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الخميس، 25 فبراير 2016

Silver dips as path muddled


Silver prices fell today as it engaged in sideways trading on waning demand for the safe haven and as the path forward remained unclear as investors wait for more clues regarding the global economic conditions.

Silver last traded at $15.14 an ounce, down from the opening price of $15.20, with an intraday low at $15.00, and a high at $15.32, while silver rose yesterday to a session-high at $15.56.

Silver's current losses come as demand weakens for the safe haven in the markets as investors remain undecided, while gold on the other hand rose conversely.

Silver's woes today come despite the sliding dollar against major rivals, following mixed U.S. data. The dollar's weakness would've have otherwise buoyed the silver according to their inverse relation.

Dollar's current tepidness comes after earlier mixed U.S. data which added to the investors' confusion over the outlook of the American economy.

The dollar index, which measures the greenback versus a basket of major rivals, fell to a session-low at 97.27 from the opening level of 97.49, with a high at 97.71, while last trading at 97.38, which comes after the index hit a three-week high yesterday at 97.90.

African hoteliers confident as commodities dip



GLOBAL REPORT—When commodity prices fall, the economies of Africa are expected to suffer because those countries have spent the last decade betting on resources to spur their economies.

Hoteliers, however, are confident that a burgeoning middle class, increased growth in manufacturing and services sectors and improved airlift and tourism will help realize their development plans for the continent, according to sources. Countries that do not depend on commodities to shore up the bulk shares of their gross domestic products will do better, though, and might be better candidates for hotel development.

In a 13 January webinar hosted by business consultancy Deloitte and titled “Global economy: An edgy start to 2016,” its chief economist Ian Stewart underlined that view.

“Particularly in East Africa … in economies like Tanzania or Uganda or Ethiopia, those which are not heavily resource-dependent, actually, growth rates still look pretty good,” Stewart said, “and I think that if you’re looking at the world economy, some of the strongest growth rates are probably going to be seen in those non-resource economies.”

Hoteliers remain positive and believe the dip in commodity prices will not have a disastrous effect on Africa, according to Neil George, SVP of acquisitions and development at Starwood Hotels & Resorts Worldwide.

“You would think that would be the case, as there are a number of economies heavily dependent on commodities and Chinese money,” George said. “There is some shaky ground. Not all is rosy, but if I look at our pipeline, none to date have fallen over because of that.”

Starwood has 18 African hotels in its pipeline, including five properties in Nigeria, one in Tanzania and one in South Sudan, the world’s newest nation.

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Some hoteliers see the present as the ideal time to build in Africa, but they admit some countries’ business landscapes have been muddied by political intervention. Dillip Rajakarier, CEO of Thailand-based Minor Hotel Group, cited Mozambique as an example.

“It’s a good time to do development now, I feel, although of course you can see in 20-20 vision in hindsight,” Rajakarier said. “Mozambique’s currency has taken a huge devaluation, some 40%, and the main reason for that is that Mozambique has a huge reserve of gas and oil. What happened there was that the governmet put in restrictions and upset investors, who left, but the government is under pressure to get these investors back, and they will come back.

“We expect things to get better there and in other African economies by (the second or third quarter of 2016), and we need to ride the wave until then.”

Rajakarier said his Avani Pemba Beach Hotel & Spa in Pemba, Mozambique, which opened in 2014, opened 80 serviced apartments in 2015.

“We’d seen rooms selling for $7,000 per month,” he said. “We thought, that’s fantastic, so we added 80 serviced apartments, but once they were completed, everyone left, and we’re now trading at approximately 35% occupancy. Still, here, too, we’re confident it will come back.”

Angola is another African country heavily dependent on commodities, according to sources.

“Angola has continued its strategic expansion of hotels driven by partnerships … (and) the demand for hotels is dependent on the political and economic climate,” said Selim El Zein, associate director and head of hotel asset management, hotels and resorts of the Middle East and North Africa for Colliers International.

“However, there has been a concerted effort to diversify into tourism … the government is working towards that aim,” El Zein added.

The cost of building on the continent is another problem, sources said.

Wayne Troughton, CEO of HTI Consulting, said he was being cautious on Africa this year.

“Certain markets are very costly to develop hotels, and these costs will rise,” Troughton said, who added that much development capital was inbound capital.

The main contributor is China, sources said, which is undergoing its own shaky start to the year.

