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Search resuls for: "Kate King"


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☆ Bed Bath & Beyond’s Demise Creates Fresh Opportunities, Retail Landlords Say
  + stars: | 2023-04-26 | by ( Kate King | ) www.wsj.com   time to read: 1 min
Illustration: John McColganHundreds of shopping centers across the U.S. are poised to lose their anchor tenant in the coming months after Bed Bath & Beyond Inc. filed for bankruptcy and announced plans to eventually close its remaining stores. While property owners will have to absorb additional costs to lure replacement tenants, and some might still struggle to fill large vacated spaces, many landlords say they aren’t worried.
☆ Rockefeller Center Strikes Deal for Luxury Hotel by Aspen Hospitality
  + stars: | 2023-04-18 | by ( Kate King | ) www.wsj.com   time to read: 1 min
Rockefeller Center, like most Midtown Manhattan landlords, has experienced a sharp drop in office workers since the Covid-19 pandemic began. Rockefeller Center is preparing to open its first hotel, the latest sign that Midtown Manhattan’s largest office landlords are leaning into hospitality and entertainment as remote work reduces demand for office space. Aspen Hospitality plans to convert 10 floors of vacant office space above the NBC “Today” show studios into a luxury hotel, pending city approval. The hotel would be the second location for the company’s Little Nell Hotel, which opened in Aspen, Colo., in 1989.
☆ Rockefeller Center Strikes Deal for Luxury Hotel by Aspen Hospitality Group
  + stars: | 2023-04-17 | by ( Kate King | ) www.wsj.com   time to read: 1 min
Rockefeller Center, like most Midtown Manhattan landlords, has experienced a sharp drop in office workers since the Covid-19 pandemic began. Rockefeller Center is preparing to open its first hotel, the latest sign that Midtown Manhattan’s largest office landlords are leaning into hospitality and entertainment as remote work reduces demand for office space. Aspen Hospitality plans to convert 10 floors of vacant office space above the NBC “Today” show studios into a luxury hotel, pending city approval. The hotel would be the second location for the company’s Little Nell Hotel, which opened in Aspen, Colo., in 1989.
☆ Union Hotel Workers in New York Suburbs Score Biggest Pay Raise in 100 Years
  + stars: | 2023-04-10 | by ( Kate King | ) www.wsj.com   time to read: 1 min
Members of the Hotel and Gaming Trades Council union react to details of the new contract. A New York hotel union has reached a deal with hotel owners and operators that will boost the wages of hospitality workers by $7.50 an hour, the largest increase in the union’s 100-year history. The agreement covers 7,000 members of the Hotel and Gaming Trades Council who work at 87 suburban hotels spanning from Princeton, N.J., to New York’s Albany region and Long Island. The five-year pact has already been ratified by the employers and is expected to be ratified by workers this month, according to union President Rich Maroko .
☆ Miami Developers Court New York Restaurateur to Help Sell Luxury Condos
  + stars: | 2023-04-03 | by ( Kate King | ) www.wsj.com   time to read: 1 min
A rendering of the Villa, a 58-story luxury condominium tower on the southern Florida waterfront. Major Food Group, the proprietor of trendy Manhattan restaurants such as Dirty French and the Italian eatery Carbone, is extending its brand into the booming Miami residential real-estate business. The hospitality company, which opened its first restaurant in 2011, is joining two Miami-based developers to build a 58-story luxury condominium tower on the southern Florida waterfront. The project is Major Food Group’s first affiliation with a residential building. It will be known as the Villa and will include Major Food Group restaurants, which the company said will likely be new concepts that draw elements from its existing brands.
☆ Rapid Warehouse Growth Sparks Local Resident Backlash Across the U.S.
  + stars: | 2023-03-28 | by ( Kate King | Photographs Matt Roth For The Wall Street Journal | ) www.wsj.com   time to read: 1 min
Bob Cassilly describes himself as pro-business. But as the newly elected county executive of Harford County, Md., he is trying to stop construction of giant warehouses that feed e-commerce and other businesses. Mr. Cassilly has proposed a six-month moratorium on warehouse construction in the county, which lies between Philadelphia and Baltimore. Until now, Harford County has had few restrictions on industrial development.
