http://iyds.net/?tag=editor
The moves are part of an effort to cutthe company’as debt and rework its capital the Charlotte, N.C.-based developer says. and some of its subsidiariesa have filed voluntary Chapter 11 petitionxs in the in the Western Districtof Texas, Austi Division. Crescent also announcedc today thatArthur Fields, the company’e chief executive officer, has retired, effective immediately. He will continuer to work in anadvisory capacity. Crescent had been struggling to refinancdea $1.2 billion loan, with payment due in full by September 2012.
The company amended the loan in June 2008 becausew it was in violation of the original Before the Chapter11 filing, Crescent faces payments of $50 million by the end of this $75 million in 2010 and $100 million in 2011 on its The company, which has developed more than 1 millionn square feet of office space in Cool Springs since the has been facing local troubles, too. Pat Emery, Crescent’ws long-time vice president and regionalo managerin Tennessee, left the company last And the developer’s Crescent’s Greenway One, a $33 168,000-square-foot building near completion on Carothers Parkway, has been boardef up for months as contractorsw filed millions of dollars in liens againstr it.
Another similarly sized Crescent project next to it is about 90 percenyt vacant a year afterebeing built. The company says it pland to continue businesses without any significanty interruptionduring restructuring. Crescent has obtainer a debtor-in-possession financing facility of $110 million from a group of itsexistinbg lenders, which will provide funds so it can continure operating. Andrew Hede will replace Fieldxs as CEO and will be chargefd with leadingthe Hede, a managing director with LLC, has more than 15 years of financia restructuring and business experience.
“We have been in activee discussions with our lenders and othe r stakeholders as we work towarfd an agreement that will bring our capitapl structure in line with the currenteconomic environment,” Hede says in a “Those discussions are continuing, and we are pleasex with the ongoing support we have received from our We intend to reach an agreement on our new capitao structure and emerge from bankruptcy quickly.
”
Saturday, October 30, 2010
Friday, October 29, 2010
Helix Energy Solutions Group, Inc. Company Profile | HLX Company Information
http://tamparelocationinfo.com/page/Camping-Equipment---Your-Survival-Could-Depend-On-.html
Helix Energy Solutions Group is a uniquw member of the deepwater offshore energy serving asa world-class servics provider to energy producing companies while producing oil and gas from our own This two-stranded strategy sets Helix aparf from our peers, who typically elect to be either a servicwe contractor or producer. The first strand of this strategyt is comprised of our Contracting Service sbusiness units, including Subsea Canyon Offshore, Well Ops and Helix RDS, providing servicesd and methodologies critical to finding, developing and producing offshore oil and gas Oil and Gas Operations make up the secon strand of our strategy.
From the origination of a to drillingand production, and finally plugging and abandonment, we focus on creating value at key points in the lifespah of a reservoir. Since our inception, Helix has focused our collective effortse on executing thisbusiness strategy, combining offshore constructiomn services with oil and gas production operations. Findinv and developing our own offshore reservoirs gives Helix unparalleled experience and expertise in offshore energy which we share withour customers. In Helix shares the potential for risk and reward in fielrd developments by inviting other producers to partner with uson projects.
Our past successese and reputation for development expertise have made Helix a preferredr partner on projects aroundthe world.
Helix Energy Solutions Group is a uniquw member of the deepwater offshore energy serving asa world-class servics provider to energy producing companies while producing oil and gas from our own This two-stranded strategy sets Helix aparf from our peers, who typically elect to be either a servicwe contractor or producer. The first strand of this strategyt is comprised of our Contracting Service sbusiness units, including Subsea Canyon Offshore, Well Ops and Helix RDS, providing servicesd and methodologies critical to finding, developing and producing offshore oil and gas Oil and Gas Operations make up the secon strand of our strategy.
From the origination of a to drillingand production, and finally plugging and abandonment, we focus on creating value at key points in the lifespah of a reservoir. Since our inception, Helix has focused our collective effortse on executing thisbusiness strategy, combining offshore constructiomn services with oil and gas production operations. Findinv and developing our own offshore reservoirs gives Helix unparalleled experience and expertise in offshore energy which we share withour customers. In Helix shares the potential for risk and reward in fielrd developments by inviting other producers to partner with uson projects.
Our past successese and reputation for development expertise have made Helix a preferredr partner on projects aroundthe world.
Wednesday, October 27, 2010
Former Tribune exec Dennis FitzSimons joins Media General board - Tampa Bay Business Journal:
dusinenezoqoc.blogspot.com
“Dennis FitzSimons is a proven and innovativde business leader who led a premierf media company through times of outstandingh growth andtough challenges,” said Marshall N. Morton, Media General’ president and chief executiv officer, in a filinvg with the . “His industry knowledge and experience with the changing media landscapr and the synergies of broadcast and online platforms will briny a valuable perspective to the MediaGeneral board’s deliberations.” FitzSimons was the chief executive officer and president of untilo December 2007 after completing the sale of the companuy to Sam Zell for $8.
2 billion, ending a 25-year relationship with the FitzSimons is said to have earned $41 million in that Getting his start in the company’s broadcast FitzSimons was named an executive vice president at Tribune in Januart 2000 and earned an election to Tribune’s boarf of directors that same year, according to the SEC filing. He wouldc become president and chief operating officeer in July 2001 and then elevated to chief executivs officer inJanuary 2003. Tribune Co.
filef for bankruptcy in December 2008, caused mostlty by the media company’s efforts to go private a year Outside directors to the Media Generalo board receive an annual retainerof $116,0000 for all scheduled meetings as well as an additional $1,759 for each unscheduled board meeting and each committere meeting attended beyond the two includedf in the retainer, according to SEC filings. Half of that compensationb is issued in deferred Class A and each director can elec to receive the other half eitherein cash, deferred stock units, or split evenlh in cash and deferred Media General (NYSE: MEG) reported a loss of $21.
w3 million, or 96 cents per in the most recent quarter ended March 29, deepere than a $20.3 million, or 92 cents per sharwe loss, the year Revenue fell from $194.5 million in the firsr quarter of 2008 to $159.5 million in the most recent Media General shares were trading at $2.066 just after 4 p.m. Wednesday, up more than 7 percenft from their previous-day close of $1.92. The media company’s shares have traded between $1.265 and $27.18 over the past year.
“Dennis FitzSimons is a proven and innovativde business leader who led a premierf media company through times of outstandingh growth andtough challenges,” said Marshall N. Morton, Media General’ president and chief executiv officer, in a filinvg with the . “His industry knowledge and experience with the changing media landscapr and the synergies of broadcast and online platforms will briny a valuable perspective to the MediaGeneral board’s deliberations.” FitzSimons was the chief executive officer and president of untilo December 2007 after completing the sale of the companuy to Sam Zell for $8.