Elie Younes, Carlson Rezidor’s SVP and head of group development for Europe, the Middle East and Africa, said a huge amount of Chinese money has been invested in mining commodities in China. How Chinese money continues to be invested given the country’s economy will be interesting to watch, Younes said.

“I will not be surprised if there is less heavy exposure, but where the Chinese might be a little less involved, emerging players such as Turkey and Arabic Africa are increasing their investment,” Younes said.

Younes said his company is buoyed by the continent’s steady progress in service industries, but the hotel industry needs to look at improving the labor market in Africa.

In 2015, Carlson Rezidor signed properties in Togo and Republic of Congo, among other destinations.
 

Balancing security, aesthetics in hotel design


REPORT FROM THE U.S.—Part of making guests feel comfortable is maintaining their sense of security, and hotel designers must walk the thin line of creating a safe environment without sacrificing the property’s visual appeal.

Balance is important and probably the toughest question, said Nunzio DeSantis, EVP and director of the hospitality group at architecture firm HKS.

“You can make any facility secure,” he said. “How’s it going to feel? What’s it going to look like, and how are you going to respond to your business? In the hotel business, security wants to be quiet, effective, substantial, consistent but unseen. That’s a difficult task.”

In the design world, there’s form and function, said Doug Smith, president of EDSA, a full-service planning, landscape architecture and urban design firm. In terms of security, the functional aspect is making sure the physical design addresses the safety issues and concerns and operational issues, he said. The form aspect is the beauty of the solution and design. Marrying those two together is how to achieve both.

“You really have to achieve both,” he said. “You can have beautiful design, but if doesn’t function well from security perspective or other perspectives, you’ve only done half your job.”

Taking advantage of space
A hotel should be welcoming and engaging and feel light, fresh and secure, DeSantis said. Adding security measures often runs contrary to those goals, he said, particularly heavy security. There are many places around the world where police and guard dogs meet guests at hotels and even cautiously inspect cars for bombs. In some countries, the guests are frisked by machine-gun-wielding guards and forced to walk through metal detectors.

“All of those levels of security really take away from that particular sense of gracious arrival and welcoming we once used to have,” he said.

Distance is important, DeSantis said. When the space is available, having guests stop their car away from the front door can serve the same purpose while making them feel more relaxed and comfortable, he said. The car can drop guests off at a beautiful forecourt where staff can carry their bags for them and, if necessary, discreetly check the bags if there are any concerns. The guests could then walk through a series of gates with hidden metal detectors and through some gardens.

Distance creates a great security buffer, said Scott Lee, president and principal at SB Architects. At a property his firm designed in Puerto Rico, guests enter the property from the highway and come into a beautiful security area. There’s a four-minute drive from the security kiosk to where the guests exit the car, Lee said, which gives security time to radio ahead to the front desk bellman if any problems arise. While preventing nefarious access, this security feature also encourages enhanced hospitality for the bellman to personally welcome the guests.

Once the guests get out of their cars, they are still not at the building’s entrance, Lee said. There’s a procession across a lily pond followed by stairs.

“It’s setting up the moment, choreographing the moment, and also setting up that security buffer,” he said.

Designing secure outdoor spaces
Smith said his firm spends a great deal of their time on hardscapes, landscapes and the material selection for both. There’s a practice in the design industry called Crime Prevention Through Environmental Design that employs arrangement of plants and hardscape design for security purposes, he said.

According to Smith, there should be open visual access in the more public settings to prevent dangerous individuals from trying to hide on hotel property. Clearly marked pathways with unobstructed sightlines can keep guests from getting lost and guide movement, he said. Landscape designers also can take advantage of topography and grade differentials to create private/semiprivate areas that differentiate them from public areas.

Most of the hotels his company designs include steps leading up to the property, DeSantis said, which serves as a hindrance to cars and vans trying to drive into the building. Designers also may use bollards—or short vertical posts.

Desantis said designs can incorporate bollards that appear to part of the larger design that don’t appear like bollards because they are beautiful and nicely articulated to look like part of the building.

In some cases, there is a deep and solid entry wall, the base of which can serve as a buttress. Water can be added to improve the wall’s aesthetics.

“It sets the tone beyond that point that everyone is safe,” he said.

Securing the interior
The lobby is the most vulnerable space in a hotel, DeSantis said. Anyone can access it, and there are a lot of people in the hotel above it, he said.

“We think about the lobby space where the hotel is often off to the side, not sitting abruptly above it,” he said. “If a bomb goes off (in a vertically designed hotel), you have floors and floors above it that amplifies issues of the structure collapsing.”

