Homeowners Look Toward Eco Makeovers

Better Homes and Gardens Real Estate (BHGRE) has just released the results of a poll of 2,300 homeowners who were considering environmentally friendly makeovers for their houses. Residential property is in the limelight these days, and in the renovation market eco-friendly makeovers are all the rage. However, with the current state of the economy, 36% of respondents claim that the additional expense to make their homes friendlier to the environment makes the plan less feasible. Also cited was inconvenience (22%); lack of knowledge (18%); and simply not enough time to explore the new way (17%).

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2009 Outsourcing Trends Announced

The International Association of Outsourcing Professionals (IAOP) has released a report predicting the top five outsourcing trends for next year. As the global economy continues to sink into a recession, companies worldwide will choose to stick closer to home when picking outsourcing partners. IAOP, the leading international organization for outsourcing professionals, also predicts firms will demand higher levels of savings, expertise, certification, and efficiency.

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London Prices Will Continue to Fall

Residential real estate prices in London topped the list of the most devalued throughout the UK for 2008. According to Hometrack Ltd, that trend is not likely to change any time soon. The average decrease in property prices across the country was 8.7%, while London showed a decline of 10.1%. Residential real estate prices in the city fell by 1% in December alone while the rest of the country saw a decrease of .9%. Read more

Marriott International appoints New Hong Kong GM

The Hong Kong SkyCity Marriott Hotel, a five star hotel in the Marriott International brand, has announced its new General Manager. Robert Jensch, former General Manager of Jamaica’s Ritz Carlton Rose Hall, has signed on to be the leader of Hong Kong’s newest - and only - Marriott Hotel. Marriott International operates four other hotels in Hong Kong under a different brand. Read more

BHD Buys Westin Melbourne

BHD, a Malaysian-based TA enterprise, has paid over $160 million to buy the Westin Melbourne, Melbourne’s most prestigious hotel. Read more

Hilton Agrees to Develop 13 Hotels in Saudi Arabia

Hilton Hotels Corp. has announced that it has signed a Strategic Development Agreement (SDA), a non-exclusive contract with the Abdulmohsen Al-Hokair Group for Tourism and Development. The agreement states that Hilton has the potential to build 13 Hilton Garden Inn development properties.

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Hilton Hotels Spruce up Caribbean Hotels

Hilton Hotels & Resorts have just announced that the owners of eight of its luxury hotels in the Caribbean and Latin America have finished renovations worth over $18.5 million. The renovations are part of Hilton’s global initiative to update its guest accommodations and facilities. The Hilton brand is seeking to “exceed guest expectations” with convenience, comfort, and style. The newly renovated hotels are in Curacao, Argentina, Colombia, Ecuador, Mexico, Puerto Rico and Trinidad.

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Viva Resorts

Viva Resorts, a well known development company, has presented its newest project, “Viva Residence Playa Dorada,” located in Santiago, the Dominican Republic. The development is part of the “Viva Residence” brand. The resorts are aimed toward capturing the attention of the residential tourist. In addition to the new development, Viva Residence also has properties in Las Terrenas, Bayahibe and the Bahamas.

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Carphone’s Ross Resigns

The commercial property market may have claimed another victim. Mr. David Ross, chairman of the transportation group National Express, resigned from the London 2012 Committee after it was proven that the man had used corporate finances to back personal loans.

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Leighton Moves Ahead with Airport Project

Leighton Holdings continues to discount expectations that it may crumble under the current global credit crunch and not be able to move ahead with its contract to build an extension to the Dubai Airport. The company is part of a syndicate that was recently awarded the 4.9 billion dirham ($2 billion) contract.

The announcement of the contract award came only two weeks after Al Habtoor, a company that Leighton owns 45% of, was awarded a $3.75 billion contract to erect the largest building in the world - the Dubai Pearl.

The Dubai Airport contract states that there will be a new concourse that will connect to the airport’s new terminal 3. The concourse will be 645 meters in length and will also include two new hotels. The contract’s value is set at $800 million for Al Habtoor, $360 million of which will go to Leighton.

Last week, Leighton CEO Wal King said he remains optimistic regarding the future of Dubai, despite the bleak global economy. King acknowledged that there may be some tough times ahead but that there are regions surrounding Dubai that have “huge stockpiles of cash.” If oil-rich areas such as Abu Dhabi have such reserves, they may be expected to keep the region from sinking in debt.

Although King is optimistic about his company’s developments in the Middle East, some analysts are a bit squeamish. In November, JP Morgan drastically reduced its price target for the company, going from $40.41 to $23.20. This may hinge on the fear that there will be an economic downturn in the Middle East.

Source: Business.theage.com

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