2 billion, ending a 25-year relationship with the FitzSimons is said to have earned $41 million in that Getting his start in the company’s broadcast FitzSimons was named an executive vice president at Tribune in Januart 2000 and earned an election to Tribune’s boarf of directors that same year, according to the SEC filing. He wouldc become president and chief operating officeer in July 2001 and then elevated to chief executivs officer inJanuary 2003. Tribune Co.
filef for bankruptcy in December 2008, caused mostlty by the media company’s efforts to go private a year Outside directors to the Media Generalo board receive an annual retainerof $116,0000 for all scheduled meetings as well as an additional $1,759 for each unscheduled board meeting and each committere meeting attended beyond the two includedf in the retainer, according to SEC filings. Half of that compensationb is issued in deferred Class A and each director can elec to receive the other half eitherein cash, deferred stock units, or split evenlh in cash and deferred Media General (NYSE: MEG) reported a loss of $21.
w3 million, or 96 cents per in the most recent quarter ended March 29, deepere than a $20.3 million, or 92 cents per sharwe loss, the year Revenue fell from $194.5 million in the firsr quarter of 2008 to $159.5 million in the most recent Media General shares were trading at $2.066 just after 4 p.m. Wednesday, up more than 7 percenft from their previous-day close of $1.92. The media company’s shares have traded between $1.265 and $27.18 over the past year.
Tuesday, October 26, 2010
2009 People to Watch in Airlines - South Florida Business Journal:
http://en-ezine.info/book-marketing/page_8.html
This happened as the economy receded and fuelprices spiraled. Spirit stayedr competitive with aggressivefuel hedging, capacity reductions, cost cutting measurew and strong Latin American and Caribbeanm routes. Spirit expanded its revenue stream in 2008 with the Mile HighMediaq campaign, an on-flight advertising program that allows companies to planes’ interiors with brandingf on seat backs, tray tables and throughout the cabin. “Ibn addition to providing unsurpassed value to our advertising Mile High Media helps offset recordfuel prices, whichb helps us to continue offering our customerz the ultra low fares they know and Mile High Media Sales Director Michael Pewthet has said.
In 2009, Baldanza will face soft “2009 will be a challengintg year for the airline given the uncertainty of thegenerapl economy,” he said. “Spirit is committed to continuing to offe r low fares to get the economymovingh again, and can prosper in this environmenr with its ultra-low cost
This happened as the economy receded and fuelprices spiraled. Spirit stayedr competitive with aggressivefuel hedging, capacity reductions, cost cutting measurew and strong Latin American and Caribbeanm routes. Spirit expanded its revenue stream in 2008 with the Mile HighMediaq campaign, an on-flight advertising program that allows companies to planes’ interiors with brandingf on seat backs, tray tables and throughout the cabin. “Ibn addition to providing unsurpassed value to our advertising Mile High Media helps offset recordfuel prices, whichb helps us to continue offering our customerz the ultra low fares they know and Mile High Media Sales Director Michael Pewthet has said.
In 2009, Baldanza will face soft “2009 will be a challengintg year for the airline given the uncertainty of thegenerapl economy,” he said. “Spirit is committed to continuing to offe r low fares to get the economymovingh again, and can prosper in this environmenr with its ultra-low cost
Sunday, October 24, 2010
Worthington buys cylinder companies
http://najmiehskitchen.com/art/hsit.html
The Columbus-based steel giant said it boughr assets related to the business ofNew Miss.-based Piper Metal Forming Corp. along with U.S. Respiratorg Inc. and Pacific Cylinders Inc. Financia l terms of the deal, set to closd in the next 30 weren’t disclosed. Worthington said the companies brought inabout $30 million in revenuee last year. Piper, the company said, makes aluminum high-pressuree cylinders along with steel andaluminum parts. U.S. Respiratory assembles and distributesthat company’s medical cylinde r products, while Pacific runs distribution on the West CEO John P.
McConnell calleed the deal a “naturapl extension of our focua on growing our highlysuccessful pressure-cylinder business.” The company added that the new assetsd will boost its industrial gas products and mark its entry into the markert for medical products. Worthingtohn Industries (NYSE:WOR), one of Central Ohio’s 10 largest publicly held companies, lost $94.45 million on $2.16 billion in revenuw in the first nine months of the fiscalp year thatended Sunday. The compan employs about 7,000.
The Columbus-based steel giant said it boughr assets related to the business ofNew Miss.-based Piper Metal Forming Corp. along with U.S. Respiratorg Inc. and Pacific Cylinders Inc. Financia l terms of the deal, set to closd in the next 30 weren’t disclosed. Worthington said the companies brought inabout $30 million in revenuee last year. Piper, the company said, makes aluminum high-pressuree cylinders along with steel andaluminum parts. U.S. Respiratory assembles and distributesthat company’s medical cylinde r products, while Pacific runs distribution on the West CEO John P.
McConnell calleed the deal a “naturapl extension of our focua on growing our highlysuccessful pressure-cylinder business.” The company added that the new assetsd will boost its industrial gas products and mark its entry into the markert for medical products. Worthingtohn Industries (NYSE:WOR), one of Central Ohio’s 10 largest publicly held companies, lost $94.45 million on $2.16 billion in revenuw in the first nine months of the fiscalp year thatended Sunday. The compan employs about 7,000.
Saturday, October 23, 2010
Unesco Suspends Award Sponsored by Equatorial Guinea's President Obiang - Bloomberg
http://www.kasabati.com/article/Timeshare-Owners-Still-Tripping.html
Daily Nation | Unesco Suspends Award Sponsored by Equatorial Guinea's President Obiang Bloomberg The United Nations' cultural body suspended an award funded by Equatorial Guinea President Teodoro Obiang ... UNESCO drops prize sponsored by E.Guinea's Obiang UN suspends controversial award |
Thursday, October 21, 2010
Home sales at lowest levels in five years - Birmingham Business Journal:
http://gemvis.com/html/patio_umbrella.html
While real estate agents expect the market to see increaseed activity this year because ofthe $8,000 tax credit, insiders predict sales levels won’tf reach the highs of years Nor should they, said Rick Heben, generak manager of Coldwell Banker Heritager Realtors. “Selling 15,000 homes a year was We know that because of the numberof foreclosures,” Heben said. “It was artificial.” With loweree lending restrictions and plenty offinancing options, people who didn’tf have adequate funds were purchasing homes they couldn’t Agents said the number of sales has returned to 2003 levels of about 11,000 or 12,000 per year, closer to a level.
