Sydney Airport opens first to Australia dining concepts

first_imgSydney Airport T1 International terminal The Bistro by Wolfgang PuckSydney Airport opens first to Australia dining conceptsSydney Airport has further boosted its exciting food and dining options with today’s opening of The Bistro by Wolfgang Puck, from internationally acclaimed chef Wolfgang Puck, alongside Australia’s first flagship Heineken House venue at the T1 International terminal.The premium dining spaces have been designed and created specifically for Sydney Airport by Emirates Leisure Retail and are both Australian firsts. The Bistro by Wolfgang Puck and Heineken House are set within the recently launched premium dining precinct, City View.The Bistro offers passengers a range of casual fare in a relaxed dining environment overlooking the city skyline.Feature dishes will include steak frites with asparagus, French fries and herb butter; a range of gourmet pizzas; Australian Wagyu burgers; and truffle potato chips.Passengers can also enjoy a full breakfast menu with items such as cinnamon-spiced buttermilk pancakes with salted maple butter, huevos rancheros and breakfast pizzas. Lighter snacks and a selection of small plates, including Wolfgang Puck’s signature chopped salad, are also on offer.Famous globally for his gourmet credentials, including catering the Oscars for the past 21 years, Wolfgang Puck has created a must-try menu that delivers incredible flavour with the freshest ingredients from local producers.“I’m very excited to unveil my new restaurant in Sydney Airport’s T1 International terminal for Australians and the many visitors travelling through the amazing country of Australia,” Wolfgang Puck said.“My chefs are using the best ingredients available for our menus, using local produce whenever possible. Our partnership with Heineken makes this location the first of its kind. My team and I look forward to welcoming you and hope you enjoy The Bistro.”Complementing The Bistro, the flagship Heineken House is the perfect place for travellers to relax and enjoy a premium international beer before they depart Sydney Airport. Heineken House will feature Heineken’s latest global innovations including Heineken served Extra Cold, the brand’s coldest beer yet.The partnership between The Bistro and Heineken House sees The Bistro offering a refreshing mix of Heineken product, while Heineken House customers will be able to enjoy a delicious snack menu by the Bistro.“The launch of Heineken House at Sydney Airport is an exciting new era for Heineken in Australia. By launching at Sydney Airport we have the opportunity to provide a memorable experience to millions of international travellers every year and demonstrate our position as the world’s leading international premium beer,” Heineken Lion Australia Managing Director Andrew Campbell said.The contemporary layout of the venues has been designed by award-winning Australian architect, Mike McCann, who has developed strong architectural details and finishes to elevate the premium dining precinct. This includes a custom-made pizza oven sitting at the heart of The Bistro, while an eight-metre-tall bottle tower takes prize position inside Heineken House, as a striking display to greet passengers upon entering the space. Throughout the tenancies warm copper tones create a rich, inviting feeling for passengers to sit, relax and enjoy a premium dining experience.Sydney Airport General Manager Retail Glyn Williams said the new dining venues are part of the airport’s strategy to enhance the airport experience with high quality and memorable dining options.“A compelling food offering is essential to the modern day traveller’s overall airport journey and we are confident passengers are going to love our new eateries, including The Bistro by Wolfgang Puck and Heineken House,” Mr Williams said.“The City View precinct heralds a new era for dining at Sydney Airport. Both of these new venues will offer our passengers a thoroughly enjoyable and vibrant dining experience, matched with striking views of the airfield and city skyline.”The Bistro by Wolfgang Puck and Heineken House have been brought to Sydney Airport in conjunction with Emirates Leisure Retail Australia (ELRA).“ELRA is excited to expand our strong relationship with Sydney Airport and offer The Bistro by Wolfgang Puck and Heineken House to millions of travellers, enhancing their airport experience,” Emirates Leisure Retail Australia Managing Director Adam Summerville said.The Bistro by Wolfgang Puck and Heineken House are now open at Sydney Airport’s T1 International Departures beyond customs. The new offerings join global first Benny Burger by Shannon Bennett and Australian first contemporary juice bar concept Joe & The Juice. Popular local eatery Kitchen by Mike will open in the coming months, completing the new dining precinct.Source = Sydney Airportlast_img

Tourico Holidays data shows strong US hotel market

first_imgTourico Holidays data shows strong U.S. hotel marketTourico Holidays, the world’s fastest growing wholesale travel brokerage company, today shared encouraging data for the United States hotel industry, revealing an 8 percent overall increase in U.S. hotel bookings in 2016, compared to the prior year – and an additional 6.5 percent increase through the first 18 weeks of 2017.Another promising sign for the U.S. hotel market is Chinese travel. According to Tourico, the Chinese have increased their U.S. inbound hotel bookings by 67.5 percent year-over-year in 2017. Other countries also increasing their U.S. hotel bookings in 2017 include Brazil (+23.5% YOY), Canada (+19% YOY), Australia (+9% YOY), and the United Arab Emirates (+60% YOY).“There was some concern that current issues, such as a travel ban and seemingly tighter immigration policies, would negatively affect the U.S. hotel industry, but the market appears to be even more resilient than even we initially predicted,” said Matias Elisavetsky, the Executive Vice President of Global Product Development for Tourico Holidays. “It’s extremely encouraging to see hotel traffic continue to grow – especially from key source markets like China, Canada, Brazil and the UAE.”California, a popular tourism destination among foreign travelers and a market that typically reflects the overall health of the hotel industry, has also increased its inbound hotel bookings. Hotel bookings in The Golden State are trending 19 percent higher in 2017 than the same time last year.To meet the growing demand, Tourico Holidays has bolstered its U.S. hotel inventory, growing its footprint of contracted hotels in California by 10 percent in 2016, and by 52 percent since 2013. The company works with suppliers, pre-purchasing massive room blocks and providing guaranteed occupancy levels. Tourico utilizes a network of 2,500 distributors throughout the world to generate global demand for their U.S. hotel partners. As a result of its global footprint, U.S. travel suppliers can rely less on local and domestic customers and increase occupancy rates through global channels.“As private accommodation aggregators flood the online marketplace and consumer behaviors shift, it’s vital for hotel suppliers to expand their distribution plan and put their inventory in front of a global audience,” said Elisavetsky. “Being connected to a diverse collection of international travel sellers, our hotel partners can access customers in every part of the globe and enjoy sustained profitability.”Tourico Holidays will be exhibiting its comprehensive lineup of travel offerings – including hotels, cruises, activities and transfers, car rentals, and vacation homes – at IPW 2017 in Washington DC from June 3rd to the 7th. To speak with a Tourico Holidays representative at IPW 2017, please visit Booths 1101 & 1105. Tourico HolidaysSource = Tourico Holidayslast_img

