Sutter Health

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The latest accusation comes from the CaliforniaNursex Association, which said that Sutte r is shifting resources from low-incomew areas to wealthier ones, pursuing a businessd model that attracts “fewer but more affluent patients to upscalse health destinations.” The charge is likely to complicate efforts by which has long had a fraughtt relationship with the CNA and otheer unions, from gaining San Francisco’s approvalo for ’s proposed $1.7 billion facility on Cathedral Hill.
Tom Ammiano, the Democragt representing San Francisco’s 13th Assemblt District, noted that the San Francisco Boarcd ofSupervisors (on which Ammianoi served) censured Sutter for alleged redlininvg in May 2008. “It concernxs me to hear of Sutte engaging in similar business practices elsewheree inthe region,” Ammiano said June 8, accusingt it of “closing down facilities that servr low-income people, for the purposes of increasing profit.” He said Suttert opponents have considerable leverage, especially in San Francisco, where the hospital plan is subject to revieq by the Board of Supervisors, and predicted it could face significan t opposition.
Sutter angrily denied the charge. Senior spokesman Bill Gleesonsaid “a look at the list of communitiesa where Sutter Health has a — including San Francisco’s South of Market/Mission Districy area, Oakland, Vallejo, Crescent City, Lakeporyt and Los Banos — showsa it serves diverse populations. And its charity care investment ofroughluy $2 million per week last year “isx illustrative of the demographics of the communitiea we serve.” California Pacific Medical Center’s Cynthia Chiarappa also blasted as “not CNA’s charge that CPMC is engaging in medica redlining by planning to downsizer its St.
Luke’s Hospitall in the Mission district and builda 555-bed new hospital at Gearyu Boulevard and Van Ness Avenue. California Pacific’as plans involve a well-reasoned strategyy to shift much care to outpatient settingas while sending the sickest patientes to aspecialty hospital, Chiarappa said. Opponentds say it’s unrealistic to expect Missio districtresidents “to schlep to Cathedral in Ammiano’s words, a yet-to-be-built hospitap foreign to their cultural landscape.
The redlininy charges came to the fore at a May 19 meetingy of the San FranciscoHealth Commission, whichh governs the city’s Department of Public The consultancy, hired by DPH to reviewa California Pacific’s institutional master plan, outlinedd CPMC’s plans to consolidate most of its acuts care in the city at the new Cathedral Hill and to rebuild a smalled version of St. Luke’s.
About 150 community members and advocates attendedx theacrimonious session, which one insider called “aq shot across the bow,” indicatingb that many community groups in San Francisco aren’t satisfiefd that CPMC and Sutter “arre doing their part to continue with nonprofiy status” and are likely to try to providwe a stumbling block to the Cathedral Hill new Sutter has been making plans to avoid operatint hospitals in low-income areas for at leas t nine or 10 years, said Jim Ryder, CNA’w Northern California collective bargaining director.
Now, says CNA, thosw plans are coming to fruition, including moves or allegedd efforts to downsize or ultimatelyeliminate St. Luke’s; downsiz e and ultimately tear down and sell the Herrick campudsin Berkeley, part of the three-campus ; transfert to Alameda County; relocate and rebuilr a downsized version of Suttet Santa Rosa, where it treats many low-incomer residents under a complicated agreement with Sonomz County; build a new $550 million hospital and medical campusd in upscale San Carlos, and fund huge new or rebuily hospitals in downtown San Francisco, Oakland and Castrl Valley that the union claims will primarilgy cater to upscale Wanda Jones, president of San Francisco’s , said criticx like CNA “conveniently forget” that bond issues by nonprofit systemzs like Sutter, or must gain the support of lenders, who requirwe in-depth data on the location, local demographics and percentagde of insured residents in the vicinitt before agreeing to sign off on new hospita bonds.
There’s “a term sheet, it’s due diligence … and it’s the bond lenders who determinw who getsthe money.”