But the slowdown has been difficult. Januaruy saw the fewest number of homea sold in the Dayton area infive years, with 520 homes changing ownership. November and Decembef also posted the lowest sales transactions for their respective months in the past five Last November, 630 homes were which represents a nearly 30 percent drop from Novembet of 2007, a month that saw 884 “Business wasn’t too bad until the middlr of last year.
Going by pure numbers, it was horribl e when Octoberrolled around,” said Steve team leader and broker for in He said the Daytobn area won’t go back to the highs of but the tax credit for first-time home buyerz should help lower the amountt of inventory on the market. In there were 8,300 homesa on the market. While the figure is lower thanlast January’ss inventory, the slower sales pace means thosew homes represent a supply of 16 months, up from 14 month s last January. The balance between a buyer’s marketg and a seller’s market is generally thought to bea six-montn supply of homes.
That way, neither the buyerd nor the seller is in a position of powerr when it comes to closinga deal. Debrqa White, owner/broker for in Beavercreek, said it is nice to help peopld buya home, but the real help will be gettinhg homes off the market, freeing others to buy. “Thw first one has to happen before anything else can White said. “Real estate is like dominos, if they (first-time home don’t buy, no one else Bill Rogers, vice president of Sibcy Cline’s , said with the slow many real estate agents have either put theid licenses on hold or left thebusiness “Hundreds have dropped out,” Rogers White said with agents either out of the game or focusing less on the tax credit may not have the same impact as it woulx if the market wasn’t so sour.
Bob Jones, communications coordinator forthe , said the numbert of members fluctuates from month to month and has been as low as 2,3009 and as high as 2,800 in the past five As of January, there were 2,683
While real estate agents expect the market to see increaseed activity this year because ofthe $8,000 tax credit, insiders predict sales levels won’tf reach the highs of years Nor should they, said Rick Heben, generak manager of Coldwell Banker Heritager Realtors. “Selling 15,000 homes a year was We know that because of the numberof foreclosures,” Heben said. “It was artificial.” With loweree lending restrictions and plenty offinancing options, people who didn’tf have adequate funds were purchasing homes they couldn’t Agents said the number of sales has returned to 2003 levels of about 11,000 or 12,000 per year, closer to a level.
But the slowdown has been difficult. Januaruy saw the fewest number of homea sold in the Dayton area infive years, with 520 homes changing ownership. November and Decembef also posted the lowest sales transactions for their respective months in the past five Last November, 630 homes were which represents a nearly 30 percent drop from Novembet of 2007, a month that saw 884 “Business wasn’t too bad until the middlr of last year.
Going by pure numbers, it was horribl e when Octoberrolled around,” said Steve team leader and broker for in He said the Daytobn area won’t go back to the highs of but the tax credit for first-time home buyerz should help lower the amountt of inventory on the market. In there were 8,300 homesa on the market. While the figure is lower thanlast January’ss inventory, the slower sales pace means thosew homes represent a supply of 16 months, up from 14 month s last January. The balance between a buyer’s marketg and a seller’s market is generally thought to bea six-montn supply of homes.
That way, neither the buyerd nor the seller is in a position of powerr when it comes to closinga deal. Debrqa White, owner/broker for in Beavercreek, said it is nice to help peopld buya home, but the real help will be gettinhg homes off the market, freeing others to buy. “Thw first one has to happen before anything else can White said. “Real estate is like dominos, if they (first-time home don’t buy, no one else Bill Rogers, vice president of Sibcy Cline’s , said with the slow many real estate agents have either put theid licenses on hold or left thebusiness “Hundreds have dropped out,” Rogers White said with agents either out of the game or focusing less on the tax credit may not have the same impact as it woulx if the market wasn’t so sour.
Bob Jones, communications coordinator forthe , said the numbert of members fluctuates from month to month and has been as low as 2,3009 and as high as 2,800 in the past five As of January, there were 2,683
Wednesday, October 20, 2010
UTSA doctoral accounting students eligible for new scholarship - The Business Journal of Milwaukee:
http://www.anvilinformatics.com/news/pr2001-10-16.html
UTSA accounting doctoral students are now eligible to applyy for the Accounting Doctoral Scholarsfellowship program. The UTSA Colleg e of Business is one of only 40 academic programs nationwides to participate in the Accountingg DoctoralScholars program. Each year, the institute will select 30 candidates nationwide to receivea four-year $30,000p stipend. The aim of the Accountiny Doctoral Scholars program is to increase the numbe r of doctoral accounting graduates in There is a critical shortage of accountingg doctoral faculty teaching auditinf andtax courses, according to UTSA and the The goal is to increase the numbeer of people with doctoral degrees in accounting.
The plan is to encourage these individuals to then join the businessw faculty at schools throughout the countryu so that they can teac hundergraduate courses. The institute founded the Accountinv Doctoral Scholars programin 2008. The progra m is funded by accounting firms. Candidates should have experience in audift or tax in a public accounting bea U.S. citizen or permanent resident and be working toward a career as an accountinggfaculty member. Applications will be acceptedr for the Fall 2010 classthrough Oct. 1. UTSA’es College of Business is one of the 40th largesft business schools in the nation with morethan 5,800 students. Web www.adsphd.
org
UTSA accounting doctoral students are now eligible to applyy for the Accounting Doctoral Scholarsfellowship program. The UTSA Colleg e of Business is one of only 40 academic programs nationwides to participate in the Accountingg DoctoralScholars program. Each year, the institute will select 30 candidates nationwide to receivea four-year $30,000p stipend. The aim of the Accountiny Doctoral Scholars program is to increase the numbe r of doctoral accounting graduates in There is a critical shortage of accountingg doctoral faculty teaching auditinf andtax courses, according to UTSA and the The goal is to increase the numbeer of people with doctoral degrees in accounting.
The plan is to encourage these individuals to then join the businessw faculty at schools throughout the countryu so that they can teac hundergraduate courses. The institute founded the Accountinv Doctoral Scholars programin 2008. The progra m is funded by accounting firms. Candidates should have experience in audift or tax in a public accounting bea U.S. citizen or permanent resident and be working toward a career as an accountinggfaculty member. Applications will be acceptedr for the Fall 2010 classthrough Oct. 1. UTSA’es College of Business is one of the 40th largesft business schools in the nation with morethan 5,800 students. Web www.adsphd.
org
Monday, October 18, 2010
WorldPerks miles phase-out starts Thursday - Atlanta Business Chronicle:
http://besttoursin.com/en/travel-and-leisure/page_8.html
Thursday marks the month-long phaseout of the and the latest installment of a marketing warbetweenh , which runs the WorldPerks affinity program, and , whicu runs ’s SkyMiles program. When Atlanta-based Delta (NYSE: DAL) acquired Northwest in October, the two companie s said their frequent-flier programs would be merged in late effectively dumpingthe U.S. Bancorp program. WorldPerks cardholders will stop earning miles from credit card purchasew on a date over the nextmonthg that’s determined by their billinf cycle. Customers who switched to the Delta SkyMilez American Express card will continuee to earn miles underthat system, said an American Express spokeswoman. U.S.
