Bulletin Daily Paper 09-24-14

Page 18

© www.bendbulletin.com/business


BRIEFING Area housing prices onrise Median prices for single-family homes in Bend andRedmond increased last month, 2.5 percent and nearly 4 percent, respectively, over July's prices, according to the latest report from the Bratton Appraisal Group. In Bend, the median price for a single-family home rose to $325,000, according to TheBratton Report. Sales of single-family homes in Bend dropped nearly 6 percent, to 223, in August. Inventory stood at about four months as of Sept. 10, the date of the report. The bulk of the inventory, 125 homes, lay in the $250,000 to $300,000 range. In Redmond, the median price of a single-family home increased to $210,000 in August over July. The report also found sales of single-family homes in Redmond rose from 80 to 85, or 6.25 percent, over July. Redmond's inventory also stood atabout four months, as ofSept. 10, with themajority of homes onthe market, 77, in the$200,000to $250,000 range,according to thereport.

GMmakes moves to boost Cadillac Trying to forge afresh approach for a luxury carmaker that is struggling to keepup, General Motors announced Tuesday that it is moving the Cadillac brand's headquarters to New York and will break it off into a separate business unit. The shift is the biggest shake-up yet by Cadillac's new president, Johan deNysschen, who joi nedthecompany last month from the Infiniti division of Nissan. — From staffand wire reports

BANKRUPTCIES Chapterl Filed Sept. 15 • Monte L. and Jamie S. Turner, 65322 76th St., Bend • Chaundra R. Johnson, 1780 NEPheasant Lane, Bend • Nicholas W. andJacklin R. Bowlby, PO.Box181, Culver Filed Sept. 16 • Jenna L. Hurley,1712 SW Lava Ave., Redmond • Jeffrey R. and Katie A. Parsons, 18015 Plainview Road, Bend • Angela M. Watt,1220SW Helmholtz Way,Redmond Filed Sept. 17 • Joyce M. Moulton,1230 Seneca Drive, Burns • Emily G. Brinegar, 527 NW ElmAve., No.111, Redmond • Joan L. Anderson, 3880 NW Xavier Ave., Redmond • Elizabeth M. Alire, 1917 NW Larch SpurCourt, Redmond • Ryan N. Martin, 20621 SE White DoveLane, Bend Filed Sept. 19 • Brian H. andKayla M. Tull, 239 SWBlack Butte Blvd., Redmond • Scott M. Adams, 17230 Bakersfield Road, Bend • Mathew S. McCoy,70 SW Century Drive, No. 100499, Bend Filed Sept. 22 • Amy K. Underwood, 809 NE Eighth Ave., Prineville • Gerald R. andAlison K. Ekiund, 61010Tuscany Drive, Bend • Mark D. Naber, 919NW 15th St., Redmond Chapter13 Filed Sept.17 • Eric R. Webb,3775 NE Purcell Blvd., Bend • Barbara A. Hunter, 63826 Hunters Circle, Bend Filed Sept. 23 • Steven R. andShawnna M. Turner, 61252 Bighorn Court, Bend

conom asana s o imisic By Joseph Ditzler

deep freeze in

The Bulletin

the first quarter,

The chief economist for the nation's biggest bank expressed optimismTuesday about the nation's continuing recovery from the Great Re-

is definitely recovering," Chan said by phone Tuesday.

cession, and about Oregon's

3percent growth in gross domestic product in the remain-

recovery, as well. Anthony Chan, of JPMor-

gan Chase & Co., provides research and analysis for the company's private clients and JPMorgan's Global Investment Committee. Chan, of New York, arrives in Bend today to meet with Chase dients, "high

net-worth individuals" whose wealth Chase helps manage. He plans to speak privately at the Broken Top Club. "I think the message is that the U.S. economy, after the


He anticipates

country's largest bank holding company,accordingto theFederal Reserve. Job creation in Oregon is one reason for confidence, he said. Even though more firms

see that labor force pick up is good news."

are hiring, the state unem-

accordingto the Federal Reserve Bank of Philadelphia.