Hawaiian Airlines introduces new meal program designer uniforms

first_imgHawaiian Airlines introduces new meal program, designer uniforms Hawaiian Airlines, the only U.S. carrier to offer travelers complimentary meals on all transpacific flights for over three decades, is cooking up something new. Hawai‘i’s hometown carrier will introduce new elements in both food and fashion tomorrow by launching a new meal program for its North American routes while debuting uniforms by local designer Sig Zane across its network. Guests in the Main Cabin on Hawaiian flights between Hawaii and Western U.S. gateway cities will be treated to complimentary meal service exclusively created for the airline’s new Pau Hāna Café brand. The new service, based on guest feedback, is being launched in preparation for the roll-out of Hawaiian’s new fleet of A321neo aircraft early next year. “Our complimentary in-flight meals have been a hallmark of the authentic and warm hospitality our guests have enjoyed for decades,” said Avi Mannis, Hawaiian Airlines’ senior vice president of marketing. “In adapting our meal program for the narrow-body A321neos, we found that our guests highly value opportunities to interact with our in-flight crew, so we added more service touch-points during their travel.” The Pau Hāna Café consists of a continental breakfast box for brunch and hot sandwich and side for lunch. Pau Hāna, a Hawaiian term for “finished work,” is a time to relax and unwind after a long workday. The meal service will be followed by coffee and a sweet treat for dessert. A parting Mahalo service features the carrier’s popular Koloa Breeze cocktail, featuring Koloa Rum from the island of Kauaʻi, and our signature Pau Hāna snack mix. As Main Cabin guests enjoy The Pau Hāna Café, the airline’s extremely well-received Featured Chef Series overseen by Hawaiian Airlines Executive Chef Chai Chaowasaree will remain in place for First Class guests traveling from Hawaii to North America. Hawaiian tomorrow welcomes its newest Featured Chef, Wade Ueoka of MW Restaurant. Chef Wade’s meal cycle runs through June 2018 and includes island-inspired dishes such as a cold tofu salad with kimchee, watercress, kaiware sprouts, yuzu kosho vinaigrette appetizer and a ground beef and Portuguese sausage meatloaf with home-style gravy, sautéed mushrooms, potatoes and kale entree. The updated meal program coincides with the debut of new uniforms for over 5,000 of Hawaiian’s front-line staff globally. The pieces by Hilo-based designer Sig Zane were unveiled during last year’s HONOLULU Fashion Week as employees from Airport Customer Service, Cabin Service, Cargo, In-Flight, Line Service, Maintenance, Ramp, and Supply walked the runway. The print’s theme, Kū Mākou, or Together We Stand, is represented by the lehua blossom and ‘ohe kapala (bamboo stamps) through every piece of each work group’s uniform, as applied in different scales and tonalities to prints, linings and woven elements. About Hawaiian Airlines Hawaiian®, the world’s most punctual airline as reported by OAG, has led all U.S. carriers in on-time performance for each of the past 13 years (2004-2016) as reported by the U.S. Department of Transportation. Consumer surveys by Condé Nast Traveler and Travel + Leisure have placed Hawaiian among the top of all domestic airlines serving Hawai‘i. Now in its 89th year of continuous service, Hawaiian is Hawai‘i’s biggest and longest-serving airline. Hawaiian offers non-stop service to Hawai‘i from more U.S. gateway cities (11) than any other airline, along with service from Japan, South Korea, China, Australia, New Zealand, American Samoa and Tahiti. Hawaiian also provides approximately 170 jet flights daily between the Hawaiian Islands, with a total of more than 250 daily flights system-wide. Hawaiian Airlines, Inc. is a subsidiary of Hawaiian Holdings, Inc. (NASDAQ: HA). Additional information is available at HawaiianAirlines.com. Follow updates on Twitter about Hawaiian (@HawaiianAir) and its special fare offers (@HawaiianFares), and become a fan on its Facebook page (Hawaiian Airlines). For career postings and updates, follow Hawaiian’s LinkedIn page.Source = Hawaiian Airlineslast_img

