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Enjoying Spain by rail is best done with Palace Tours, as we are one of the largest representatives of luxury trains in the country. Our deep knowledge of Spain's many regions, cities, foods and wine allows us to configure each luxury tour to meet your specific needs. Here, you can choose to travel on the Al Andalus Luxury Train on a round-trip journey from Seville, visiting other beautiful cities in the southern Andalusia province.The Al Andalus offers two categories of cabin accommodations, four lounge cars that frequently host live entertainment, and a changing menu influenced by local dishes throughout the journey. The train expertly blends classic charm and style with modern comforts to provide an unforgettable experience. Experience Spain from the unique perspective of luxury rail.
Visit the famous region of Andalusia in Southern Spain on board one of the most luxurious royal trains in the world without having to pack or unpack. Experience Spanish hospitality on board this "Cruise on Rail," and the beauty and culture of this region ...
Lleno de monumentos históricos, vistas fantásticas, sonidos y sabores, este tour comienza en la ciudad de Sevilla y le otorga una excelente oportunidad de trasladarse de una maravillosa ciudad en España a la siguiente, a bordo el Lujoso tren Al Andalus ...
Book Spain trains Point to Point tickets, Passes and Luxury Trains
From Roman Caesars to Islamic caliphs to Castilian kings, countless empires have called the sun-kissed lands of southern Spain their home. And, as new waves of pioneers would arrive, these peoples and cultures would stretch over each other like layers, until finally, all the layers smoothed together to form a way of life unlike any … Continue reading Explore Spain on board Al Andalus with this Special Offer!
As per the latest circular from Renfe, starting on July 1st 2015, there would be a change in the type of trains being operated between Madrid and Toledo. These will be more modern AVANT Trains. The trains will maintain the same schedule as before. Please refer to the circular attached for information. Clients can book Renfe … Continue reading New Trains between Madrid – Toledo in Spain
When it comes to planning a trip to Europe, a huge concern is the currency exchange rate. In the past, the Euro has been strong against the US Dollar, making trips expensive for American travelers. However, as of today, the Euro's value has fallen to a 3 year low. If you want your money to … Continue reading Euro is low and travel to Europe is up. Take advantage of the low Euro exchange rate
Palace Tours is proud to announce exclusive tours with El Transcantabrico Gran Lujo in 2014 that further enhances the luxury offered by Spain's super luxury train. For its 2014 program, Palace tours is offering 9 night / 10 day programs for "Northern Spain by Luxury Train Gran Lujo – Eastbound from Santiago de Compostela" and "Northern Spain by Luxury Train … Continue reading El Transcantabrico Gran Lujo 2014 exclusively with Palace Tours
We receive many phone calls for inquires on the 5-night card for the Paradors. It looks like a great deal, and some people claim it must be too good to be true. Here is the breakdown of the 5-night card. One 5-night card costs 540€ That means each night is about 108€ This price includes … Continue reading 5-Night Parador Card
The good thing about Renfe is there are so many options. The downside is you may not know which to choose! Palace Tours breaks down your options so you can make the decision that is right for you. Mesa Rate: This is ideal for families. This seating arrangement is four seats around a table. The … Continue reading Renfe Fares – Which is right for me?
With our new relationship with Renfe comes plenty of new opportunities and offers for our clients. We are always looking for new deals, offers, and specials to make your trip enjoyable and easy. Renfe tickets help you travel throughout Spain quickly and easily. To make life even easier, they developed a RenfeRailPass What is the … Continue reading The Renfe Rail Pass
Palace Tours is the official representative in the US for :
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Palace Tours
20 Wall St, Princeton, NJ, 08540
Phone: 609-580-1372
Toll Free (US & Canada): 800-724-5120
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By now, you probably know you should be monitoring what people are saying about your business online. But keeping up with all the social media chatter can be a full-time job, and it's not getting any easier. Sure there are online reputation management firms that can help protect your online rep and market your business, but other companies are making it easier for customers to critique what you're doing. Betelnut, an 18-year-old San Francisco restaurant inspired by Southeast ...
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Christmas in the Andes
By Lele Saveri
December is a special time of year in the Peruvian state of Chumbivilcas. The girls all braid their hair and put on their finest brocade skirts and hats. The boys put on their nicest ski masks and leather chaps and affix a dead bird to the top of their noggins. Then everybody young and old, male and female, gets together on Christmas morning and beats the living crap out of each other.
Takanakuy is a fighting ceremony with roots in the Andes's pre-Spanish, pre-Incan history. In the absence of pretty much any form of justice system—the Chumbivilcas state police department sports a whopping three officers—villagers and townspeople from the region save up their grudges and disputes for the entire year and settle them by punching their offenders in the face at Takanakuy. While some duke it out over legitimate legal grievances, others fight over girls or petty interpersonal rivalries, and a lot of folks just fight for the sake of a good fight (or because they're drunk).
But most important of all, they do so dressed like amazing DMT-nightmare Mad Max mountain men.
Watch for video of 2011's Christmas-day Takanakuy fighting on VICE.com, coming soon.


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Submit News
HP Swallows $8.9B USD Loss, But Analysts Praise Its Revamp Work
Jason Mick
August 23, 2012 3:33 PM
Recipient E-mail
Sender E-mail
EDS hit was expected due to troubled integration and move away from low end services
When Hewlett-Packard Comp. (
hired Léo Apotheker
as its new CEO shortly after his firing from SAP AG (
) and
cost his former employer $1B USD
for allowing the theft of code from rival Oracle Corp. (
), we warned that a rocky road could be ahead for the veteran PC maker. Sure enough, Mr. Apotheker lived up to the miserable expectations his history would suggest, punching his ticket to
a second firing in just a year
. Unfortunately that did not save HP from a sordid mess of
missed financial targets and crackpot schemes
such as Mr. Apotheker's plan to
sell HP's core personal computer business
I. HP Takes Expected Hit From EDS
Under the new leadership of former eBay, Inc. (
chief executive Meg Whitman
, HP has
slowly worked to unwind
those plans and recover financially.
HP's recovery
hit an expected bump
in the road when it was forced to write off $10.8B USD from its acquisition of Plano, Texas-based Electronic Data Systems (EDS), a top information technology equipment company
acquired during the Mark Hurd era
for $13.9B USD.
HP's EDS acquisition was the source of a big hit. [Image Source: AP Photo]
The EDS hit is attributable to a variety of factors -- demand weakness in the IT sector, underlying structural issues at EDS, and the recent global recession. But a part of the failure is also arguably attributable to Mr. Apotheker's poor management which left the branded HP Enterprise Services struggling. HP is also moving away from the low-end corporate services that EDS specialized in.
With 300,000 employees, HP remains the world's largest maker of personal computers. But sliding revenue has forced the OEM to
commit to the largest layoffs in its history
. In its fiscal Q3 2012, it shed 4,000 jobs, part of 11,500 jobs it is expected to drop before the year's end.
II. HP Aims for Predictability Amid Sliding PC Sales
HP's fiscal Q3 2012 revenue came in at $29.7B USD -- just slightly below the $30.1B USD average expectation of a Thomson Reuters I/B/E/S survey of analysts, whose expectations were based on HP's released earnings targets. That narrow miss was much closer to the analyst and earning target expectations than most of the results of the Apotheker era.
Comments Ms. Whitman, "We are still in the early stage of the turnaround. There will be challenges ahead that could create some variability in performance. But I'm confident in our ability to work through them and get to where we want to be."
Sterne Agee analyst Shaw Wu agrees, telling
that despite the loss there's reason for positivity. He remarks, "HP is definitely showing progress in terms of turning around the company."
HP lowered expectations for the rest of the year, towards the lower end of its previous target range. The PC maker is experiencing currency and demand issues in the European and Asian markets (particularly China).
HP, like Dell, has struggled to compete with younger Asian OEMs. [Image Source: HP]
While all of HP's units reported lower revenue, the PC business was the worst hit. Its revenue dropped 10 percent to $8.6B USD, which was still quite a bit better than rival Dell, Inc. (
whose revenue plummeted by 22 percent
Both firms have struggled to keep up with the "young guns" -- Asian OEMs Acer, Inc. (
), Lenovo Group, Ltd. (
), and ASUSTek Computer, Inc. (
). The former two, in particular have posted double digit growth over the last quarter, while the American OEMs posted double digit declines.
