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tvcord5-blog · 5 years

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National Cheat Sheet: US home sales drop again, JLL buys HFF for $2B… & more

Clockwise from top left: The Federal Reserve has held interest rates steady and indicated that they will not rise this year; Facebook revamps its housing ad policy after settling discrimination lawsuits; JLL buys HFF in a $2B cash-and-stock deal that it hopes will ‘accelerate growth;’ and a Re/Max report finds the U.S. set for a ‘significant shift’ as home sales decline and inventory grows.

Report: ‘Shift’ as US home sales decline, inventory grows U.S. home sales continued to fall in February, dropping 4.2 percent, even as inventory grew by 5.8 percent, according to a new report from Re/Max. The decrease in home sales marked the seventh consecutive month of declines year-over-year, although the increase in inventory was the fifth month in a row of growth, the report said. Trends that last five months or more “often indicate significant shifts,” said a statement from Re/Max CEO Adam Contos. “Year-over-year trends in declining sales and rising inventory have both reached that length now,” he added. Homes in San Francisco and Omaha, Nebraska, were on the market for the least amount of time at 37 and 34 days, respectively, according to the report. [TRD]

JLL buys HFF for $2B in effort to ‘accelerate growth’ Chicago-based JLL announced this week a $2 billion cash-and-stock deal to acquire Dallas-based HFF. The proposed combination, which could usher in a period of poaching as rival commercial brokerages seek to attract individuals displaced by the union, values HFF at $49.16 per share based on its March 18 market closing price. The merger, which should be finalized in the third quarter of this year, still requires HFF shareholder approval, but already has the assent of both companies’ boards. “The combination with HFF provides a unique opportunity to accelerate growth and establish JLL as a leading capital markets intermediary, with outstanding capabilities,” said a statement from JLL global CEO Christian Ulbrich. JLL and HFF are both in the top 10 in The Real Deal‘s recent ranking of investment sales firms. [TRD]

Opendoor valuation hits $3.8B after funding round San Francisco-based startup Opendoor, which has sought to make a name for itself in the iBuyer space, has raised $300 million in a funding round led by General Atlantic, Fifth Wall Ventures, GGV Capital, Hawk Equity and Japan’s SoftBank Group, according to TechCrunch. The outlet noted the move brings Opendoor’s valuation to $3.8 billion. Founded in 2014, Opendoor has since raised $1.3 billion in equity, with another $3 billion in debt financing to purchase properties. The company, which received a $400 million investment from SoftBank late last year, plans to use its latest round of funding on product development and expansion. Opendoor co-founder Eric Wu told TechCrunch that his company intends to remain focused on the private home buying market, rather than cars, commercial real estate or loans. [TRD]

Facebook settles lawsuits, revamps housing ad policy Online housing advertisements will no longer target Facebook users by ZIP code, the Wall Street Journal reported. A new policy enacted by the social media giant will also set a 15-mile minimum radius for geographic ads and restrict housing, job and lending ads from targeting users by age and gender. Facebook is making the changes to settle five discrimination lawsuits filed by plaintiffs, including the National Fair Housing Alliance. “There is a long history of discrimination in the areas of housing, employment and credit, and this harmful behavior should not happen through Facebook ads,” company COO Sheryl Sandberg wrote in a blog post. [TRD]

Fed holds interest rates, indicates no raises this year The Federal Reserve isn’t raising interest rates right now, and will most likely hold them steady for the rest of the year due to concerns about an economic slowdown. In 2018, the Fed raised rates four times. In minutes this week, officials indicated that 2020 will only see one rate raise. The decision reflects a relatively recent change of mind on behalf of top Fed officials. At the end of last year, only two two officials said they thought the Fed would keep interest rates unchanged in 2019, as opposed to 11 out of 17 right now. The Fed also plans to scale back its plan to downsize its portfolio of government-backed securities. Low interest rates have been a boon to real estate investment trusts and could lead to more demand for mortgages from Freddie Mac, a government-sponsored entity that the Trump administration is considering privatizing. This week Freddie Mac promoted president David Brickman to CEO. [TRD]

MAJOR MARKET HIGHLIGHTS

Manhattan’s Hudson Yards development officially opens A star-studded extravaganza of business moguls, celebrities, developers, elected officials and even Big Bird turned out last week to celebrate the grand opening of Hudson Yards on Manhattan’s West Side — first at an invite-only evening soiree on March 14 and again at a ceremony the next morning. New York Sen. Chuck Schumer called Related Companies chairman Stephen Ross the “only person in the universe” who could have brought the decade-long development to fruition. Ross, meanwhile, said he was “still awed” to see the project become a reality. Since the opening, critics have raised concerns about Related’s use of surveillance in the neighborhood, as well as its controversial policy regarding photos taken from a 15-story climbable sculpture known as “The Vessel.” [TRD]

Boston, LA touted as top cities to endure economic downturn Among the cities that could remain among the most resilient amid the country’s economic slowdown is Boston, one of several places that investors have set their sights on that are less likely to feel the effects of a downturn, Bloomberg reported. Boston is considered a less riskier investment because it has a traditional financial services base, as well as a biotechnology and life sciences sector, according to the outlet. Los Angeles is another city that’s drawing in investors due to its media and technology industries. Cities such as Austin, Texas, which rely predominantly on a single industry or company, are considered riskier places to invest. [TRD]

ISG founders resolve acrimonious partnership dispute Two founders of Miami-based luxury brokerage International Sales Group have officially parted ways after settling dueling lawsuits last month. Philip Spiegelman had accused Craig Studnicky of mismanaging “large amounts of cash,” while Studnicky had claimed Spiegelman pushed out a third founding partner of ISG and alienated clients with his “overbearing narcissism and obnoxious personality.” The litigation initially left the future of the brokerage up in the air, but Studnicky’s lawyer Robert Stok said the two have “reached an amicable resolution.” Stok’s client will take over ISG, while Spiegelman will get development rights to a mixed-use project in New Orleans. [TRD]

Michigan nonprofit moves into OZs in Florida The Troy, Michigan-based Kresge Foundation is the latest entrant in the race to reap the benefits from federal Opportunity Zones. The philanthropic group, a registered nonprofit, has partnered with Boston-based Arctaris Impact and Fort Lauderdale-based Community Capital Management to launch an OZ-focused fund. Kresge has provided a combined $22 million to both funds, which have agreed to adhere to certain investment guidelines, such as deploying capital to create jobs and help low-income communities. OZs allow investors to defer paying capital gains taxes if they invest in specially designated geographic areas. U.S. Housing and Urban Development Secretary Ben Carson told The Real Deal earlier this month that he would give preferential treatment to OZ developers and investors that build affordable housing. [TRD]

