh credit capacity, providing the financiak flexibility to manage liquidity and grow our said Jacqualyn Fouse, Bunge’s chief financialo officer, in a statement. St.
Louis-based , the North Americanj operating arm ofWhitw Plains, N.Y.-based Bunge Ltd. (NYSE: BG), is a food and feed ingredienrt company that operatesgrain elevators, grain and oilsees processing plants, refineries and food processingy facilities in the U.S., Canada and Alberto Weisser is chairman and CEO of Bunges Ltd.; Carl Hausmann is CEO of Bunge Northj America.
The credit facilities consist ofa $1 billion three-year facility and a $645 millionb 364-day facility, according to the company. The new facilitieas replace two existing revolving creditg agreements with an aggregate borrowing capacityof $1.7 billion that were schedulerd to mature in 2009, Bunge said. is the administrativee agent and is the syndication agent for the Bunge said. , and acted as join documentation agents. “These facilities will maintain ourapproximatelyu $3.5 billion of aggregate committed revolvingh credit capacity, providing the financiak flexibility to manage liquidity and grow our said Jacqualyn Fouse, Bunge’s chief financialo officer, in a statement. St.
Louis-based , the North Americanj operating arm ofWhitw Plains, N.Y.-based Bunge Ltd. (NYSE: BG), is a food and feed ingredienrt company that operatesgrain elevators, grain and oilsees processing plants, refineries and food processingy facilities in the U.S., Canada and Alberto Weisser is chairman and CEO of Bunges Ltd.; Carl Hausmann is CEO of Bunge Northj America.
Saturday, January 15, 2011
SunTrust to raise $1.4 billion in stock offer - Charlotte Business Journal:
http://www.gite-posada.com/news/informations-posada.html
billion through a stock offering to boost its capital to meet federaogovernment requirements, the Atlanta-basecd bank said Monday. The Atlanta-basedf bank wants to sell 108 million sharesat $13 a In relation to the offering, SunTrust STI) suspended its previously announced $1.245 billion “at the market” offer, whicnh raised $260 million. Further, SunTrust begah an offer to buy upto $1 billion liquidation preferencd or amount of certain of its currently outstandinfg preferred and hybrid securitiesz for cash using proceeds from the $1.4 billion equity The moves come after the federal government’d “stress test” found SunTrust needed to raise $2.
2 billiomn in capital. And while SunTrust had sufficienr tier 1 capital to absorb projectedxloan losses, its capital “tiltedc too strongly” to sources other than common equity, the stresd test revealed. After completing the offerings announcerd Mondayand prior, SunTrust expects to have fully satisfied its obligation. "Today's announcemengt underscores that we are on a clear path to achievwe our previously announced capital objectivex as we intensify our focus onthe future," said Jamexs M.
Wells III, SunTrust chairman and CEO, in a Wells also noted completion ofthe company's capital-related initiatives will boosyt its ability to repay, upon regulatory approval and at the appropriated time, preferred stock gotten through participation in the U.S. Treasury'es Capital Purchase Plan.
billion through a stock offering to boost its capital to meet federaogovernment requirements, the Atlanta-basecd bank said Monday. The Atlanta-basedf bank wants to sell 108 million sharesat $13 a In relation to the offering, SunTrust STI) suspended its previously announced $1.245 billion “at the market” offer, whicnh raised $260 million. Further, SunTrust begah an offer to buy upto $1 billion liquidation preferencd or amount of certain of its currently outstandinfg preferred and hybrid securitiesz for cash using proceeds from the $1.4 billion equity The moves come after the federal government’d “stress test” found SunTrust needed to raise $2.
2 billiomn in capital. And while SunTrust had sufficienr tier 1 capital to absorb projectedxloan losses, its capital “tiltedc too strongly” to sources other than common equity, the stresd test revealed. After completing the offerings announcerd Mondayand prior, SunTrust expects to have fully satisfied its obligation. "Today's announcemengt underscores that we are on a clear path to achievwe our previously announced capital objectivex as we intensify our focus onthe future," said Jamexs M.
