hospitality, travel & leisure: news
Javits' end promises new dawn for W. Side
January 8, 2012 -- Crain’s New York Business
Mitch Korbey examines Governor Cuomo’s vision of building a new convention center in Queens, razing the Javits Center on the far west side, and replacing it with a mixed-use, transformative development. He notes that environmental review and zoning changes could take three or four years, and that transforming the entire West Side neighborhood around the Javits Center could take that many decades.
American Airlines' Last-Mover Disadvantage
November 30, 2011 -- Bloomberg Businessweek
Stephen Selbst notes that all the major airlines -- except American -- reduced their wage-and-benefit costs years ago by having sought bankruptcy protection. Stephen says American and its parent company should have filed half a decade ago, on the heels of filings by Delta and Northwest. By filing now, after its competitors strengthened themselves by lowering direct and indirect employment costs, a bankrupt American is facing stronger competition.
Analysis: AMR bankruptcy clouds Boeing jet order
November 29, 2011 -- Reuters
Stephen Selbst says American Airlines' $40 billion order for new jets might be imperiled by the airlines' filing for Chapter 11 protection. The bulk of the order went to Boeing, with Airbus getting a smaller slice. Stephen says that American may want to shrink its overall operation -- including the size of its fleet -- which could shrink the size of its order or at least cause the airline to re-trade the contract with Boeing. In the meantime, he says, American's fleet is among the least fuel-efficient in the industry. And he questions whether a bankruptcy judge will authorize a major purchase before the airline files a formal reorganization plan.
Company that owns Charlie Brown's steakhouse files for bankruptcy
November 19, 2010
Gary Young tells New Jersey's largest newspaper that unsecured creditors -- including vendors and holders of gift cards -- will probably come away with nothing, even if the restaurant chain's parent company emerges from protection. Gary, whose clientele includes restaurants and who is longtime counsel to the New Jersey Restaurant Association, also notes that the Chapter 11 filing will stay a wage-and-hour class action in which the company is a defendant.
FX Luxury creditors propose plan
July 20, 2010 -- The Daily Deal
Our representation of W.R. Huff Asset Management Co. LLC, an investor in the bankruptcy case of FX Luxury Las Vegas I LLC, is noted in this story. Joshua Angel represented Huff.
Reduce, Reuse, Repurpose
December 2009 -- Go
Most cities' zoning plans allow for hotel development in commercial -- but not residential -- zones, making former warehouses and business sites ideal for redevelopment as hotels, Mitchell Korbey tells the in-flight magazine of AirTran. Cities often encourage redevelopment of commercial buildings as hotels because they attract tourists and bolster the local economies.
Name That Dog Park: Suffolk Courts Deals for Cash
March 22, 2009 -- New York Times
In a story about one county's plan to sell naming rights to its parks and beaches, Matthew Pace says government's need for money, people's need for free recreation, and advertisers' needs to reach consumers in non-traditional ways make the plan logical. He cautions, however, that advertisers' images and the facilities' images must mesh well and that government should reserve the right to strike deals if scandal hits the advertiser.
Hudson River Park Board Weighs Proposals for 15th Street Pier Development
November 19, 2008 -- The New York Times
This story notes that our client, Youngwoo & Associates, is proposing a $191 million pier project at the western terminus of 15th Street in Chelsea. The proposal includes a new home for a major auction house, a contemporary cultural center consisting of art galleries and concert space, public access to the waterfront, and a large public market similar to Seattle's Pike Place.
Oil money props up slowing hotel sales
September 1, 2008 -- The Real Deal
Paul Shapses is quoted in this story on the dynamics in the hotel development market, noting that although the market has slowed, foreign interests continue to invest.
Checking In With Sam Chang
December 2006 -- The Real Deal
Dennis Russo is quoted regarding the methods and success of hotel developer Sam Chang.