PMG to bring another co-living complex to Chicago Property Markets Group plans to open another co-living rental complex in Chicago, principal Noah Gottlieb told The Real Deal. The New York-based developer, which started its co-living unit in 2017, has already opened two “X Social Communities” complexes in the Windy City and one complex in Miami. New apartment buildings are in the works in Denver, Oakland, Phoenix and several cities in Florida, and the group is eyeing Atlanta, Houston and Minneapolis for future projects, Gottlieb said. Beds start at $995 per month in PMG’s “X Chicago” building in the University Village neighborhood. [TRD]

Santa Monica’s Clock Tower Building sells for $58M Sorgente Group of America has sold the historic Clock Tower Building in Santa Monica to Rockwood Capital for $58 million. The 53,500-square-foot Art Deco tower, which opened in 1930, was the tallest building in the beachfront city for four decades. It’s considered Santa Monica’s first skyscraper and is also still one of the tallest buildings in the vicinity due to height restrictions. The building, which has a four-story clock tower, is currently home to Chinese digital media company Hylink, investment firm Bold Capital Partners and H Code media, among other tenants. Italy’s Sorgente Group, whose other properties include the Flatiron Building in Manhattan, bought the Clock Tower Building in 2013 for around $34 million. [TRD]

Source: https://therealdeal.com/2019/03/22/national-cheat-sheet-us-housing-market-continues-to-struggle-jll-buys-hff-for-2b-more/

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tvcord5-blog · 5 years

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For a taste of the Mediterranean at home, try this vegan lentil salad recipe

Are you pedaling a bike through the fields of Provence? Strolling a village in Spain? Me neither. But this dish makes me feel like I’m getting a taste of that life, and it can be enjoyed here in L.A., which feels like a vacation town even if it’s your hometown. The hazy hot days followed by cool nights are perfect for picnics at a beach, park or outdoor movie screening.

French le Puy lentils stay nice and firm even after they’re cooked through, making them ideal for a salad that needs to sit around for a while. Fennel — every part of it — partners nicely with the legumes. The woody tops simmer along with the lentils, as do sweet carrots, savory celery, and aromatic onion and leeks. Thin slices of the fennel bulbs add a refreshing, cooling crunch to each bite of warm lentils and the final sprinkling of fennel fronds delivers a summery aroma.

The lentils and vegetables get only more delicious after a turn in a sherry-Dijon-dill vinaigrette, a meeting of Spain and France bound with olive oil. Because the lentils are still warm when mixed with the dressing, they become infused with its bright tanginess. This salad tastes best when warm but is still great at room temperature or even cold. It keeps for days, so you can snack on a bite or two whenever you need a satisfying, satiating snack. Or you can pack it all up to share with friends and family wherever you’re spending your staycation.

This salad is casual enough for lunch at home and elegant enough for a dinner party.

(Mariah Tauger / Los Angeles Times)

1 hour, largely unattended. Serves 4 to 6.

Small, firm lentils such as le Puy or beluga taste best in this dish. If you can’t find those, use small green lentils instead. They will be softer but still taste good. Don’t substitute red, brown or yellow lentils; they soften too much to work in this salad.

Ingredients

2 fennel bulbs

1 pound small lentils, preferably le Puy or beluga, rinsed and drained

2 celery stalks, thinly sliced

1 onion, finely diced

2 leeks, trimmed, halved lengthwise, washed well and cut into thin half-moons

2 carrots, halved lengthwise and thinly sliced

Kosher salt and freshly ground black pepper

¼ cup sherry or balsamic vinegar

¼ cup extra-virgin olive oil, plus more

2 tablespoons Dijon mustard

½ cup chopped dill

Instructions

Pick the fronds off the fennel and reserve for garnish. Thinly slice the stalks and reserve the bulbs.

Combine the lentils, celery, onion, leeks, carrots, sliced fennel and 1 tablespoon salt in a large saucepan. Add enough cold water to cover by 2 inches. Bring to a boil over medium-high heat, then reduce the heat to medium-low and cook, stirring occasionally, until the lentils are just tender, about 45 minutes. If the water absorbs fully before the lentils are cooked through, add more.

Drain the lentils if needed, then transfer to a large bowl and add the vinegar, oil, mustard and dill. Fold until evenly coated, then season to taste with salt and pepper. Let sit for at least 10 minutes.

Halve the fennel bulbs, core and thinly slice. Scatter over the salad, along with the reserved fennel fronds. Drizzle with olive oil, sprinkle with salt and pepper, and serve.

Make ahead The lentil salad without the sliced fennel can be refrigerated in an airtight container for up to 5 days. Top with the fennel right before serving.

Source: https://www.latimes.com/food/la-fo-mediterranean-vegan-lentil-fennel-salad-recipe-20190713-story.html

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tvcord5-blog · 5 years

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Decision about Bangladesh Accord further stalled

As FashionUnited reported a week ago, a restraining order by the government of Bangladesh has been placed on the Accord on Fire and Building Safety in Bangladesh (Accord), which was due to take effect on 30th November, then 6th December and now 17th December. In other words, the future of the Bangladesh Accord is still in limbo.

In the government’s submission to the High Court regarding the Accord’s appeal against an order that it cease operating in Bangladesh from 30th November, it has stated that the Accord should only be allowed to continue operations in Bangladesh under a set of highly obstructive constraints, which would strip the globally-respected safety initiative of its ability to operate independently of government and employer control. The constraints include that this will be the last extension allowed to the Accord maintaining its office in Dhaka.

Specifically, this would mean subjecting all Accord decisions to the approval of a government committee, preventing the Accord from taking any action against factory owners who threaten or fire workers for raising safety complaints, and prohibiting Accord inspectors from identifying any new safety violations, “effectively requiring them to ignore deadly hazards found during their inspections, such as faulty alarm systems, blocked fire exits, and cracks in structural columns,” as the Clean Clothes Campaign (CCC) summed up yesterday in a press release, ultimately destroying the Accord’s independence.

At a hearing on 6th December where the Accord’s response to the constraints on its operations was tabled, the government of Bangladesh requested another hearing on 10th December to allow time to consider the response. Yesterday, the government has requested, and been granted, a further delay until 17th December. That means with no clear direction that the future of the Accord continues to hang in the balance and in the meantime, its representatives’ hands are being tied and unable to act.

Thus, the global union signatories to the Accord – IndustriALL and UNI – and the four witness signatories – Clean Clothes Campaign, International Labor Rights Forum, Maquila Solidarity Network, and Worker Rights Consortium – call on Bangladesh’s trading partners and global apparel brands to press the government of Bangladesh to refrain from imposing these shocking impediments to the Accord continuing its life-saving work.

