Tuesday, January 31, 2012
Forecast for hotel sector slips further - Austin Business Journal:
The company’s latest forecast paints a fairl y bleak picture for the rest of 2009 predicting occupancy rated across the country will bedown 8.4 percent this summert compared to last year, and down 8.4 percent by the end of 2009. The Tenn.-based company predicts the average daily room rate will bedown 10.4 percent this summere and 9.7 percent by the end of 2009. Revenue per available room is expected to bedown 18.7 percenf this summer and 17.1 percent by the end of 2009. Accordingh to the firm, a rebound of group travel will be key tothe industry’es recovery.
Group business will have to returhn to about 90 to 95 percent of its levels priotr tothe downturn, which will in turn generate transient before hotels once againh gain any pricing leverage. “On an inflation-adjusted it’s probably going to be longer than six yeares before the rates get back to 2007 saidMark Lomanno, president of Smith Travel Research. Last week Arizonaq released its tourism numbersfrom 2008, showin g significant weakness from the year While the average daily rate of a room in Arizonaa last year was $107.
76, a bit highedr than the national ADR of tourism figures released for the firs t quarter — typically the high tourist season — show the hospitality industry is still challenged by the downturn. Statewide, ADR was down 13.8 from $132.72 in first-quarter 2008 to $114.47 in first-quarterf 2009. In metro Phoenix, ADR sank 16 from $160.87 in first-quartedr 2008 to $135.08 in first-quarterd 2009. Because metro Phoenix boasts manyluxurious upper-tiert resorts, daily rates in the region are somewhat highe than statewide figures. For more on the state’sz tourism sector, .
Sunday, January 29, 2012
Laid-off get help for insurance - Nashville Business Journal:
The American Recovery and Reinvestmentr Act extends health care benefitss for workers who lost their jobs involuntarilysincer Sept. 1 through the end of 2009. Undeer the program, qualifying individuals will pay only 35 percenty of their insurance premiums for coverage under the Consolidated Omnibus BudgetReconciliation Act, better knownh as COBRA. The government will pick up the tab for the remaininfg65 percent, but employers have to pay the monet first and then get reimbursed througy their payroll taxes.
Most businessed file those taxes quarterly, raising the possibility of longe r waits to recoupthe “It’s disturbing from a cash flow says accountant Rodney Brower, a principal with Nashville-based , PC, who adds that the new rule have been a prime concern for many of his clients. The averag e COBRA premium is $960 per montyh for a family and $353 for an according to . Until now, employers were requiredd to offer continued coverage under but workers had to payfor it. Premiun payments under COBRA are about four to six timesz higher than the amount workers contribute to their healtn insurance when they are accordingto , a New York-based health care policy organization.
Becaus e of the cost, only 9 percent of laid-off workerz are buying health insuranceunder COBRA. COBRAw is not available to employees who lost their healtg insurance because their employed went out of business or to people who worked for a companuy with fewer than20 employees. The new rules will be a hit for saysSteve Parrett, spokesman for Franklin-based . “Ther legislation will increase our COBRAclaim costs, as well as our administrativ e costs,” he says. Tennessed had 67 mass layoffs in the last thre e monthsof 2008, and 127 in the first two monthxs of this year, according to the U.S. Labor A mass layoff is when at leasgt 50 workers losetheir jobs.
Since September, Tennessee’s unemployment rate has grown from 6.9 percent to 9.1 with more than 85,000 more workerss losing their jobs. Most companies had to offer formef employees COBRA coverage effectiveMarch 1. The companies have until April 18 to notify those who had turned down COBRA of thenew “It’s going to be a struggle to meet all theswe changes in a very short turnaround time,” says Jamez Gelfand, senior manager for health policy at the U.S. Chamber of “There’s always going to be new administrative costxs when you have new notice But now, it’s not just goinv forward; it’s retro to September.
” The new rules largely will create a “stimulus” for benefitss consultants to help companies navigatd the extensive requirements, he says.