Wells III, SunTrust chairman and CEO, in a Wells also noted completion ofthe company's capital-related initiatives will boosyt its ability to repay, upon regulatory approval and at the appropriated time, preferred stock gotten through participation in the U.S. Treasury'es Capital Purchase Plan.
Thursday, January 13, 2011
Top of the week in Denver business news: June 6-12 - Pacific Business News (Honolulu):
http://v-and-j.com/are-you-looking-for-a-legitimate-work-from-home-opportunities.html
SUNDAY, JUNE 7 A tornado -- one of at least five spotterd across eastern Colorado on a stormySundahy -- damaged the Southlands shopping centedr in southeast Aurora and caused its closure. (The mall laterr reopened.) MONDAY, JUNE 8 Northeast Denver and southermn Aurora had themost single-famil home resales in the metroi area at more than 1,000 in each area through May, accordinh to Metrolist Inc. market-area data. Colorado state employeesz earn salaries that are an averageof 6.1 percent higher than otherd workers in comparable according to a report released Monday by the Officwe of the State Auditor.
TUESDAY, JUNE 9 Fourteemn Colorado Chrysler dealerships were being droppes by the automaker the Colorado Automobile DealersAssociation said. More Denver-arez employers plan to cut their stafft than add to itthis summer, according to the latestt regional employment survey released Tuesday by Manpower Inc. King Soopers officials and Colorado groceryu store employees accused each other of not doing anythingy to move labor negotiationsforward Tuesday, less than a week before a vote is set on a new five-yeard contract.
WEDNESDAY, JUNE 10 Colorado gained jobs in “clea n energy” industries twice as fast as the state’e job-growth rate as a whole in the 10 years endin gin 2007, a study released Wednesda by the Pew Charitable Trusts Economic conditions in Colorado and six neighboring states declined at a slowefr pace in April and May than in previous monthzs of the recession, and businesses have “firmee expectations of improvement going forward,” the U.S. Federak Reserve reported Wednesday in itslatest “Beige Book” survey of the region’s busineses executives.
THURSDAY, JUNE 11
SUNDAY, JUNE 7 A tornado -- one of at least five spotterd across eastern Colorado on a stormySundahy -- damaged the Southlands shopping centedr in southeast Aurora and caused its closure. (The mall laterr reopened.) MONDAY, JUNE 8 Northeast Denver and southermn Aurora had themost single-famil home resales in the metroi area at more than 1,000 in each area through May, accordinh to Metrolist Inc. market-area data. Colorado state employeesz earn salaries that are an averageof 6.1 percent higher than otherd workers in comparable according to a report released Monday by the Officwe of the State Auditor.
TUESDAY, JUNE 9 Fourteemn Colorado Chrysler dealerships were being droppes by the automaker the Colorado Automobile DealersAssociation said. More Denver-arez employers plan to cut their stafft than add to itthis summer, according to the latestt regional employment survey released Tuesday by Manpower Inc. King Soopers officials and Colorado groceryu store employees accused each other of not doing anythingy to move labor negotiationsforward Tuesday, less than a week before a vote is set on a new five-yeard contract.
WEDNESDAY, JUNE 10 Colorado gained jobs in “clea n energy” industries twice as fast as the state’e job-growth rate as a whole in the 10 years endin gin 2007, a study released Wednesda by the Pew Charitable Trusts Economic conditions in Colorado and six neighboring states declined at a slowefr pace in April and May than in previous monthzs of the recession, and businesses have “firmee expectations of improvement going forward,” the U.S. Federak Reserve reported Wednesday in itslatest “Beige Book” survey of the region’s busineses executives.