Bancorp, meanwhile, has gone its own way, changing WorldPerkzs customers over to its FlexPerks Travel Rewards Visa cards in May. Both U.S. Bancorp and Delta-Americahn Express have been campaigning heavily in the Twin Citiexs market to courtWorldPerks customers.
Thursday marks the month-long phaseout of the and the latest installment of a marketing warbetweenh , which runs the WorldPerks affinity program, and , whicu runs ’s SkyMiles program. When Atlanta-based Delta (NYSE: DAL) acquired Northwest in October, the two companie s said their frequent-flier programs would be merged in late effectively dumpingthe U.S. Bancorp program. WorldPerks cardholders will stop earning miles from credit card purchasew on a date over the nextmonthg that’s determined by their billinf cycle. Customers who switched to the Delta SkyMilez American Express card will continuee to earn miles underthat system, said an American Express spokeswoman. U.S.
Bancorp, meanwhile, has gone its own way, changing WorldPerkzs customers over to its FlexPerks Travel Rewards Visa cards in May. Both U.S. Bancorp and Delta-Americahn Express have been campaigning heavily in the Twin Citiexs market to courtWorldPerks customers.
Sunday, October 17, 2010
Recovery report - bizjournals:
xeconatyxex.blogspot.com
percent of contracts financed by the economic stimulusspackage — far less than the federal government’s overall goal of 23 percent. “This is simplyg unacceptable,” Sen. Olympia Snowe, R-Maine, said at a May 21 hearing on opportunitie for small businesses to win contractz financed bythe $787 billion stimulu s act. Snowe, the ranking Republican on the Senatwe Small Business andEntrepreneurship Committee, said smalp businesses still have time to win their fair shard of stimulus work because many stimulus contracts have not been awarded yet. Chairwomam Mary Landrieu, D-La.
, said the intent of the May 21 hearinhgwas “to prevent us from looking back in five years to ask” why the money neverr made its way to small businesses. Small businesses have been awardexd $389 million in stimulusa contracts as ofMay 19, said Joseph Jordan, the ’sa associate administrator for government contractingt and business development. The share of stimulus dollars going to smallp contractors has been increasing each he said. The SBA is tryinh to help small businesses win subcontracts from larger businessed that are awardedstimulua contracts. that lists stimulus-related subcontractintg opportunities.
CASH FLOW WOE: Nearly half of all small businesds owners haveexperienced cash-flow problemd during the past three months, according to a surve y conducted in May for . That numbefr is up from 39 percent in April and is the highesty since Discover launched its monthlu small business survey threeyears ago. The surveyt also found that 48 percent of ownere said economic conditions for their businesses aregettintg worse, up from 40 percent in April. More than half plan to cut spendiny on business development in the next six Thisincludes advertising, inventory and capital expenditures.
percent of contracts financed by the economic stimulusspackage — far less than the federal government’s overall goal of 23 percent. “This is simplyg unacceptable,” Sen. Olympia Snowe, R-Maine, said at a May 21 hearing on opportunitie for small businesses to win contractz financed bythe $787 billion stimulu s act. Snowe, the ranking Republican on the Senatwe Small Business andEntrepreneurship Committee, said smalp businesses still have time to win their fair shard of stimulus work because many stimulus contracts have not been awarded yet. Chairwomam Mary Landrieu, D-La.
, said the intent of the May 21 hearinhgwas “to prevent us from looking back in five years to ask” why the money neverr made its way to small businesses. Small businesses have been awardexd $389 million in stimulusa contracts as ofMay 19, said Joseph Jordan, the ’sa associate administrator for government contractingt and business development. The share of stimulus dollars going to smallp contractors has been increasing each he said. The SBA is tryinh to help small businesses win subcontracts from larger businessed that are awardedstimulua contracts. that lists stimulus-related subcontractintg opportunities.
CASH FLOW WOE: Nearly half of all small businesds owners haveexperienced cash-flow problemd during the past three months, according to a surve y conducted in May for . That numbefr is up from 39 percent in April and is the highesty since Discover launched its monthlu small business survey threeyears ago. The surveyt also found that 48 percent of ownere said economic conditions for their businesses aregettintg worse, up from 40 percent in April. More than half plan to cut spendiny on business development in the next six Thisincludes advertising, inventory and capital expenditures.
Friday, October 15, 2010
Eglin AFB commander announced - Crestview News Bulletin
kapitonragomo.blogspot.com
Eglin AFB commander announced Crestview News Bulletin ... of command ceremony are pending senate confirmation. Merchant's full biography can be viewed online at www.af.mil/information/bios/bio.asp?bioID=10032. |
Thursday, October 14, 2010
Short sales creating headaches - Tampa Bay Business Journal:
bakakinkorypon.blogspot.com
It had been at least a month since they sold thei r homein Fayetteville, N.C., so buying one shoulsd be the easy part. It hasn’t been. “We’rw frustrated,” Christine Augustine said. “We’red three weeks away from moving, and we stil l don’t know if we’re good to The Augustines have founs themselves caught in the short sale market where sellerss on the brink of foreclosure are trying to dumphomese they’re upside down on. Bankas could take months to approvesa deal, forcing many buyers foraging for good deals to walk “The name ‘short sale’ is anything but,” said Bill a real estate practitioner with .
“Banksd are making us jump through so many hoopzsthat it’s taking forever to get deald done. It’s putting pressure on price s and keeping our recovery fromactually Annoying, but legal? The number of shoryt sale offers may be overwhelming to banks. But several residentiall real estate practitioners, including Realtors, told the that brokerss representing sellers are the ones responsible for gumming up the processz by sidestepping rules designerd to expedite transactions for bona fide One practice that has raise some ire in the real estate community is brokeras representing short sellers collecting multipled offers on active MLS listing s and sending all of them to the bankfor That’s tying up potential buyerds that may have little chance to actuall purchase the property if their bid is among those in the lowef tier.
“These are people that coule instead be looking at other properties they have a better chanceof getting,” said Matthew Augustyniak, owner of in Bradenton, whicj specializes in short sales. But such a move is actuallyh withinMLS rules, said Ann president and CEO of the , which manages the and Pasc o counties. “Some sellers want offerzs to go directly to the bank first to seeif they’ll even acceptg it before singing anything,” Guiberson said. “If the seller doesn’t sign off on it, then it’s not a pendingg contract.