As much as it is understandable that the government of Bangladesh would like to gain full control over how the factories that create 80 percent of the country’s export goods are run and inspected, it is also clear that this can only happen when workers’ safety and building and fire safety can be guaranteed. And this is not the case with the proposed solution, namely the government’s Remediation and Coordination Cell (RCC) taking over all responsibilities.

“The Accord has long committed to handing over its functions to a suitable national regulatory body, however the government’s RCC is still in an early stage of development. There is broad consensus among stakeholders, including the International Labour Organization (ILO), Bangladesh’s major trading partners, and brands, that the RCC is not yet ready to perform the inspection tasks of the Accord and has no proven record of enforcing safety in the factories under its purview,” explains CCC in its press release.

Knowing this, the Accord has already proposed a solution: “The Accord is committed to building up the capacity of the RCC and to cooperation with the government and its inspection bodies to ensure a smooth transition. It has already submitted a plan of how this can be done, but the government has so far failed to comment on it”.

“A genuine transition plan for factory inspections, safety trainings, and a worker complaint mechanism will need much more time and genuine engagement by the government. It will not be possible unless the Accord is able to continue its operations without restriction. The Accord is a private contract that will remain binding upon the signatory brands until 2021, or until the RCC is demonstrably ready,” concludes the CCC.

It remains to be seen if stalling will be the method employed by the government of Bangladesh or if on 17th December, the Bangladesh Accord will be able to move ahead, whatever the decision may be.

Photo: Kristof Vadino via Maquila Solidarity Network Source: https://fashionunited.com/news/business/decision-about-bangladesh-accord-further-stalled/2018121125033

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34-Story Landmark Apartment Tower Begins Work

Construction is underway for the Landmark Two, a new apartment tower billed as the first residential high-rise built west of the 405 Freeway in more than 40 years.

The project, which is being built by Los Angeles-based real estate firm Douglas Emmett, Inc., is replacing a former Pavilions supermarket at 11750 Wilshire Boulevard, adjacent to an office tower known as the Landmark. Plans call for a modern 34-story building featuring 376 studio, one-, and two-bedroom apartments - including 19 affordable units - as well as a 40,000-square-foot landscaped space at the corner of Wilshire and Stoner Avenue.

Gensler is designing the new tower, which is portrayed as a shimmering glass-and-steel structure rising 349 feet in height. Architectural plans call for floor-to-ceiling windows through the tower, with horizontal balcony planes and glass guardrails intersected by vertical elements to a rooftop cornice.

The nearly one-acre open space, which is being designed by SWA, will be privately owned but publicly accessible. Renderings show a park-like setting with landscaping, tables, chairs, benches, water features, paved pathways, a stage, and a central lawn.

Parking for the new apartments will be set within four basement levels in an existing garage, a portion of which is being reconstructed to support the weight of the tower. Plans call for a total of 1,090 parking spaces at completion.

Construction of the Landmark Two is anticipated to occur over approximately 30 months.

The newest residential tower west of the 405 Freeway will also happen to be an immediate neighbor of some of the oldest. Barrington Plaza, a collection of high-rise apartment buildings located across Stoner avenue that is also owned by Douglas Emmett, dates to the early 1960s.

Source: https://urbanize.la/post/34-story-landmark-apartment-tower-begins-work

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Pop-up stores are becoming an increasingly viable option for mall owners

Shopping centers are trying to adapt to new retail environment

December 21, 2018 09:00AM

Shoppers lined up at a pop-up store (Credit: Getty Images)

Malls are no longer saying no to pop-up shops.

Macerich, a publicly-traded mall landlord that owns more than 50 shopping centers, is now offering leases for 180 days, according to Bloomberg. The company launched a leasing program called BrandBox last month that lets online retailers set up temporary pop-up stores in an attempt to revive a sector hit hard by bankruptcies at former anchor tenants like Sears and Toys “R” Us.

Amazon now has pop-up stores at 17 malls throughout the country, and traditional retailers like Macy’s and Bloomingdale’s have allocated space in their stores for rotating products and brands as well.

Storefront, a website that connects short-term tenants with vacant retail space, had fewer than 5 percent of its listings in malls when it launched in 2013. However, that amount has since jumped to about 20 percent.

“It shows, for many malls, their revenue models are going to change entirely,” Storefront CEO Mohamed Haouache told Bloomberg. [Bloomberg] – Eddie Small

Source: https://therealdeal.com/2018/12/21/pop-up-stores-are-becoming-an-increasingly-viable-option-for-mall-owners/

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Back to the Hanfu-ture: Young Chinese revive ancient fashion

Dressed in a flowing long robe adorned with beaded floral embroidery from a bygone era, stylist Xiao Hang looks like she surfaced from a time machine as she strides across the bustling Beijing metro, attracting curious glances and inquisitive questions.

China has embraced Western fashion and futuristic technology as its economy boomed in recent decades, but a growing number of young people like Xiao are looking to the past for their sartorial choices and donning traditional "hanfu", or "Han clothing".

These historic costumes of the Han ethnic majority are enjoying a renaissance in part because the government is promoting traditional culture in a bid to boost patriotism and national identity.

Period dramas have also contributed to the surge in interest for traditional Chinese garb -- "The Story of Minglan", a TV series set in the Song Dynasty, garnered more than 400 million viewers in three days when it debuted earlier this year.

There is no uniform definition of what counts as hanfu since each Han-dominated dynasty had its own style, but the outfits are characterised by loose, flowing robes that drape around the body, with sleeves that hang down to the knees.

"When we were little, we would also drape sheets and duvets around ourselves to pretend we were wearing beautiful clothes," Xiao told AFP. Xiao, who used to work at a state-owned machine manufacturing company, now runs her own hanfu business, where she dresses customers for photo shoots and even plans hanfu-style weddings.

Ancient style, new fashion

In modern China, the hanfu community spans the gamut: from history enthusiasts to anime fans, to students and even young professionals. Yang Jiaming, a high school student in Beijing, wears his outfit under his school uniform.

"Two-thirds of my wardrobe is hanfu," he said, decked out in a Tang-style beige gown and black boots at a hanfu gathering, adding that his classmates and teachers have been supportive of his style.

A government-supported revival in Chinese culture has given the hanfu community a boost: since he entered office in 2012, President Xi Jinping has supported the idea of promoting a Han-centric version of heritage.

In April, the Communist Youth League of China launched a two-day conference for traditional Chinese garb, including hanfu.

A live broadcast of the event drew some 20 million viewers, alongside a visceral outpouring of emotions.