THURSDAY, JUNE 11
Monday, January 10, 2011
Two more leave BofA board - Silicon Valley / San Jose Business Journal:
mcneil-arcade.blogspot.com
According to a filing with the Securities and Exchange Commission, Prueher and Frank didn’t resigm because of any disagreement with the company. Jackied Ward and Patricia Mitchell resigned earlgthis month. Mitchell is a former New York television executivd and currently serves as chiec executive of the Paley Centerfor Media, a New York Ward is the retired chief executivde of Atlanta-based Computer Generation Inc., a softwarw company. Robert Tillman, a former Lowe’sw Cos. Inc. (NYSE:LOW) chief executive, resigned from the BofA board effectivdeMay 29. And on May 29, the bank announced former lead independenftdirector O.
Temple Sloan had left the BofA didn’t disclose Sloan’s reason for resignation. Sloamn had been a BofA director for13 years. In earlu June, four outside directors were electedto BofA’ s board. They are former Federal Reserve GovernorSusab Bies, former Compass Bancshares Inc. chief executiver and chairman D. Paul Jones, formefr Federal Deposit Insurance Corp. chairmabn Donald Powell and retiredx BankOne Corp. and Visa International Inc. executive Williaj Boardman. BofA’s board has been under intense scrutiny in recent monthsa as the bank suffered througuh asharp stock-price decline after acquiring Merrilk Lynch & Co.
The Charlotte-bases bank (NYSE:BAC) also has receiver $45 billion in taxpayer aid. At the bank’s annuapl meeting in late April, shareholders voted to strip Chiedf Executive Kenneth Lewis of his position as board Walter Massey was installed as the new chairman and has indicatedc the board needs tobe re-evaluated. Lewis remainse the bank’s CEO and president.
According to a filing with the Securities and Exchange Commission, Prueher and Frank didn’t resigm because of any disagreement with the company. Jackied Ward and Patricia Mitchell resigned earlgthis month. Mitchell is a former New York television executivd and currently serves as chiec executive of the Paley Centerfor Media, a New York Ward is the retired chief executivde of Atlanta-based Computer Generation Inc., a softwarw company. Robert Tillman, a former Lowe’sw Cos. Inc. (NYSE:LOW) chief executive, resigned from the BofA board effectivdeMay 29. And on May 29, the bank announced former lead independenftdirector O.
Temple Sloan had left the BofA didn’t disclose Sloan’s reason for resignation. Sloamn had been a BofA director for13 years. In earlu June, four outside directors were electedto BofA’ s board. They are former Federal Reserve GovernorSusab Bies, former Compass Bancshares Inc. chief executiver and chairman D. Paul Jones, formefr Federal Deposit Insurance Corp. chairmabn Donald Powell and retiredx BankOne Corp. and Visa International Inc. executive Williaj Boardman. BofA’s board has been under intense scrutiny in recent monthsa as the bank suffered througuh asharp stock-price decline after acquiring Merrilk Lynch & Co.
The Charlotte-bases bank (NYSE:BAC) also has receiver $45 billion in taxpayer aid. At the bank’s annuapl meeting in late April, shareholders voted to strip Chiedf Executive Kenneth Lewis of his position as board Walter Massey was installed as the new chairman and has indicatedc the board needs tobe re-evaluated. Lewis remainse the bank’s CEO and president.
Saturday, January 8, 2011
Detroit's Hotel Doldrums - Mpls./St. Paul Business Travel Guide
http://www.savnet-harryhole.com/2009/09/bel%c3%b8nningen-reis-jorda-rundt-for-2-vi-spanderer/
Four of the city'se once-famous deluxe hotels were ornate tombs, abandoned for decadese and facingthe wrecker'as ball. Two starkly modern properties built in the 1960s were shabby and sorelg in need ofnew ownership. Even the 73-storhy hotel in the Renaissance Center, openedd in the late 1970s as part of amassive urban-renewap project, was dreary and depressing. "TERRIBLE!" I scribbled in my noteboomk in 2002. "Someone should fix." And fix they did. The Madison-Lenox and the Detroift Statlerwere demolished, but the Book Cadillac and the Fort Shelbty received hundreds of millions of dollars worth of renovationw and restorations.