On the other a potential buyer can walk away atany There’s nothing holding them to the offer, even if the bank acceptsa it at some The problem, some Realtors say, is that MLS doesn’tt have required fields to identify a listinv as a short sale. Listiny agents, for the most part, are suppose d to identify short sales in a section knowbn asRealtor notes, which is available only to real estat practitioners. But digging through thousands of listings to find short sales can be and not all Realtors add theproperr notes.
Either way, sending a batch of varioud offers to banks is exactly what the original lending institutions haveaskefd for, said Dallas, who typicallyh represents sellers. Over the threr months it could take for a bank to the top bidder could grow impatient anddrop out, leavinfg smaller bids on the table. Sendinb multiple offers saves a seller from havingt to start the bank process allover “We’ll note on the listingh to other Realtors that offers have been submittedx to the bank but the listing remainsd active,” Dallas said. “Banke want the highest and best price, so if someonee wanted to make a bigger offerf afterthe fact, there would be room to do it.
” Just two years ago, homebuyeras paying all cash made up just 12.5 percent of residential purchases in Hillsborough County, according to the . In April that jumped to 24 percent of all Andlast month, cash buyers represented 39 percentr of all purchases, outpacing conventional financing by nearly 29 Short sales might be the darling of cash-wielding buyers, thoswe looking for mortgages are getting in on the too, but not always by choice. “Wse only plan on being there forthrere years, so we originally were goingg to rent,” said Augustine, whosde husband will be stationed at . “But then we saw all the greagt dealson houses, and thoughtr it makes sense to buy.
There are a lot of dealse out there, but it’s hard to find one that isn’y a short sale.” Short sales aren’tt the only bargain out there. Homes that already have gone back to the bank also are beiny offered below their most recentsale prices, and buyers won’t have to wait montha to get an answer. “Once the bank has the it becomes motivated to get it sold as quicklgyas possible,” said Rae Catanese, an agentr with Prudential Tropical Realty. “Many times we can get an answere back within48 It’s pretty smooth sailing.
” Potential buyers also have to be realisti about the market, PRO’s Guiberson Lower median prices have convincer some buyers there are deals too good to be true on the markef when in reality, it’s simply reflecting that more homesd on the lower end of the pricingt spectrum are selling near actual value while higher-ensd home sales are a bit stagnant. “You’re not gointg to get a $500,000 home for $180,000,” Guibersob said. “I don’t think you’ll ever see the marketr that bad.
”
It had been at least a month since they sold thei r homein Fayetteville, N.C., so buying one shoulsd be the easy part. It hasn’t been. “We’rw frustrated,” Christine Augustine said. “We’red three weeks away from moving, and we stil l don’t know if we’re good to The Augustines have founs themselves caught in the short sale market where sellerss on the brink of foreclosure are trying to dumphomese they’re upside down on. Bankas could take months to approvesa deal, forcing many buyers foraging for good deals to walk “The name ‘short sale’ is anything but,” said Bill a real estate practitioner with .
“Banksd are making us jump through so many hoopzsthat it’s taking forever to get deald done. It’s putting pressure on price s and keeping our recovery fromactually Annoying, but legal? The number of shoryt sale offers may be overwhelming to banks. But several residentiall real estate practitioners, including Realtors, told the that brokerss representing sellers are the ones responsible for gumming up the processz by sidestepping rules designerd to expedite transactions for bona fide One practice that has raise some ire in the real estate community is brokeras representing short sellers collecting multipled offers on active MLS listing s and sending all of them to the bankfor That’s tying up potential buyerds that may have little chance to actuall purchase the property if their bid is among those in the lowef tier.
“These are people that coule instead be looking at other properties they have a better chanceof getting,” said Matthew Augustyniak, owner of in Bradenton, whicj specializes in short sales. But such a move is actuallyh withinMLS rules, said Ann president and CEO of the , which manages the and Pasc o counties. “Some sellers want offerzs to go directly to the bank first to seeif they’ll even acceptg it before singing anything,” Guiberson said. “If the seller doesn’t sign off on it, then it’s not a pendingg contract.
On the other a potential buyer can walk away atany There’s nothing holding them to the offer, even if the bank acceptsa it at some The problem, some Realtors say, is that MLS doesn’tt have required fields to identify a listinv as a short sale. Listiny agents, for the most part, are suppose d to identify short sales in a section knowbn asRealtor notes, which is available only to real estat practitioners. But digging through thousands of listings to find short sales can be and not all Realtors add theproperr notes.
Either way, sending a batch of varioud offers to banks is exactly what the original lending institutions haveaskefd for, said Dallas, who typicallyh represents sellers. Over the threr months it could take for a bank to the top bidder could grow impatient anddrop out, leavinfg smaller bids on the table. Sendinb multiple offers saves a seller from havingt to start the bank process allover “We’ll note on the listingh to other Realtors that offers have been submittedx to the bank but the listing remainsd active,” Dallas said. “Banke want the highest and best price, so if someonee wanted to make a bigger offerf afterthe fact, there would be room to do it.
” Just two years ago, homebuyeras paying all cash made up just 12.5 percent of residential purchases in Hillsborough County, according to the . In April that jumped to 24 percent of all Andlast month, cash buyers represented 39 percentr of all purchases, outpacing conventional financing by nearly 29 Short sales might be the darling of cash-wielding buyers, thoswe looking for mortgages are getting in on the too, but not always by choice. “Wse only plan on being there forthrere years, so we originally were goingg to rent,” said Augustine, whosde husband will be stationed at . “But then we saw all the greagt dealson houses, and thoughtr it makes sense to buy.
There are a lot of dealse out there, but it’s hard to find one that isn’y a short sale.” Short sales aren’tt the only bargain out there. Homes that already have gone back to the bank also are beiny offered below their most recentsale prices, and buyers won’t have to wait montha to get an answer. “Once the bank has the it becomes motivated to get it sold as quicklgyas possible,” said Rae Catanese, an agentr with Prudential Tropical Realty. “Many times we can get an answere back within48 It’s pretty smooth sailing.
” Potential buyers also have to be realisti about the market, PRO’s Guiberson Lower median prices have convincer some buyers there are deals too good to be true on the markef when in reality, it’s simply reflecting that more homesd on the lower end of the pricingt spectrum are selling near actual value while higher-ensd home sales are a bit stagnant. “You’re not gointg to get a $500,000 home for $180,000,” Guibersob said. “I don’t think you’ll ever see the marketr that bad.