"Chinese people have abandoned their own culture and chosen Western culture. The red marriage gown has now become a wedding dress," wrote on user on Bilibili, a video streaming platform popular among young anime, comic and gaming fans in China.

Clothes are the "foundation of culture," said Jiang Xue, who is part of Beijing-based hanfu club Mowutianxia, which has received funding from the Communist Youth League.

"If we as a people and as a country do not even understand our traditional clothing or don't wear them, how can we talk about other essential parts of our culture?" she said.

'Strange clothes'

There is some way before the style reaches mainstream acceptance in China. In March, two students in Shijiazhuang Medical College in northern China were reportedly threatened with expulsion for wearing the outfits to school. Others say they're deterred by the odd looks they get when wearing hanfu in public.

"I used to be very embarrassed to wear (hanfu) out," screenwriter Cheng Xia told AFP.

The 37-year-old said she overcame her reservations after going out dressed in a full outfit last year.

Meanwhile, the movement to revive Han ethnic clothing is raising questions about nationalism and Han-ethnocentrism -- a sensitive issue in China where the government is wary of any inter-ethnic conflict.

For instance, within the hanfu community, there is long-running opposition towards the qipao, the high-collared, figure-hugging garment that used to be a staple of women's wardrobes.

Also known as cheongsam in Cantonese, the qipao -- meaning "Qi robe" -- began as a long, loose dress worn by the Manchus or "Qi" people who ruled China from the 17th century to the early 1900s.

Its popularity took off in 1920s Shanghai when it was modified into a fitted must-have, favoured by actresses and intellectuals as a symbol of femininity and refinement.

"Some people... think that the cheongsam was inspired in the Qing Dynasty, which is not enough to represent China. There are nationalist undertones in this issue," said Chinese culture scholar Gong Pengcheng.

"It is a good trend to explore traditional culture and clothing culture... There are many things we can talk about, and we need not shrink to nationalist confrontation."

Yang, the high school student, is more upbeat. He said: "At the very least, we can wear our own traditional clothes, just like the ethnic minorities."(AFP)

Photos: by Greg Baker / AFP

Source: https://fashionunited.com/news/fashion/back-to-the-hanfu-ture-young-chinese-revive-ancient-fashion/2019061328283

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LA County’s housing stock jumps, as does monthly rent: report

High demand for housing amid a shortage has kept rental prices high, according to a Marcus & Millichap multifamily report

Recent renderings of multi-family projects

The massive amount of new housing added in Los Angeles County has done little to slow demand or rising rent prices, which have jumped to $2,320 per month.

Amid a housing shortage, the high demand for units led to the absorption of 16,150 units over the past 12 months, lowering the vacancy rate to 3.7 percent, according to Marcus & Millichap’s 2019 multifamily forecast report.

And despite an overall slowing housing market in Southern California, the first quarter of 2019 represented one of the strongest periods for new development in L.A. County since at least 2000, according to the report.

From January through March, 4,200 rental units were added to the apartment stock. And by the end of the year, the report said, completions will stay on pace, with an expected 13,000 additional units.

In Downtown L.A. alone, more than 9,800 new units have been added over the past year, and 9,000 more are set to be finished by the end of 2019. The vacancy there is at 4.6 percent with an average rent of about $2,473.

Construction is underway on 27,600 more units, all of which are set to be completed by the fourth quarter of 2021. This week, Onni Group received city approval for a 700-unit tower in Downtown, which will be one of the tallest planned in the city.

The cities and neighborhoods on the Westside, where the average rent is up to $3,275, are set to add more than 2,800 rentals by the end of the year — the largest annual total since at least 2000. In the next few quarters, at least 16 complexes will be finished there, including the 526-unit Neptune Marina, and the 585-apartment AMLI Marina del Rey.

Source: https://therealdeal.com/la/2019/06/13/la-countys-housing-stock-jumps-as-does-monthly-rent-report/

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The Militant's Epic Militant CicLAvia Tour XXI!!

Interactive map! Click and drag to navigate. To view larger version, click here.

The 21st iteration of CicLAvia (and the second one of 2017) brings us the first all-new alignment since the Southeast Cities route from May, 2016. Which means...it's time for another Militant Angeleno Epic CicLAvia Tour guide!

[cue fanfare music]

This time around, we're on the second route not served by Metro Rail (though it is Metrolink-accessible), and visit the Los Angeles community of Atwater Village and the Jewel City of Glendale. Even though this route is a mini-CicLAvia route of just a little over three miles, there's tons of historical and notable points of interest along this route, and in fact, The Militant had to pare down the list just so he doesn't stay up until 5 a.m. like he usually does when he does these posts (ya, really)! So, without any delay...let's get it started!

1. Glendale-Hyperion Viaduct 1928 Hyperion Avenue, Silver Lake/Atwater Village

This 400 foot-long concrete arch bridge links the community of Silver Lake in the south with Atwater Village in the north, traversing the Los Angeles River below. Designed by Merrill Butler, who also designed another iconic Los Angeles River bridge downstream, the Sixth Street Viaduct (R.I.P.), the bridge replaced an old 1910 wooden crossing that was severely damaged during a 1927 flood. The current bridge was built later that year and opened in September 1928, which was also dedicated to World War I veterans and honorarily dubbed "Victory Memorial." In 1988, the bridge appeared in the movie, Who Framed Roger Rabbit? (and thus a smaller replica of the bridge was later built at Disney's California Adventure theme park in Anaheim, paying homage to the original Walt Disney Studios' neighborhood (located where the Gelson's supermarket stands today)). Recently, the bridge was Ground Zero in a 2013-2015 controversy over whether the eventual renovation of the bridge should be designed in a more bicycle/pedestrian-friendly manner vs. a more automobile-centric design.

The Militant visited this bridge in July of 2007 in a very early MA blog post.

2. Pacific Electric Bridge Abutments and Red Car Mural 1929 (dismantled 1955); 2004 Los Angeles River at Glendale Blvd, Atwater Village

If you follow The Militant, you should know by now that his legendary epic Pacific Electric Archaeology Map from 2015 features a set of seven concrete bridge abutments across the Los Angeles River as one of the remnant traces of Red Car infrastructure. A bridge once rested on these abutments from 1929 to 1955 that carried the beloved trolleys between Downtown Los Angeles to Burbank. In 2004, local Atwater Village muralist Rafael Escamilla painted a mural on one of the abutments, which faces Red Car River Park, which was part of the old trolley's right-of-way. The line continued up Glendale Blvd and on to Brand Blvd in Glendale, before veering west on Glenoaks Blvd to Burbank.