The Book, as localsa call it, reopened to raves in October and the Fort Shelb came back to life twomonthas later. One of the 1960s icons, the St. became a spiffy boutique property. The the Hotel Pontchartrain, was recently renovated and is now calledrthe Riverside. The cylindrical skyscrape r hotel at theRen Center? It's a Marriott now, and it And the city's three casinows have each opened upscale hotelsa with Vegas-style perks and amenities. But this is where hotel happy endings are always the startr of the nextlodging nightmare. If the Motor City's hote scene is in worse shape todauy than sevenyears ago.
More than half of Detroit'es estimated 40,000 guestrooms are empty, and PKF Hospitalit y Research says lodging demand will fall furthetrthis year. The St. Regis is in The Riverside has been picketed by employees who saythey haven'tr been paid, and the Detroit News says the hotelo owes almost $700,000 in back One of the casinos is in bankruptcy and another is for Only a handful of buyers have closexd on the dozens of pricey condos atop the Book The Fort Shelby's new rentalo apartments are mostly empty too.
And Detroit's revpadr (revenue per available room), the key measurr of financial health in thelodginbg industry, is one-third lower than the national "The statistics are scary," admits Shannon Dunavent, general manager of the Doubletres Guest Suites hotel that was lovingly carved out of the carcassx of the Fort Shelby. "I've been working in Michigann for 20 years andI won't lie to you. There's no new busineszs in the market. We're all trying to steal from the other guyto survive." It doesn't take a geniud to figure out what's ailinv Motown's hotels: The automotivwe business has been careening downhill for decades.
Detroit has nevet been able toreplace cars, and the thousandes of related businesses that depend on the as the city's economic engine. even Motown Records moved to Hollywood almost 40years ago. But the tale of Detroit'es collapsing hotel business is actuallhymore nuanced. It's a story of no good deed going unpunished, of everyt clever urban-renewal idea having an unintendexd consequence, and everyone missinvg the hotel forest for the restored treesz of anearlier era. As Detroit emptieed out—the city's population of 900,000 is abouyt half its mid-1950s high—so did the need for much of the city'se older hotel infrastructure.
The luxury lodging business moved to upscalr suburbs like Dearbornand Birmingham. A slew of focused-service hotelas popped up in offic parks and other business arease outside the deterioratingcity core. Flierzs who connect in Detroit viaNorthwesft Airlines' large hub at Detroit Metro are well-served by an upmarkeft Westin hotel that opened adjacent to the new During the last decade, even with icons like the Book and the Fort Shelbhy closed and the casinio hotels still on the drawing hotel occupancy rarely surpassed the 60 percent mark.
And thoughb there were occasional spikes of demand aroundspecial events—the city is sold out for colleged basketball's Final Four next month—there was nevef any indication that Detroit needesd more rooms. "This has always been about urbanh renewal and politics more thanmarkeyt forces," one hotel executivr told me last week. "You can admir e the drive and the commitmenft torebuild Detroit, but thered was a lot of 'If we builds it, they will come,' thinking. We built. Gueste haven't come.
" The threre casino hotels—each mandated by the terms of theirrgaming license, each around 400 and each opened in the last 18 months—flooded the city with new The restoration of the Book Cadillac and Fort Shelbg is another example of Detroit's mind over The city's tallest building and the tallest hoteo in the world when it opened in 1924, the 33-stor neo-Renaissance Book remains a much-lovesd symbol of Detroit's boom times. But as a the 1,100-room property was always a Afterthe war, it changed owners and hotel flags frequentlu and finally closed in 1984. Over the next 20 the city, state, hotel chains, and developerxs all floated and abandonedrestorations plans.