"I want people to see my movies in the best formats possible. For [Paramount] to deny people who have Blu-ray sucks!" -- Movie Director Michael Bay
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Starwood Hotels & Resorts Worldwide, Inc. (HOT) Q3 2008 Earnings Call Transcript October 23, 2008 10:30 AM ET
Jason Koval – Vice President, IR
Frits van Paasschen – President and CEO
Vasant Prabhu – EVP & CFO
David Katz – Oppenheimer
Joseph Greff – JPMorgan
Celeste Brown – Morgan Stanley
Bill Crow – Raymond James
Patrick Scholes – Friedman, Billings, and Ramsey
Will Marks – JMP Securities
Smedes Rose – KBW
William Truelove – UBS
Steve Kent – Goldman Sachs
Chris Woronka – Deutsche Bank
Good day and welcome to the Starwood Hotels & Resorts third quarter 2008 earnings release conference call. Today's call is being recorded.
At this time, for opening remarks and introductions, I would like to turn the call over to the Vice President of Investor Relations, Mr. Jason Koval. Please go ahead, sir.
Jason Koval
Thank you Tama and good morning everyone. Thanks for joining us this morning for Starwood's third quarter 2008 earnings call. Joining me today, I have Frits van Paasschen, our CEO; and Vasant Prabhu, our CFO. We will be making statements on this call related to company plans, prospects and expectations that constitute forward-looking statements under the Safe Harbor provision of the Securities Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as Starwood or its management believes, expects, anticipates, foresees, forecasts, estimates, or other words or phrases of similar import. All such statements are based on our expectations as of today and should not be relied upon as representing our expectations as of any subsequent date. Actual results might differ from our discussion today.
I point you to our 10-K and other SEC filings available from the SEC or through our offices here and on our website at Starwoodhotels.com for some of the factors that could cause results to differ. With that I am pleased to turn the call over to Frits for his comments. Frits?
Frits van Paasschen
Thank you, Jay. And thanks all for joining us today for our third quarter call. In light of today's rapidly changing economic picture I would like to shift the format from our previous calls and focus on Starwood's position in the broader context. Specifically I will cover 6 topics including a brief take on the current economic situation and it implications for Starwood, some quick comments on our third quarter results, our liquidity position, our perspective on valuation, an update on our cost cutting activities and finally a brief review of our five essentials.
So, let us begin with some thoughts on the current environment. Much has been said about the financial crisis and the economic turmoil that is unfolding each day before us. From our vantage point of view, key points have emerged. First, what began as a US financial crisis has quickly and increasingly become a global economic slowdown. Second, while the situation changes by the day our view is that this slowdown will likely persist through 2009. Third, while we are in unprecedented territory the same could also have also been said during prior slowdowns. In retrospect, those slowdowns turned out to have been great times to invest. This was through the stagflation and recession in 1982, the stock market crash of '87, the S&L crisis of 92, the emerging markets meltdown of 97, 98, not to mention the internet hangover in 09/11.
Fourth, the appropriate response for us is to plan for difficult times in the near term while strengthening the foundation for our long-term growth. We must keep our focus on what has made Starwood successful. Strong brands built on great guest experiences. In fact this focus is reflected in our solid third quarter earnings results. We delivered earnings per share of $0.71 and EBITDA of $330 million exceeding expectations. Later on Vasanth will go into much more detail but I would like to point out that these results are a testament to the strength of our teams of associates around the world.
Our regions are led by four division presidents who combine to have over 100 years of experience in the industry. Their experience has helped to maintain morale within the organization by focusing their teams on great execution. Our operating teams have seen difficult times before and I've acted to cut costs. In spite of these cost cutting efforts our guest satisfaction scores have improved year-on-year across each of our nine brands, which is truly a remarkable accomplishment.
Let me turn now to my third topic, Starwood's liquidity. The point here is that we have taken a conservative approach to our liquidity. So ,we are well positioned to weather difficult times. If you include the $200m we drew down from our revolver after the quarter closed, we have well over $500 million in cash and cash equivalents. We expect another $325 million in proceeds next week as we close on the sales of Lido assets and Turnberry. And we will continue to explore the sale of other assets over the coming months. Any asset sales if they occur, would either bolster our cash position or free up the full capacity of our nearly $2 billion revolver. It is important to note that our revolver includes some of the strongest banks in the financial world, including BoA, JP Morgan, and Citigroup.
Starwood's balance sheet planning has also involved turning out much of our debt from 2012 to 2018. The result is that we only have about $500 million in maturities coming due in each of the next 2 years. Under normal circumstances we would simply issue new unsecured debt. But failing that we should have ample capacity between our cash holdings and our revolver. This liquidity will enable us not only to withstand a downturn but to continue to invest in our growth priorities such as rolling out aloft and element, revitalizing Sheraton, and looking for acquisitions along the lines of Le Méridien.
Where do share buybacks fit into the equation .We stated consistently on prior calls that the pace of asset sales will determine the pace of our buyback. In this environment though we have taken the view that liquidity is critical. So, while our stock is a great value we are for now suspending our buyback program until we have greater visibility into the economy, lodging demand, and the ability to sell assets.
As a reminder over the last 3 years, we have returned significant value to our shareholders through our buyback program that reduced our share count by 20% and our dividend yield is a healthy 4.5%. For the next few minutes, I would like to walk you our view on Starwood as an investment proposition. To do that we will look at each of our 3 lines of business, owned hotels, vacation ownership, and the fee business.
In aggregate, this analysis could suggest a value for Starwood of roughly $16 billion or $67 a share based on $7.6 billion for owned hotels, $1.4 billion for vacation ownership, and $6.8 billion for our fee business. Our purpose in reviewing this is to give investors an idea of our potential to create value over the long-term. We recognize that these are difficult times in the equity markets with many companies trading at low values and there is a great deal of uncertainty around the global economy in 2009. Even so we see a huge difference between our current share price and our some of the parts analysis.
So, let us talk about owned hotels in more detail. After the recent sales of Lido and Turnberry, we have about 24,000 owned and leased rooms in our system and here are a few relevant facts, 50% are located outside the United States and 90% are in the upper upscale and luxury segments, and fully 90% are in high barrier to entry urban and resort destinations. So, one way to value this portfolio is to determine its asset value based on recent comparable transactions. For example, our own recent sales averaged over $500,000 per key [ph]. Two other deals closed last month, a portfolio of three monarch [ph] hotels in the US sold for $315,000 per key and host acquired 6 European hotels for $400,000 per key.
Now, obviously actual values depend on the specific hotels in the portfolio and the timing of sales. However, each of these 3 transactions occurred during difficult financing and economic conditions. So, if you apply the low end of these transactions to our portfolio or $315,000 per key you would get a value of $7.6 billion equal to our entire enterprise value at $19 a share. And this valuation doesn't include our joint venture interests on another 10,000 rooms where our average stake is roughly 25%.
Let me emphasize that his global portfolio includes high value, one of a kind properties, including St. Regis hotels in New York, Rome, Aspen, and San Francisco; the Phoenician in Arizona; the Gritti Palace in Venice, and the Grand of Florence. Westin Resorts in St. John, Los Cabos, Puerto Vallarta, and Cancun and the Westin Excelsior Hotel in Rome and Florence. A collection of 9 Ws in North American gateway cities such as New York, Chicago, San Francisco, and Los Angeles and a portfolio of Sheratons in major cities around the world including New York, London, Toronto, Brussels, Milan, Paris, Mexico City, Sydney, Buenos Aires, and Rio.
So, now let's turn to an analysis of our vacation ownership business. One straightforward approach is to look at this at its book value of $1.4 billion. We have $900 million in time share inventory on our balance sheet primarily in scarce beach front locations such as Hawaii, Mexico, and St. John. This inventory is valued at our cost which runs roughly 30% to 35% of revenues. Although the pace has slowed time share continues to sell in prices well in excess of our cost. So, at a minimum we believe that this book value is realizable over time. We also have about $500 million in receivables net of loan loss reserves on our books. Even if this paper were not saleable through a securitization we would be able to collect interest payments at an average annual rate of 12% and we have the sales and marketing infrastructure to sell any units back to our system by default, which are running at roughly 6%.
So, in aggregate our timeshare asset value could be worth about $1.4 billion or $8 per share. I also want to be clear that we are fundamentally resetting our expectations for this business. This is not only a result of the challenging economic times and rising construction costs but also a recognition that future securitizing is unlikely to provide attractive spreads. We plan therefore to focus on a few high return locations. As a result we are significantly downsizing our vacation ownership G&A as well as reducing the size of our sales force. Today we have removed about 25% of our G&A from 2007 levels and closed 3 sales centers. This resizing has important implications for our capital allocation also. In fact, we are cutting our net inventory investment in the timeshare business from $200 million in 2008 to modestly negative in 2009.
That said, we have several ongoing projects that we will work through the system over the coming years. The third component of our valuation is the management franchise fee business. With long-term contracts and minimal capital requirements this is a business that generates predicable sustainable income streams. For the purpose of this valuation exercise, we will look at the fees for existing hotels first followed by the implied value of our pipeline.