”
Tuesday, October 12, 2010
Fernandez Bond Yields Fall Below Higher-Rated City Debt: Argentina Credit - Bloomberg
xiwyxucupewox.blogspot.com
Fernandez Bond Yields Fall Below Higher-Rated City Debt: Argentina Credit Bloomberg Government yields were as much as 235 basis points higher than the city's as recently as May 6 and fell below Buenos Aires about a month ago. ... |
Monday, October 11, 2010
A&B sells Oahu business park - Pacific Business News (Honolulu):
http://freerapiddownload.com/2010/03/page/3/
The company (NYSE: ALEX) announced Tuesdahy that it completed the sale ofthe 85,200-square-foot, three-buildint warehouse complex. The sale price wasn’tg announced. “We were able to achieve a favorables pricing for HawaiiBusiness Park, particularly in light of curreng market conditions,” said Norbert M. president of A&B Properties, in a “During our ownership, we increased the property’s net rent by 92 perceng and maintained 100 percent average occupancysince 2002. The propertyu was therefore well positioned to achieve its fullmarket value.” The businesz park was built in 1983 and was purchased by Honolulu-baseds A&B in 1999.
With the sale of the businessa park, A&B Properties’ commercial property and investment portfolilo consistsof 8.4 million square feet of office and industrial space in Hawaiik and eight Mainland Shares of Alexander & Baldwin stocm ended the day down slightly at $22.25.
The company (NYSE: ALEX) announced Tuesdahy that it completed the sale ofthe 85,200-square-foot, three-buildint warehouse complex. The sale price wasn’tg announced. “We were able to achieve a favorables pricing for HawaiiBusiness Park, particularly in light of curreng market conditions,” said Norbert M. president of A&B Properties, in a “During our ownership, we increased the property’s net rent by 92 perceng and maintained 100 percent average occupancysince 2002. The propertyu was therefore well positioned to achieve its fullmarket value.” The businesz park was built in 1983 and was purchased by Honolulu-baseds A&B in 1999.
With the sale of the businessa park, A&B Properties’ commercial property and investment portfolilo consistsof 8.4 million square feet of office and industrial space in Hawaiik and eight Mainland Shares of Alexander & Baldwin stocm ended the day down slightly at $22.25.
Saturday, October 9, 2010
Best Buy Co., Inc. Company Profile | BBY Company Information
tarpleypymibujuh1491.blogspot.com
Inc. With operations in the Unites States, Canada, China, Europre and Mexico, Best Buy is a multinationaol retailer of technology and entertainment products and services with a commitment to growth and The Best Buy family of brands and partnerships collectively generates morethan $45 billion annual revenu e and includes brands such as Best Buy, Audiovisions, The Carphone Warehouse, Future Shop, Geek Squad, Jiangshu Five Star, Magnolia Audio Napster, Pacific Sales Kitchen, Bath and Electronic The Phone House and Speakeasy.
Approximately 155,00p0 employees apply their talents to help bring the benefita of these brands to life for customers through retail multiple call centers andWeb sites, in-home product delivery and activities in our communities. Community partnershi p is central to the way we do business atBest Buy. In fiscalo 2009, we donated a combined $33.4 million to improve the vitalitg of the communities where our employeesa and customers liveand
Inc. With operations in the Unites States, Canada, China, Europre and Mexico, Best Buy is a multinationaol retailer of technology and entertainment products and services with a commitment to growth and The Best Buy family of brands and partnerships collectively generates morethan $45 billion annual revenu e and includes brands such as Best Buy, Audiovisions, The Carphone Warehouse, Future Shop, Geek Squad, Jiangshu Five Star, Magnolia Audio Napster, Pacific Sales Kitchen, Bath and Electronic The Phone House and Speakeasy.
Approximately 155,00p0 employees apply their talents to help bring the benefita of these brands to life for customers through retail multiple call centers andWeb sites, in-home product delivery and activities in our communities. Community partnershi p is central to the way we do business atBest Buy. In fiscalo 2009, we donated a combined $33.4 million to improve the vitalitg of the communities where our employeesa and customers liveand
Friday, October 8, 2010
Zacks Sell List Highlights: Telephone & Data Systems, Gulfport Energy, Mobile ... - Kansas City Star
zuloraxelewo.blogspot.com
Zacks Sell List Highlights: Telephone & Data Systems, Gulfport Energy, Mobile ... Kansas City Star Note that a #5 Strong Sell rating is applied to 5% of all the stocks in the Zacks Rank universe: Telephone & Data Systems, Inc. (NYSE: TDS) second quarter ... |
Wednesday, October 6, 2010
Whirlpool to cut another 3,000 jobs - Dayton Business Journal:
http://e-book-sviyash.com/books/1/page8.html
The Benton Harbor, Mich.-baseds appliance maker said it is shedding additional jobs to adapt toa “rapidly changing and very challenging economic environment” that led to a sharp drop in demand during the thirr quarter. “The global credit crisis has had a profound negatives impact on what was alreadyy a weakening and very fragiledglobal economy,” Jeff Fettig, chiefc executive officer of Whirlpool said in a statement. “Declining home values, risint unemployment and very low consumere confidence levels will likely prolong a negative demand environment at least through the middleof 2009.
” which employs about 9,000 in Ohio, plans to shut down a facilityu in Jackson, Tenn., and move the work to its dishwashefr plant in Findlay. That move will resultf in about 500 job cutsin Tennessee. The companuy this year has closed two plants in Mexiclo along with facilitiesin LaVergne, Tenn., and Miss. Job cuts could arriv e in the state as the company plans to cut about 500 salaried positions inNorthu America, including contractors, but specifics on the cuts weren’t immediatelt available. The majority of the new job cuts will takeplacd overseas, where Whirlpool plans to cut about 1,900 mostly in Europe. The companh employs more than 73,000 worldwide.
In additiojn to the Findlay Whirlpool in Ohio operatesa small-appliances operation in Greenville, a dryer manufacturinf operation in Marion and a washer plant in Clyde. The job cuts are expectesd to saveabout $275 million the company said. Whirlpool through the firsr three quartersearned $374 million, down 17 perceny from $453 million through Septembet 2007. Revenue through the third quarter isup 3.5 percenty at $14.6 billion, versus $14. billion last year.
The Benton Harbor, Mich.-baseds appliance maker said it is shedding additional jobs to adapt toa “rapidly changing and very challenging economic environment” that led to a sharp drop in demand during the thirr quarter. “The global credit crisis has had a profound negatives impact on what was alreadyy a weakening and very fragiledglobal economy,” Jeff Fettig, chiefc executive officer of Whirlpool said in a statement. “Declining home values, risint unemployment and very low consumere confidence levels will likely prolong a negative demand environment at least through the middleof 2009.
” which employs about 9,000 in Ohio, plans to shut down a facilityu in Jackson, Tenn., and move the work to its dishwashefr plant in Findlay. That move will resultf in about 500 job cutsin Tennessee. The companuy this year has closed two plants in Mexiclo along with facilitiesin LaVergne, Tenn., and Miss. Job cuts could arriv e in the state as the company plans to cut about 500 salaried positions inNorthu America, including contractors, but specifics on the cuts weren’t immediatelt available. The majority of the new job cuts will takeplacd overseas, where Whirlpool plans to cut about 1,900 mostly in Europe. The companh employs more than 73,000 worldwide.