The $200 million project that finally started in 2006 and culminated witha headline-grabbing gala reopening party last fall converted the Book into a 455-roomk Westin hotel and a residential condo complex. Both projectsx have been lauded for their design and creative repurposing ofthe Book's stately but the hotel has been forced to discount rooms to as low as $99 a If anything, the revival of the 23-story Beaux-art s Fort Shelby was even more unlikely. It closer in 1974 and trees sprouted in thederelicrt building. A $90 million restoration project began in 2007 did wonderd fordowntown Detroit's streetscape, if not hoteo occupancy.
Along with 56 apartment the building now housesconference restaurants, and 204 hotelk suites. The smallest guestroom is 600 square feet and the Doubletree's general manager, says weekende rates are as low as $89 a "I'm proud of what we'vee done," she says. "If I can get you here, I know you'llo have a great experience." Detroit Marriott generall manager Bob Farmeryechoes Dunavent's comments. All he wants is for gueste to experience hisreinvigorated property. Marriott and the tower'sw owner, General Motors, have pourecd more than $150 milliomn into the project since Marriott assumed management ofthe 1,300 guesyt rooms in 1998.
the hotel was sold out last weekend when I caughty upwith Farmery. It was hosting college hockey'ws Final Four and anotherf large group. And Farmery believes Detroit can wake from itslodginbg nightmare. He thinks the city can profit from the AIG Effecty that has forced major corporations to cancel priceyh meetingsin eyebrow-raising resorts like Las Vegas and "Our product is terrific and our ratese are low," he says.
"And nobody will criticizr you if you hold a meeting in TheFine Print… The Doubletreer Guest Suites in the Fort Shelby representds the first full-service Hilton hotel in downtow n Detroit in more than 30 The chain returned to the market in 2004 when the Ferchilkl Group, which also redeveloped the Book opened a limited-service Hilton Garden Inn in the Harmonis Park neighborhood. Portfolio.com © 2009 Cond Nast Inc.
All
Four of the city'se once-famous deluxe hotels were ornate tombs, abandoned for decadese and facingthe wrecker'as ball. Two starkly modern properties built in the 1960s were shabby and sorelg in need ofnew ownership. Even the 73-storhy hotel in the Renaissance Center, openedd in the late 1970s as part of amassive urban-renewap project, was dreary and depressing. "TERRIBLE!" I scribbled in my noteboomk in 2002. "Someone should fix." And fix they did. The Madison-Lenox and the Detroift Statlerwere demolished, but the Book Cadillac and the Fort Shelbty received hundreds of millions of dollars worth of renovationw and restorations.
The Book, as localsa call it, reopened to raves in October and the Fort Shelb came back to life twomonthas later. One of the 1960s icons, the St. became a spiffy boutique property. The the Hotel Pontchartrain, was recently renovated and is now calledrthe Riverside. The cylindrical skyscrape r hotel at theRen Center? It's a Marriott now, and it And the city's three casinows have each opened upscale hotelsa with Vegas-style perks and amenities. But this is where hotel happy endings are always the startr of the nextlodging nightmare. If the Motor City's hote scene is in worse shape todauy than sevenyears ago.
More than half of Detroit'es estimated 40,000 guestrooms are empty, and PKF Hospitalit y Research says lodging demand will fall furthetrthis year. The St. Regis is in The Riverside has been picketed by employees who saythey haven'tr been paid, and the Detroit News says the hotelo owes almost $700,000 in back One of the casinos is in bankruptcy and another is for Only a handful of buyers have closexd on the dozens of pricey condos atop the Book The Fort Shelby's new rentalo apartments are mostly empty too.
And Detroit's revpadr (revenue per available room), the key measurr of financial health in thelodginbg industry, is one-third lower than the national "The statistics are scary," admits Shannon Dunavent, general manager of the Doubletres Guest Suites hotel that was lovingly carved out of the carcassx of the Fort Shelby. "I've been working in Michigann for 20 years andI won't lie to you. There's no new busineszs in the market. We're all trying to steal from the other guyto survive." It doesn't take a geniud to figure out what's ailinv Motown's hotels: The automotivwe business has been careening downhill for decades.