3. Black Eyed Peas Recording Studio Opened 1996 3101 Glendale Blvd, Atwater Village

This nondescript brown two-story building on the corner of Glendale Blvd and Glenfeliz Ave features a recording studio (on the 2nd floor) owned by Los Angeles hip-hop/pop group Black Eyed Peas. Their first few albums were recorded here, including this '90s-era jam. Though the group uses more high-end recording facilities around the world, and will.i.am now has his own home studio in his Los Feliz residence, the facility is still used by members of the band and their extended musical family.

4. G-Son Studios/Beastie Boys Recording Studio Opened 1991 3208 1/2 Glendale Blvd, Atwater Village

The Peas aren't the only hip-hop influence on da AWV. Groundbreaking NY rap trio the Beastie Boys transplanted themselves to this part of Los Angeles during the 1990s (influenced by their producer and musical collaborator, the Los Angeles-raised Mario Caldato, Jr.) and recorded the albums, Check Your Head, Ill Communication and Hello Nasty here in this loft space, known as G-Son Studios, located above today's State Farm insurance office. The facility was also the headquarters of the Beasties' record label and magazine, Grand Royal. The studio was sold in 2006.

Oh yeah, R.I.P. MCA.

5. Atwater Village Redwood Tree 1964 Glendale Blvd median at Larga Ave., Atwater Village

You don't have to travel 203 miles to a national park in the Sierra Nevadas to see a redwood tree -- you can see one right here in Atwater Village during CicLAvia! This lone redwood was planted in the Glendale Blvd median by community members in 1964 and today stands at nearly 90 feet tall. Each December, the redwood is lighted by the Atwater Village Chamber of Commerce as a Christmas tree and the lighting ceremony has been an annual holiday community event for over 20 years.

6. Seeley's Furniture Building 1925/1946 1800 S. Brand Blvd, Glendale

Built in 1925 as a Spanish Baroque bank building by local architect Alfred Priest, the George Seeley Furniture Company took over the building in 1931, expanded it in 1939, and in 1946 got the Streamline Moderne make-over that remains today. The furniture store with the iconic large red neon sign was in operation until 1994, when the company closed for good. The building underwent an $8 million restoration and re-opened in 2012 as a collection of leased offices and artists' studios now known as Seeley Studios.

7. Forest Lawn Memorial Park Glendale 1906 1712 S. Glendale Ave, Glendale

Past the world's largest wrought iron gates at the entrance is the original location of the Southern California cemetery chain and the final resting place of over 250,000 people, including the likes of Elizabeth Taylor, Walt Disney (no, he was not frozen), Michael Jackson and someone you know. Forest Lawn was founded in 1906 by businessman Hubert Eaton, who wanted to re-invent the cemetery by doing away with large tombstones and emphasizing landscaping and art. He also innovated the industry with an on-site mortuary. The large white building at the top of the hill with the cross on top of it (changed to a star during the Christmas holiday season) houses a free museum with rotating exhibitions, as well as the world's largest framed canvas painting, the 195-foot long The Crucifixion, completed in 1896 by Polish artist Jan Styka, who brought it to the U.S. to be displayed at the St. Louis 1904 World's Fair. Too large to be transported back to Poland, it remained in the U.S. and was lost for years until Eaton bought it in 1944 and constructed the building to display it. The Militant once rode his bike here to pay his respects to a departed operative, but was told by security that bikes weren't allowed. He asked the security where in the Forest Lawn's policies were bikes not allowed (it does not appear in any signs in the park) and the security staff couldn't find it. So there.

8. Glendale Train Station 1924 400 W. Cerritos Ave, Glendale

Originally known as the Tropico depot (more on this later), this Spanish Colonial Revival station, designed by MacDonald & Cuchot and opened in 1924, was built by the Southern Pacific Railroad, eventually serving Bay Area-bound trains such as the Daylight and the Lark. Amtrak took over train service in 1971. In 1982-1983, the Glendale station was a stop for the short-lived proto-commuter rail experiment known as CalTrain which ran from Los Angeles to Oxnard for all but 6 months. In 1989, the City of Glendale purchased the station from the Southern Pacific and in 1992, the station found real commuter service in the form of Metrolink, which serves Ventura County and the Antelope Valley. The station was renovated in 1999 and expanded to a multi-modal transportation center.

9. Tropico 1887 Glendale south of Chevy Chase Drive

The southwestern section of Glendale was once an independent town named Tropico. With fertile soil formed by the floodplains of the nearby Los Angeles River, the area was famous for its strawberry farms. It also grew a business district centered at San Fernando Road and Central Avenue (pictured left), and Forest Lawn Memorial Park was born as part of Tropico in 1906. The town became incorporated in 1911, but in 1917 its residents voted to be annexed to Glendale. Not much remains of any reference of Tropico, except for the Tropico Motel (401 W. Chevy Chase Dr) and the Tropico U.S. Post Office (120 E. Chevy Chase Dr).

10. Dinah's Fried Chicken 1967 4106 San Fernando Rd, Glendale

Just a couple blocks west of the CicLAvia route is Glendale's iconic Dinah's Fried Chicken, serving its popular boxes of fried chicken and gizzards since 1967. Established by a group of golfers, the Dinah's soft-of-chain operated a handful of restaurants around Southern California that were independently owned and operated but shared common recipes and branding (the Dinah's Family Restaurant in Culver City is the other remaining establishment). The 2006 motion picture, Little Miss Sunshine made Dinah's world-famous as their brightly-colored fried chicken buckets were featured in the film.

11. Chevy Chase Drive c. 1920s Chevy Chase Drive, Glendale

When The Militant was much younger (known as Lil'Mil), he used to wonder, when the family car drove through Glendale, why that guy from Saturday Night Live had a street named after him. It turns out the street was not named after the comedian born Cornelius Chase of Fletch and Clark Griswold fame (the name was apparently a nickname given to him by his grandmother), but after Scottish folklore, namely a story entitled The Ballad of Chevy Chase. The story refers to an apocryphal battle (the "chase") in the Cheviot Hills (no, not that Cheviot Hills) of Scotland (a.k.a. "Chevy") that thwarted off an invasion of the country. Why the Scottish reference? The Jewel City was developed in the 1880s by Leslie Coombs "L.C." Brand, a Scottish American businessman and real estate dude, whose name adorns the city's main street. And also, if it's noot Scottish, it's crap!

12. Riverdale Roundabout 2008 Riverdale Dr and Columbus Ave, Glendale

Since the last CicLAvia (Culver City meets Venice) in March featured a traffic circle, it's only fitting that you visit Glendale's only traffic circle, where Riverdale Drive intersects with Columbus Avenue, just a few short blocks west of the CicLAvia route. In 2008, Riverdale became Glendale's bike-friendly guinea pig, with the street re-configured with bike lanes to form an east-west corridor linking various parks within Glendale. So yes, you can visit this traffic circle via Glendale's existing bike infrastructure.