In 2008, our existing managed and franchised fees should generate revenues of approximately $730 million. This is over 3 times as large as it was in 2003 when it stood at just $230 million. You should note that three quarters of our fees are driven of the top line and 85% of our incentive fees are derived from international markets. So, our fee streams are significantly less volatile than US incentive fees or for that matter owned real estate. This stream should continue to grow driven by our pipeline, future REVPAR increases, and greater incentive fees.
Another contributor to our peer fee growth will be the future asset sales. The majority of these sales will include long-term management contracts as with our 40-year contracts with host. On a current owned revenue base of $2.5 billion and assuming a 4% to 5% management fee, we could generate over $100 million in incremental fees as we sell our real estate. This could bring us to total revenue of $830 million. If you then allocate our entire 2008 SG&A excluding for the managed and franchise business, you will be left with about $400 million in EBITDA. This part of the exercise is meant only to look at existing fees from existing hotels with growth driven by long-term REVPAR increases of 4%. So, you could apply a conservative 10 times multiple.
This approach yields about $4 billion in value or $22 a share again assuming no unit additions to the system. But the reality is that unit additions could add significant value beyond that $4 billion. Historically, US unit additions have averaged 2.5%. Our pipeline of future hotels should yield significantly higher unit growth rates. This is driven largely by the launch of new brands and sustained increases in prosperity in many regions around the world. Simply put if 3 billion people in countries like China, India, and Vietnam enter the world economy they need infrastructure including hotels. With our strong brands and global platform we are well positioned to take advantage of this massive secular trend.
To that point we opened a record 35 hotels in the quarter with over 7,500 rooms. That brings our year-to-date openings to 66 new hotels and 17,000 rooms. We are well on track to deliver our guidance of opening over 80 hotels this year.
Getting back to valuation, we need to look at the number of rooms in our pipeline and the expected NPV per room. To get to the number of rooms in our pipeline, we critically reviewed the status of each of our 500 hotels reported in the second quarter. This resulted in removing 30 projects. Our number of openings and signings during the quarter were also almost equal at 35 and 36 hotels respectively. Based on that arithmetic, our pipeline now stands at approximately 470 hotels and 110,000 rooms. On our existing base of 280,000 rooms this pipeline equates to a 40% of our system through 2012.
Today, for example we estimate that over 60% of the pipeline is already under construction or finance, which should result in just under 100 new hotels for 2009 and more than 100 for 2010 or about 25,000 gross room additions per year. After expected exits, this implies net room growth of about 7% per year.
Now that we have gone through the rooms in the pipeline, let us the cover the second variable, NPV per room. We estimate that a typical hotel contract in our pipeline is worth roughly $6 million or 25,000 per room. This includes a range of typically 36,000 per room for nonUS management contracts and 18,000 per room for US select serve [ph] franchises. So, in aggregate our pipeline of 470 hotels and 110,000 rooms would equate to $2.8 billion in net present value or $16 per share. So, if you add together the value of our existing fee business plus the NPV of our pipeline, you come up with another $38 per share.
So, to summarize our valuation exercise it is not difficult to get a stock price several times our current $19 a share. This analysis suggests a value comprised of an owned hotel portfolio of $21, vacation ownership assets of $8, plus a fee business worth another $38. In total, you would arrive at a stock price of $67, which is again why we believe the stock represents a great long-term opportunity.
Now I would like to turn to my fifth and final topic for the day. And update on the cost cutting programs we mentioned in our second quarter call. Of the key 4 financial levers that we have discussed in previous calls, in this current environment it seems most appropriate to discuss cost in more detail. We have taken a three-pronged approach to cost cutting focused at the property level, corporate SG&A, and procurement. We began to implement cost cutting efforts at the property level earlier this year. To that end we have rolled out short-term property level contingencies such as reduced operating hours and hiring fees. At the same time to achieve longer-term efficiencies we are working methodically hotel by hotel with our six sigma organization to implement tools, best practices, and other sustained savings.
We are also making significant progress towards reducing our corporate and divisional overhead costs. Our activity value analysis or AVA exercise has already run through human resources, legal and brand teams and will end to finish the next two ways by the end of the first quarter of 2009. This will result in better alignment, less overlap, and sustained efficiencies. For 2009, we anticipate showing year-over-year declines in our SG&A.
Procurement represents another area for us to reduce costs at our hotels and at the corporate level. This includes sourcing from a smaller group of vendors to maximize volume discounts and better terms. These savings will grow as the program expands across properties. We have also increased the scope of our offerings bringing in 8 new categories of corporate spend on the strategic sourcing and we are launching new F&B and OS&E distribution deals for Europe, Africa, and the Middle East beginning in 2009.
So, with that I would like to wrap up my comments by briefly revisiting the five essentials of the Starwood journey. As a reminder they include Starwood class brands, brilliant execution, global growth, great talent, and market leading returns. Even in these turbulent times we remain focused on these five essentials to position the company for growth over the long run. Specifically this growth will drive 4 financial levers, REVPAR premiums, pipeline growth, cost controls, and unlocking of real estate value. Our senior leadership team is aligned around this direction.
And I would like to close by emphasizing two points. First, Starwood is well positioned for this economic slowdown. We have the liquidity not just to survive the current slowdown but to move ahead with our growth priorities. Second, Starwood represents an attractive long-term value at today's share price. And with that I like to turn the call over to Vasant for more details on our third quarter results and thoughts in 2009. Vasanth.
Vasant Prabhu
Thank you Frits and good morning everyone. As Frits described we have the balance sheet and the liquidity to deal with this credit crisis and we have moved aggressively to cut costs and capital to mitigate the impact of the demand contraction underway. As we look past the downturn, we remain very bullish about our growth potential and our intrinsic value built around our powerful brands, our global footprint, our pipeline, and our execution capabilities which Frits just outlined for you.
I am going to focus on the near-term outlook for the business, a quick review of third quarter results, current trends around the world, and how are approaching and planning for 2009 in a very uncertain and fast changing environment. As you have seen we significantly exceeded expectations in Q3 despite slower than anticipated global REVPAR growth, a sharper than expected strengthening in the dollar, and no gains from securitization. We were able to offset lower than expected revenues by moving aggressively to contain costs both at the hotel level and in overhead functions. We have been taking actions on all these fronts over the past several months, anticipating the downturn we are now experiencing .While the full benefit of these actins will be realized in 2009 our cost actions helped us deliver bottom line third quarter results from operations in line with expectation despite revenue shortfalls.
Market conditions post Labor Day did not permit a sale of receivables, however, our nonrefundable residential license fee helped us offset the loss of the anticipated gain from the securitization. Finally, the St. Regis residences in Singapore were ready for occupancy ahead of previous expectations. As such, we were paid our license fee in Q3 instead of Q4 brining third quarter EBITDA and EPS in well above expectations.
Post Labor Day as a latest chapter of the credit crisis unfolded with Fannie and Freddie followed by Lehman, AIG, (inaudible), et cetera, the impact on business confidence was evident. Group booking pace deteriorated for 2008 and 2009, cancellations are up, transient booking have dropped. The change in trend was global.
In Q3 North American Company Operated REVPAR was down 2%. Through the first 17 days of October REVPAR in North America at Company Operated hotels is down 12% a 10% swing, about 300 basis points of which is due to the holiday shift. In Europe, for the same periods REVPAR growth went down from 2% to down 14% in local currency a 12 point swing. In Asia, we saw healthy REVPAR growth in July and August, turned negative in September and October. In Latin America, the Middle East, and Africa mostly national resource economies the trend remains robust and stable but we anticipate some slowdown as commodity prices have collapsed.
The big unknown is whether the trend of the last few weeks will continue through the quarter. Will the decline ease as it becomes clearer that the depression is unlikely, credit conditions return to some normalcy, and the election removes uncertainty? It is very hard to say right now. So ,we have assumed that the most recent trends are likely to continue through the quarter. So, I just want to make it clear that we are assuming that the most recent trends we are seeing will continue through the quarter and this is what is implied in our guidance for the hotel business.
In the vacation ownership business as consumer confidence hit new lows we continue to experience an increasing rate of decline in originated sales. Close rates are dropping and more buyers are seeking lower price points by buying cheaper inventory or every other yield products. Our pricing is unchanged by our price realization has dropped due to a deteriorating mix and our pace of sales has slowed. Hardest hit is Hawaii, but we are seeing just now in all our markets including Orlando, which had held up reasonably well so far.
Here again it is hard to decide if the significant weakness of the past two weeks will continue but we have assumed it will in our guidance. We are also assuming that market conditions will not permit a sale of receivables and as such that is no gain on sales of receivables assumed this year.