☆ Short-Staffed Hotels Offer Career Growth to Hire Workers
  + stars: | 2023-03-21 | by ( Kate King | Photographs Keith King For The Wall Street Journal | ) www.wsj.com   time to read: 1 min
When hotel operator Nath Inc. reopened its eight hotels in the summer of 2020, it struggled to fill openings for housekeepers and front-desk employees. The company boosted wages for some positions by more than 30% but was still short-staffed. Then Nath tried a different tack. The company created a career-development program with cross-department training and leadership workshops. Prospective housekeepers liked the idea that the company offered a path from cleaning rooms to running housekeeping or even managing a hotel, said Chief Operating Officer Bhavik Patel.
☆ Whole Foods, Other Grocery Stores Are Hot Property
  + stars: | 2023-03-14 | by ( Kate King | ) www.wsj.com   time to read: 1 min
Grocery-store complexes, like the one Hines bought in White Plains, N.Y., are more attractive now as the pandemic winds down and in-person shopping returns. Global real-estate investment manager Hines is paying $112 million for a suburban New York shopping center featuring a Whole Foods, the largest grocery-anchored retail sale in the U.S. since September. The sale of the 262,000-square-foot property in White Plains, N.Y., shows how demand for grocery-store complexes persists, despite rising interest rates and slowing activity for other property types. These outlets have become increasingly attractive as the pandemic winds down and consumers return to shopping in person.
☆ Hotel-Branded Residences Thrive During Housing Market Downturn
  + stars: | 2023-03-06 | by ( Kate King | ) www.wsj.com   time to read: 1 min
A rendering of one of the branded residences at Montage Cay in the Bahamas. Higher mortgage rates and recession fears have upended the high-end housing market, but buyers are still paying up for residences affiliated with luxury hotel brands. Even when there is no hotel attached. Construction of branded residences worldwide has boomed over the past dozen years. The U.S. had 38,900 branded residences across more than 200 developments at the end of last year, a 40% increase from 2010, according to real-estate firm Savills PLC.
☆ Phoenix Hotels Run Up the Score Amid the Super Bowl With Spike in Room Rates
  + stars: | 2023-02-13 | by ( Kate King | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/phoenix-hotels-run-up-the-score-amid-the-super-bowl-with-spike-in-room-rates-93ccc689
☆ Bed Bath & Beyond’s Tough Challenge: Shutting Stores Without Paying a Fortune
  + stars: | 2023-02-13 | by ( Soma Biswas | Kate King | ) www.wsj.com   time to read: 1 min
Bed Bath & Beyond Inc. could face tough negotiations with landlords and pay a high price to close out leases on hundreds of stores as the retailer attempts to downsize without the protection of bankruptcy. A last-minute equity financing of up to $1 billion provided the company enough capital to pay down bank loans, which Bed Bath defaulted last month. But staying out of chapter 11 also means it loses negotiating leverage it would otherwise have in bankruptcy.
☆ Lodging Companies Step Up Efforts to Lure Competitors’ Hotels to Their Brands
  + stars: | 2023-02-06 | by ( Kate King | ) www.wsj.com   time to read: 1 min
Spark by Hilton, a premium-economy-price tier brand announced in January, allows hotel owners to convert their properties for roughly $20,000 to $25,000 a room. Hilton Worldwide Holdings Inc. and other big hotel companies are intensifying efforts to recruit properties from competing brands, a way to maintain growth as new hotel construction slows. Spark by Hilton is the company’s 19th brand, but it is the first one that was built to be a pure conversion vehicle with a consistent look and design at every property. The brand is aimed primarily at bringing independent and rival properties into the Hilton system, said Matt Schuyler , chief brand officer for Hilton.