AKs wildlife extravaganza by Private Jet

first_imgEast Africa GameA&K’s wildlife extravaganza by Private JetFrom the playful lemur to the elusive Bengal tiger, the giant panda and the endangered mountain gorilla, the incredible diversity of wildlife contributes to the rich tapestry of life on Earth. For years Abercrombie & Kent’s experts around the globe have searched for the most rewarding and up-close wildlife encounters. Realising that the survival of many of these species is under increasing threat and that time is of the essence, A&K has designed a safari by private jet to make it possible to visit these animals in their dramatically-varied natural habitats on one remarkable journey.This one-off journey is an opportunity for no more than 50 privileged guests to encounter iconic – and often critically endangered – animals and spend time with leading conservation experts. Meet little-known species like Japan’s snow monkey and the tiny Philippine tarsier. Swim with massive whale sharks and go behind-the-scenes to feed orphaned orangutans. Learn from experts who have spent their lives studying these remarkable animals on an extraordinary journey that ends with a safari in East Africa, where the A&K story began, to search for the Big Five in Kenya’s Masai Mara.Private jet travel with Abercrombie & Kent invites guests to personalise their journey with a choice of Design Your Day activities, including active outdoor excursions, enriching cultural encounters and relaxing wellness experiences. In Rwanda, guests may choose to hike to Bisoke Volcano, visit Dian Fossey’s research centre, search for golden monkeys in the jungle or simply relax in camp with a massage. In India, choices include a tour of historic Ranthambore Fort, a cultural encounter in a local village, the chance to savour the complex spices of Indian cuisine during a private cooking lesson or be pampered at a world-class spa.A&K’s network of worldwide experts has worked together to design an itinerary filled with authentic, invitation-only events beyond the reach of any other travel company. Take on the role of an assistant panda keeper during a behind-the-scenes experience that includes feeding, visiting the panda nursery and being photographed with a cub. Learn about measures being taken around the world to protect endangered wildlife during eye-opening discussions with experts including a gorilla doctor, the founder of the Borneon Sunbear Conservation Centre and the president of the Groupe d’Etude et de Recherche sur les Primates de Madagascar.One of A&K’s most experienced Tour Directors orchestrates the journey from start to finish. On the ground, guests travel in small groups of no more than 16, each led by a Tour Manager, assisted by expert local guides who share their personal stories and lend insights well beyond any guidebook. A dedicated Photo Enrichment Coach helps guests make the most of every wildlife encounter, with tips and advice for capturing animals in their natural habitats. There is also an onboard physician who travels with the group throughout the journey.Accommodations reflect the distinctive character of each destination and offer authentic hospitality. These include not only the classic luxury of The Peninsula Tokyo and The Oberoi Vanyavilas in Ranthambore, but also lesser-known gems such as the boutique Temple House in Chengdu, Angama Mara, perched on the edge of the Great Rift Valley overlooking the Masai Mara; and an array of hand-selected luxury lodges in Rwanda, reserved exclusively for the A&K Private Jet.Meals throughout the journey are more than just a chance to dine at the end of the day – they are a feast for the senses, with local entertainment and stunning natural backdrops. Attend an authentic Japanese kaiseki feast presided over by accomplished geisha; experience the full range of Filipino cuisine at a private culinary festival; and gather for a torchlit feast in an amphitheatre in Ranthambore. There are also several opportunities to sample cuisine at local restaurants — with A&K picking up the check.Travelling by private jet allows guests to experience far more than on a conventional itinerary — with greater comfort and ease. Onboard A&K’s privately-chartered Boeing 757 are 50 custom-designed Italian leather seats equipped with personal massage system, 4-way adjustable headrests and lumbar support, that open to fully lie-flat beds 6.5′ long (79” pitch).Guests enjoy a fully stocked, open bar featuring top-shelf wine and spirits, in addition to first-class meal service. Completing the best-in-class in-flight experience is a dedicated cabin crew with a crew-to-guest ratio of 1:7. Amenities onboard are designed to make guests feel at home, including noise-cancelling headphones and curated entertainment selected to complement the itinerary.Abercrombie & Kent is a pioneer of private jet travel, introducing the first Royal Air Tour in 1989. Today it is one of the most experienced read more

Intrepid Travel to become the first climate positive com

first_imgIntrepid Travel to become the first ‘climate positive’ companyWith climate change policies coming to the fore during the federal election, Australian owned Intrepid Travel commits to becoming the first travel company to be climate positive by 2020The first step in this goal is supporting a Tasmanian seaweed solution to climate changeIntrepid Travel is donating 40% of profits from its Family trips to preserve the planet for future travellersWhile politicians discuss climate policies, one Australian company is investing in climate action.Melbourne-based Intrepid Travel has committed to becoming the first of its kind to be ‘climate positive’. This means the already carbon-neutral business will create an environmental benefit by removing additional carbon dioxide from the atmosphere.Joining forces with the Climate Foundation and the University of Tasmania, The Intrepid Foundation is crowdfunding for a new marine permaculture initiative that will regenerate marine ecosystems in Tasmania and sequester carbon from the atmosphere.  All donations made to the project through the Foundation will be matched dollar for dollar with the goal of raising AUD $350,000.The seaweed project will be one of the first of its kind in Australia.Darrell Wade, co-Founder of Intrepid Travel said: “The global climate crisis is escalating, but ignoring the problem isn’t going to make it go away. We need to act now. The good news is that there are solutions.”Intrepid has been a carbon-neutral company since 2010, purchasing carbon credits associated with a range of renewable energy projects. These include a wind power project in India, a rainforest restoration initiative in Borneo and forest protection project in Malawi.“We can’t rely on governement. Climate action has to be a priority for government, private enterprise and consumers. We all have a responsibility to make urgent positive difference,” added Wade.Dr. Brian von Herzen, Executive Director of the Climate Foundation, said: “Marine permaculture enables us to regenerate kelp forests that have been lost to climate disruption. These projects not only draw down carbon dioxide, they help to ensure marine biodiversity for generations to come.”Inspired by children around the world striking for climate action and the visionary new documentary, 2040, Intrepid Travel will also donate  40% of all profits from their family holidays booked by the end of June 2019.“From tiger spotting in India’s Ranthambore National Park to trekking Costa Rica’s active volcanoes, these family trips showcase Earth’s finest to our next generation of travellers who will go on to change the world,” commented Wade.For more information, visit www.intrepidtravel.com/uk/regeneration-generationSome of the most impactful technologies and solutions to reverse climate change are explored in a new documentary titled 2040, to be released in Australian cinemas on 23 May. The film explores what the future could look like if we adopted the best regenerative climate solutions already available to us, including marine permaculture. As part of its commitment to climate change solutions, The Intrepid Foundation supported the film with an AUD $100,000 donation. For more information, visit www.whatsyour2040.comSource = Intrepid Travellast_img

Solarpowered plane arrives at Cairo Egypt

first_imgThe Egyptian Tourism Authority and Ministry of Aviation recently held a press conference to welcome Solar Impulse 2, the solar powered plane which has taken off from Seville on the penultimate leg of a round-the-world trip which reached Cairo.Operated by pilot André Borscherg, Solar Impulse 2 travels at an average speed of 75 km/h and at a maximum altitude of 28,000 feet.“This is Solar Impulse’s penultimate flight before reaching their long-awaited finish line. We are honoured to welcome Solar Impulse 2 to Egypt. It is not every day that history is being made, but we have welcomed the first solar powered plane and we look forward to welcome our tourist aboard solar powered planes in the near future,” said H E Egypt’s Minister of Tourism Mohamed Yehia Rashed.The plane utilises 17,248 solar cells that render fuel consumption unnecessary, weighs 2.3 tons and has a wingspan of 72 meters.last_img