As Frits indicated, we are moving aggressively to resize our vacation ownership business to reflect the new reality. We have already shut down 3 sales centers this year as we scale back our sales and marketing cost structure. Overhead costs have also been cut by 25% with more to come. Obviously all this leads us to a Q4 outlook which is worse than we might have expected in late July. We continue to focus on cost control and anticipate taking further actions in Q4 in our own hotels, our vacation ownership business, and our overhead. While this will help Q4 to some extent, the full benefit will be realized in 2009.
With all this uncertainly it is very difficult to have a definitive point of view on 2009. So, let me describe how we are approaching it for internal planning purposes. In the hotel business the big question of course if how much REVPAR will decline. In the US, where 40 years of data is available, we know that REVPAR never declined for any 4 quarters before the 1990 and 1991 recession. In the 1990, 1991 time frame for any 4 quarters the maximum REVPAR decline in upper upscale and luxury segments was around 3%. 1990, 1991 was impacted by significant excess supply in the late 80s, the S&L crisis, the recession, and the first Gulf war. If 2009 likely to be worse?
The supply situation is better but expectations are that the recession might be worse. We are therefore assuming that 2009 could be worse than 1991. In 2001and 2002 for any 4 quarters that include the September 11 quarter REVPAR declined over 12%. Once again we had significant excess supply leading into 2001, the economy was already in recession and 9/11 was an extraordinary event with a particular impact on travel.
Could 2009 be as bad as 2001, 2002? We think not. For planning purposes we are currently assuming a North American REVPAR decline of 5%. This would imply 8% to 10% negative REVPAR in Q1, a 6% to 8% decline in Q2, a 4% to 6% decline in Q3 and flat to positive in Q4 as we lap the negative 10, we expect in Q4 this year. Outside the US we expect sluggish growth in Europe and Asia and some slowdown in other geographies. At current exchange rates we are assuming international markets also decline around 5% or flattish in constant dollars helped by growth in Africa, the Middle East, Latin America, and parts of Asia.
On the cost front, we anticipate inflationary increases of 3 to 4% at owned hotels. We have a variety of initiatives underway to offset at least half if not more of this increase with productivity and streamlining programs. This would be on top of the variable cost reductions we would expect to get as occupancy and food and beverage business declines. Base management and franchise fees will decline with REVPAR, incentive fees as maybe expected will decline more than base fees. However, 85% of our incentive fees are derived from international hotels. Given the structure of international incentive fees with no owner's priority the drop in international incentive fees will not be as much as US incentive fees in a downturn.
Offsetting the decline in incentive fees will be new fees from the 90 or so hotels that opened this year and another 100 or so we expect will open next year all of which are under construction. In aggregate, we would expect our fee business to decline somewhat less than the decline in worldwide REVPAR.
In addition, we are making deep cuts in our overhead structure as Frits outlined, offset by selective investments to sustain a long-term growth potential. Our SG&A will decline in 2009. In our vacation ownership business we expect another difficult year. We are forecasting current trends to continue, price realization and close rates will remain stressed, (inaudible) could also be challenging. We expect originated sales to decline some more. The impact of revenue declines will be mitigated by a significant resizing of the vacation ownership infrastructure, which is already underway. EBITDA could be lower in 2009. The market for securitization is hard to predict at this time. So, we are not assuming the sales will get done and do not anticipate a gain from the sale of receivables. It remains our intent though to sell receivables at the first available opportunity.
On the residential front our Bal Harbour project is progressing and is on track to be completed by the end of 2010. We have already sold a significant amount of the condo inventory at great prices and with 20% deposits. Based on the percentage of completion accounting rules we expect that some income from Bal Harbour could be recognized towards the end of 2009.
This all gets us to a baseline EBITDA of around $1 billion in 2009. If REVPAR globally is up or down 1% versus our assumption that would impact our EBITDA by around $25 million. If the dollar moves against all our major currencies by 1% higher or lower from current levels that would impact EBITDA by around $5 million. By way of background, 50% of our EBITDA is denominated in dollars, approximately 11% in Euros, and 7% in Canadian Dollars both of which we have partially hedged in 2009. 5% is in Mexican Pesos, the rest is a basket with the major components being the Chinese Renminbi, the Australian dollar, the British pound, and the Japanese Yen.
Finally, we are also substantially scaling back our capital spending. We have invested n our owned hotels base for the past several years and as such can afford to scale back hotel maintenance capital to $150 million. We will still have some major renovations underway next year like the W Chicago City Center and the Grand in Florence. By scaling back corporate and IT spending to $75 million we are significantly scaling back our capital commitment to the vacation ownership business. We are starting no new projects, essentially completing projects that are well underway and partially sold.
Net capital into the vacation ownership business will be negative next year. In other words we will be drawing down on inventory. We will continue on with the Bal Harbour project as planned, investing another $200 million in calendar year 2009.
As we enter what could be a difficult 12 months, we are acting aggressively to mitigate the impact of declining revenues by scaling back costs and capital while ensuring that we fund the future growth of our business, which we remain as bullish about today as we were before the credit crisis broke. On a global basis, this is a great secular growth business which happens to have cycles along the way. This too shall pass at some point and Starwood will rise to new heights in terms of system size, revenues, and profits. With that I will turn this back to Jay.
Jason Koval
Thanks Vasant. We'd now like to open up the call to your questions. So in the interest of time and fairness, please limit yourselves to one question at a time and then will take any follow-up questions you might have as time permits. Tama, we're ready for the first question.
Question-and-Answer Session
(Operator instructions) We will go to David Katz with Oppenheimer.
David Katz - Oppenheimer
Hi good morning. I just wanted to go back Vasant on some of the capital spending issues and if you could -- should we be pretty much for the moment categorically ruling out you know sharewood repurchases for next year and what about the notion of you know the Sheraton repositioning, which I think there was some capital being allocated to that. Is there not some wisdom in you know proceeding with that and repositioning the brand for a rebound.
Vasant Prabhu
Yes, but I think you should go with what we told you in terms of share repurchases. We're stopping our repurchase program until further notice as Frits said, you know, asset sales, which we have several assets on the market will determine some of that, greater visibility, and the possibility, we want flexibility with the possibility that there could be opportunities down the road in this market, like we did when Méridien last time of picking up great brands or other assets on the cheap. Your second question around Sheraton repositioning, I will start and I'm sure Frits will add to it. Two quick things, one absolutely no change in commitment to the Sheraton repositioning, a big chunk of the capital that was involved with that was of course coming from our owners who have enthusiastically supported the program and are seeing the benefits of it. We're not going to pull back on anything we have to do at our end, but a lot of it was going to be through our owner base, and we're also moving full scheme ahead on cleaning up the Sheraton system by exiting hotels that you know are either unwilling or will not benefit from any repositioning. So, Frits I'm sure you want to add something to that.
Frits van Paasschen
Yes. On both points. First of all, you know, over the long term we remain committed to the notion of repurchasing stock, but you know for now I wouldn't model that into next year unless we can come back with significant asset sales, and that's extremely difficult to predict in this environment. As to the Sheraton repositioning, so many of those renovations are underway as planned and therefore are highly likely to go forward. Obviously, the new openings we described and feel confident with and so the repositioning of Sheraton and the drive towards a greater level of consistency across the system in North America, something we still feel strongly we will achieve by the end of 2009.
Jason Koval
Next question please.
We'll go next to Joseph Greff with JPMorgan.
Joseph Greff – JPMorgan
Good morning guys. I just had two good questions. The first one is on New York City. We're hearing expectations for high-single digit REVPAR growth at least for the first half of next year in New York and I know you kind of gave up the quarterly progression as you see it. How do you see New York City performing relative to the industry, I mean, you think it underperforms and how are you seeing trends. My second question Vasant is as you look through and roll up your 2009 guidance and commentary and your capital allocation plan, where do you see net debt by the end of next year? Thanks.
Frits van Paasschen
I think in terms of New York, it's been an interesting story, because up through the summer New York was performing quite strongly. Our view is that the economic and then financial turmoil that struck has hit the market, you know, more strongly in the last few weeks and therefore I'd be somewhat cautious in terms of projecting New York to outperform the industry. As it relates to the 2009 guidance, I'll pass it back to Vasant.
Vasant Prabhu
Yes, in terms of net debt, as Frits indicated we are very much on track for the sales to flow through the end of October. So the net debt by the end of this year should be down from where it is right now. The net debt at the end of next year you know there are several variables there. There is sort of you know in a base case scenario the net debt should decline. Clearly it depends on a few other variables that could cause it to move more in the decline direction and that depends on asset sales. We clearly would be in the market to securitize. We really have no desire to keep receivables in our balance sheet from the vacation ownership business. It has been our policy to securitize on a regular basis, and if and when those markets are available, we would be back in to securitize receivables. So securitization of receivables is a major factor that would drive where the debt is. Asset sales is a major factor, so depending on that you know, things could move more in the decline direction for debt, offset by whatever we might choose to do in terms of taking advantage of opportunities that are out there.