☆ Bed Bath & Beyond’s Woes Prompt Landlords to Line Up New Tenants
  + stars: | 2023-01-30 | by ( Kate King | ) www.wsj.com   time to read: 1 min
Bed Bath & Beyond Inc.’s slide toward a potential bankruptcy filing threatens to flood the retail real-estate market with hundreds of vacant stores after the company said last week it would close about 90 additional locations. But landlords who own big-box space occupied by the troubled home-goods retailer are more confident about finding new tenants than they would have been in years past, according to property owners and retail analysts.
☆ Bed Bath & Beyond to Close 87 More Stores, Harmon Chain as Restructuring Options Narrow
  + stars: | 2023-01-28 | by ( Soma Biswas | Alexander Gladstone | Kate King | ) www.wsj.com   time to read: 1 min
Bed Bath & Beyond Inc. said Friday it was closing an additional 87 of its flagship stores and its entire Harmon chain of drugstores, as the retailer struggles to find financial support to keep its operations funded. The latest closings are in addition to a plan announced in August to shut 150 lower-performing Bed Bath & Beyond locations, a spokeswoman said. The company said Friday it is also closing five of its Buybuy Baby stores. The company had about 50 Harmon stores as of February 2022.
☆ Hotels Embrace Blue-Collar Workers to Prop Up Sagging Business Travel
  + stars: | 2023-01-23 | by ( Will Feuer | Kate King | Photographs Kori Suzuki For The Wall Street Journal | ) www.wsj.com   time to read: 1 min
Hotel owners are lamenting a drop-off in corporate travel during the pandemic as finance, tech and other professionals spend less time on the road. But hoteliers are cheering the boom in travel by blue-collar workers. Construction crews, travel nurses, truckers and sales teams from small and medium-size businesses have packed hotels for much of the past three years.
☆ New York City’s Luxury Apartment Market Under Pressure in 2023
  + stars: | 2023-01-17 | by ( Kate King | ) www.wsj.com   time to read: 1 min
New York City’s luxury residential market faces numerous obstacles at the start of 2023, ranging from high interest rates to signs of a disappointing bonus season on Wall Street. Sales of the city’s most expensive apartments slowed in the second half of last year, and brokers and analysts said they don’t expect a turnaround soon as the prospect of an economic slowdown pinches even the most affluent home buyers.
☆ Funky Boutique Operator Ace Hotel Reaches Deal to Sell the Company
  + stars: | 2023-01-17 | by ( Kate King | ) www.wsj.com   time to read: 1 min
Ace has 11 hotels in operation, including locations in Los Angeles, New York and Kyoto, Japan. A Portland, Ore.-based hospitality firm has reached an agreement to acquire Ace Group International , the operator of a quirky but influential hotel chain known for its cafes, in-house DJs and reclaimed furniture scattered throughout its lobbies. Sortis Holdings Inc. has agreed to pay $85 million in an all-cash transaction for the Ace brand and its hotel management company, according to Sortis Holdings Executive Chairman Paul Brenneke .
☆ Fox, News Corp Sign Long-Term Office Leases for Midtown Manhattan
  + stars: | 2023-01-04 | by ( Kate King | ) www.wsj.com   time to read: 1 min
The exterior of 1211 Avenue of the Americas in Midtown Manhattan, where News Corp and Fox Corp. have renewed leases. Rupert Murdoch ’s media empire is recommitting to Manhattan office space, after News Corp and Fox Corp. each signed long-term leases that will keep the two companies in Midtown for another 20 years. The two separate leases span more than 1.1 million square feet, or roughly equivalent to the company’s current footprint, according to Ivanhoe Cambridge, the Canadian real-estate firm that owns the building at 1211 Avenue of the Americas. The agreement includes renovations to the exterior and interior of the building.