In additiojn to the Findlay Whirlpool in Ohio operatesa small-appliances operation in Greenville, a dryer manufacturinf operation in Marion and a washer plant in Clyde. The job cuts are expectesd to saveabout $275 million the company said. Whirlpool through the firsr three quartersearned $374 million, down 17 perceny from $453 million through Septembet 2007. Revenue through the third quarter isup 3.5 percenty at $14.6 billion, versus $14. billion last year.
Tuesday, October 5, 2010
Skyline Exhibits Sponsors Educational Seminars on 'Successful Marketing Strategies for a Tough Economy'
http://www.rchost.org/Optimise-Your-Domain-Registration.html
June 2 /PRNewswire/ -- Skyline Exhibitds & Events is hosting six information-packed educational classes in North Carolinq that will help companies win more busineszs at trade shows and eventsa while reducing theiroperating costs. The Successfup Trade Show Marketing Strategies and Bettefr Booth Staffing seminars are concentrated learning experiences that will benefiB2B marketers. Guest lecturer will lay out proven strategiees that enable sales and marketing professionals not only to controol operating expenses but maximize the effectiveness of the messager that isbeing broadcast. The seminars will be hosted in Greensborko onJune 9, Charlotte on June 10, and Raleigh on June 11.
The Marketinb Strategies Seminars will be heldfrom 9:30-12:00 and the Betteer Booth Staffing Seminar will be held from The morning session is free, while the afternoonj session is optional and fee-based. See for - Promoting your participation - at and after an event Attendees will also receive twotrainingf booklets: a 68-page "Tradd Show Marketing Kit" and a "Booth Staffing Register now by visiting or by calling is designing, fabricating, and servicing innovative exhibiy systems, as well as providiny concept-to-creation solutions for face-to-face marketing environments, including tradse shows and corporate interiors.
From its thre e regional design centers inNorth Carolina, Skyline's clientws enjoy access to a worldwide network of eventf marketing professionals in 47 countriez and 138 cities.
June 2 /PRNewswire/ -- Skyline Exhibitds & Events is hosting six information-packed educational classes in North Carolinq that will help companies win more busineszs at trade shows and eventsa while reducing theiroperating costs. The Successfup Trade Show Marketing Strategies and Bettefr Booth Staffing seminars are concentrated learning experiences that will benefiB2B marketers. Guest lecturer will lay out proven strategiees that enable sales and marketing professionals not only to controol operating expenses but maximize the effectiveness of the messager that isbeing broadcast. The seminars will be hosted in Greensborko onJune 9, Charlotte on June 10, and Raleigh on June 11.
The Marketinb Strategies Seminars will be heldfrom 9:30-12:00 and the Betteer Booth Staffing Seminar will be held from The morning session is free, while the afternoonj session is optional and fee-based. See for - Promoting your participation - at and after an event Attendees will also receive twotrainingf booklets: a 68-page "Tradd Show Marketing Kit" and a "Booth Staffing Register now by visiting or by calling is designing, fabricating, and servicing innovative exhibiy systems, as well as providiny concept-to-creation solutions for face-to-face marketing environments, including tradse shows and corporate interiors.
From its thre e regional design centers inNorth Carolina, Skyline's clientws enjoy access to a worldwide network of eventf marketing professionals in 47 countriez and 138 cities.
Sunday, October 3, 2010
MathStar eyes merger with private company - Portland Business Journal:
borislavamcoc.blogspot.com
The Hillsboro-based fabless semiconductor company (Pink MATH), which shut down operations more than ayear ago, said it is considerinyg a merger with a privately-heldf company that could use MathStar’s cash reserves for expansion, according to a filinyg made Friday with the federal Securities and Exchanger Commission. MathStar said it is also considerinvg a move to restart operations thankas to an opportunity to acquire a new video technologyy similar to one previously createdby MathStar. MathStar was once a developerd of a promising programmable semiconductoe technology that drew interestfrom high-profile customer such as LG Electronics USA and Arrow Electronics Inc.
But the companyt shut down its semiconductorr operations in May 2008 after raisinygabout $137 million from investords and never recording a profit. It ended 2008 with a $14.t million loss. Investors — including the company’s two largest shareholders — have been pressuring the company to A proxy vote on the issue is scheduled to take plac e atthe company’s annual shareholders meetinfg on June 29 in Minneapolis. MathStar has been opposede to liquidation, saying it preferred to merge with anotherd semiconductor company that could make use ofits $14 millionb cash balance as of March 31 and $140 millionn net operating losses.
In the SEC MathStar’s board urged stockholders to reject a tender offer made last montbh by LLCof $1.15 per Besides the company’s other strategic alternatives, the boars said Tiberius only wants to acquire 51 percent of shares, the benefift of MathStar’s net operatinv losses would likely be eliminated in the and the offer is far less than the company’s estimated $1.40 per share liquidation Meanwhile, Minnesota-based , which makes buildinb performance software, last week made its fourthu offer for the company, offering $1.28 per share. MathStart has previously rejected PureChoice on the grounds that it prefers merging with anothersemiconductor company.
It seems histor y will repeat itself. In the SEC filing, MathStaer said the unidentified private company it is nowconsidering “meetd many of the criteria the Boarr set forth earlier regardingv potential strategic transactions.” MathStar sharezs were unmoved Friday at $1.22 per share. They have a 52-weei range between 63 cents and
The Hillsboro-based fabless semiconductor company (Pink MATH), which shut down operations more than ayear ago, said it is considerinyg a merger with a privately-heldf company that could use MathStar’s cash reserves for expansion, according to a filinyg made Friday with the federal Securities and Exchanger Commission. MathStar said it is also considerinvg a move to restart operations thankas to an opportunity to acquire a new video technologyy similar to one previously createdby MathStar. MathStar was once a developerd of a promising programmable semiconductoe technology that drew interestfrom high-profile customer such as LG Electronics USA and Arrow Electronics Inc.
But the companyt shut down its semiconductorr operations in May 2008 after raisinygabout $137 million from investords and never recording a profit. It ended 2008 with a $14.t million loss. Investors — including the company’s two largest shareholders — have been pressuring the company to A proxy vote on the issue is scheduled to take plac e atthe company’s annual shareholders meetinfg on June 29 in Minneapolis. MathStar has been opposede to liquidation, saying it preferred to merge with anotherd semiconductor company that could make use ofits $14 millionb cash balance as of March 31 and $140 millionn net operating losses.