South African Tourism highlights new destinations

first_imgTo expand its tourism base and showcase new destinations, the South African Tourism (SAT) has now further expanded its product offering to include newer regions that offer newer activities. The new destinations include East London, Port Elizabeth, Oudtshroon, Plettenberg Bay, Knysna. SAT firmly believes that these new destinations will attract more Indian travellers and boost arrivals to South Africa. To promote these SAT’s India office recently organised an educational roadshow to promote the unexplored destinations. Tour operators from Mumbai, Delhi, Pune, Nagpur and Bengaluru took part to understand the new South African destinations. Hanneli Slabber, Country Manager- India, South African Tourism, said, “A large section of the Indian market includes second and third-time visitors to South Africa and to maintain their interest, we need travel agents to be thoroughly aware of different locations within the country.”last_img

AccorHotels acquires Adoria for corporate and contract catering

first_imgAccorHotels announces the acquisition of Adoria, the SaaS platform that enables the catering industry to optimise supply management.Founded in France in 2003, Adoria is used by 2,700 organisations (30 catering groups) and brings together 300,000 active users and more than 800 manufacturers and distributors. Adoria offers centralised solutions for managing tendering, procurement, logistics and production. This modular suite guarantees that all stakeholders in the catering chain provide a quality service, from producer through to the consumer, and ensures their profitability. Caroline Tissot, Chief Group Procurement Officer at AccorHotels, said, “I am delighted with the addition of Adoria to the Group’s range of services, complementing AccorHotels’ recent acquisitions in the catering sector. This acquisition is in line with our strategy to acquire the most innovative and visionary players in their markets, in order to provide our customers and partners with an increasingly wide range of complementary services. Our aim will be to support Adoria’s international development, while simultaneously benefiting from its expertise and from a highly qualified team.” Laurent Gueye, CEO of Adoria said, “We are very pleased to be working with AccorHotels as we are both focused on the same goal – providing the most innovative digital solutions in order to enhance our customers’ experience. Adoria is growing structurally in its market and we are proud to be a recognised leader among organisations and medium-sized, large and global catering groups. By combining our strengths with those of AccorHotels, we are going to increase the performance of our customers.”last_img

Turkey to host 2019 UEFA Super Cup in Istanbul

first_imgWith the UEFA Champions League and Europa League finals concluded, Istanbul has now set its sights on the first all-English Super Cup match scheduled for August 14 at Vodafone Park in Istanbul. The country’s tourism board is expecting a large number of spectators and English fans, to visit the city for the occasion.In the finals, Champions League winners Liverpool will be facing Europa League holders Chelsea in the renowned Vodafone Park, which serves as the home ground of Istanbul giants Beşiktaş. The state-of-the-art stadium by the Bosporus was inaugurated in April 2016 with a capacity of nearly 42,000.The match is expected to contribute a substantial amount to the city’s economy, with airliners expecting more sales in flights from Britain while hoteliers expect a 100% occupancy rate in the already-crowded season. Fans have already started booking tickets for scheduled flights offered by flag-carrier Turkish Airlines from Manchester and London to Istanbul Airport and Sabiha Gökçen, in addition to flights offered by foreign airlines. Additional charter flights will also be introduced near the date of the match.In addition to fans, hundreds of employees from media outlets around the world and the UEFA and guests sponsor companies will also arrive in Istanbul for the match. Football enthusiasts from various countries will also be in Istanbul for the match and to enjoy the atmosphere, with the number of visitors associated with the match expected to be over 50,000.“Considering the number of football fans in India and the craze for Liverpool and Chelsea here, we are optimistic that a number of people from India will be travelling to Istanbul to watch the final match. We are expecting major arrivals to Turkey next month. The authorities are planning to allocate large squares as fan zones and create open-air match screening areas,” said H Deniz ERSÖZ, Culture & Tourism Counsellor, Turkish Culture and Tourism Office in India.A magnet for dynamic and talented people from around the world, Istanbul is the ideal meetings and conventions destination with its vibrancy, modernity, top-notch infrastructure and enviable geographical position. In addition to its geographic advantage as a natural bridge between Europe and the Middle East, bordered by the Black Sea and the Marmara Sea, Turkey, and specifically Istanbul, has seen billions of dollars invested in core infrastructure projects to boost its tourism sector and enhance its position as a viable business and family destination.last_img

Experts Foreign Buyers Not Bolstering Recovery

first_img Agents & Brokers Attorneys & Title Companies Capital Economics Investment Investors Lenders & Servicers National Association of Realtors Service Providers Trulia 2013-07-08 Krista Franks Brock Following a recent “”report from Trulia””:https://themreport.com/articles/foreign-investment-in-us-homes-wanes-2013-06-21 stating foreign interest in the U.S. housing market is on the decline, “”Capital Economics””:https://www.capitaleconomics.com/ reported Monday foreign investment is “”peripheral”” to our nation’s housing market recovery. [IMAGE]””A couple of years ago, a lot was being made of the potential for foreign buyers to come to the rescue of the housing market,”” Capital Economics said. “”We were dubious of these claims at the time, and a recent “”NAR [National Association of Realtors] survey””:http://www.realtor.org/sites/default/files/2013-profile-of-international-home-buying-activity-2013-06.pdf seems to have proven our doubts well-founded.”” The “”NAR””:http://www.realtor.org/ reported foreign buyers accounted for 6.3 percent of all existing home sales and 3.2 percent of all transactions over the 12-month period ending in March. Sales to foreign investors declined by $14.3 billion from the previous year, according to NAR. The association [COLUMN_BREAK]attributes about $8.8 billion of the decline to lower prices and about $5.5 billion to a decrease in sales transactions to foreign buyers. Weakening currencies are deterring foreign buyers, according to Capital Economics. However, China is the exception. The greatest share of foreign buyers come to the U.S. from Canada, China, Mexico, the United Kingdom, India, and Germany–in that order–according to Capital Economics. As the dollar grows more favorable, even underpriced U.S. markets appear more expensive to foreign buyers. However, the Chinese renminbi has strengthened, and Chinese investment in the U.S. housing market has grown from 5 percent five years ago to 11 percent last year. California is benefitting from Chinese investment, according to Capital Economics. Chinese buyers have contributed to 17 percent of foreign sales in the state this year as opposed to 11 percent last year. While China’s GDP growth is projected to slow next year, Capital Economics believes “”wealth creation at the top of Chinese society, coupled with a slow but steady strengthening of the renminbi, should see Chinese interest in US housing continue to grow.”” Despite the growing interest from China, the analytics firm “”doubt[s] foreigners will make much of a contribution to the recovery”” due to further strengthening of the dollar and “”challenging”” economic conditions abroad. July 8, 2013 455 Views Experts: Foreign Buyers Not Bolstering Recoverycenter_img in Data Sharelast_img