13. St. Mary's Armenian Apostolic Church 1926/1975 500 S. Central Ave, Glendale

Los Angeles might have Little Armenia, but Glendale has Big Armenia, with a population of 40% of all Glendalians being of Armenian descent. Though Glendale has had an Armenian community dating back to the 1920s, the majority of them arrived in the late 1970s, when the diasporic Armenian community in Lebanon fled that country during its civil war, and when Armenians in Iran likewise left when the Shah fell from power and the current Islamic fundamentalist regime took over. They settled in Glendale as it was close to the existing Armenian community in East Hollywood (now Little Armenia), yet more affordable to live. In the 1990s, another wave of Armenians arrived in Glendale, this time from the former Soviet republic of Armenia, after the dissolution of the USSR. The community established its first house of worship in a small building on Carlton Drive in 1975, and in 1988, the growing congregation took over the 1926 Colonial-style former First Church of Christ Scientist on Central Avenue. Although the St. Mary's wanted to build a dome on the structure in the 1990s to match the traditional church architecture of the motherland, the building's historic preservation status prevented them from doing it.

14. Glendale Galleria 1976 100 W. Broadway, Glendale

Built as a means to invigorate the Glendale economy and to fill a regional void for The Broadway department store between Panorama City and Pasadena (the local chain was one of the mall's development partners and the anchor tenant), the Glendale Galleria opened on October 14, 1976. And while its sister shopping center in Sherman Oaks laid claim as the, like, total epicenter of 1980s Valley Girl culture, the more alliterate Glendale Galleria went on to become the fourth largest shopping mall in Southern California and the first location for chains such as Panda Express, The Disney Store and The Apple Store. Designed by architect Jon Jerde, its layout and style became an archetype for indoor shopping malls across the country during the 1970s and 1980s. The mall was expanded with a new eastern wing across Central Ave in 1983 and underwent a 21st century facelift in 2012 in the wake of the opening of its next-door neighbor, The Americana at Brand.

The Militant may or many not have had his first date at this mall. In November 1992, during his first visit to California after winning the presidential election, then-president-elect Bill Clinton did some Holiday shopping at the Galleria with a crowd of over 30,000 to greet him (The Militant may or may not have been there, and may or may not have caught a glimpse of him in his limo as he left).

15. Max's Of Manila Restaurant/Cattleman's Ranch 1980 313 W. Broadway, Glendale

In addition to a large Armenian community, Glendale is also home to a notable Filipino immigrant population. This rustic-looking building is the first American location (opened 1980) of a major Philippine restaurant chain, specializing in Filipino-style fried chicken (sounds like a culinary theme for this CicLAvia...). If this building looks familiar, the facade is used as the setting for Louis Huang's Orlando restaurant Cattleman's Ranch in the hit ABC TV series, Fresh Off The Boat.

16. Security Trust and Savings Bank/Site of Glendale Pacific Electric Depot 1923 100 N. Brand Blvd, Glendale

The first "high-rise" (as in over two stories) building in Glendale was this Classical style six-story building on the northeast corner of Brand Blvd and Broadway, designed by Alfred Priest (who also designed the Seeley's Furniture building down the street). This was the home of the Security Trust and Savings Bank, which was a popular local bank chain in Southern California at the time. The bank took over the former First National Bank of Glendale (founded by L.C. Brand) in 1921 and eventually became Security Pacific Bank, and is now part of the Bank of America borg. Before the bank building was built, this was the site of the Glendale Pacific Electric depot, built in 1906 to serve the electric railway line that ran up and down Brand Boulevard. L.C. Brand sought the help of his friend and fellow real estate guy Henry Huntington to build his electric trolley line through Glendale to help sell property tracts and to spur development. The rest is history. You can say the place has Brand's brand all over it. This building has a historical marker placed by the city recognizing the bank building's history and the PE station that stood here prior to it.

17. The Alex Theatre 1925 216 N. Brand Blvd, Glendale

Designed by the architectural firm of Meyer & Holler (who also designed Grauman's Chinese and Egyptian theatres in Hollywood), The Alexander Theatre (named after Alexander Langley, of the Langley family that operated theatres around Southern California at the time) opened in 1925 as a venue for vaudeville entertainment, silent movies and staged plays. In 1939 the iconic facade and spire was built, designed by Lindley & Selkirk. The theatre also features a Wurlizer pipe organ, which was played by a live organist, which was the typical soundtrack for silent movies. The design of The Alex made it a popular location for world premieres of motion pictures, and from the 1940s to the 1980s, it existed as Glendale's premier movie palace. It was renovated in 1993 and is now owned by the City of Glendale for arts programming (The Los Angeles Chamber Orchestra makes its seasonal home here) and special events.

18. Porto's Bakery 1982 315 N. Brand Blvd, Glendale Three things are absolutely guaranteed at Sunday's CicLAvia: 1) Sunny skies; 2) Smiling faces; and 3) A seriously long-ass line in front of Porto's. The legendary bakery was founded by the Porto family, who fled Fidel Castro's Cuba in the 1960s. The original location was actually in Silver Lake, on Sunset Boulevard and Silver Lake Drive (Los Angeles' Cuban community was once concentrated in the Echo Park-Silver Lake vicinity). In 1982, the family moved the bakery to Glendale where they actually did it and became legends. After over 45 years in business, Porto's sells 1.5 million cheese rolls and about 600,000 potato balls each month, and a little Yelp hype last year didn't hurt either. Porto's now boasts locations in Burbank, Downey, Buena Park and soon in West Covfeve Covina. Soon, places outside of Southern California will be clamoring to have a Porto's in their town, and numerous Porto's imitators will open up, each with lookalike beige, brown and yellow boxes, boasting that they're better than the original. It's good that this CicLAvia route is only three miles, so you can enjoy the route in its entirety while spending most of your day in the Porto's line.

19. Glendale Federal Savings Building 1959 401 N. Brand Blvd, Glendale

All you Mid-Century Modern fetishists, prepare to have an archigasm at CicLAvia! This quirky 10-story building, originally the home of Glendale Federal Savings, was designed by Peruvian-born architect W.A. Sarmiento, who made some bank out of drawing up bank buildings. But this was his most well-known structure, recognized by the Los Angeles Conservancy, which features an external elevator bank. Glendale Federal merged with California Federal in 1998, and today it's part of Citi Bank. The building is now home to the Hollywood Production Center (despite not actually being in Hollywood).