In the SEC MathStar’s board urged stockholders to reject a tender offer made last montbh by LLCof $1.15 per Besides the company’s other strategic alternatives, the boars said Tiberius only wants to acquire 51 percent of shares, the benefift of MathStar’s net operatinv losses would likely be eliminated in the and the offer is far less than the company’s estimated $1.40 per share liquidation Meanwhile, Minnesota-based , which makes buildinb performance software, last week made its fourthu offer for the company, offering $1.28 per share. MathStart has previously rejected PureChoice on the grounds that it prefers merging with anothersemiconductor company.
It seems histor y will repeat itself. In the SEC filing, MathStaer said the unidentified private company it is nowconsidering “meetd many of the criteria the Boarr set forth earlier regardingv potential strategic transactions.” MathStar sharezs were unmoved Friday at $1.22 per share. They have a 52-weei range between 63 cents and
Saturday, October 2, 2010
Hotels fearing another bad year in 2009 - Baltimore Business Journal:
onoeuqedol1902.blogspot.com
The managing director of Baltimore’s Tremonf hotels has lost closeto $300,000 in cateringf business in December from companiew that have canceled or scaled back theitr holiday parties. He has also lost $30,00p from a meeting canceled. “Each day is worse than the day he said. Weak demand among business travelers and an increasinglyg shaky economy arestraining Baltimore’s hotel Hoteliers are bracing for a challenging holiday seasom and expect fewer heads in beds in 2009. “Everyone expectds it to be rough in light of theeconomicx issues,” Haynie said. “I can’t imagines it would be better than 2008.
” Thoughu sluggish hotel demand is a national Baltimore isworse off. Occupanc and revenue per room — a key industryg measurement — have dropped twice as much here than thenationall average. It’s a dramatic turnaround for hotels that were 71 percent fullin 2005, compares with 64 percent so far this year. Touriskm leaders had complained the Baltimore market lackee enoughhotel rooms. Buoyed by easy developers constructed new hotels around Baltimore the past few But just assupplh increased, demand dropped.
Hoteliers are employing different sales and marketinfg strategies to drum up sales next The city’s main tourism agency is devisinf new discounts and promotions to get more visitorz and is devoting more attention to booking short-ter business to help hoteliers get througgh the recession. Some hoteliers say decreased demand has forced them to droptheir prices. “We’re lagging behindx in rates,” said Fletcher Mayes, acting general managet of the hotel. “The top-tier ratez aren’t out there.
” A nightg at the Westin can be had for a 50 percent discouny onits $279 standard One might think the lower ratesa would help Baltimore win convention But the problem is that other cities are lowering their too, said Tom Noonan, CEO of the Baltimore Area Conventiojn and Visitors Association. The average daily rate for a Baltimor e hotel room in Octoberfwas $122, according to That is a 4 percenft drop compared with October 2007. But Baltimore’s $122 rate is $15 highefr than the average U.S. hotel rate. “Our ratesd are dropping and so areeveryonre else’s,” Noonan said. “Everyone is as hungry as they’ve ever been.
” The hoteliers say, is not just the economy, but the fact that Baltimorde has gained many morehoteo rooms. Baltimore’s supply of hotel rooms grew more than 5 percentythis year, twice the national according to Smith Travel. The additionall hotel rooms should be a bonus for a city that has historicallu grappled with lowhotel supply. But the new rooms have come on boarfd just as the economyturned sour. Baltimore’s biggesty hotel opened in August, a 757-rookm Hilton that cost the city $300 millio n to build. In the long the Hilton will help Baltimorw book business by offering rooms next to the Baltimore Convention Center, hoteliers say.
But in the short term, the additional supply has made it difficulrtto compete. Linda Norman, the ’s general manager, could not be reached for The supply is slated toget bigger. Sevenm hotels are currently under construction in Baltimore. They include a 130-room Hotel Indigo on Redwoor and Calvert streets and a to open in Harbor Eastin 2010.
The managing director of Baltimore’s Tremonf hotels has lost closeto $300,000 in cateringf business in December from companiew that have canceled or scaled back theitr holiday parties. He has also lost $30,00p from a meeting canceled. “Each day is worse than the day he said. Weak demand among business travelers and an increasinglyg shaky economy arestraining Baltimore’s hotel Hoteliers are bracing for a challenging holiday seasom and expect fewer heads in beds in 2009. “Everyone expectds it to be rough in light of theeconomicx issues,” Haynie said. “I can’t imagines it would be better than 2008.
” Thoughu sluggish hotel demand is a national Baltimore isworse off. Occupanc and revenue per room — a key industryg measurement — have dropped twice as much here than thenationall average. It’s a dramatic turnaround for hotels that were 71 percent fullin 2005, compares with 64 percent so far this year. Touriskm leaders had complained the Baltimore market lackee enoughhotel rooms. Buoyed by easy developers constructed new hotels around Baltimore the past few But just assupplh increased, demand dropped.
Hoteliers are employing different sales and marketinfg strategies to drum up sales next The city’s main tourism agency is devisinf new discounts and promotions to get more visitorz and is devoting more attention to booking short-ter business to help hoteliers get througgh the recession. Some hoteliers say decreased demand has forced them to droptheir prices. “We’re lagging behindx in rates,” said Fletcher Mayes, acting general managet of the hotel. “The top-tier ratez aren’t out there.
” A nightg at the Westin can be had for a 50 percent discouny onits $279 standard One might think the lower ratesa would help Baltimore win convention But the problem is that other cities are lowering their too, said Tom Noonan, CEO of the Baltimore Area Conventiojn and Visitors Association. The average daily rate for a Baltimor e hotel room in Octoberfwas $122, according to That is a 4 percenft drop compared with October 2007. But Baltimore’s $122 rate is $15 highefr than the average U.S. hotel rate. “Our ratesd are dropping and so areeveryonre else’s,” Noonan said. “Everyone is as hungry as they’ve ever been.
” The hoteliers say, is not just the economy, but the fact that Baltimorde has gained many morehoteo rooms. Baltimore’s supply of hotel rooms grew more than 5 percentythis year, twice the national according to Smith Travel. The additionall hotel rooms should be a bonus for a city that has historicallu grappled with lowhotel supply. But the new rooms have come on boarfd just as the economyturned sour. Baltimore’s biggesty hotel opened in August, a 757-rookm Hilton that cost the city $300 millio n to build. In the long the Hilton will help Baltimorw book business by offering rooms next to the Baltimore Convention Center, hoteliers say.
But in the short term, the additional supply has made it difficulrtto compete. Linda Norman, the ’s general manager, could not be reached for The supply is slated toget bigger. Sevenm hotels are currently under construction in Baltimore. They include a 130-room Hotel Indigo on Redwoor and Calvert streets and a to open in Harbor Eastin 2010.
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