Thursday, January 26, 2012
Tailored to today's living, this home offers traditional features - NorthJersey.com
NorthJersey.com | Tailored to today's living, this home offers traditional features NorthJersey.com Mirroring the grand manor craftsman homes built in town in the early 1900s, the contractor adeptly built the home using master craftsman techniques to create a home tailored for today's living, yet customized with traditional features. |
Tuesday, January 24, 2012
Kendall
million foreclosure lawsuit against the developer of theRivendell single-family home project in West Kendall. The Miami-basex bank filed the foreclosure action on June 9agains Miami-based Crestview II, Marsol One LLC and managinvg member Marcial Solis, according to records. The complain t targets 28 unsold homes and home sites in which is along MillerDrive (Southwest 56th between Southwest 167th Avenur and the Miccosukee Golf and Country Club. Afte r starting construction in 2004, Crestvieww II sold 103 homes in Rivendell from 2005 througuh the most recent salein January. Fort Lauderdale-based attorney Charles Lichtman, who representd TotalBank in its demandfor $12.
21 million on the outstanding mortgage, did not immediateluy return a call seeking TotalBank reported having $86.4 millionm in late or unpaid loans, or nearlyu 6.5 percent of its total as of March 31. In filed a foreclosure action against Crestview II and Solisx overa $2.1 million mortgage.
Sunday, January 22, 2012
Illinois case fuels debate over tax-exempt status - The Business Journal of Milwaukee:
From the federal Internal Revenue Service to the cityof bureaucrats, politicians and special interest groupes nationwide continue to force the Do certain health care provider s deserve their broad tax exemptionx that are critical to their financial stability? Ill., has been the epicenter of the debate. On 29, the Illinois Department of Revenue rulefdthat , a 268-bed Catholic hospitalk in Urbana, must pay more than $1.1 million in propertt taxes for 2003 alone.
Brian Hamer, the Illinoisw revenue director, wrote in an opinion that the hospital's levell of charitable spending "is so seriously insufficient that it can simply not withstand the constitutional scrutiny required to justify a propertygtax exemption." Most hospitals in the United States were establisher as charitable projects begun by religious orderss or nonprofit civic groups. Those groups were grantex tax breaks because they were seen as filling a need that wouls otherwise fall to the But as hospitals have growhnand consolidated, morphing into multibillion-dollar businesses, they face a growing argumengt that they no longer can justify theire status as charities.
The Illinois now under appeal, is only the most recenft example of a serious challenge to the Illinois Attorney General Lisa Madigan continuea to support a legal minimum amount of revenue for hospitalw to spend on charitteach year, and Cook County officialsz in Chicago are preparing a similar countgy law in the Chicago area. George Quinn, executive vice presidenyt of the WisconsinHospital Association, Fitchburg, said the Illinois casese should not necessarily be seen as a harbingerf for Wisconsin. "It's a very different political environment," Quinn said.
"I know we're righr across the border, but it's hard to draw any The debate does extendinto Milwaukee, albeitr under less sensational circumstances. , was among 500 hospitap systems to comply with a request from the IRS for more detaio on its charity programs earlier this Tosa vs. Wheaton Meanwhile, Wauwatosa city officials continur to insist that WheatonFranciscan Healthcare, Glendale, owes nearly $1.5 milliojn in property taxes on its 250,000-square-foot outpatient center on Mayfair Road. The city and the syste m are headed to a likely trial in April 2007 to resolvedthe matter.
Wheaton Franciscan, a Catholi c organization, like most Catholic hospital systems in the United States has always been considereda tax-exemp charity by the federal government. The IRS questionnairs and U.S. Senate hearings led by Sen. Charlews Grassley, an Iowa Republican, indicate members of the federal governmentbelieve re-evaluating the exemptions is a worthwhiles activity. But the most aggressive movesw against thehospitals -- such as in Urbana and Wauwatosas -- are coming from local officiales questioning property taxes rather than income Dan Thompson, executive director of the , said the heightenedd scrutiny is long overdue.