Jason Koval
Next question please.
We will go next to Celeste Brown with Morgan Stanley.
Celeste Brown - Morgan Stanley
Hi guys. Good morning. In regards to time-share it sounds like you're scaling back for the long term significantly. One question, 1A, are you willing to lend -- are you willing to finance fewer purchases, I believe, the number in the past has been 70% and then what you see time-share as a percentage of EBITA 2 or 3 years from now versus prior expectations, is it 10% versus 20%? Thank you.
Frits van Paasschen
Yes Celeste. This is Frits. In terms of lending, we're going to continue to review our practices for time-share, and I think you know our view is that the world has changed significantly with the change in the likelihood and economic attractiveness of securitization. Exactly how that unfolds I think is something we're going to learn over the coming months. In terms of time-share as a percentage of total EBITA, I think we're prepared at this moment to give you a percentage, I think you can safely model it though as being a lower percentage of total overall EBITA going forward.
Jason Koval
Next question please.
We will go next to Bill Crow from Raymond James.
Bill Crow - Raymond James
Good morning guys. Frits thanks for the some of the parts analysis that was helpful. My question really two parts, kind of looking out into the future a little bit. Let me first rephrase Celeste's question. If we look out 5 years from now, are we going to be saying this was kind of the beginning of the end for your time-share involvement as far as any new projects go. Is it just your kind of intent at this point to get on the business eventually, and then second, where do you see your unit growth pipeline if we will go a couple of years from now, 110000 rooms, you open 25000 a year. How quickly are you filling that void in the pipeline. Is that pipeline is just going to shrink down to essentially nothing in the couple of years because of the financial environment. Thanks.
Frits van Paasschen
Yes, sure. As it relates to the time-share first I want to be very clear and this is something we said earlier in the call already, we're resizing the business, which doesn't mean exiting, and we're going to continue to focus on a small number of high return locations, and we'll have more details on that as time goes forward. In terms of unit growth, you know, one of the things I think that's particularly attractive about this story is that there are opportunities to sustain that level of growth actually for sometime to come, whether you look at the growth in China today, we have over 60 hotels under construction as we speak, whether it's the great expansion of a loft and element in North America and beyond and then you look at markets like India that the growth phase really has not yet begun. So that having been said, as we get into this slowdown and as the pace of our openings increases, you might see our pipeline as having peaked in the near term, but I think in the long term we remain pretty bullish on long-term growth prospects. So, I don't know, Vasant if you want to add something to that.
Vasant Prabhu
No. I think the only other thing we could add is, you know, obviously we'll change direction and look more at conversion opportunities in some of the more developed markets, knowing that it's probably harder for new builds and we are seeing some of those as we speak. So you might see some change in mix in upper upscale and luxury, but as Frits said, I mean, you know our global footprint and the scale and size of our platforms in places like the Middle East, Africa, China, India, and most of Asia, including Latin America positions us very well on a long-term basis. We're not just dependent on the U.S.
Jason Koval
Next question please.
We'll go next to Patrick Scholes with Friedman, Billings, and Ramsey.
Patrick Scholes – Friedman, Billings, and Ramsey
Hi good morning. Just a follow-up on New York. Actually when I look out to forward data, actually looks like it's one of the weakest markets for 2009. How is that shaping up when you look at group bookings versus transient, and of our hotels in New York what did you see as a percentage of the bookings over the last year from international visitors?
Vasant Prabhu
Well, as Fritz said earlier. New York held up fairly well, you know, for most of this year despite some of the financial turmoil helped of course by some of the international travel coming in. We're assuming that that international travel is now going to fade away as the dollar has strengthened. So clearly that will hurt New York. In addition, we would expect that some of the financial industry business will be soft next year. So, you know, it's very early to sort of make any specific predictions and it will differ based on you know the hotels, mixer group, and transient. You know, I would -- I think the safe bet is that New York clearly is showing signs of weakness today and it's going to continue into next year.
Jason Koval
Next question please.
We'll go next to Will Marks with JMP Securities.
Will Marks - JMP Securities
Thank you and good morning. I have a question on next year's guidance as it relates to, can you give the approximate breakdown of ADR versus occupancy and doing that can you comment on your overall strategy of protecting rate if that is the case and really what you do that and I understand that it is harder to raise rates then it is lower it but maybe comment further if you can?
Frits van Paasschen
So, I don't think we are going to break out ADR versus rate right now. In terms of philosophy on rate, we take a fairly analytical perspective on this and look market by market and try to optimize price relative to occupancy, recognizing that simply dropping price doesn't by itself create demand or additional volume. And so we want to be fairly careful about where and how we discount because the implications on profitability of that for all the apparent reasons are things we want to avoid.
Jason Koval
Next question please.
We will go next to Smedes Rose with KBW.
Smedes Rose - KBW
Hi, good morning. Vasant you mentioned that the defaults on time share were running at 6%, could you just remind us on I guess sequentially how that has changed and where have you seen that historically, kind of the highs and the lows?
Vasant Prabhu
You know there has been modest increases in the last few months, nothing significant. I couldn't give you a number in terms of where the highs and lows are. 6 is higher than where the lows were and it is below where the highs were and the highs were probably in the early 2000s. You know it is an interesting situation, you know without getting into a lot of detail it is not at all -- a default on the time share is not at all like a default on a mortgage where the rational decision when your house is worth less than your mortgage you walk away. Here you are walking away from quite a bit of equity given how these things work. You put in 20%, plus you keep paying every month. You are walking away from something's that has real economic value which we have the ability if we take it back to you know, historically we have always sold it at a higher price than we sold it the first time around. So, it is an unusual kind of thing where it is a fairly irrational decision to walk away from a time share payment and which is why these default rates at least historically, you know, have not moved that much.
Jason Koval
Next question please.
We will go next to William Truelove from UBS.
William Truelove - UBS
Hi good morning. I hate to ask another time share question but on the 2009 outlook you gave sort of a REVPAR declining 5% and what would 1% change REVPAR do. You don't really specific on what the exact decline might be that you are expecting in time share originations. So could you give us that and could you give us some sensitivity analysis around some changes in that factor around the EPS basis? Thanks so much.
Vasant Prabhu
And that is where I think you are going into more specificity and detail than we would like to do at this point. You know we have given you sort of a sense of a baseline with a variety of moving parts in it with some things that could be better than we might expect right now and some things that could be worse. You know we will try and give you more details in January when we normally provide somewhat more detail around our guidance. You know there are things moving fast in the time share business, you know, obviously we are monitoring close rates. There has been an element of sort of shock and awe in the last couple of weeks. We don't know whether the last few weeks represent what the longer-term trend is. We are the shoulder period right now versus the peak periods in Hawaii. In addition, you know we are as Frits said taking significant cuts in our cost structure all of which is being worked through. So that is an offset. So, you know, while we have a general idea where we think we will end up but it is too premature to talk specifics.
Frits van Paasschen
Yes, I think though in qualitative terms we are not taking about an up tick next year and continue to take -- you know the $1 billion in EBITDA reflects a pretty conservative view of what time share would be relative the situation today and certainly compared to where it has been in the last few years.
Jason Koval
Next question please.
We will go next to Steve Kent with Goldman Sachs.
Steve Kent - Goldman Sachs
Hi, good morning. Could you just talk a little bit. You mentioned earlier quite a number of times that you would be willing to look at another brand like Méridien but in your own analysis you have to potential for a triple in buying in your own stock. So, I guess I am trying to understand would you buy a brand before you would buy your own shares?
Frits van Paasschen
You know, I think you can only answer that on a philosophical level because the answer depends so much on the specifies. Clearly based on the analysis that we articulated today, we have a lot of confidence in the long-term potential to create value with our stock and therefore we look extremely critical at the returns of adding other brands to the portfolio particularly given our view that with the 9 distinctive and compelling brands that we have it is not as through we have a gap somewhere that we need to fill. On the other hand if you look at Le Méridien and the returns that we have been able to create there. Should something like that come along again we would seriously consider it.
Jason Koval
Next question please.
We will go next to Chris Woronka with Deutsche Bank.
Chris Woronka - Deutsche Bank
Hi, good morning guys. I think I heard you say that about 60% of your pipeline is financed. At this point, could you share with us what percentage is under construction and maybe go on with that. At any point, should the financing fall through for whatever reason, are you guys willing to use more of your balance sheet to stimulate (inaudible)?
Frits van Paasschen
Yes, you know I think just on the first part, my recollection and I am going to ask Jay to check on this for me but I think it is something like around 55% under construction and something over 60% in total finance. And in terms of would we use our own balance sheet? The answer is yes but on a selective basis. You know, our view and certainly what we have described today is that liquidity and capital are precious. On the other hand, there is significant long-term potential to create value through the pipeline and therefore if there is a way to capitalize and support our pipeline with an obvious and clear exit strategy for any of our balance sheet resources brought to bear, we would absolutely consider that.