Commercial Real Estate Loan Prices Steady in July

first_imgCommercial Real Estate Loan Prices Steady in July September 3, 2013 415 Views Agents & Brokers Attorneys & Title Companies Commercial Real Estate Investors Lenders & Servicers Mortgage-Backed Securities Service Providers 2013-09-03 Tory Barringer “”DebtX””:https://www.debtx.com/, an online marketplace for commercial real estate (CRE) and specialty finance debt, reported that CRE loan prices were steady in July compared to last year.[IMAGE]According to DebtX, the estimated price of whole loans securing the commercial mortgage-backed securities (CMBS) universe fell to 90.7 percent as of July 31, just [COLUMN_BREAK]barely down from 90.8 percent in June. Loan values were 88.1 percent on July 31, 2012.For impaired performing loans, the weighted average monthly price traded at DebtX’s marketplace was 78.2 percent, up a bit from 77.5 percent in June 2013 and 77.6 percent in July 2012. The weighted average monthly price of non-performing CRE loans was 50.9 percent, down from 51.1 percent in June but up from 49.9 percent last year.””In July, there was some continued improvement in loan-to-value ratios, but it was offset by a small upward shift in the Treasury yield curve,”” said DebtX managing director Will Mercer. “”The secondary loan market remains active and little changed in terms of price. Loan values are essentially right where they were a year ago.””Meanwhile, DebtX’s Loan Liquidity Index, a monthly barometer of liquidity for pools of loans sold in its marketplace, was 97.9 in July, an improvement from 96.4 in June 2013. The index was 111.7 in July 2012.center_img in Data, Secondary Market Sharelast_img

Economy Grows at Modest to Moderate Pace with Cautious Optimism

first_img Share in Data, Origination October 17, 2013 515 Views Fed,Economy Grows at ‘Modest to Moderate’ Pace with ‘Cautious Optimism’center_img Sentiment is “”cautiously optimistic”” surrounding the future of the nation’s economy, although the federal government shutdown was cause for some concern, according to the Federal Reserve’s “”Beige Book””:http://www.federalreserve.gov/monetarypolicy/beigebook/beigebook201310.htm released Wednesday.[IMAGE] Revealing economic conditions in each of the “”Federal Reserve’s””:http://www.federalreserve.gov/default.htm 12 districts, the report found “”modest to moderate”” economic expansion across the nation over the reporting period from August 27 through October 7. Reports of the housing market were generally positive–with markets growing or at least not faltering in most markets. The Philadelphia District was the one exception. In fact, the district’s business activity decelerated recently, and “”[t]he slowdown was most evident in the housing sectors,”” according to the Beige Book. Homebuilders in the Philadelphia district reported declining sales, traffic and new contracts, while existing-home sales also slowed to a “”modest pace of growth.”” Overall, residential construction increased at a “”moderate”” pace, while nonresidential construction trailed behind. Multifamily construction outpaced single-family construction in several districts. Real estate activity–both commercial and residential–“”largely continued to improve,”” though activity was mixed across the districts, according to the report. Lending remained “”modest.”” Rising interest rates were of some concern, but not in all districts. Affordability has not been threatened in the Dallas District, and the Boston [COLUMN_BREAK]District reported rising rates served as motivation for potential buyers to buy quickly before rates rise higher. Overall, the financial sector was “”little changed,”” though demand for consumer loans slowed while demand for business loans rose slightly. While some districts experienced a falloff in mortgage lending, originations rose in the Philadelphia, Richmond, and Dallas districts. While consumer spending “”grew modestly,”” auto sales were strong, and retail growth was steady. The retail sector is looking forward to a strong holiday season, according to the report. The tourism sector was vulnerable to the government shutdown. In particular, Richmond noted the temporary closing of several tourist attractions. However, as of the report, hotels did not report resulting cancellations. Business spending increased “”modestly,”” with employment growth “”modest.”” Uncertainty surrounding the Affordable Care Act and future fiscal policy may be holding back hiring, but nonetheless, the Federal Reserve found skilled labor is in high demand.Manufacturing experienced “”modest”” growth spurred by activity in the automotive and aerospace industries, but the New York, Richmond, and Chicago districts’ manufacturing sectors did not fare well. Price and wage pressure were low overall. Responding to the Beige Book, Erik Johnson, senior U.S. economist at HIS Global Insight said, “”Assuming that the shutdown is soon lifted and the debt ceiling is raised, as reports today have indicated, we expect modest improvements in the growth picture over the rest of the year.”” “”The sequester is clearly hurting growth, but the economy’s underlying fundamentals are solid,”” Johnson added. As the federal government reopens for business, some uncertainty should fall away. In eight of the 12 Federal Reserve districts, the overall economy grew at rates similar to the previous reporting period. However, growth declined in Chicago, Kansas City, Philadelphia, and Richmond. Agents & Brokers Attorneys & Title Companies Beige Book Ben S. Bernanke Consumer spending Federal Reserve Investors Lenders & Servicers Service Providers 2013-10-17 Krista Franks Brocklast_img