Not every hotel has the space to spread out horizontally, especially in urban locations, but there are still options available for interior security. Many hotels in major cities are part of a mixed use project, Lee said, in which there are residential and other commercial activities going on in the same building as the hotel. In such properties, there are more nonguests who may wander into and through the hotel itself, he said.

Restricting the access for retail employees to one entry point and another only for hotel employees means no cross pollination between the two groups, Lee said..

People seem to be more comfortable with security cameras in public spaces, said Kathryn Mickel, principal at architectural and interior design firm BBGM. They help security monitor where people are and can signal if something appears unusual.

“There may be an alarm if someone is in an area where they shouldn’t be or wandering around or lost,” she said.

Elevators can require keycard access, Mickel said. Without a keycard, those elevators won’t leave the lobby level, which helps protect guests in their rooms. Some card systems even restrict which level the cardholder can access, and hotel employees would have separately coded cards.

“You can see who had keycard access,” she said.

Many hotels in urban areas are elevated off the street, Lee said, with another type of business or a parking garage taking up the first floor. That can require people to take an elevator that doesn’t travel any higher than the lobby, he said.

“That forces people out at the lobby into the view of the front desk,” Lee said. “They would then go to an elevator that is secure to the guestrooms. You can’t go from the street or public parking directly into the hotel tower. They’re forced to get out, walk across a highly visible area by people who are trained to visually monitor.in-hotel-

INDA: iShares MSCI India ETF

 
The iShares MSCI India (BATS: INDA) exchange-traded fund (ETF) tracks the performance of the MSCI India Index, which measures the investment results of Indian equities with market capitalization that represent the top 85% of firms of the Indian stock market. The fund employs a passive indexing approach and does not trade stocks to benefit from equity market swings. Since its inception in 2012, the fund has demonstrated an average annual return of 5.83%.
The Indian economy has demonstrated economic growth from 7 to 8%, which is much higher than the global average of about 3 to 4%. India is expected to continue to show a high economic growth rate, which should benefit performance of the Indian equities market and INDA in particular. The equities in the benchmark index include stocks from consumer staples, energy, financials and technology sectors. The market cap profile of the underlying index includes predominantly large- and mid-capitalization companies with strong brand presence and name recognition in India and abroad.

How It Tracks It

All of the fund's holdings are exclusively invested in equities traded on Indian stock exchanges. As of August 2015, INDA holds 71 Indian stocks primarily concentrated in the information technology sector with 22% allocation. Many IT companies in INDA's portfolio cater to the global markets with the emphasis on exporting their services to developed countries. Financials and health care companies account for 15.7 and 12.3%, respectively. Other sectors such as consumer staples and energy have 11.5 and 9.8% allocation in INDA's portfolio.
The fund's holdings are somewhat concentrated on Infosys, Ltd., a global and well-known information technology company, which has 10.6% allocation. The fund's top five companies account for 36.5% of INDA's invested assets and include Indian companies, such as Housing Development Finance Corp., Tata Consultancy Services Ltd., Reliance industries Ltd. and Sun Pharmaceutical Industries Ltd. The top 10 INDA holdings have about 52% allocation.
Due to its superior representative sampling strategy, the fund has tracked the MSCI India Index very closely with a tracking error below 0.6% since its inception. The tracking error primarily arises as a result of the fund paying transactions costs on trades of its holdings, using a sample approach for constructing its portfolio and incurring various fees and expenses necessary for the fund's day-to-day operations.

Management

INDA was started on Feb. 2, 2012 and is managed by BlackRock Fund Advisors. The fund belongs to a broader iShares Emerging Market ETFs group. BlackRock Fund Advisors is a subsidiary of BlackRock, Inc., which is highly reputable and one of the largest investment management companies in the world with assets under management (AUM) in excess of $4.5 trillion.

Characteristics

The fund's holdings have a price-to-book (P/B) ratio of 2.97, which is slightly higher when compared to the U.S. equities market due to higher expected growth in earnings. The fund has a very low portfolio turnover ratio of 22%, which compares very favorably to 55% for ETFs in the same category. The fund's expense ratio is 0.68%, which makes INDA one of the cheapest funds offering exposure to Indian stocks. The fund's manager often engages in lending INDA's securities, which earns income for the fund later rebated to the fund's investors and lowers INDA's expense ratio. INDA is traded on the BATS Exchange, and investors can purchase the fund's shares through numerous investment brokers.