20. Vierendeel Truss Bridges 1937-1938 Verdugo Wash at Geneva Street, Glendale Verdugo Wash at Glenoaks Blvd, Glendale Verdugo Wash at Kenilworth Ave, Glendale

We began our Epic CicLAvia Tour with a bridge, so it's appropo that we end it with a bridge. Verdugo Wash, a 9 1/2-mile tributary of the Los Angeles River, runs south from La Crescenta paralleling the 2 Freeway, and west paralleling the 134 Freeway, where it flows in to the river near the Los Angeles Zoo area. As a part of President Franklin Roosevelt's Works Progress Administration program, the War Department's U.S. Engineers (the predecessor of the U.S. Army Corps of Engineers) built a series of eight steel bridges (using local steel manufactured by Consolidated Steel Corp. of Los Angeles) traversing Verdugo Wash, all in the Vierendeel Truss design, which was invented in 1896 by Belgian engineer Arthur Vierendeel. Unlike standard truss bridges, there are no diagonal members. Glendale is the home of the only Vierendeel Truss Bridges in the United States, the first of which was built at the Verdugo Wash's Central Avenue crossing. Brand Boulevard had a twin bridge, which had a separate girder bridge for the Pacific Electric in the middle. In the mid-1980s, all but three of the bridges (at Geneva Street, Glenoaks Avenue and Kenilworth Avenue) were torn down by the City of Glendale and replaced with boring concrete bridges (You can say that Glendale had some truss issues). Today you can admire the last remaining Vierendeel Truss bridges in America.

The Militant wants to raise a fist and give massive props to the Tropico Station Glendale blog, which provided an additional source of research info for this post! Happy CicLAvia on Sunday, and see you or not see you on the streets!

Source: http://militantangeleno.blogspot.com/2017/06/the-militants-epic-militant-ciclavia.html

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tvcord5-blog · 5 years

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Q&A: The struggle to desegregate LA neighborhoods

In the 1960s, as the Berlin Wall was erected to divide East and West Berlin, a stretch of Alameda Street served a similar role: It was an almost impassable barrier that divided white and black residents of Compton.

The borderlines shifted throughout the early 20th century, but it was Alameda—nicknamed the Berlin Wall—that served as “possibly the longest and most strictly held racial boundary in Los Angeles,” dividing the communities of South LA, says researcher Andrea Gibbons.

In her new book, City of Segregation, Gibbons documents how angry mobs crossed the borders to throw paint bombs and smash windows of black-owned homes and to spray bullets into the office of the local branch of the NAACP.

The book traces how black residents battled violence, abuse, and discrimination in LA’s housing market for nearly a century. It encompasses efforts by black homeowners to contest de jure segregation in the 1920s and the ongoing struggles with gentrification, displacement, and homelessness today.

A former tenant organizer in Los Angeles who now works as an urban housing researcher at the University of Salford, Manchester, Gibbons uses the book to honor the work of civil rights activists and community organizers, including the fearless Charlotta Bass, publisher of the California Eagle.

Below, Gibbons tells Curbed why LA epitomizes a certain version of U.S. urban planning based on suburban sprawl and car-centered transportation, how living in South Central LA for 10 years (before returning to complete her dissertation, which became the book) impacted her view of segregation, and why she remains hopeful in spite of the many obstacles to integration that still exist today.

Curbed: Early in the book, you contend with the question of whether Los Angeles represents the antithesis of urban planning. What led you to conclude that LA epitomizes—rather than rejects—a certain version of American urban planning?

Andrea Gibbons: LA is a good example of Western cities that grew up after the automobile, so it grew in different ways than East Coast cities. LA was never really constrained during its boom period by the need to be able to walk to work, or to take the train. You look at Phoenix, a lot of cities in Texas, they have a similar sprawling nature that’s quite different from Philly or New York. In that sense, it’s quite representative of that kind of city.

But I think what I found it represented was how central race was in its development, and I think that that is true of all U.S. cities. It’s played out in different ways, depending on what city you look at, but all across the country you get the same kind of segregation. You see it everywhere, so in that sense LA is not the pinnacle of urban planning, but it is emblematic of how race has shaped urban planning, and how it’s been a response to that.

In 1964, there were fewer than 500 nationally, but just six years later, there were more than 10,000, with many in LA. How did these groups help perpetuate the segregation that civil rights legislation was, on paper, able to abolish?

One of the primary movers in the formation of the city has been to develop space for white families—and to protect that space. When that became impossible to do legally, people had to look for different ways to achieve the same effect. Homeowners associations had always been very central in all of those efforts.

“One of the primary movers in the formation of the city has been to develop space for white families—and to protect that space.”

I kind of argue that it was a really natural thing when building these developments, especially the community builder phenomena, where you have builders developing huge tracts in different suburban areas. They were already developing the tracts and creating the homeowner association, and using that to defend against the “wrong” kind of person moving in. It was quite easy for them to see that formalizing that a bit more would have the same kind of effect.

I find them fascinating, because, when you think about America, if you have your own property, you can do whatever you want. That seems like a fundamental tenant of what it means to be American. But millions of people have chosen to live in neighborhoods where they can’t do whatever they want.

People got sued for sitting on their lawns in front of their house, one person got sued for wearing flip-flops around the neighborhood, all of this crazy stuff. You just think about all of these neighbors looking at each other, and it’s become this ugly phenomenon that I don’t think is entirely driven by race, but initially had a lot to do with that. It’s in reaction to civil rights, renewed white flight: You just see this quite fearful seeking for safety and high property values.

CORE picketers blocking a parking lot exit at the Southwest Realty Board meeting in 1964 being slowly pushed along by a driver. The four, apparently unhurt, were arrested in the protest for fair housing.

Los Angeles Public Library photo collection

You have strong roots in LA as a former tenant organizer. How did that background orient your work while writing this book?

We were evicted from our house when I was 17, so I think that’s been one of the formative experiences of my life. I don’t believe it’s people’s fault that they’re poor. I was always very driven to change things, and I had a lot of frustration with generally how things are changed. I didn’t even know organizing was a thing, that there was this idea that people could come together to solve their own problems.

The work that I did at Strategic Actions for a Just Economy, or SAJE, in LA was just incredible. We did a lot of work around slum housing, so a lot of it was just to try and get people’s houses into decent, sanitary condition, without the fear of harassment from landlords.

People living in terrible, shitty housing have different priorities than someone sitting in an office trying to think about how to make the city better. It was an incredibly powerful experience, and I remain convinced that it’s one of the key ways that the world will be improved.

We were so good at winning small battles, like the Residential Hotel ordinance. We won so many campaigns against individual landlords, but we weren’t winning the bigger picture, and gentrification was speeding up. I wanted to know more about how we’d ended up where we were, because when you’re doing community organizing you’re so caught up that you don’t have much time to think about things.