Jason Koval
Next question please.
(Operator instructions) We will take a follow up from Patrick Scholes.
Patrick Scholes – Friedman, Billings, and Ramsey
Hi, on time share, I don't know if you have mentioned what your expectations are for deferred income for 2009 and also I wonder if you can give us an update on the status of your Milwaukee [ph] project. I have been hearing for some time that that maybe -- construction maybe delayed due to economic conditions in Hawaii.
Vasant Prabhu
On the deferred income, we provide you a schedule in our data pack that accompanies the press release that you can look at each quarter and look at how much revenue was deferred and in this quarter there really wasn't much. Many of the projects we are now selling are pretty far along. And as it relates to you know time share in general, I think we made it very clear that projects underway are moving ahead. We are starting no new projects. And we will take a hard look at all our projects and decide where the right phase is.
Jason Koval
Next question please.
And we will take a follow-up from Will Marks.
Will Marks - JMP Securities
Yes, regarding Lido, Turnberry and any other assets that are in the process of selling. Can you talk about financing? How the acquisitions are being financed?
Vasant Prabhu
In the case of Lido and Turnberry you know, there has been no real issue with financing. You know one of the buyers in the case of Turnberry is a Middle Eastern buyer and you know there is really to the best of our knowledge no real financing involved. And in the other case the money is already in escrow on our side. So, they have already raised the money. We were just waiting for the Venice authorities to have the rights for -- to come in which they haven't. That is lapsed now. So, we are just moving ahead to a close at this point.
Jason Koval
Next question please.
And we have no further questions at this time. I would like to turn over to Mr. Koval for any additional or closing remarks.
Jason Koval
Thanks Tama. That wraps up our third quarter call. We appreciate your time and interest in Starwood Hotels & Resorts and please feel free to contact us to review any of this information or follow up with any additional questions. Goodbye.
Ladies and gentlemen that does conclude today's conference. We do appreciate your participation. You may disconnect at this time.
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Ordinary Bill by William Wilson
- March 21, 2013
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I have a vague memory of there being no snow.
I usually like snow, but we just got another few inches of the stuff. I'm ready for some warmer weather
Looks just like 'round here. Last year it was 26C on the 20th, yesterday we had a blizzard and -6C
LOL It's like talking to my Canadian colleague. It was sunny and in the 70's here yesterday. Meanwhile in Regina, Saskatchewan it was -5 and they were expecting more snow!
Remember sweating profusely while pushing a lawn mower, weeding in the heat, and trying to find a shady place, then go back inside with Isis, sit on the couch with a warm cup of coffee or cocoa, and watch the snow fall. I do feel for you since 2010. It snowed almost every day.
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In a move sought by environmentalists and regulators for decades, the linchpin of the agreement commits the JAX Chamber, City Hall and the Jacksonville Port Authority to finding money and permission to breach the Rodman Dam in Putnam County, which would restore the Ocklawaha River and its forested floodplains and infuse millions of gallons of fresh water into the St. Johns River.
View The Full Article Here or Click the Read More Link Below
At the May 28 meeting, the Alliance Board of Directors heard presentations by Brian Taylor, JAXPORT CEO, and Eric Summa, Environmental Branch Chief, US Army Corps of Engineers. Taylor focused on the economic benefits of the proposed deepening of the river from 40 to 47 feet from "mile zero" at the Atlantic Ocean west to "mile 13." Additional jobs created by the project is estimated at 13,844. The project return-on-investmnet calculates each $1 invested returns $14.80 to the economy. Summa discussed the results of the Corps' environmental impact study. The study focused on the dredging project's changes to the river's salinity and its impact on freshwater wetlands, submerged aquatic vegetation, fish, shrimp and groundwater; and monitoring and mitigation.
Click here for the JAXPORT presentation
Click here for the US Army Corps of Engineers presentation
Nov. 2013 - The Central Florida Water Initiative report was created by a consortium of three water management districts, local and county governments in Orange, Osceola, Polk, Seminole and southern Lake Counties plus utilities serving those areas. The region's population is expected to grow from its current 2.7million to 4.1 million by 2035 and will need to find additional sources of water. Potential solutions include surface water such as the St. Johns River and Ocklawa rivers.
The St. Johns River Alliance board heard a presentation at its Nov. 22 meeting, click here to see it.
Read the official report here http://www.cfwiwater.com/
and other recent news articles and editorials
St. Johns River Blueway YouTube channel
St Johns Interactive River Map
St Johns River Alliance
2029 North 3rd Street
Jacksonville Beach, Florida 32250
(904) 247-1972 x 414


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Up All Night chronicles the life of radio legend Carol Miller, describing her rise to success in a male dominated world, to the rock stars she's know along the way. As one of the nation's top radio DJs for over four decades, Miller introduced the music of Bruce Springsteen to the New York airwaves. Join us as she reads from Up All Night, the entertaining story of her life and times in rock, radio and beyond.
Followed by audience Q&A.


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Tai Chi Hero subtitles
Show trailer
|October 25, 2012
|Daniel Wu, Eddie Peng, Biao Yuen, Yuan Xiaochao, Qi Shu, Tony Leung Ka Fai, Angelababy, Stephen Fung, Peter Stormare, Yin Tse, Di Wu, Jade Xu, Wei Ai Xuan
|Directed by:
|Stephen Fung
|6.2 / 10 (2349 votes)
|Chinese steampunk martial arts blockbuster about the early years of Tai chi master Yang Luchan, the man who founded in the 19th century what has now become the most popular Tai Chi style in the world. The second instalment of the "Tai Chi" trilogy continues the journey of Yang Luchan, a gifted child with a fleshy growth on his forehead who helped save a village from a frightening army of steampunk soldiers bearing strange machines with the knowledge of Tai Chi that they entrusted him with.
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The Alonzo Bell Ranch, Raton, New Mexico, 1902
- New Mexico |
- Raton NM |
- Colfax Co NM |
- Settlers |
- Ranch |
- Pioneers |
- Bell |
- O'Connor |
- Floyd |
- Vanderford
Photo of the Bell Ranch in Raton, New Mexico. Standing with pony is Alonzo Bell. Alonzo's wife Louisa is standing next to the house with the small boy. The lady with the Pinto horse just behind Alonzo is Elizabeth Floyd who is married to the larger guy on the horse who is Charles Homer Bell. I believe the smaller man on the horse to the right is Jim Vanderford.
Click on the City or Town name right under the name of the photograph, to view more photographs from that city or town. If there's a county listed, you can view more photographs from that county. If you see a surname listed under the title of the photograph, you can click on that surname or surnames to view more photos that are associated with that surname. Same thing works with any of the other "tags" listed right under the title of the photograph. You may be able to make the photo larger, if the original photograph was larger than the photo shown here. Click on the word "original" above and a window will open with a the photo in a larger size. Want to add some information or comment on this photo? Click on "Add new comment" above.


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breaking news
Qld pair face court over alleged murder
- From: AAP
- November 25, 2013
TWO people charged over the alleged murder of a missing central Queensland man had only known the man for a short time, police say.
Authorities believe a body found on Sunday at a remote campsite in bushland near Mona Mona, near Kuranda north of Cairns, are that of 28-year-old Travis Davis.
Mr Davis, who relocated from Thangool to Cairns in September, was reported missing by his family in mid-October.
William Darcy Reid, 19, has been charged with murder.
Reid's ex-partner Austasia Kapteyn, also 19, is facing one charge of being an accessory after the fact.
Acting far northern district crime coordinator Detective Inspector Kevin Goan says Mr Davis was likely deceased when he was reported missing on October 12, about two days after he last spoke to his family.
Police believe Mr Davis was killed where his remains were found.
Mr Davis had likely stayed at the campsite and a nearby property a number of times before October 12.
Insp Goan says Mr Davis met Reid and Kapteyn in Cairns a short time before he was reported missing.
"His chance happening on these people took him to the property at Mona Mona and ultimately led to his demise," he told reporters in Cairns on Monday.
"They were casual acquaintances, people he'd recently met prior to being reported missing."
Insp Goan says police had not found a "definitive" motive for the alleged murder but investigations are continuing.
He would not say whether there were any visible injuries on the remains or whether a weapon had been recovered.
Insp Goan says a tip-off from a member of the public following a missing person's appeal for information last week led to the arrests.
"The investigations culminated over the weekend into Saturday evening, which suggested that the missing person had met with foul play," he said.
"The natural follow-on was that we would be looking for deceased remains."
It took a police search team just 45 minutes to locate Mr Davis' body, which is yet to be formally identified.