Suitability and Recommendations

After the Indian economy was liberalized and opened to foreign capital, India was able to demonstrate economic growth above the global average. Between 2005-2014, the gross domestic product (GDP) of India grew by 7 to 8% on average, which greatly benefits its stock market performance. Also, the election victory by the Bharatiya Janata Party brought renewed hope for further liberalization and deregulation of the economy to speed up India's economic transformation. Investors should pay attention to new legislation and government actions by the Bharatiya Janata Party and assess the impact on INDA's portfolio.
Yet, the Indian economy remains highly bureaucratized, and corruption is widespread in the country. Due to the country's stringent labor laws, many large companies with strategic importance to the Indian economy are restricted by the government to lay off workers, which may prove detrimental at times of economic downturn. Also, the Indian economy is highly dependent on imports of energy sources. The decline in oil prices proved to be an economic boon for the country. However, if the energy prices start rising again, the Indian economy may begin to face rising inflation and large energy bills in the future.
For investors who follow modern portfolio theory (MPT), INDA is most appropriate for the growth investment strategy, given the high economic growth demonstrated by the Indian economy. As the fund invests in Indian local currency and does not hedge its foreign currency risks, investors are subject to currency risk, and U.S. dollar-denominated returns may be lower as a result of Indian rupee depreciation in the future.
INDA and the Indian equities market in general have demonstrated a very high volatility compared to the U.S. market. The three-year standard deviation of the fund is 19.37%, which is substantially higher than 8.55% for the S&P 500 Index. The fund's three-year average annual return is 12.25%, which is also much lower than the 17.4% return on the S&P 500 Index, making INDA's Sharpe ratio of 0.69 lower than the S&P 500 Index's Sharpe ratio of 1.93.
INDA is most suitable for investors who are interested in obtaining exposure to emerging market equities and want to have focused holdings on Indian equities. Due to a lot of volatility demonstrated by the Indian stock market, investors should have high risk tolerance.

How Financial Adviser Clients Could Use This ETF

Financial advisers can recommend INDA as a valuable addition to their clients' portfolios to gain exposure to emerging markets equities with a sole focus on Indian stocks. Because the fund is nondiversified and focuses on a single country, financial advisers should recommend their clients include other ETFs with a focus on other countries to have balanced and diversified portfolios.
The fund's returns have been subject to heightened volatility due to volatile foreign capital flows in and out of the Indian stock market and political uncertainty during the most recent parliamentary elections. Financial advisers should caution their clients about INDA's volatility and not recommend this fund for highly risk-averse investors interested in stable and nonvolatile returns.

Main Competitors and Alternatives

There are a few alternatives to INDA. The WisdomTree India Earnings fund invests in Indian stocks with a higher concentration on the financials sector of the Indian economy. The fund also invests in technology, energy and consumer cyclicals stocks and has an annual expense ratio of 0.83%, which is somewhat higher compared to INDA.
The PowerShares India ETF is another alternative that invests in Indian stock with a similar focus on the technology, energy and financials sectors of the Indian economy. The fund has an expense ratio of 0.83%.
The Market Vectors India Small-Cap fund is another option with a niche investment strategy of holding small-cap Indian stocks. The fund's holdings are highly concentrated on consumer cyclicals financials stocks and target companies that cater predominantly to local consumption. This ETF has an expense ratio of 0.89%

DBC: PowerShares DB Commodity Tracking ETF


Commodity exchange-traded funds (ETFs) invest in commodities by purchasing futures contracts or holding physical commodities in storage. Several commodity ETFs offer exposure to a single commodity or to various commodities. The PowerShares DB Commodity Tracking ETF (NYSEARCA: DBC) tracks an index that includes 14 of the most heavily traded liquid and import physical commodities.

What It Tracks

DBC seeks to track fluctuations in the level of the DBIQ Optimum Yield Diversified Commodity Index Excess Return, the fund's benchmark index, plus the interest income earned from DBC's holdings of U.S. Treasury securities, before fees and expenses. DBC's benchmark index tracks 14 commodities included in the agriculture, energy, industrial metals and precious metals sectors. The benchmark index includes gasoline, heating oil, Brent crude oil, WTI crude oil, gold, wheat, corn, soybeans, sugar, natural gas, zinc, copper, aluminum and silver.
By design, the benchmark index selects its securities based on the futures curve, and it is intended to minimize the effects of contango and maximize the effects of backwardation. Contango occurs when the price of a futures contract is greater than the commodity spot price, while backwardation occurs when the opposite is true.

