Thursday, March 17, 2011
Saturday, March 12, 2011
Canadian housing market outlokk Jan 2011
New home prices across Canada increased by 1.9 per cent from January 2010 to January 2011, but in Metro Vancouver the increase was just 0.2 per cent and in Victoria prices fell by one per cent, Statistics Canada reported today.
The data gathering agency reported that prices increased the most in the metropolitan regions of Toronto and Oshawa, Montréal and Ottawa–Gatineau.
In Western Canada, Regina, Calgary and Edmonton price increases all exceeded Vancouver's increase.
Nationally, prices were up 0.2 per cent during the month, compared to a 0.1 per cent advance in December, the federal agency said, with no change during the month in Vancouver and Victoria. Year-on-year, prices rose 1.9 per cent in January. Both readings were roughly in line with economists' forecasts.
Recent data have pointed to a slowdown in Canada's housing market. On Tuesday, Canada Mortgage and Housing Corp. said new home construction rose 6.6 per cent in February, but economists have cautioned that those gains are unlikely to be matched in the coming months.
"Land prices have gone nowhere in the past three years after big gains in the previous three, suggesting speculators are largely absent from the market," said BMO Capital Markets economist Sal Guatieri. Ravi benjamin
Along with tighter mortgage rules — including shorter amortizations — that come into effect March 18, higher interest rates, lower affordability and elevated household debt, "should keep house prices on a tight leash," BMO said in a report last week.
This week, Statistics Canada reported that the value of building permits unexpectedly fell 5.1 per cent to $5.4 billion in January, following a gain of 2.6 per cent in December, due to weaker residential and non-residential activity.
As well, a Canada Mortgage and Housing Corp. report released this week concluded that housing starts in B.C. were down in February, although they rose in Metro Vancouver.
Still, a Royal Bank of Canada survey released Wednesday showed 90 per cent of Canadians are confident in the country's real estate market. Almost three-quarters of respondents in the RBC poll said they are well positioned to withstand a decline in the housing market.
Read more: http://www.vancouversun.com/business/home+prices+Canada+Metro+Vancouver+rise+slightly+January/4412567/story.html#ixzz1GSNwZYED
Royal Indian Raj International Corporation Pens Estimated $4 Billion Deal With Choice Hotels for at Least 12,000 Budget Hotel Rooms Throughout India
http://newsblaze.com/story/2007041123340200001.cc/topstory.html
VANCOUVER, BRITISH COLUMBIA and NEW DELHI, INDIA - (CCNMatthews - April 12, 2007) - The Royal Indian Raj International Corporation (RIRIC) today announced that it has entered into a contract with Choice Hotels India to build at least 12,000 budget-style hotel rooms under the Comfort Inn, Quality, Sleep Inn and Clarion Brands. "This transaction increases RIRIC's current proposed foreign direct investment in the real estate sector under the Integrated Township program and in the Hospitality and Resort sector to over $6B USD" including its Royal Garden Villas & Resorts projects in Bangalore & Hyderabad. RIRIC's hotel initiatives are set to commence over the next 12 months throughout India.
Hotel vacancies in India are rare -- and costly
"India is reaching a new level of demand for hotel rooms. As the economy continues to grow, travelers are paying for pricey hotel rooms -- that's if they're able to find a vacancy. In all of India, there are only about 110,000 hotel rooms, not much more than the number of hotel rooms in New York City," according to the International Herald Tribune.
"Our association with a world leading hotel chain the caliber of Choice Hotels represents an ongoing commitment to excellence for Royal Indian Raj International Corporation. There is a huge demand in the Hotel & Hospitality sector in the Indian Nation primarily in the under represented 3, 4 and 5 star categories. This strategic partnership was forged to address these issues and to establish RIRIC's presence in the hotel and hospitality sector in India. The hotel developments under these Choice brands will be focused on providing quality accommodations and falls within RIRIC's corporate mandate of being "Leaders in Building a New India." - Manoj C. Benjamin, Chairman and CEO, Royal Indian Raj International Corporation.
"We are very proud of our association with the Royal Indian Raj International Corporation (RIRIC). In association with RIRIC, Choice Hotels India will develop, brand and manage and additional 15,000 rooms in the country, in all the key destinations across the brands of Comfort, Quality, Clarion and Sleep Inn. Choice Hotels has one of the largest hotel franchising networks in the country and worldwide with presence of over 5000 hotels across the globe. With this significant partnership, we envisage an exponential increase in our existing room base. This would further add to presence of our hotel brands across the country within India. This would also meet the much needed additional room requirement in the country, especially in the mid market segment.
This will define a new era for the burgeoning hotel industry in India.
With our joint expertise in real estate and hospitality business, this relationship would offer the best hotel value for the growing inbound, outbound and domestic travel sectors across the country. We are very excited about this relationship and look forward to mutually beneficial association." - Vilas Pawar, Chief Executive Officer, Choice Hospitality India.