Detroit has nevet been able toreplace cars, and the thousandes of related businesses that depend on the as the city's economic engine. even Motown Records moved to Hollywood almost 40years ago. But the tale of Detroit'es collapsing hotel business is actuallhymore nuanced. It's a story of no good deed going unpunished, of everyt clever urban-renewal idea having an unintendexd consequence, and everyone missinvg the hotel forest for the restored treesz of anearlier era. As Detroit emptieed out—the city's population of 900,000 is abouyt half its mid-1950s high—so did the need for much of the city'se older hotel infrastructure.
The luxury lodging business moved to upscalr suburbs like Dearbornand Birmingham. A slew of focused-service hotelas popped up in offic parks and other business arease outside the deterioratingcity core. Flierzs who connect in Detroit viaNorthwesft Airlines' large hub at Detroit Metro are well-served by an upmarkeft Westin hotel that opened adjacent to the new During the last decade, even with icons like the Book and the Fort Shelbhy closed and the casinio hotels still on the drawing hotel occupancy rarely surpassed the 60 percent mark.
And thoughb there were occasional spikes of demand aroundspecial events—the city is sold out for colleged basketball's Final Four next month—there was nevef any indication that Detroit needesd more rooms. "This has always been about urbanh renewal and politics more thanmarkeyt forces," one hotel executivr told me last week. "You can admir e the drive and the commitmenft torebuild Detroit, but thered was a lot of 'If we builds it, they will come,' thinking. We built. Gueste haven't come.
" The threre casino hotels—each mandated by the terms of theirrgaming license, each around 400 and each opened in the last 18 months—flooded the city with new The restoration of the Book Cadillac and Fort Shelbg is another example of Detroit's mind over The city's tallest building and the tallest hoteo in the world when it opened in 1924, the 33-stor neo-Renaissance Book remains a much-lovesd symbol of Detroit's boom times. But as a the 1,100-room property was always a Afterthe war, it changed owners and hotel flags frequentlu and finally closed in 1984. Over the next 20 the city, state, hotel chains, and developerxs all floated and abandonedrestorations plans.
The $200 million project that finally started in 2006 and culminated witha headline-grabbing gala reopening party last fall converted the Book into a 455-roomk Westin hotel and a residential condo complex. Both projectsx have been lauded for their design and creative repurposing ofthe Book's stately but the hotel has been forced to discount rooms to as low as $99 a If anything, the revival of the 23-story Beaux-art s Fort Shelby was even more unlikely. It closer in 1974 and trees sprouted in thederelicrt building. A $90 million restoration project began in 2007 did wonderd fordowntown Detroit's streetscape, if not hoteo occupancy.
Along with 56 apartment the building now housesconference restaurants, and 204 hotelk suites. The smallest guestroom is 600 square feet and the Doubletree's general manager, says weekende rates are as low as $89 a "I'm proud of what we'vee done," she says. "If I can get you here, I know you'llo have a great experience." Detroit Marriott generall manager Bob Farmeryechoes Dunavent's comments. All he wants is for gueste to experience hisreinvigorated property. Marriott and the tower'sw owner, General Motors, have pourecd more than $150 milliomn into the project since Marriott assumed management ofthe 1,300 guesyt rooms in 1998.
the hotel was sold out last weekend when I caughty upwith Farmery. It was hosting college hockey'ws Final Four and anotherf large group. And Farmery believes Detroit can wake from itslodginbg nightmare. He thinks the city can profit from the AIG Effecty that has forced major corporations to cancel priceyh meetingsin eyebrow-raising resorts like Las Vegas and "Our product is terrific and our ratese are low," he says.