By another measure, the Or-

services in Deschutes County, for example, added 710 jobs between August and the same

egoneconomy isexpectedto expand by as much as 1.5 per-

month in 2013, according to the

cent over the next six months,

In housing, Chan acknowledged the escalation in median

ployment rate remains above 7percent, due inpart to more The bank's latest survey of der of 2014,the same forecast people looking for work than a four economic indicators in all made by the Congressional year ago, according to the Ore- 50 states came out in August. "One of the things I like to Budget Office in February. The gon Employment Department. recovery will continue slowly The seasonally adjusted labor look at is the Philadelphia Fed's but steadily, and that's a good force in Oregon grew by 8,350 index for every state's potential thing, he said. people in August, according to grow," Chan said. Even if the "We're recovering, but is it a to the department's monthly reserve bank's estimate of Oregon's potential is high, it's still rapidrecovery?Of coursenot. report, released Monday. "You are creating jobs," Weak recoveries tend to last agoodbet, he said. For one, job longer than recoveries that are Chan said. "So, I was imgrowth is strong in high tech, strong right out of the box," pressed with the fact that the educationand health care,he Chan said. labor force picked up, even said. All are important sectors Based on total assets, JPthough the unemployment rate in Central Oregon. Morgan Chase & Co. is the picked up. The fact that you Educational and health care

Employment Department. home prices in Bend, but he said he's not concerned that

housing markets overall are overheated.The median price

of a single-family home in Bend climbed from $250,000 in August 2013 to $325,000 a

year later. "Home prices, I think, they're catching up," Chan said."Nationally, we're still not looking at prices that were higher before they were in the crtsls. — Reporter: 541-617-7815, jditzler@bendbulletin.com

l'«nla 'a

OteS ee in CuStOmer COmmentS newspaper

By Martha C. White

packs it in

New York Times News Service

When it was time for Omni Hotels and Resorts to start a

new round of renovations, executives made a point of install-

By Andrew Khouri

ingmore electrical outlets and better bathrooms.

Los Angeles Times

The Los Angeles Reg-

The impetus for those up-

ister, which launched in

grades? Complaints from travelers on reviewwebsites such as TripAdvisor. "They certainly are not shy," Jon Hunter, vicepresident for

April as part of Aaron Kushner's bold bet on print newspapers, will cease publication, effective immediately.

operations for Omni Hotels and

Kushner, co-owner of

Resorts, said ofthereviewers. "It was obvious we didn't have enough fixtures in the

bedrooms thathad electrical outlets," he added."As we


the Orange County Register, announced the decision Monday nightin a memo sent to employees. "Pundits and local com-

scoped out new constructions

petitors who have closely

or renovation projects, we cer-

followed our entry into Los Angeles will be quick

tainly kept that in mind." As hotels in the United

to criticize our decision to

States continue on a surge in spending on renovations, an

launch a new newspaper and they will say that we

ever-more-important factor

drivingthis investment is the growing clout of review sites such as TripAdvisor and Yelp, andbookingsites such as Ho-

Michael Nagle/The New York Times

A renovated room at the Loews Regency hotel in New York on Friday. When hotels in the U.S. renovate, they are paying more attention than ever to review sites such as TripAdvisor and Yelp, reading

what travelers say about them —and their competitors — and planning their investments accordingly.


failed," said the memo,

signed by Kushner and his Freedom Communications co-owner, Eric Spitz.

"We believe the true

definition of failure is not

Hotelbrands are reading what travelers say about them

Technology providers work

good but not necessarilybe

with hotels to siit through thou-

totally functional," he said.

corporate headquarters and even one of the company's

taking bold steps toward growth."

— and their competitors — and planning their investments

"Lighting is something that's sands of reviews, oftenusing algorithmic software, to find ar- mentioned on social quite


eas of trouble — and weed out those complaints that are not


stood source of input for capital expenditures," which areprojected to hit a record $6billion this year, said Bjorn Hanson, a professor at New York Uni-

genuine. Common complaints

review on TripAdvisor some-

Details about the location

often have to do with water

times can be the only way to get a manager's attention.

and the neighborhood can

the changes in Los Ange-

take ona differenttonewhen

les," the memo said.

describedbyguests as opposed to a hotel's marketing depart-

versity's Preston Robert Tisch

Lights are aparticular issue with guests. For the St. Regis, it

The company will now focus on core markets in Orange County and Riverside and San Bernardino counties, where the company has decadeslong and "deep relationships with subscribers and advertis-

"It's become a widely under-

Center for Hospitality, Tourism and Sports Management. That is partly because people are quicker to complain on review sites and on social media, Hanson said. "Rates

have gone up, so guests are expecting to see that reflected in the quality." Often, disgruntled guests will not say anything to managers, making the monitoring of websites allthe more important, said Hermann Elger, general manager of the St. Regis New York. "People use that much more

as an avenue to give feedback and let us know when something didn't go right," he said.

pressure inthe showers, slow Wi-Fi, uncomfortable beds, dated televisions and the location. was the switches.