How It Tracks It

DBC seeks to achieve its investment objective by investing in a portfolio of futures contracts on the commodities comprising the benchmark index. As of June 30, 2015, DBC allocates 12.02% of its portfolio to RBOB gasoline futures, 11.34% to heating oil futures, 11.11% to Brent crude oil futures, 9.65% to WTI crude oil futures, 9.61% to gold futures, 7.55% to wheat futures, 6.97% to corn futures, 6.88% to soybean futures, 4.98% to sugar futures, 4.73% to natural gas futures, 4.36% to zinc futures, 4.33% to copper futures, 4.11% to aluminum futures and 2.35% to silver futures.
Futures contracts on these commodities are contractual agreements that allow investors to buy or sell a particular commodity at a predetermined price on a future date. Some of these commodity futures contracts may be settled in cash or called for physical delivery.
DBC implements a rule-based strategy when it rolls its futures contracts – when it sells the nearer dated futures and purchases further dated contracts. Unlike many commodity ETFs, DBC does not purchase its commodities futures contracts based on a predetermined schedule. Rather, DBC rolls its futures contracts based on the shape of the futures curve, which helps to generate the best potential implied roll yield. As a result of DBC's rule-based approach, it can potentially maximize the roll benefits during backwardation markets and potentially minimize the losses from rolling its futures contracts in contango markets. The fund's high expense ratio, illiquidity of underlying futures contracts and the transaction fees incurred when rolling futures contracts contribute to the its moderately high tracking error of 0.3%.

Management

DBC was issued by Invesco PowerShares and is a part of Invesco's PowerShares Alternative - Commodities ETF series. This series offers ETFs that track single commodities, such as gold, silver and oil, as well as ETFs that track multiple commodities within one or more sectors. These commodity ETFs were developed by Deutsche Bank and provide investors with options to gain exposure to the commodity market.
Invesco PowerShares Capital Management is an investment management company and has been a subsidiary company of Invesco since 2006. Invesco PowerShares offers approximately 140 U.S. and non-U.S. ETFs and has $792.4 billion in assets under management. Invesco offers investors nearly 70 years of investment management experience and provides many options to suit investors' objectives.

Characteristics

DBC is legally structured as an open-ended fund, and it rebalances and reconstitutes its portfolio annually in November. Since DBC uses a specialized rolling strategy and tracks multiple commodities, it charges an expense ratio of 0.85%, which is in line with the average expense ratio of commodities broad basket funds. As of June 30, 2015, DBC has a weighted average market cap of $2.5 billion. DBC is considered a smart beta fund, which seeks to reduce the overall portfolio risk using Deutsche Bank's Optimum Yield strategy.

Suitability and Recommendations

Since commodities are globally consumed, it is difficult to determine future price movements, as well as supply and demand levels. The speculative nature of DBC's underlying holdings means that the fund is not suitable for all investors due to the high degree of potential volatility. Based on trailing five-year data, as of July 31, 2015, DBC has a standard deviation of 17.5%, while major market indexes, such as the S&;P 500 TR Index, experienced a lower degree of volatility. The degree of risk in investing in DBC is shown in its modern portfolio theory (MPT) statistics.
Based on trailing five-year MPT statistics, DBC's alpha (against the standard index, the Morningstar Long-Only Commodity TR Index) indicates the fund underperformed the standard index by 3.01% on a risk-adjusted basis. DBC's Treynor ratio (against the standard index) indicates it lost 7.44% per unit of risk on a risk-adjusted basis, which is not favorable to investors seeking to outperform the overall market.
In terms of MPT, DBC is best-suited for long-term value investors with high risk tolerances who seek exposure to the commodities market, and who believe commodities are undervalued at their current price levels. DBC is also suitable for investors seeking to stave off inflationary risks that can impact their overall portfolio. During times of inflation, commodities can serve as a hedge due to their negative correlation to bonds and equities.

How Financial Adviser Clients Could Use This ETF

Financial advisers can use DBC to add value to their clients' equity and bond portfolios by hedging inflation. DBC allows investors to place a tactical trade on unexpected inflation increases, since it has a low to negative correlation to other asset classes. If investors believe the U.S. Treasury is continuously printing money without reason, which causes inflation to increase, DBC can add value by providing diversified exposure to various commodities.
However, financial advisers should inform clients about the fund's high expense ratio and tracking error, which can be expensive for some investors to hold for long periods of time. Similarly, since the fund invests in futures contracts, financial advisers should indicate that investors may lose a substantial amount of their investments due to the speculative nature of these derivative contracts.