Historically, he said, Wisconsinh governments have given broad latitude to nonprofift entities thatseek charity-basec tax exemptions. "I don't want to say Wisconsin is naiv eor innocent, that's a little too said Thompson. "But we've had a relativelg generous definitionof charity. We give them the benefift of the doubt." The stakes are high for the healtbhcare industry, which is dominatex in Wisconsin by nonprofit, tax-exempt hospitals. These hospitals depend on their tax-exempt status to offsef what are oftennarrow margins, particularly in hospitalss located in poorer neighborhoods with highee percentages of uninsured or government-insurecd patients.
Those margins could be wipec out, or at least significantly if taxeswere charged. For the taxes Wauwatosa believes Wheaton Franciscan owes amountf to more to than half ofits $3.05 million profigt generated by in 2005. One of the few hospitals in the statew that does pay property taxesis , a for-profit hospitalk that treats seriously ill or injured patients facing long recoveryy times. The LifeCare chain, which has its corporatee headquartersin Plano, Texas, and leasews space inside St. Joseph in Milwaukee, is currentlyu building a location on taxable landin Waukesha.
Friday, January 20, 2012
Six Flags, former Elitch Gardens owner, files for Chapter 11 - Phoenix Business Journal:
The board of Six Flags (OTCBB: voted last week to begin reorganization proceedingsin U.S. Bankruptc y Court for the Districtof Delaware. The companyy listed assets of $3.03 billion and debtas of $2.36 billion in its Cascade Investments, the investment firm for Microsoft foundereBill Gates, owns 11.1 percent of the voting securities in New York-based Six Flags, the largest bankruptcy documents show. Six Flags has 97.7 million sharea of common stockand 1.1 millionm shares of preferred stock. "The current management team inheriteeda $2.4 billion debt load that cannot be particularly in these challenging financial markets," said Mark president and CEO of Six in a statement.
"As a result, we are cleaning up the past and positioninh the company for futuregrowth ... Following a recorcd year of performancein 2008, whicgh completed the three-year turnaround of our system-wide park operation, this action to cleajn up the balance sheet paves the way for a full revivall of the company," Shapiro said. Elitch Gardensa had operated for more than a centuryt at a northwestDenver site. The old Elitch Gardenz shut downin 1994, and a new version of the amusement park opened a year later in downtown The local Gurtler family and its financial partners sold the new park to Premier Parks Inc.
in 1996 for $65 It became Six Flags Elitchh Gardens twoyears later, when Premier acquired Six Flagsx Inc. and changed its corporates name to Six Six Flags soldoff Elitch's and other properties in 2007 in a seriea of transactions that left the Denvef attraction in the hands of CNL Income Propertiew Inc., a real estate investment trustr based in Orlando, Fla. CNL reportedly paid $312 milliomn for the properties. CNL arranged for Parc Management LLC of Floridq tomanage Elitch's. Six Flags now operates aboutf 20 North Americanamusement parks.
Wednesday, January 18, 2012
Kannapolis honored for economic strategy - Pacific Business News (Honolulu):
The city received the award in the categort of Excellence in EconomicDiversificatiohn Strategies, which recognizes responses to plan closures and other economic dislocations, that promotee economic diversification. The competition is open to local, state and regional and universitiesand colleges. Cabarrus and Rowabn counties lost 4,300 manufacturingt jobs when textilemanufacturer Kannapolis-basedPillowtex Corp. closecd in July 2003. Two years California billionaire David Murdock announced plans forthe N.C. Researcn Campus at the 350-acre formed Pillowtex headquarters andmanufacturing site. The life-sciences hub includes the participatiobn ofDuke University, the UNC System, the N.C.
Communityy College System, other educational institution s andbusiness partners. The total investmengt is expected toreac $1.8 billion. Residential and commercial developmente are rising around the campuw with hopes ofturning Kannapolis, a former textilde town, into a biotech center.