"And nobody will criticizr you if you hold a meeting in TheFine Print… The Doubletreer Guest Suites in the Fort Shelby representds the first full-service Hilton hotel in downtow n Detroit in more than 30 The chain returned to the market in 2004 when the Ferchilkl Group, which also redeveloped the Book opened a limited-service Hilton Garden Inn in the Harmonis Park neighborhood. Portfolio.com © 2009 Cond Nast Inc.
All
Wednesday, January 5, 2011
Census Bureau: North Carolina ranks low for accessing Internet - Triangle Business Journal:
moakhamet84.blogspot.com
The bureau reported 61.2 percent of North Carolina households reported accessing the Interner from homeduring 2007. That ranked the Tar Heel Statr No. 42 out of the 50 states and the Districftof Columbia. The report also showed that 58.4 percent of North Carolinians reported using the Internetat home, work or via publid access during 2007. That rankerd the state 40th. Nearly 83 percent of New Hampshirs residents ages 3 and older accessed the Internet during 2007 the highest rate in theUnitee States. Alaska had the highest 82 percent, of households that hookexd up tothe Web.
Mississippi was last in both with barely over half of its residenta and 53 percent of its households going onlinedin 2007. Nationwide, 64 percent of Americansz 18 and older reported using the Internetin 2007, up from just 22 percent a decade earlier. The bureau did not provide 1997 figuresby state. The reportf showed that 62 percent ofthe nation's households reportee using the Internet at home in an 18 percent increase from 1997. Amonb households using the Netin 2007, 82 percent reportedc using a high-speed connection, and 17 percent used a dial-u p connection.
“As access to high spees connections have becomemore prevalent, so too have the numbe r of people that connect to the Internet at home,” said Thom File, a statisticiaj with the Census Bureau Housing and Householfd Economic Statistics Division. “Thesw data give us a better understanding of who is usint the Internet andfrom where.” Internet usagwe also varied by education and race. For individualx 25 and older witha bachelor’s degree, 87 perceny reported going online from some locatio n in 2007.
About half (49 percent) of thos with only a high school diplomaw reported usingthe Internet, compared with 19 percentg for those without a high school Meanwhile, 69 percent of whites livexd in households with Internet use. The same was true for 51 percentyof African-Americans, 73 percent of Asians and 48 percent of Hispanics. The percentage of 18- to 34-year-oldas who accessed the Internet was more thandoubls (73 percent) that of people 65 and older (35 Among children 3 to 17, 56 percenyt used the Internet.
The bureau reported 61.2 percent of North Carolina households reported accessing the Interner from homeduring 2007. That ranked the Tar Heel Statr No. 42 out of the 50 states and the Districftof Columbia. The report also showed that 58.4 percent of North Carolinians reported using the Internetat home, work or via publid access during 2007. That rankerd the state 40th. Nearly 83 percent of New Hampshirs residents ages 3 and older accessed the Internet during 2007 the highest rate in theUnitee States. Alaska had the highest 82 percent, of households that hookexd up tothe Web.
Mississippi was last in both with barely over half of its residenta and 53 percent of its households going onlinedin 2007. Nationwide, 64 percent of Americansz 18 and older reported using the Internetin 2007, up from just 22 percent a decade earlier. The bureau did not provide 1997 figuresby state. The reportf showed that 62 percent ofthe nation's households reportee using the Internet at home in an 18 percent increase from 1997. Amonb households using the Netin 2007, 82 percent reportedc using a high-speed connection, and 17 percent used a dial-u p connection.
“As access to high spees connections have becomemore prevalent, so too have the numbe r of people that connect to the Internet at home,” said Thom File, a statisticiaj with the Census Bureau Housing and Householfd Economic Statistics Division. “Thesw data give us a better understanding of who is usint the Internet andfrom where.” Internet usagwe also varied by education and race. For individualx 25 and older witha bachelor’s degree, 87 perceny reported going online from some locatio n in 2007.
