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I am very happy Hyatt is building more rooms at Sedona and Texas because MF's went down for 2009 even in this economy.
All is quiet about Maui, lets see would you start a project with this economy? Election coming up? New taxes? Money? The good news is Hyatt must start this project I think with in 3 years or they will loose their permit but they can always get a time extension.
People that are looking to buy Hyatt they should look at what resorts we have not and not presume anything else like Hawaii,Bermuda and other sites Kal has on his great website.
Northstar and Siesta Key are almost done Northstar in early 2009 and Siesta Key late 2009. NYC very soon.
Is NYC still a go? If yes, it should be well into the construction process since (according to Hyatt's own newsletter) it will OPEN in Dec 2009. Lastly, if HVC New York City is under construction and opening in approx 12 months, why no sales office, prices, or info?
I do not see how Hyatt would start Maui with this news about Starwood.
Starwood profits fall on lower Hawaii timeshare demand
Pacific Business News (Honolulu)
Starwood Hotels & Resorts revenue fell 5 percent in the third quarter and the company blamed slowing timeshare sales in Hawaii and Florida.
Revenue for vacation ownership was down 27.4 percent to $183 million, compared to 2007. The company said contract sales of vacation ownership intervals decreased nearly 30 percent mostly due to the sellout of the company’s Westin Kaanapali Ocean Resort North on Maui and an overall decline in demand.
The company said it did not sell any vacation ownership receivables during the quarter, from which it had previously anticipated a gain of $10 million to $15 million.
Starwood said it expects operating income from its timeshare business to drop as much as $115 million this year as demand in Hawaii and Orlando, Fla. slows.
The White Plains, N.Y.-based company (NYSE: HOT) reported profits of $113 million for the quarter, compared to $129 million during the same period last year.
Revenue was 5 percent lower, totaling $575 million, down from $605 million during the third quarter 2007.
We wandered into the sales gallery (to look at some of the photos on the walls) when we were at the Hyatt in Aspen last week, and the guy there said that construction at Maui was on hold. He mentioned the NYC property, but I didn't note what opening date he said.