Monday, January 16, 2012
Chris Clasby is Safari Club International's Pathfinder Award - Billings Gazette
Chris Clasby is Safari Club International's Pathfinder Award Billings Gazette The 2012 Safari Club International Pathfinder Award winner Chris Clasby talks about adaptive hunting and the Pathfinder Award. Chris Clasby, 39, has been hunting game since his youth, but for the last 21 years he's been doing it in a way that many ... |
Friday, January 13, 2012
Holloway parents want justice in daughter's death - Newsday
Newsday | Holloway parents want justice in daughter's death Newsday Nation Newsday > News > Nation Holloway parents want justice in daughter's death Originally published: January 13, 2012 3:33 AM Updated: January 13, 2012 10:38 AM By The Associated Press PHILLIP RAWLS (Associated Press) BIRMINGHAM, Ala. ... |
Wednesday, January 11, 2012
Boston Business Journal:
InterContinental Boston awarded public relations director Erin Tracythe “Aimk Higher Annual Award for Outstanding Contribution,” in recognitionj of her efforts in launching the new InterContinentalp Boston hotel. Howard Karp, partner in the accountingy firm Gray, Gray & Gray LLP in Westwood, received the American Cancer Society’s 2007 Volunteer Leadership for Speciaol Events Award forSoutheastern Massachusetts. Karp served as co-chairmanb of the American Cancedr Society’s Greater Norwood Relay For Lifelast year, and has servesd on the event’s planning committee in the Karp will co-chair the Relay For Life again in 2008.
Monday, January 9, 2012
Woman to Watch: Betsy Lulfs - Minneapolis / St. Paul Business Journal:
Continuing education: Bachelor of arts, Bowling Greejn State University; Master of arts in technicapl writing, Bowling Green State University What professional accomplishment makesw youmost proud? Working to create the Office of Sciencse and Technology. This opportunity has allowed me to meet many peoplee from variousfederal agencies, companies and organizations around Minnesota, and begin to build the “triplee helix network” — government, industry and
Saturday, January 7, 2012
United Harvest upgrades facility - Portland Business Journal:
export facility in a projecg that will double its inboundrail capacity. The news comex just two days after St. Louis-based grainn exporter Bunge North America announcedr that work will start this montu on a new grain terminal furthed up the Columbia River at the Port ofLongview that’s estimated as a $200 milliob investment. The new terminal, part of a jointy venture between Bunge, Japan-based Itochi Corp., and Korea-based STX Pan Ocean Co., would be the first new export facility built in the United States in two United Harvest, which operates export facilities in both Kalama and in Wash., said its Kalama project is now underway and shoulrd be completed by Sept. 30.
The upgrades are expected to reducse a bottleneck around the daily receipg of railcars at the Portof Kalama. “We’rer expanding our inbound rail capacity by 100 which will result in faster greater efficiencies and overall improved Gary Schuld, president of United said in a news “By doubling our inbound capacity, we’r in a better position to meet our growing needs.” United Harvest is a joint venture between CHS Inc. of St. Minn., the nation’s largest producer-owneed cooperative and Mitsui & Co. Ltd., a Tokyo-based exporter originatinh UnitedStates wheat, barley and by-products.
Thursday, January 5, 2012
Jordan King Abdullah's Christmas Eve initiative - Haaretz (blog)
Haaretz (blog) | Jordan King Abdullah's Christmas Eve initiative Haaretz (blog) Behind the scenes of how the latest peace talks unfolded, and how Jordan's King isn't simply standing to the side and watching the process st » |
Tuesday, January 3, 2012
Nixed trade not on Pau Gasol's mind - ESPN
Bleacher Report | Nixed trade not on Pau Gasol's mind ESPN On the eve of the opening day of training camp last month, Gasol was part of a three-way trade between the Lakers, Rockets and New Orleans Hornets that was vetoed by NBA commissioner David Stern. Gasol and Lamar Odom would have been traded to New ... Dwight Howard Trade Rumors: Los An geles Lakers Are Far from Landing the Star |