Mr Davis' ute was found at a Cairns business last week.
Reid faced Mareeba Magistrates Court on Monday morning where he was remanded in custody. Kapteyn was released on bail on Sunday night.
The pair, who are both from Kuranda near Cairns, are due to face court on February 24.


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Video Introduction
By becoming highly aware of pattern both within your architectural designs and within the way your occupants use them, you can significantly boost your ability as an architect to design for better experiences. There is a point where pattern becomes behavior, and your awareness of not only when this occurs, but also what it affects is key as you create building designs that will interact with your occupants. In today's video, I walk you through the relationships between building and occupant through the lens of pattern detection — to help you think in new ways as you formulate your initial architectural design concept.
Micro-Lecture Video Updated: 2015
Video Trasncript: Video from 2015
00:06 Maria Lorena Lehman: This is Maria Lorena Lehman, Founder of Sensing Architecture. And in this micro lecture, we're going to explore pattern detection and how you can use this to help you with your initial stages of design concept formulation. Now, pattern detection can help you to enhance what your design, what your architectural design, can do for its occupants. So, in the diagram, we'll begin with buildings here, and occupants here. And as you can see, buildings and occupants have an improvement cycle, where they feed back to one another. So, buildings yield behavior, particularly as innovative architectures are gaining capabilities, like kinetics and sensors embedded within them that can help them actually behave through time to impact occupants, particularly through sensory design. Now, the stimuli that your building emits can be considered its behavior, and this in turn yields patterns. And these patterns come together to yield more than the sum of their parts, where their behavior impacts occupants. And it can impact occupants on five key levels of experience. In fact, it can impact them physiologically, intellectually, emotionally, behaviorally and even spiritually.
01:46 MLL: So, occupants, in turn, behave, they have behavioral cues. These cues can be physical, they can be verbal, and so on. So these behavioral cues emitted by occupants as they go about using an environment become cues that get pulled by the building, which in turn, can sense occupant behaviors. Now this can happen in innovative buildings that have integrated sensors, for instance, that can understand through its micro architectures what occupants might be perceiving as they experience the building. And again, buildings can emit behaviors that have adapted to occupants using their building in real time. So, this dialog, this mirroring between building and occupants is very important to understand, particularly as new technologies become embedded within buildings today. Many forms exist in how you can use pattern detection within your design concept. I'll list just three forms here, but there are many more.
03:02 MLL: Variation is the first. With variation, you can use your building design materials and integrations to differentiate how your building will impact its occupants. A second form is metaphor, where you look for patterns that yield something greater than themselves. And these can be metaphors that occupants recognize consciously or subconsciously. So, metaphors form another type of inherent pattern in how your building behaves and impacts occupants and, again, how those behavioral cues by occupants impact the way your building behaves.
03:44 MLL: Another form is juxtaposition, and this is where architectural elements can contrast one another. So, this involves you synchronizing your architectural materials and the stimuli they emit, so that in synchronizing them, you're impacting the way your occupants behave, and this again gets pulled back into the building's behavior. So hopefully, you're working to create environments that impact occupants to help them thrive, to help them live happier, safer and more fulfilling lives, which are even healthier. So, use pattern detection as a starting point to generate and formulate your design concept. I think it will help you with those initial first steps.
04:33 MLL: Thank you for watching. This is Maria Lorena Lehman, Founder of Sensing Architecture. If you'd like to learn more, I invite you to join my Design Insight newsletter, and you will also get my book "Bringing Architecture to the Next Level" for free. Discover how you can shift your mindset to reach breakthrough ideas, meet and predict occupant need using sensory design, leverage the design process so you can get more with less and rethink new technologies to unleash your innovative edge. To join now and access your book, simply visit sensingarchitecture.com.
Video Transcript: Video from 2011
00:01 Maria Lorena Lehman: Hello, this is Maria Lorena Lehman with SensingArchitecture.com. Today, I'm going to talk about pattern detection within architectural design and how you can use pattern to really enhance your designs not only esthetically but also functionally in terms of what they can do for your occupants. So, if you'll notice here, you have your building and your building, of course, communicates with your occupants. But then you ask, "What comes between these? What from here to here can we use as architects to really open up the dialog of communication between the two, so that each enhances the other?"
00:49 MLL: One major thing I've been looking at lately are patterns, and pattern detection. Because of course, the building has its own behavior and with its behavior, it yields patterns that ultimately affect occupants. And as your occupants inhabit the building and travel within it and experience it, they too then elicit behavior, and those behaviors also have patterns. So, the trick then becomes for you as an architect to pull all of these pattern behavioral cues together so that you can best mirror and open up that dialog of communication between building and occupant. Now, pattern detection of course can take on many forms.
01:47 MLL: So, I'll just mention a few here. One might be variation. So, begin to look at how your building elements, both static and dynamic, play off of one another, how they vary from one another, how they're different, and then look at how those differences affect your occupants because they too are different. They have different ages, different genders, different learning styles, different ways of socializing, and they need to know different things at different times while they're within your space so that they can function within it optimally.
02:32 MLL: Another thing to look for might be the use of metaphor. And with this, what I mean is to simply look for patterns that your architecture brings where it can pull together and mirror something greater than itself that we recognize, or that your occupants recognize. This is a great way to bring your architecture to new heights so that it can be greater than sum of its parts. Another is juxtaposition. Begin to look at where your architectural elements contrast with one another, and how the differences between these things can actually help your occupants.
03:29 MLL: When doing all of this, as you get started and begin to focus on variation, metaphor and juxtaposition, you'll suddenly be gaining new insight into how you can better inform your design concept. This is a question I get asked about a lot from you, my readers. When you're beginning a project, you're given certain programmatic requirements but you seem to get stuck on how to begin your overall grand architectural gesture and your concept which is very important because so much stems from that initial gesture. So, just begin by looking at patterns, and I think that will take you in a good direction.
04:23 MLL: Thank you, for listening. This is Maria Lorena Lehman with SensingArchitecture.com.
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College News
31st Annual Teddi Dance for Love This Weekend
The Student Life Center will soon be home to a giant balloon arch, designed to stay afloat for 24 hours of dancing for love, as the annual Teddi Dance for Love gets underway this Friday, February 8, beginning at 8:00 p.m. This year marks the 31st annual Teddi Dance for Love, which, to date, has raised nearly $850,000 for Camp Good Days and Special Times.
Hundreds of St. John Fisher College students, faculty, and staff will lace up their dancing shoes for 24 continuous hours to raise money for Camp Good Days, an organization for children and their families who are touched by cancer and other life challenges. So far, the committee has registered 380 dancers. Their goal is to have a total of 500 dancers and raise $48,000.
"Teddi has been going on for so long now but I am so glad to say that it has not lost its importance at all," said Danielle Allington, Chair of this year's event. "Everyone on the committee and every person that is even slightly involved in the dance knows that what they are doing will be treasured so much by the kids from Camp Good Days. It's so nice to see so many people help out to let these kids have a carefree time, even if it is just for a week."
The proceeds from the event help grant the last wishes of Camp Good Days' children, offering them a chance to enjoy a trip to Walt Disney World, Universal Studios, and other destinations in Orlando. Last year, the College raised over $45,000 and collected a total of 1,305 inches of hair for Locks of Love.
This year's Honorary Chair is Steve Hausmann of WBEE's Morning Coffee Club.
2013 Teddi sponsors include: B. Giambrone & Co., Barnes & Noble, Buffalo Bills, Byrne Dairy, Carbone Auto Group, Crystal Rock Bottled Water, David's Salon and Spa, Fisher Price, G.A. Braun, General Mills, Ginna Nuclear Power Plant, Golden Tans/ Sun Tan City, Hair Works, Home Depot, Lackmann, Lonsdale Salon, Mass Mutual, Men's Wearhouse, Midstate Bakery, Monroe Muffler/Brake, Palmer Food Service, Shea Provisions INC., and Tops Friendly Markets.