Beige Book Reports Mixed Residential Real Estate Conditions

first_imgBeige Book Reports Mixed Residential Real Estate Conditions Beige Book Federal Reserve Home Sales residential real estate 2015-03-04 Samantha Guzman March 4, 2015 437 Views Today, the Federal Reserve’s released its Beige Book for February 2015, which found that residential real estate conditions were mixed among the 12 districts. Home sales increased in Boston, Philadelphia, Richmond, St. Louis, Dallas, and San Francisco, but fell in Cleveland and Kansas City. Weather conditions slowed home construction in New York, Philadelphia, and Cleveland and caused Boston to have low levels of inventory. The report notes that lack of desirable lots and low inventory levels continue to slow the market.Philadelphia, Boston, and New York all saw relative growth. All six New England states saw an increase in single-family home sales at the end of December 2014. In Massachusetts, December was only the second month, of the past six, with a year-over-year increase in home sales, while prices have increased 26 out of the last 27 months. The New York District’s housing markets have strengthened somewhat in early 2015. Rents across the rest of the District are up roughly 2 percent over the past year. Housing markets across the rest of New York State and New Jersey have mostly been sluggish, in part due to the inclement weather. Although home sales are increasing rapidly in Philadelphia, growth is slower in the rest of the state.Residential real estate activity increased moderately in the Richmond district. Realtors in Virginia and North Carolina reported increased sales, especially for higher end homes in North Carolina. Home sales increased in the St. Louis district on a year-over-year basis. Compared with the same period in 2013, December 2014 monthly home sales were up 5 percent in Louisville, 11 percent in Little Rock, and 29 percent in St. Louis.Home sales rose in Dallas, although reports on the pace of growth were mixed. Contacts in Dallas-Fort Worth noted a strong, earlier-than-normal pickup in traffic and sales, while demand in Houston held steady. Home prices continued to edge upward in this district.Home sales fell in Cleveland and Kansas City. Cleveland single-family home sales for all of 2014 were down slightly below last year, while the average sale price rose 4 percent. Kansas City residential sales decreased modestly in part to seasonal sale patterns and low inventory. Sale of low and medium priced homes continued to outpace sales of higher priced homes in the city.When measuring banking and finance, the report found that residential lending was positive at all reporting banks, with bankers in Cleveland, Richmond, Chicago, and San Francisco reporting an increase in refinancing activity.center_img in Daily Dose, Data, Headlines, News Sharelast_img

Feds Update Rules for StateRun Appraisal Management Companies

first_img May 1, 2015 545 Views Six federal financial regulatory agencies Thursday issued minimum requirements for state registration and supervision of entities that provide appraisal management services to lenders, underwriters, and other principals in the secondary mortgage market.The new rules were jointly issued by the Office of the Comptroller of the Currency, Federal Reserve, Federal Deposit Insurance Corporation, Consumer Financial Protection Bureau, Federal Housing Finance Agency, and National Credit Union Administration, according to an FHFA statement. These rules amend parts of the Financial Institution Reform, Recovery, and Enforcement Act of 1989 and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to allow states to choose whether they want to register and supervise appraisal management companies, or AMCs.According to FHFA, the new rules apply to states that elect to register and supervise AMCs, but do not compel a state to establish an AMC registration and supervision program. But while there will be no penalties for not establishing a supervisory agency, states that have not established a regulatory structure within three years will be barred from providing appraisal management services for federally related transactions.  The government, however, said it would rescind any ban if a state adopted a regulatory structure for AMCs after this 36-month period.Compliance by states that do have an AMC regulatory body begins one year from the day the new regulations go live, which would put the deadline at the beginning of Q3 2016, according to FHFA. Compliance means adopting minimum registration and supervisory protocols for AMCs, including those that are subsidiaries of federally insured depository institutions. These protocols are meant to cover procedures for recruiting, selecting, and retaining appraisers; contracting with state-certified or state-licensed appraisers; administratively managing an appraisal; and reviewing and verifying the work of appraisers.The rules also require participating states to implement basic supervisory oversight, such as the ability to investigate complaints against AMCs and take disciplinary action against them. AMCs Appraisal Management Companies CFPB FDIC Federal Reserve FHFA NCUA OCC 2015-05-01 Scott_Morgan Feds Update Rules for State-Run Appraisal Management Companiescenter_img in Daily Dose, Featured, Government, News Sharelast_img