"It's very common for guests to be frustrated about the number of lights and switches they have to turn off," Elger said. After reading complaints, the St. Regis induded a centrally locatedmaster light switch in guest rooms. AttheLoewsRegencyin New York, Paul Whetsell,

The travelers say a poor

Janae Lee, an executive at a

technologycompany and afrequent traveler, writes reviews often. "I do it for two reasons-

to give feedback, and so others like me don't find themselves in the same situation," she said.

On abusiness trip to New York, Lee booked a room at a hotel where she had previ-

the Omni case, the design team

ously stayed, only to find that the restaurant, Starbucks and sundries shop all were gone. On a more recent trip to San Francisco, she ran into a similar lack of dining options when arriving late at night. "My first line of defense

paid a lot of attention to guest

normally is to reach out to

president and chief executive of Loews Hotels, said that, as in

complaints aboutbathroom the property directly," she lighting, among other elements. said. "They didn't resolve the "Sometimes designers deconcern." sign our bathrooms to look Her attempts to contact the

marketing executives did

notyield responses, so Lee went online to express her displeasure.

ment, said Greg Hartmann,

managing director at Jones Lang LaSalle in the hotel asset management and advisory group. "The website might say, 'We're only four blocks from the convention center,' as a positive," he pointed out, but

The memo hints at

layoffs but provided no specific details. "There will be some staff changes with our content team as part of

ers,"the memo said.

Freedom Communications acquired the River-

online reviewers would be

side Press-Enterprise in

quickto sayif those four blocks are dogged with traffic, hard to navigate or feel dangerous. This feedback fromtravelers is making hotels respond.

November. Kushner and Spitz said

"As an industry, I think when

in their memo that the

production, printing and distribution of a new daily

newspaper serving 88

TripAdvisor first started we

communities in Los An-

looked at that as a channel that didn't have a lot of credibility,"

geles had a "real cost and required greatercommunity support than it initially

Hunter said."That has certainly changed."


BEST OFTHE BIZ CALENDAR TODAY • QuickbooksSeminar: Four-hour training on the basic functions needed to develop accurate accounting records; registration required; $97; 9a.m.-1 p.m.; Accurate Accounting and Consulting, 61383 S. U.S. Highway97, SuiteA, Bend. • Nonprofit Workshop: Open to Jefferson County nonprofits, grant writers and fundraisers; lunch provided; free; 11:30a.m.2 p.m.; Central Oregon Community College, Madras Campus,1170 E. Ashwood Road,Madras; 541-382-1170 orcpuddy@ oregoncf.org. FRIDAY • Build YourBusiness Website withWordPress: Registration required;

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TUESDAY • Business Modeling: Exploration of students' small-business ideas from brainstorming to business model preparation; instructor approval and registration required; Tuesdays andThursdays through Oct. 30; $177.50; 8-9:55a.m.; Central Oregon Community College, Redmond campus, 2030 SE College Loop, Redmond; 541-383-7270. • Business Intelligence: Students willperform acomprehensive environmental scan includingmacroand micro economic factors and industry analysis; instructor approval and registration required; Tuesdays andThursdays through Oct 30; $177.50; 10:15 a.m.-noon; Central

Oregon Community College, Redmond campus,2030 SE College Loop, Redmond; 541-383-7270. • QuickBooksPro2014 Beginningfor Macs: Learn to doyour own bookkeeping; registration required; Tuesdaysand Thursdays through Oct. 2; $85; 6-9 p.m.; Central Oregon Community College, Redmond campus, 2030 SE College Loop, Redmond; 541-383-7270. WEDNESDAY • BusinessStartup Workshop: Learn all the basic steps needed to opena business; preregistration required; $29;11 a.m.-1 p.m.; COCC Chandler Building, 1027 NW Trenton Ave.,Bend; 541-383-7290.

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