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Compromise Reached on Fate of Florida’s Dilapidated but Historic Belleview Biltmore Hotel
February 19, 2014
Some Demolition, Some Preservation Feb. 19--BELLEAIR -- Facing pressure from many who reside near the dilapidated Belleview Biltmore Hotel, town officials voted Tuesday to consider a new type of zoning -- and to put a previously deferred zoning proposal back on the table. Both votes were unanimous, and both could set the table for the old building's demolition, but all hope is not lost for the preservation advocates who been fighting for years to keep the bulldozers at bay. The commission will now look into adopting a mixed-use zoning category that would allow a developer to put up residential units while preserving part of the hotel a
MGM Resorts Narrows its 4th Quarter 2013 Loss to $38.3 million; Anticipates 2014 RevPAR to Rise 10%
February 19, 2014
Feb. 19--Las Vegas-based MGM Resorts International, operator of the MGM Grand, Bellagio, Monte Carlo, New York-New York, Mandalay Bay, Luxor, Excalibur, Mirage, Circus Circus and Slots-a-Fun on the Las Vegas Strip, properties in Reno, Henderson, Jean, Mississippi, Illinois and Michigan and partners at CityCenter and properties in Atlantic City and Macau, reported its fourth-quarter earnings Wednesday. Company: MGM Resorts International (NYSE: MGM) Revenue: $2.51 billion (up 9.5 percent from the fourth quarter of 2012). The company cited record cash flow from its MGM China division in Macau as well as its partnership in the CityCenter pr
L.A. City Council to Seek Economic Study Before Enacting Minimum Wage Hike to $15.37 at Big Hotels
February 19, 2014
Feb. 19--Los Angeles City Council members opted Tuesday to seek an economic study before moving to enact one of the highest minimum wages in the country -- $15.37 for workers at big hotels -- a review that opponents hoped would slow or stop the proposal. Council members Mike Bonin, Nury Martinez and Curren Price asked fellow council members to request a review of the economic effects of ordering a "living wage" for workers at hotels with more than 100 rooms. There are 87 hotels of that size in Los Angeles. Bonin said in a news conference that he believes the hotels are in robust economic condition, with three consecutive years of growth
Golden Isles Aviation & MMI Hospitality Plan New Terminal, Hotel for St. Simons Island Airport, GA
February 19, 2014
Feb. 19--The company operating the McKinnon St. Simons Island Airport might have finally found a way to get something it has wanted for a long time. It is partnering with a private investor to build a terminal and hotel, to be connected by a walkway, at the island airport. Nearly nine years since the idea was first introduced, representatives of Golden Isles Aviation and MMI Hospitality unveiled the proposal during a meeting of the Glynn County Airport Commission Tuesday. MMI Hospitality would be responsible for the $15 million cost of the two structures. "It's a creative, marvelous concept," Larry Wade, president of Golden Isles Aviati
Sacramento, CA Area Hotels Fall Just Short of Key Occupancy Rate in 2013 at 68.1%, Up 2.3% from 2012
February 18, 2014
Feb. 18--Occupancy at Sacramento-area hotels landed just below the key 70 percent threshold in 2013, according to the San Francisco office of hotel industry tracker/consultant PKF Consulting USA. PKF said the average occupancy rate among area hotels last year was 68.1 percent, up 2.3 percent from 66.6 percent in 2012. Hotel industry analysts say the 70 percent threshold is where hotels can raise room rates and generate more revenue. Sacramento's yearlong average was affected by a tepid December, when average occupancy was only 56.9 percent. Historically, that's not unusual. In 2012, the area's average December occupancy rate was only 54
New Owners Propose 100-room Hotel for Downtown El Paso, Texas Landmark Bassett Tower
February 18, 2014
Feb. 18--An investors group led by El Paso businessman Lane Gaddy has purchased the 15-story Bassett Tower for an undisclosed price, and wants to turn the 85-year-old, Downtown landmark into a 100-room hotel. The Borderplex Community Trust, a Downtown real estate investment trust, sold the former office building this month for an undisclosed amount to the group headed by Gaddy, who has emerged as a Downtown redevelopment leader. The trust bought the building in 2007, and then emptied its office tenants for future development that never came. The vacant, art deco building was designed by famed El Paso architect Henry Trost. It's valued a
Construction to Begin on 303-room Hotel in The Woodlands, Texas; Mid-2015 Completion Planned
February 18, 2014
Feb. 18--Construction will start soon on a luxury hotel in the commercial district of The Woodlands to help serve the growing number of business and leisure travelers who visit the master-planned community north of Houston. The 303-room property will have 24,000 square feet of meeting space, a fine-dining restaurant, and a second-level pool deck and bar overlooking a public plaza. It also will include a pedestrian bridge crossing The Waterway and a performance stage at Waterway Square. Elkus Manfredi of Boston and Gensler are the architects. "There is a tremendous need for additional first-class hotel rooms in The Woodlands, with over 2
A Little Context on L.A. City Council’s Proposal to Increase Wages for Hotel Workers
February 18, 2014
Feb. 18--Los Angeles lawmakers plan to introduce an ordinance Tuesday that would require the operators of big hotels to pay workers $15.37 an hour, one of the highest minimum wage rates targeting private employers anywhere in the U.S. The initiative by City Council members Nury Martinez, Curren Price and Mike Bonin is expected to set off a fierce contest between labor and business. Union activists say workers deserve a bigger share of revenue in the booming hotel industry, while owners say that nearly doubling the state minimum wage of $8 an hour will hurt profitability. The proposal has been anticipated for months, as the local hotel w