Housing Forecast Highlights Expected Changes for the Second Half of 2015

first_img Buyers and Sellers Homeownership Housing Market Forecast 2015-06-22 Staff Writer Housing Forecast Highlights Expected Changes for the Second Half of 2015 Share in Daily Dose, Data, Featured, Newscenter_img With the housing market still in recovery from the recession, homeownership is not a commodity that everyone can afford. In fact, it is a luxury. Forbes writer, Erin Carlyle pointed out a housing forecast titled “What to Expect in the Second Half of 2015” that the homeownership rate in 2005 was 69.1 percent, while today, it’s 63.7 percent, the lowest level the nation has seen since 1993.The forecast highlights that sellers are in an ideal market as the demand for housing is back, but for buyers, home prices are not very favorable and continue to rise. First-time buyers are especially deterred by the inflating price tags. Once you factor in increasing rents, slow wage growth, and high student loan debt, the younger and lower-earning end of the population have a tougher time breaking into the housing market.“The housing market conveyer belt requires people to buy the homes,” said Stan Humphries, chief economist at Zillow. “If we can’t get people on the first rung the whole conveyer belt slows down.”At the beginning of the year, Forbes surveyed experts and gained their predictions for the housing market and mapped out the rest of 2015.In the largest 100 markets in the nation, it’s still cheaper to own than rent by 38 percent, says real estate data firm Trulia. Although real estate conditions vary across different metros, the rent versus buy tradeoff is not likely to shift until mortgage rates hit about 10.6 percent, Trulia predicts.The improving jobs market is another reason for increased housing demand, Forbes reported. Last year, the nation gained three million jobs and this year another two million are expected, says Doug Duncan, chief economist at Fannie Mae. Household formation also increased for the past two quarters, meaning that younger people are entering the housing market.“The pickup in jobs is resulting in some increase in real incomes, so the demand side is strengthening faster than the supply side,” Duncan said.Forbes said that another issue in 2015 the low real estate inventory levels.“Despite the fact that investors have mostly left the market (since the great deals of the recession are now gone), regular people are still competing for too few homes,” Carlyle said. “One key reason: developers simply aren’t building enough new houses.”Another issue that Forbes pointed out is that builders are placing their focus on higher-end homes. Normally, new homes sell for about $25,000 more than previously-owned ones, while today, home are selling for about $75,000 more. The forecast also noted that low and negative equity is preventing people from selling their homesZillow’s Humphries added, “One out of three homeowners with a mortgage are locked out of trading their homes.” According to Zillow, approximately 15 percent of homes are underwater while another 18 percent have less than 20 percent equity in their homes.Forbes advises that when looking to purchase a home, it is a good idea to already have your offer letter in hand because homes sell quickly. “Over one-third of homes sell in two weeks or less in the markets we track,” says Nela Richardson, chief economist at Redfin.The National Association of Realtors (NAR) reported that existing properties sold within 39 days in April on average, meanwhile, six percent of homes sold in April were on the market less than a month.In the first part of 2014, home prices were up between 10 percent and 13 percent year-over-year each month. But by the end of 2014 they had stabilized to an annual gain of 5.8 percent, NAR reports. Experts that Forbes spoke with predict projected gains ranging from 3 percent to 8 percent for this year.“I think prices will continue rising, possibly at rates higher than anticipated,” said Selma Hepp, Trulia’s chief economist. “I think we are looking more at 7 percent to 8 percent.”Lastly, Forbes projects that mortgage rates will hit between 4 and 5 percent by the end of the year. ”Economists have been forecasting a rise in mortgage interest rates for so long now that it’s almost hard to take them seriously, Carlyle said. “But at some point the Fed will act.” June 22, 2015 502 Views last_img

The Housing Question Troubling Young Adults

first_imgThe Housing Question Troubling Young Adults Demand Freddie Mac Home Prices homes HOUSING Housing Supply Incomes Inventory Millennials Rents 2018-06-30 Radhika Ojha June 30, 2018 649 Views Sharecenter_img in Daily Dose, Data, Featured, News For all the speculation as to why millennials are not buying into the housing market, Freddie Mac says the answer is basic–housing costs are rising faster than incomes. And they’ve been doing so since the beginning of the century.Freddie Mac’s report looked at economic and demographic trends from 2000 to 2016 to identify the causes behind the 8 percent decrease in homeownership rate among adults under age 35 since the rate’s peak in 2004. Homeownership rates dropped steeply after the crash in 2008, and overall, around 700,000 young adults did not buy a home between 2000 and 2016 because of increases in inflation-adjusted home prices and rents, according to the report.While half the reason, Freddie Mac found, was higher rents and home prices, the other half was a mix of socio-economic factors like lower marriage and fertility rates among younger adults, as well as student loan debt—which accounted for 13 percent of the reason behind low ownership rates among the young.“Historically low mortgage rates and increasingly favorable employment conditions should have generated a far greater number of home purchases by young adults, especially in the last five years,” said Sam Khater, Chief Economist at Freddie Mac. “Unfortunately, home-price and rent growth above incomes–driven primarily by a severe shortage of housing supply–have been too high of a hurdle for many would-be buyers to clear.”Khater said that while rising home values continue to build housing wealth for most homeowners, weaker affordability conditions have led to “a missed opportunity for the interested young buyers who are unfortunately priced out of the market.”The issue doesn’t look to be going anywhere anytime soon. By 2025, the report speculated, more adults between 25 and 34 will buy homes, but rates will still be below the 2004 average.“Demographics, housing preferences, and economic conditions will all play a role in the direction of homeownership in coming years,” Khater said. “If economic conditions improve, and incomes and entry-level housing supply increase in a meaningful way, homeownership rates for today and tomorrow’s young adults could exceed our current projections.” Those projections put rates between 56 and 60 percent by 2025.Read more about the Freddie Mac June Insights Report:The Dual Headwinds Impacting Mortgage Marketslast_img

FHA Loans Could Cost Less for Homebuyers

first_imgFHA Loans Could Cost Less for Homebuyers FHA Homebuyers Homeownership House Financial Services Committee households HUD loans mortgage 2019-07-24 Radhika Ojha in Daily Dose, Featured, Government, News A new measure passed by the House Financial Services Committee recently could help more low-income households achieve their dream of homeownership.The bipartisan legislation called the Housing Financial Literacy Act requires the U.S. Department of Housing and Urban Development (HUD) to provide a 25-basis-point discount in upfront Federal Housing Administration (FHA) single-family mortgage insurance premiums for first-time homebuyers who complete a housing counseling program to help them sustain homeownership.The bill was introduced by Rep. Joyce Beatty (D-OH) and Rep. Steve Stivers (R-OH).“Motivating first-time homebuyers to seek vital pre-purchase counseling and equipping them with the much-needed financial skills and tools to make informed financial decisions benefits their families, the surrounding neighborhood, and our entire economy,” Beatty said. “I am pleased to see my bill move one step closer to becoming law, and many thanks to my Democratic and Republican colleagues for their support.”The Bill still needs to be passed by the Senate before it goes to the President’s desk to get signed into law. According to a CNBC report, if passed, this legislation would allow first-time homebuyers, especially those from low- or moderate-income households, who opt for an FHA loan to pay less.Currently, borrowers who take an FHA loan are required to pay mortgage insurance to the agency as well as an upfront mortgage insurance premium, since these loans are often taken by buyers with low credit scores and pose an increased risk for lenders. Borrowers today, pay 1.75% of the base loan amount towards mortgage insurance.However, if the bill passes the Senate vote, they would have to pay only 1.5% of the base loan amount towards these charges, if they opt for housing counseling, the CNBC report indicated.”The Department of Housing and Urban Development, which FHA is part of, should make sure the counseling is designed well,” Pete Mills, SVP of Residential Policy for the MBA told CNBC. “Face-to-face would be better than online.”center_img 9 days ago 202 Views Sharelast_img