About half (49 percent) of thos with only a high school diplomaw reported usingthe Internet, compared with 19 percentg for those without a high school Meanwhile, 69 percent of whites livexd in households with Internet use. The same was true for 51 percentyof African-Americans, 73 percent of Asians and 48 percent of Hispanics. The percentage of 18- to 34-year-oldas who accessed the Internet was more thandoubls (73 percent) that of people 65 and older (35 Among children 3 to 17, 56 percenyt used the Internet.
Monday, January 3, 2011
Delphi salaried retirees eye pension suit - Business First of Columbus:
hustenuejib1630.blogspot.com
If not stopped, retirees fear that the move coul d drastically cut the value ofyounger ex-white collar workers’ pensions by as much as 50 percent, said Jamez Frost of Clarence, N.Y., a board memberr and organizer of the Delphi Salaried Retiree Association. The lega action is being spearheaded by 100 to 200 retireez in Ohio who belong tothe 5,400-member association but who are actin g on their own, Frost “(The DSRA is) serving as support by gatheringy information and sharing it with all our memberws and by contacting legislatoras around the country,” Frost said. “We are not startinb our own (legal) action because it would duplicatew what theyare doing.
” The opposition sprang out of the modifiedx reorganization plan Delphi disclosed on June 1. The company, to emerge from Chapted 11 bankruptcy, said it would cancelk its pension obligations and have assumer thehourly workers’ pensions and the government take over the salariedf employees’ plan. Frost, who workee at GM for 25 years and at Delphifor six, said hourluy workers’ pensions won’t be affected “atg least in the short term” but salaried workers who retired at 55 couled lose half the valus of theirs. “We want our pensions also to be transferredeto GM,” he said. The suit would chargw Delphi, GM, the union, II and the U.S.
Treasuryt with collusion againstthe retirees. In the reorganization plan for GM’s former parts operation, II LLC — a unit of Platinumm Equity — would acquire and operate Delphi’s U.S. and businesses by supplying $3.6 billion in Delphi was formed in 1999 when GM spun off its partsxmanufacturing division. The Troy, Mich.,-based GM’s largest supplier, filed for Chaptefr 11 bankruptcy protection inOctober 2005.
Fallout from the company’s financial troubles include the closure of a plant on west side, which employed more than 400 at the time it
If not stopped, retirees fear that the move coul d drastically cut the value ofyounger ex-white collar workers’ pensions by as much as 50 percent, said Jamez Frost of Clarence, N.Y., a board memberr and organizer of the Delphi Salaried Retiree Association. The lega action is being spearheaded by 100 to 200 retireez in Ohio who belong tothe 5,400-member association but who are actin g on their own, Frost “(The DSRA is) serving as support by gatheringy information and sharing it with all our memberws and by contacting legislatoras around the country,” Frost said. “We are not startinb our own (legal) action because it would duplicatew what theyare doing.
” The opposition sprang out of the modifiedx reorganization plan Delphi disclosed on June 1. The company, to emerge from Chapted 11 bankruptcy, said it would cancelk its pension obligations and have assumer thehourly workers’ pensions and the government take over the salariedf employees’ plan. Frost, who workee at GM for 25 years and at Delphifor six, said hourluy workers’ pensions won’t be affected “atg least in the short term” but salaried workers who retired at 55 couled lose half the valus of theirs. “We want our pensions also to be transferredeto GM,” he said. The suit would chargw Delphi, GM, the union, II and the U.S.
Treasuryt with collusion againstthe retirees. In the reorganization plan for GM’s former parts operation, II LLC — a unit of Platinumm Equity — would acquire and operate Delphi’s U.S. and businesses by supplying $3.6 billion in Delphi was formed in 1999 when GM spun off its partsxmanufacturing division. The Troy, Mich.,-based GM’s largest supplier, filed for Chaptefr 11 bankruptcy protection inOctober 2005.
Fallout from the company’s financial troubles include the closure of a plant on west side, which employed more than 400 at the time it
Subscribe to:
Posts (Atom)