Having worked in South Central LA, it was so clear to me that race was central to whatever the answer was. Economics was obviously important, but seeing race, and the levels of segregation that we experience, and the fact that I was often the only white person ever, in room after room, bus after bus, just this lived experience of how horribly segregated it is, the fact that that isn’t central to how we theorize about what’s happening to cities I found incredibly frustrating.

Georgia Taylor, president of the Valley chapter of the NAACP, photographed in the summer of 1963. She told the Valley Times there was a lot local chambers of commerce and service clubs could do if they seriously wanted to help de-segregate the San Fernando Valley. “But no one has offered any help to us. There is a lot they could do, but they haven’t made the effort,” she said.

In many ways, your book is rather dispiriting. You write about civil rights activists fighting for weeks at a time to get one family into a home in an all-white neighborhood, only to have the developer pull out at the last minute. What motivated you as you had to wade through this painful history?

We have come really far, and the book made me really feel a part of this longer history. The U.S. is good at forgetting things. We forget the bad things that have happened, but we also forget the good things. It’s quite amazing to understand this history and the fact that the fight we’re fighting now is in many ways as they were fighting 100 years ago, but it has shifted a lot.

“That what was really powerful about the civil rights struggle: the incredible bravery of someone choosing to live somewhere that wasn’t completely safe.”

A lot of stuff that happens through struggle you don’t really see, because it doesn’t result in a big shift in policy or saving a bunch of units. But with the women that we worked with, what a huge victory when one of them kicked her husband out and changed the locks.

Things really shouldn’t be this way. When I think about what happened to my family at 17, I still have this huge reservoir of sadness and anger, and so many people do.

Losing a home, there’s no way to describe what that feels like, even if it’s a home you didn’t like very much. It’s still a place that has memories, it’s still an important part of your life. That’s what was really powerful about the civil rights struggle: the incredible bravery of someone choosing to live somewhere that wasn’t completely safe.

In a way, we’re probably not now suffering a worse defeat than after they got rid of racial covenants, and they all thought they’d won and segregation would be done, and then it was worse than before. We need to remember that you move forward, then you go back, and you still fight.

Source: https://la.curbed.com/2018/12/3/18114611/city-of-segregation-book-los-angeles-housing-discrimation

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tvcord5-blog · 5 years

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michelle + leo // orange county wedding

Michelle and Leo are one of the kindest sweetest couples, and documenting their June wedding was so much fun! A pretty palette of pinks, sunny skies, and handmade details made this such an exciting way to kick off the summer season. They also incorporated lots of cultural traditions which really personalized the day.

I know blogging has been a bit slow around here (a sign that wedding season is in full swing), but I have so many more beautiful days to share with you soon! Stay tuned!

Tags: blush pink wedding, fine art wedding photos, fullerton wedding, like film wedding photography, orange county wedding, orange county wedding photographer

This entry was posted on Wednesday, July 13th, 2016 at 8:35 pm and is filed under Wedding Photography. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Source: http://www.adriennegundeblog.com/2016/07/orange-county-wedding-photography-9/

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tvcord5-blog · 5 years

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Hilton chief talks China, the Waldorf Astoria and tipping

Hilton chief talks China, the Waldorf Astoria and tipping at NYU hospitality conference

CEO Christopher Nassetta spoke with New York Times columnist Andrew Ross Sorkin at NYU’s annual hospitality investment conference

From left: Hilton Worldwide Holdings CEO Christopher Nassetta, the Waldorf Astoria at 301 Park Avenue, and China President Xi Jinping (Credit: Getty Images)

Hilton Worldwide Holdings’ dealings with the Chinese government, the Waldorf Astoria and tipping practices were all topics of conversation during a lunchtime interview with the hotel company’s chief executive.

Hilton CEO Christopher Nassetta got up on stage at the annual NYU International Hospitality Industry Investment Conference with New York Times columnist Andrew Ross Sorkin for the one-on-one chat under rote circumstances: Hilton was a major sponsor and the company’s centennial was a few days earlier. But the discussion quickly veered into unexpected territory.

Nassetta began by recalling his first job at a Holiday Inn where he was the first responder to any “Code Brown.”

When asked about Hilton’s strategy in China, Nassetta said the company’s goal is to “build a very big network effect” in China, largely targeting the “mid-market” sector in secondary and tertiary cities.

Nassetta explained that their aim is to build loyalty so that outbound Chinese travelers choose to stay at Hilton hotels.

He said Hilton doesn’t own hotels in the country, opting instead to negotiate management and licensing agreements with local owners, many of whom are connected to the government. Those political ties “we think, mitigate against much of the risk” of “trade issues or otherwise,” he said.

Sorkin asked whether Nassetta believes that outbound travel will continue to exist in the same way and the CEO responded unequivocally: “I think over the long term, the trend is unstoppable.”

China’s “gargantuan” middle class “wants to see the world,” he said, and though “in their system of government” travel is “stoppable,” he doesn’t see that happening.

“Who am I to tell Xi Jinping what he should be doing, but I think that at its core to stay in power… they want their people to be reasonably happy with a managed economy,” Nassetta said. “And I think part of that is travel.”

He characterized the trade dispute between the U.S. and China as having a “modest” impact on the American hospitality industry to date. (Within a day of his remarks, China issued a travel warning to citizens about harassment by American law enforcement agencies.)

When asked about the status of the Waldorf Astoria, which Hilton sold to Anbang Insurance Group for $1.95 billion in 2014, Nassetta said construction was “underway.”

“We’ve got to get the conference back over there,” Nassetta joked in response, before describing the “almost eerie” interior demolition that’s “completely gutted” the iconic hotel.

The massive renovation includes dramatically downsizing the hotel from more than 1,400 rooms to roughly 400 (and about 350 condos). After the Chinese government took control of Anbang last year and began selling off its operating assets, “they committed to keeping the Waldorf and completing the renovation,” Nassetta explained. He said he expects the hotel to open its doors in fall 2021. Hilton has a 100-year operating agreement for the property.

The interview concluded with Sorkin asking how much of a tip Nassetta planned to leave in his hotel room that night.

“I typically do not leave a tip,” replied the Hilton chief, whose total compensation in 2018 was about $19.8 million.

“Is that standard policy do you think?” Sorkin asked.

“I don’t know. How many people leave a tip?” Nassetta said, putting the question to the crowd. The majority of hands went up. “Wow. I’m not leaving tonight so…” he trailed off to laughter from the audience.

Source: https://therealdeal.com/national/2019/06/04/hilton-chief-talks-china-the-waldorf-astoria-and-tipping-at-nyu-hospitality-conference/

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