April 02 2019

first_imgApril 02 , 2019 Though a momentous trend, Superfresh said the variety’s sales were still well behind others for the month, including Gala (up 2.9% in sales), Honeycrisp (up 2.6% in sales), and Granny Smith (up 1.8% in sales). In fact, Gala and Honeycrisp alone represented almost half of all U.S. apple sales in February, with Gala pulling in US$70.2 million and Honeycrisp earning US$85.7 million.Overall, organic apples experienced greater dollar growth (5.2%) as well as volume sold (7.6%). Gala and Honeycrisp led the pack once again for this category, earning US$13.1 million and US$9 million respectively.However, while these types of apples proved successful across the board, other proprietary varieties were in decline for the same period.Meanwhile, organic pears dropped 5.4% in dollars and 7% in volume sold. While the organic Anjou served as the outlier, up 6% in growth, and accounting for 67% of the category’s sales, Superfresh said its popularity was not enough to compensate for the poor sales of other organic pear varieties.It was conventional pears that proved more popular during this period. Leading sales were Bartlett, whose 24% rise in sales had the variety earning US$14 million. Also lucrative were conventional varieties Anjou and Bosc. Chinese market apple shortage leads to highest pri … AUS: Red Rich Fruits secures exclusive rights to C … U.S.: Late season Ruby Frost apple variety gives r … center_img There were increased sales of both apples and pears during February in the U.S., with core varieties of both fruits remaining popular across markets.While there was a notable upward trajectory of conventional pears, it was organic apples that had the greatest increase in that fruit’s profits. One apple variety in particular built a notable momentum in sales: Autumn Glory, owned by Superfresh Growers. This variety rose a whopping increase of more than four-fold in dollars.According to IRI Freshlook data, the Autumn Glory apple rose in sales by more than five-fold in volume. Superfresh communications manager Catherine Gipe-Stewart attributes this to the excitement surrounding the apple’s sweet “caramel and cinnamon” flavor. You might also be interested in Report: U.S. fresh apple holdings down 12% on last …last_img

Discovery Parks is offering 20 off midweek stays

first_imgDiscovery Parks is offering 20% off mid-week stays at Discovery Park – Jindabyne, in the NSW Snowy Mountains, just a short drive from some of the best slopes in Australia. Bookable for stays of a minimum 2-nights from 1 July to 30 September, the 20% Midweek Snow Saver leaves adventure-seekers with more money to spend on ski hire and entertainment in the bustling alpine hub of Jindabyne. Accommodation at Discovery Parks – Jindabyne ranges from Deluxe Cabins that sleep up to six people ($139 per night) to powered caravan and camping sites ($110 per night).“In snow season, the Jindabyne cabins become the Australian version of European ski chalets. They are warm, comfortable havens to relax with a glass of wine after a fun day on the slopes,” said Adam Koch, Chief Operating Officer of Discovery Parks. “Known affectionately as ‘Jindy’ by locals, the town has lots to entertain those looking for a break from snow adventures. From a thriving arts scene, to shopping and restaurants that will please the toughest culinary critics, Jindy is a quaint Snowy Mountains town that swells in both population and energy come ski season,” said Adam.The 20% Midweek Snow Saver is applicable to stays from Sunday to Thursday, between 1 July and 30 September 2018, of a minimum two nights. Blackout periods may apply.The park overlooks Lake Jindabyne, which is a fishing enthusiast’s dream and one of the best places to catch trout and Atlantic salmon in Australia. Discovery ParksJundabyneskisnowSnowy Mountainsspecialslast_img

Eco tentsglampingMudgeenew south walesSierra Escap

first_imgEco tentsglampingMudgeenew south walesSierra Escape UrallaUrallaSierra Escape is located 20 minutes from the centre of Mudgee township in the Central West wine region of New South Wales.The new tents will be available from 1 June. Prices start from $290 per night for Carinya; $550 per night for Dulili; and $450 per night for Uralla. Launched in 2017, Mudgee’s first and only luxury eco glamping accommodation Sierra Escape has now added two new tent options to their offering — Uralla and Dulili, available for stays from 1 June.Owners Cam and Tasch D’Arcy from Sydney developed a fondness for Mudgee after becoming engaged and then married in the region.“Mudgee is very special to us so we were keen to find something we could really throw ourselves into, and is reflective of our environmental and sustainable values to ensure we were doing the best for the area,” said Cam.The couple settled on a 280-acre block with undulating hills, wildlife, creeks and expansive views.Three Australian-made eco tents now occupy the site. Each uses solar power and has fireplaces, making use of materials to ensure insulation in winter and floor-to-ceiling windows optimise cooling summer breezes. Their first tent launched last year was ‘Carinya’ (27sqm) which sleeps up to two people.DuliliThe addition of ‘Dulili’ (54sqm) will cater for families or groups. Dulili translates to ‘together’ in the local Aboriginal dialect. It can cater for up to seven guests including two queen beds, a single trundle and a second bedroom with a double bed. It features a designer kitchen, wood fireplace, screened windows, glass sliding doors, indoor and outdoor dining tables, fire-pit area and a bathroom and shower with flushing toilet. Dulili‘Uralla’ (meaning ‘home on the hill’) is recommended for a couple’s romantic getaway, sleeping two guests. All tents are positioned apart from one another to offer maximum privacy. The Uralla tent (54sqm) features a designer kitchen, king bed, fireplace, shower, fire-pit and an outdoor freestanding bathtub with vast views. Both of the new tents are 100 per cent solar powered with enough capacity to charge phones, run a small fridge, indoor and outdoor lighting, a small gas cooktop and gas hot water systems.last_img