Main Competitors and Alternatives

The iPath Bloomberg Commodity Index Total Return ETN is an alternative and competitor to DBC. The exchange-traded note (ETN) tracks a broad index of front-month commodities futures contracts. It offers an expense ratio of 0.75% and provides exposure to 10 commodities in various sectors.
The GreenHaven Continuous Commodity ETF is another competitor and alternative to DBC, providing exposure to 17 commodities included in an equal-weighted index. The ETF seeks to minimize the effects of contango by investing in futures contracts across the nearest six months of the futures curve. The fund rebalances its portfolio daily to main equal weights across all commodities.
Unlike DBC, the First Trust Global Tactical Commodity Strategy Fund is an actively managed ETF with an expense ratio of 0.95%. This ETF provides exposure to commodities through its holdings in its subsidiary company. The fund takes a risk-managed approach to commodities investing and seeks to provide investors with higher risk-reward ratios. The First Trust Global Tactical Commodity Strategy Fund provides exposure to 10 to 35 distinct commodities based on their liquidity and implements an investment approach that seeks to maximize returns based on the level of volatility in the commodities

Longtime seller still enamored with Hawaii


Jay Johnson has been selling vacations to Hawaii for 30 years, and the president of Coastline Travel Advisors, a Virtuoso agency based in Garden Grove, Calif., still spends an average of six weeks each year in the Aloha State. Johnson spoke recently with Shane Nelson, Travel Weekly's contributing editor for Hawaii, about what sets the destination apart, new luxury developments of interest in 2016 and his favorite high-end property in the Islands.

Q: What makes the Hawaii luxury vacation market different? How is it unique?

A: First off, I love the cultural aspect of traveling to Hawaii. There are lots of great places you can go in this world, but Hawaii has a distinct culture that I find fascinating. There's also so much to do. You have beauty and a stunning array of sights. You also have fantastic five-star hotels, some of the best hotels in the world. You have great Pacific Rim food. You have easy access from the U.S. with nonstop flights from a ton of cities on the mainland.

And you've got year-round great weather. There's no bad time to go. You could go in January or you can go in June, and the weather is going to be nice either time.

Q: Are there some exciting new developments in Hawaii's luxury market for 2016?

A: I'm very excited about the new Four Seasons on Oahu opening. That's very, very exciting, and I cannot wait for that to happen. I have people that only stay at Four Seasons, and you'd always have to bypass Oahu for those people, because there just haven't been any really great properties on Oahu. It's not horrible; the Halekulani is probably the very best, but it's just not the same. It's very, very nice, and I do like it, and if you've got someone looking for a five-star property, that's usually where I send them. But one of the problems with Oahu for us has been just the lack of really nice hotels, and with the Four Seasons and the Ritz-Carlton coming [to Waikiki], I think that's going to change, and it's going to open up a lot of potential.

Q: What's your favorite luxury property in Hawaii?

A: The Four Seasons Resort Haualalai on the Big Island is probably the nicest hotel I've ever been to in my life anywhere. The setting of that property is probably the nicest I've ever seen; you truly feel removed. You're in Hawaii. You're obviously in a somewhat touristy area, but you get to that property, and you sit down and look out at the water, and you feel like you're in a completely different world. And the food, the service, it's just phenomenal. The two-bedroom suites they have are just like a house. You have so much room, and that's great for families. You just never want to leave that property. You can sit there at the little restaurant and bar out near the water, and it's just magical. And I have families that go back every single year for the holidays.

Marriott touts Renaissance New York as 'living digital hotel'


The Renaissance New York Midtown, which brand parent Marriott International is calling“the city’s first living digital hotel,” will open this spring.

 The hotel will feature block-long digital displays along the exterior that respond to human movement, changing digital imagery of the city by the elevators, and a four-story-high LED clock at the top of the building whose images change one time per second.

 The hotel will have a “virtual concierge” near the property’s 34th Street entrance.

 The concierge will be activated when a guest steps on a word that’s projected on the lobby floor, at which point the digital concierge will provide local information on restaurants, entertainment and other activities. The Garment District hotel will have 348 guestrooms as well as a gastropub that features a fifth-floor patio with a retractable roof.