The event schedule is as follows:
- 7:20-7:50 p.m. - Measure 13
- 8:00-8:30 p.m. - Opening Ceremonies
- 8:30-8:55 p.m. - Warm Up/Jazzercise with Priche Smith
- 8:55-9:40 p.m. - Boy Band
- 9:40-9:55 p.m. - Spirit People Wedding
- 9:55-10:00 p.m. - Teach Teddi Line Dance
- 10:00-11:00 p.m. - Group Dance/Fisher Dance
- 11:00 p.m.-12:00 a.m. - LIVE BAND-441
- 12:00-12:30 a.m. - Pizza & Wings Break
- 12:30-1:00 a.m. - America
- 1:00-2:00 a.m. - One Hit Wonders
- 2:00-2:30 a.m. - Oldies Songs
- 2:30-3:00 a.m. - Bieber Fever
- 3:00-3:30 a.m. - Michael Jackson
- 3:30-4:30 a.m. - Diva Hour
- 4:30-5:30 a.m. - TV/Movie Theme Songs
- 5:30-6:00 a.m. - Breakfast
- 6:00-7:00 a.m. - Senior Hour
- 7:00-8:00 a.m. - Top Pop
- 7:40 a.m. - Smoothie Break
- 8:00-9:00 a.m. - AVAdventures
- 9:00-9:10 a.m. - Locks of Love "before" presentation
- 9:10-10:10 a.m. - 80s
- 10:10-11:10 a.m. - 90s and 2000s
- 11:10 a.m.-12:00 p.m. - Lunch/Garrett MacDonald
- 12:00-12:30 p.m. - Mini –Marathon begins/Zumba with Kendra (RAC)
- 12:30-1:05 p.m. - Jock Jams
- 1:05-1:15 p.m. - Teach Teddi Line Dance
- 1:15-1:30 p.m. - Locks of Love Reveal
- 1:30-2:30 p.m. - Country with Terri Clifford
- 2:30-3:30 p.m. - LIVE BAND-BIG TUNA
- 3:00-6:00 p.m. - Kids Carnival
- 3:30-4:30 p.m. - Alumni Hour
- 4:30-5:00 p.m. - The kids of Camp Good Days visit!/Camp Songs
- 5:00-5:20 p.m. - Disney
- 5:20-6:00 p.m. - Dinner
- 5:45-6:00 p.m. - Final Run-In (Faculty/Staff Support)
- 6:00-7:00 p.m. - Top 40
- 7:00-8:00 p.m. - Committee Hour/Dedication
- 8:00-8:30 p.m. - Closing Ceremonies
For more information about this year's event, visit http://teddi.sjfc.edu/ or follow @TeddiDance4Love on Twitter.
Check out photos from Move In Day 2016 on Flickr!
Latest College News Stories
- Fisher Event Registers 60 Bone Marrow Donors
- Employees Recognized for Milestone Service Years
- Women's Basketball Team Hosts Toy Drive during Crosstown Basketball Tournament
- College to Host 17th Annual Day of Celebration
- National Conference Offers Fisher Students Chance to Network with PR Pros
- Business Students Find Success at BGS Summit
- Wegmans School of Pharmacy, Senator Rich Funke, Mallinckrodt Pharmaceuticals Launch Safe Medication Disposal Campaign
- For Fifth Consecutive Year, Students Take First in Regional Tax Competition


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Remarkable Cave - Tasman Peninsula, Tasmania
in Cave Entrances (Natural)
A sea cave open at both ends.
posted by: Team Bubble Tea
location: Tasmania, Australia
date approved: 8/1/2009
last visited: 1/22/2016
Carlsbad Caverns entrance, New Mexico
The natural entrance is the path for thousands of tourists during the days, thousands of bats in the evening.
posted by: ronjean
location: New Mexico
date approved: 7/13/2009
last visited: 12/8/2011
Buffalo caves
Several openings to small caves roughly 1/2 a mile from the parking area.
posted by: kkelley515
location: Idaho
date approved: 7/5/2009
last visited: 7/6/2012
Ape Cave
This is a lava tube type cave formed 1900 years ago by an eruption of Mt. St. Helens. It is the longest lava tube in the U.S. and one of the longest in the world.
posted by: Dan & Janet
location: Washington
date approved: 6/14/2009
last visited: 8/11/2015
Koda Cave / Kodska Jeskyne, Czech Republic
Koda cave in area called "Czech karst".
posted by: Dáin & Olík
location: Stredocesky kraj, Czech Republic
date approved: 5/10/2009
last visited: 4/16/2013
Koneprusy Caves / Konepruske Jeskyne, Czech Republic
The biggest cave system in the Czech republic.
last visited: 7/23/2016
Die Teufelshöhle - The devil's cave
One of the biggest caves in this region and possible to visit.
posted by: Fisler
location: Bayern, Germany
date approved: 5/9/2009
last visited: 4/26/2015
Cave on the North shore of Green Pond near Harrisville, NY.
posted by: hooahextreme
location: New York
date approved: 4/19/2009
last visited: never
Surgencia del río Mataviejas
Es uno de las numerosas aberturas al exterior del karst que recorre la peña de Carazo (Burgos). It is one of the numerous openings to the outside of the karst caves that is inside the Peña de Carazo (Burgos).
posted by: monticola
location: Castilla y León, Spain
date approved: 4/12/2009
Cat-cave near Csobánka - Hungary
An interesting cave near Csobánka
posted by: Nebel.com
location: Hungary
date approved: 3/8/2009
Oregon Caves National Monument
Discovered in 1874 by Elijah Davidson, the Oregon Caves became a National Park in 1903. This is actually most used as an exit for guided tours. The original entrance has been blocked. The entire cave is about 3 1/2 miles long.
posted by: silverquill
location: Oregon
date approved: 2/17/2009
last visited: 8/18/2016
Longhorn Cavern - Burnet, Texas
Longhorn Cavern offers guided tours every day of the week. Tours last about an hour and twenty five minutes. On site guides lead you through the cavern narrating historical and geologic facts.
posted by: txoilgas
location: Texas
date approved: 1/30/2009
last visited: 8/15/2014
Caves Branch Cave, Nohoch Che'en Caves Branch Archaeological Reserve, Belize
When you visit Belize, you go cave tubing! This is the first exit and second entrance of this cave system. The river emerges here and then enters its subterranean passage. You can ride an inner tube through the cave system to enjoy the cave.
posted by: PersonsMD
location: Belize
date approved: 1/13/2009
last visited: 1/31/2011
Penn's Cave - Centre Hall, PA
The Seneca Indians discovered Penn's Cave centuries ago. This limestone cavern has immense springs flowing through it, making it an all water cavern, rich in local history and boundless natural beauty.
posted by: 94RedRover
location: Pennsylvania
date approved: 12/14/2008
last visited: 8/16/2014
Point Lobos sea cave - San Francisco, CA
A sea cave at Point Lobos part of the Golden Gate National Recreation Area.
posted by: saopaulo1
location: California
date approved: 11/26/2008
last visited: 8/12/2013
Gilroy Hot Springs Road cave - Gilroy, California
Small cave right next to the road
posted by: hotshoe
date approved: 11/22/2008
last visited: 1/12/2016
Graham Cave - Montgomery County, MO
Archaeologically significant cave around which a state park was created.
posted by: Wampa-One
location: Missouri
date approved: 11/17/2008
last visited: 7/1/2014
Cave in Rock - Illinois
The "Cave in Rock" cave opening is located along the banks of the Ohio River near Cave in Rock, IL.
posted by: kodiak_62
location: Illinois
date approved: 11/5/2008
last visited: 8/7/2006
Cliff Cave - Oakville, MO
Located in Cliff Cave Park in south St. Louis County
date approved: 9/6/2008
Ole's Cave
A lava tube on Mt. St. Helens
posted by: Prying Pandora
date approved: 8/28/2008
last visited: 7/14/2011
Crystal Cave - Spring Valley, Wisconsin
Commercially operated cave near Spring Valley, Wisconsin.
posted by: BruceS
location: Wisconsin
date approved: 8/24/2008
Cueva Victoria, Spain
Cueva Victoria has been dated at 2-3 million years.
posted by: BarbershopDru
location: Spain
date approved: 7/27/2008
last visited: 10/10/2015
Boom Hollow Cave
The Boom Hollow cave is located in the Franconia Formation bluffs in the sandy beach area at the southern end of the site.
posted by: meralgia
location: Minnesota
date approved: 7/22/2008
last visited: 6/15/2015
Crystal Cave
Beautiful living cave.
posted by: wardnkathy
date approved: 6/18/2008
last visited: 7/17/2011
Gaping Gill, North Yorkshire
Gaping Gill is where Fell Beck drops 105 meter underground into a massive chamber. Normally unseen this spectacular void is only available to dedicated potholers. For 2 weeks a year a winched chair lowers waymarkers to the chamber floor for a fee.
posted by: flipflopnick
location: Yorkshire, United Kingdom
date approved: 5/28/2008
last visited: 9/3/2014
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It's not just kittehs that love captions! ALL THE ANIMALS DO! Check out Animal Capshunz for MOAR!
But to be fair, don't all kitteh owners say similar things to their cats?
Wat kinds ob fings duz kittehz sez?
Don't feel preety or witty just gay
Sumtymz ya just doeznt feel eet.


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Today, while celebrating at my friend's birthday party, I fell down a flight of stairs, got into a fight with my flatmate, and ruined my friend's outfit after drinking too much. I'm expecting I'll need to find a new place to live tomorrow. FML
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