About Choice Hotels
Choice Hotels International is one of the largest and most successful lodging franchisors in the world with over 5000 hotels worldwide. Built on the foundation of the venerable Quality Inn(R) brand a pioneer in consistent mid-priced lodging, Choice Hotels(R) today is the worldwide franchisor of Cambria Suites(TM), Comfort Inn(R), Comfort Suites(R), Quality(R), Sleep Inn(R), Clarion(R), MainStay Suites(R), Suburban Extended Stay Hotel(R), Econo Lodge(R), and Rodeway Inn(R) brand hotels. Publicly traded since 1996 (NYSE:CHH), Choice Hotels continues to lead the lodging industry as an innovative and growing company.
Choice Hotels India is a master franchisor of Choice Hotels International, offers economy to luxury accommodation under the international brands of Comfort, Quality, Clarion and Sleep Inn. Choice Hotels India has consolidated its position as India's leading chain of value for money hotels in the mid-market hotel segment. It is one of the fastest and finest growing hotel chains with 30 properties over 22 destinations in India with a presence in all metros and major business cities and leisure destinations. Our presence in all the gateways proves that the chain is widely accepted by business as well as leisure travelers who recognize and trust the brand. These hotels are in various destinations including New Delhi, Mumbai, Chennai, Ahmedabad, Aurangabad, Hyderabad, Lucknow, Trivandrum, Shimla, Manali, Mussoorie, Corbett, and Pune, Nashik, Chiplun, Vijayawada.
For more information, please visit our website address Ravi Benjamin
VANCOUVER, BRITISH COLUMBIA and NEW DELHI, INDIA - (CCNMatthews - April 12, 2007) - The Royal Indian Raj International Corporation (RIRIC) today announced that it has entered into a contract with Choice Hotels India to build at least 12,000 budget-style hotel rooms under the Comfort Inn, Quality, Sleep Inn and Clarion Brands. "This transaction increases RIRIC's current proposed foreign direct investment in the real estate sector under the Integrated Township program and in the Hospitality and Resort sector to over $6B USD" including its Royal Garden Villas & Resorts projects in Bangalore & Hyderabad. RIRIC's hotel initiatives are set to commence over the next 12 months throughout India.
Hotel vacancies in India are rare -- and costly
"India is reaching a new level of demand for hotel rooms. As the economy continues to grow, travelers are paying for pricey hotel rooms -- that's if they're able to find a vacancy. In all of India, there are only about 110,000 hotel rooms, not much more than the number of hotel rooms in New York City," according to the International Herald Tribune.
"Our association with a world leading hotel chain the caliber of Choice Hotels represents an ongoing commitment to excellence for Royal Indian Raj International Corporation. There is a huge demand in the Hotel & Hospitality sector in the Indian Nation primarily in the under represented 3, 4 and 5 star categories. This strategic partnership was forged to address these issues and to establish RIRIC's presence in the hotel and hospitality sector in India. The hotel developments under these Choice brands will be focused on providing quality accommodations and falls within RIRIC's corporate mandate of being "Leaders in Building a New India." - Manoj C. Benjamin, Chairman and CEO, Royal Indian Raj International Corporation.
"We are very proud of our association with the Royal Indian Raj International Corporation (RIRIC). In association with RIRIC, Choice Hotels India will develop, brand and manage and additional 15,000 rooms in the country, in all the key destinations across the brands of Comfort, Quality, Clarion and Sleep Inn. Choice Hotels has one of the largest hotel franchising networks in the country and worldwide with presence of over 5000 hotels across the globe. With this significant partnership, we envisage an exponential increase in our existing room base. This would further add to presence of our hotel brands across the country within India. This would also meet the much needed additional room requirement in the country, especially in the mid market segment.
This will define a new era for the burgeoning hotel industry in India.
With our joint expertise in real estate and hospitality business, this relationship would offer the best hotel value for the growing inbound, outbound and domestic travel sectors across the country. We are very excited about this relationship and look forward to mutually beneficial association." - Vilas Pawar, Chief Executive Officer, Choice Hospitality India.
About Choice Hotels
Choice Hotels International is one of the largest and most successful lodging franchisors in the world with over 5000 hotels worldwide. Built on the foundation of the venerable Quality Inn(R) brand a pioneer in consistent mid-priced lodging, Choice Hotels(R) today is the worldwide franchisor of Cambria Suites(TM), Comfort Inn(R), Comfort Suites(R), Quality(R), Sleep Inn(R), Clarion(R), MainStay Suites(R), Suburban Extended Stay Hotel(R), Econo Lodge(R), and Rodeway Inn(R) brand hotels. Publicly traded since 1996 (NYSE:CHH), Choice Hotels continues to lead the lodging industry as an innovative and growing company.
Choice Hotels India is a master franchisor of Choice Hotels International, offers economy to luxury accommodation under the international brands of Comfort, Quality, Clarion and Sleep Inn. Choice Hotels India has consolidated its position as India's leading chain of value for money hotels in the mid-market hotel segment. It is one of the fastest and finest growing hotel chains with 30 properties over 22 destinations in India with a presence in all metros and major business cities and leisure destinations. Our presence in all the gateways proves that the chain is widely accepted by business as well as leisure travelers who recognize and trust the brand. These hotels are in various destinations including New Delhi, Mumbai, Chennai, Ahmedabad, Aurangabad, Hyderabad, Lucknow, Trivandrum, Shimla, Manali, Mussoorie, Corbett, and Pune, Nashik, Chiplun, Vijayawada.
For more information, please visit our website address Ravi Benjamin
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