☆ New York Hotel Owners Cheer Recent Revival, But Are Wary of Possible Slump
  + stars: | 2023-01-02 | by ( Kate King | ) www.wsj.com   time to read: 1 min
The Mark Hotel on New York’s Upper East Side just reported its strongest year on record from a revenue perspective. New York City hotel owners are toasting a year that showed signs of a sustained recovery from the pandemic, but the prospect of a possible economic downturn is dampening further celebrations. New York and other urban hotels were among the hardest hit early on during the Covid-19 pandemic, when travelers sought warm-weather resorts over crowded cities and business travel collapsed.
☆ Dollar Stores Lead a Surge in New Retail Openings
  + stars: | 2022-12-20 | by ( Kate King | ) www.wsj.com   time to read: 1 min
Dollar General now has roughly 18,800 stores in the U.S., compared with 5,000 in 2001. Dollar stores, boosted by demand for less expensive groceries and goods in underserved rural areas, are far outpacing other retailers in opening new stores. Bricks-and-mortar shopping has rebounded strongly since the height of the pandemic, with many companies now adding new locations. Leading the pack are the two largest U.S. dollar-store chains, Dollar General Corp. and Dollar Tree Inc., which combined expect to have opened more than 1,300 net new stores by the end of the fiscal year that ends in late January, according to the companies.
☆ Barnes & Noble Store Expansion Leads Big-Box Real-Estate Revival in 2023
  + stars: | 2022-12-19 | by ( Kate King | ) www.wsj.com   time to read: 1 min
Barnes & Noble plans to grow its fleet by 30 stores next year, the latest sign that big-box retailers are expanding again after years of shrinking their real-estate footprints. The bookseller had been contracting for more than a decade as it struggled to compete with Amazon.com Inc. and other online retailers, and now has about 125 fewer stores than it did at its peak 14 years ago. But this year Barnes & Noble is opening more stores than it is closing, including two Boston-area stores in locations formerly occupied by Amazon Books.
☆ Los Angeles Police Investigate Altercation Involving Council Member
  + stars: | 2022-12-10 | by ( Kate King | ) www.wsj.com   time to read: 1 min
Los Angeles police are investigating an altercation between activists and a City Council member became physical Friday evening. Kevin de León , the council member, has been facing calls to resign since October, when an audio recording was released in which he and two other council members, all Democrats, discuss how to redraw districts in a way that would be politically advantageous to Latinos while sidelining other groups, including Black Angelenos.
☆ In White Plains, N.Y., the Long Death of an Old Mall
  + stars: | 2022-12-06 | by ( Kate King | ) www.wsj.com   time to read: 1 min
A rendering of the apartments planned on the former site of a 1970s-era mall in White Plains, N.Y. The long-decaying White Plains Mall is dead and buried, with developers set to break ground this week on the first phase of a $650 million project to build hundreds of apartments in its place. It is an outcome that is widely welcomed, but has taken years to come to fruition. There is no shortage of dying malls in the U.S., where aging shopping centers, in particular, have declined due to changing shopping habits, e-commerce and competition from newer malls. These large, well-located properties attract interest from developers, and town officials are typically eager to see them revitalized.
☆ Macy’s Hosts Tween Retailer Claire’s at 21 Locations in Bid for Younger Customers
  + stars: | 2022-11-29 | by ( Kate King | ) www.wsj.com   time to read: 1 min
Macy’s Inc. said it is bringing outposts of Claire’s, a fashion-and-accessories store, to 21 of its locations as the department-store operator bets bigger on the store-in-store concept. Claire’s has long been popular with girls in their tween and teenage years, and Macy’s hopes that hosting these stores will bring more business from this demographic going into the holiday season.
☆ Jersey City Tenants Confront Landlord Over 40% Rent Hikes
  + stars: | 2022-11-21 | by ( Kate King | Photographs Elianel Clinton For The Wall Street Journal | ) www.wsj.com   time to read: 1 min
Dina Bologa was shocked when she learned in July that the rent for her Jersey City, N.J., two-bedroom apartment would go up 40% to more than $6,000 a month if she renewed her lease. She thought about moving and tried negotiating with her landlord. Then Ms. Bologa’s neighbors, who were facing similar rent increases, started organizing.
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