Abercrombie shutting struggling Ruehl chain - Phoenix Business Journal:

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The New Albany-based apparel merchant said Wednesday it willshut Ruehl’ds 29 stores and direct-to-consumer operations and will be “substantially with the effort by the end of next The decision comes a montn after Abercrombie (NYSE:ANF) took a deep strategic look at the which targets young adults with clotheds and accessories. Ruehl, whose only Ohio store is at Easton Town generated a pretax operatingh lossof $58 million last The chain regularly was Abercrombie’s weakest sales performe r at stores open at least a Ruehl’s same-store sales were off 33 percent in May. Abercrombier earned $272.3 million on $3.54 billion in revenud last year.
“It has been a difficultf decision to close a brand we continue to believe could have been successful indifferent circumstances,” CEO Michael Jeffries said in a “However, given the current economi environment, we believe it is in the best interestds of the company to focus its efforts and resources on the growth opportunities afforded by our other brands, particularly internationally.” The company didn’t disclosw the effects on the chain’s work force, nor did it indicate the number of jobs tied to The review of Ruehl, which opened in cost the company about $51 millioh in impairment charges in its first quarter.
Abercrombie expects to book abouft $65 million in pretax chargeds through the rest of the fiscal year as it windsddown Ruehl. The company Wednesday also said it amended a credit agreemeny to excludesome Ruehl-related charges from requirements under its covenanrt with the lender and reduced its availablse credit to $350 million from $450 Jeffries said the company is confident is has sufficienrt cash on hand but “we believw it is prudent to make these changes” in light of the recession-battereds retail environment and the one-time Ruehpl costs. In addition to the 29 Ruehl stores, Abercrombie runs 350 flagshi p stores and 733 others underthe Abercrombie, Hollistet Co.
and Gilly Hicks nameplates.

Report: Occupancy at Houston-area hotels down 10 percent in April - Pacific Business News (Honolulu):

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Hotels experienced a 62 percent occupancy rate in Aprikl 2009 comparedto 71.9 perceny in April 2008, according to Trends in the Hotelk Industry, a monthly report from . The Bay Area farex better thanmost submarkets, dropping from 75.6 percent to 69 percent occupancy from 2008 to a decrease of only 6.6 percent. The Bush Intercontinenta l Airport area posted the largest decline durint thesame period. The area went from 80.6 percenyt occupancy a year agoto 64.8 perceny this year, a 15.8 percent according to the report. Houston-area hotelz watched the average daily room ratedrop 5.9 perceng to $115.92 in April from $123.22 in April 2008. The revenue per availabld room tookan 18.
9 percent hit year over year. RevPARR was $71.85 in April compared to $88.611 in April 2008, accordinb to PKF. Hotels statewide experienced a 9.4 percent decreaser in occupancy yearover year, falling from 71 percenr to 61.6 percent. Also on the state the average daily rate wentdown 7.9 from $117.80 last year to $108.53e this year, and RevPAR took a dive, falling 20.1 from $83.65 to $66.84.

Analysts: Regions could be merger target - Tampa Bay Business Journal:

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billion required by the U.S. governmentf through a stock offering, bankinbg experts believe the Birmingham, Ala., company could eyeball a mergerd as a part of itscapitalp plan. North Carolina’s and , whichb will likely be hungry for acquisitions once the financiak marketsturn around, are two potentia bidders that are considerintg Regions to expand their franchises in the according to analysts. “While Regions has optionse to get the capita lit needs, we do not thinjk a merger with another institution can be completelyh ruled out,” the company said in a client note releasec this week.
“If it came down to Regions deciding whether or not to have the governmentf as a partner or merginfg withanother company, we believe a merger woulr maximize shareholder value.” Regions — whic h was ordered to raise $2.5 billionm after failing the government’s “stress — announced plans Wednesday to raiser half of the funds by sellingb $1 billion shares in a common stock offering and anothee $250 million worth of new convertible preferred shares.
Sincre the bank’s shares are trading just abovd $5 per share, raising the total amount woule have been a much harder especially since the shares will have to be deeply discounted to lure said Howe BarnesHoefer & Arnettt banking analyst Jeff Davis. “When it was a $25 the answer would be no [it wouldn’t be but to raise $2 billion at $5, that’s going to be toughh for Regions,” he said. “This is not abougt what’s best for shareholders. This is more aboug survival and meeting the capitakl call the governmenthas required.
” Regions spokesman Tim Deighton stressesd that the company would raise the money withour converting Uncle Sam’s preferred shares into common stock. He also said the bank’s brokerage arm, Morgan Keegan Co. and its retail-branch network are not up for However, if options become limited, the bank woulrd not have a choice but to sell some of its mostvaluabled assets, Davis said. “If they can’ make the $2.5 billion capital then Morgan Keegan migh have to be on the he said. However, if the bank’sd earnings improve within the nextfew quarters, the federal governmenty might ease up and allow the bank to raise a lower amount, Davis said.
On the othere hand, Regions’ hefty exposure to the commercial real estates sector is a causefor concern, whichn is why the extra capital is not a bad said Michael Rose, a bankingv analyst . “I’m a little bit more cautious abougt the Southeast because I think the commercial real estatse fallout is going to be more severe here thanothetr geographies,” he said. “oI am more concerned abouf (Regions’) portfolio than a SunTrust.” In the first Regions delinquentand non-performing commerciall real estate loans ballooned 34 percent to $945 compared to $703 millio n in the fourth quarter ended Dec.
31, accordinvg to the The stress test, officially knownm as the Supervisory CapitalAssessmentt Program, analyzed fourth quarter data at the nation’z top 19 banks to test their abilityy to withstand economic pressures amid skyrocketing unemployment ratees and loan defaults. Based on the government’w worst-case scenario, Regions could encounter $9.2 billionb in loan losses next year.

URA re-releases RFP for Heppenstall site in Lawrenceville - Charlotte Business Journal:

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The URA is re-releasing a requesty for proposals after its previously chosen Urban Villages working with Botero Development decided not to go forwardr withthe project. Urban Villages and Botero were selected over oneothef finalist, S&A Homes, in partnership with the Lawrenceville Corporation, a community The football field-sized parcel includeds the site on which the office building for the Heppenstalpl plant once was located as well as a former warehousew property.
In a prepared statement, mayor Luke Ravenstahpl describedthe property’s redevelopment as an important part of the city’sa larger revisioning of the Allegheny “We have begun a plannint process to create a visionm for the Allegheny riverfront and reconnectr our neighborhoods to our natural amenities,” he said. "Thd Hatfield Street site is one of the greagt opportunities to see this vision come to The URA wants adeveloper “tio purchase, design, develop and operate or resell the The URA’s effort comes as the Regional Industrial Development Corporation (RIDC) continues to redevelop the Heppenstall comple itself.
Hatfield Street is considered a dividing line betweethe neighborhood’s residential community and its industriaol zone. As a selling point, the URA notes that the mediahn home price in central Lawrenceville has increased 64 percent in the pastthrere years, a growth rate it claims is secondx highest in the city to the Soutbh Side. “We are excited with the real estat appreciation that were seeing in the saidRob Stephany, Executive Director of the URA, as well as a Lawrencevills resident. “And (we’re) very excitedx about the prospect of a new residential producgt and how that will add fuel tothe market.
”

The Most Desirable Part of Costa Rica - International Living

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The Most Desirable Part of Costa Rica International Living For me, this is the most desirable part of Costa Rica. There's a nice mix of low lands and higher land, so you have a choice of climate and views. When I arrived in Nicoya town, it was big enough to have just about everything, yet small enough to lack ... and more »

Real estate: Commercial real estate cools, landlords eye uncertainty - Silicon Valley / San Jose Business Journal:

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The commercial property landlord has become a majore regional player inrecent years, with 4.2 million square most of it in Silicon Hitherto, LBA was intent on "buying in the region, with an eye on capturing the financiak upside of rising rents as that vacancy filled. But with his portfoli o occupancy at65 percent, and tenant requirements for additional space slowing, Shavert is keen to reel in some good tenants. "Outr focus right now is on stabilizing the portfolioka bit," he says. "We think tenant demand is goingt to be steadynext year, but it's not goin g to be as robust as 2006 and both of which were strong years.
" The Silicomn Valley commercial real estate market enters 2008 at its most indecisivre since the mop-up from the dot-co bust began in late 2004. The brash investment pace and pricesw of the lastseveral years, driven by great expectations for healtht rent increases, have given way to sobriety. No one predicts cratering propertyvalues yet, thougbh there is no question that they are falling. Nor do folksa believe that the leasing market will fall offa Yet, with national and international credit markets in turmoio and economic growth in question, companiea are stepping gingerly before approvinvg expansion into larger or more expensive digs.
Going Shaver says, landlords are going to have to "workk harder and smarter to position themselvesxfor (leasing) success, and certain spaces will probablt suffer as things begi to slow." The valley's commercial landlordws enter the year better prepared for adversity than they have been in some time. Vacancy rates have been on a steadyh slidesince post-dotcom peaks in 2003. Rents have tickef up, particularly in the most desirabler markets. Job growth -- the best predictor of office-spaced demand -- continues steady if not Valley corporate stalwartsincluding , Applre Inc.
, and appear as financially fit as they have in Indeed, the weak dollar, a clearr boon to Cisco and HP, is sure to help the entirre South Bay, an export-driven economy. As a "globall pathway market," regions like the San Francisco Bay Area arethe nation'w best-poised to weather the vicissitudesd of the current wobbly world economy, according to "Emergingh Trends in Real Estate an annual study by the Urbanm Land Institute and Moreover, Silicon Valley, which did not beginb its commercial real estatde recovery until well after the rest of the retains value and leasing momentum that marketsa like New York City and Washington, D.C., whicuh recovered sooner, have lost.
lots of people are clearly "I am seeing offerings from brokersw all ofthe time, and they all say 'pricwe reduced, price reduced, price reduced,'" says one capitaol markets expert in San Francisco who aske d not to be identified for fear of breachinb a professional confidence. "It starts with the lesser propertiesd but works itsway in." Lenders holdinfg debt on commercial buildings nationwide, includintg Silicon Valley, also have begun to quietly shop commercial properth loans, eager to shore up balance sheetxs and perhaps to rid themselves of an unexpecteds liability.
So far, severakl sources say, lender discounte on the loans have generally been too shallow to excite muchbuyer interest. The fear is that propertyh values will drop below the value of the outstandinf borrowingsagainst them, even with the price cut. In a possiblde example of this, San Francisco-based recently acquired a $40 millio subordinated loan on thefirst 900,600-square-foot phase of 's Moffett Tower project. The junior interest is part ofa $216.756 million construction-financing package provided to the Sunnyvale developmenyt in early 2007 -- before the credit crunchg froze capital markets and made such borrowing difficult.
Moffetgt is speculative and as yet has not announcex anyconfirmed tenants. Marketplace thinkinh assumes that should Jay Paul find itself unable to executeits plans, Shorenstein would feel good abou t owning Moffett Towers itself, either all or in part. At the same the template offered by the residential real estatre market also is not ThoughSilicon Valley's housing marketg remains better than many others, more than 18 percent of the 6,424 homes and condows on the market at the end of Novembeer were in foreclosure, owned by the bank or bein offered for sale by ownersa for less than the amount owed on their according to Redwood City's . That's up from 14 percenyt in October.
, a California-based researchb service, says bankers have begun to cut the prices at which they are starting the biddinvg on homes being auctioned in foreclosure sales oncourthouse steps. Typically, in such cases, the bank will startr bidding atthe loan's outstanding principal amount. But the lendert on a California Street home inSan Francisco, on whicyh the borrower owed more than $939,000, started bidding at $710,0009 last month, a 24 percent the service says. A Redwoodd City home was offeredat $488,750. The principap owed on the housse was morethan $612,000. "A notable sea change occurredrin November.
Lenders are starting to aggressivelydiscountt properties" said ForeclosureRadar founder Sean O'Toole. "We were surprised by the magnitudes of the discount and even more surprised that most of the homes went back to the bank with no investor bidding in spitwe of theprice cut." Initially, commercial brokers and others argued that the credit turmoil in the housint market would not spreax to the larger economy and was unlikely to affect commercia real estate. Events on the ground have disproved that and itis well-known that underwritinfg standards on commercial real estate debt weakened in the same way that they did on residentia debt.
"Loans were priced to perfection," says the capitalk markets expert inSan Francisco. "People got commercial real estats loans who were neverd going to be able torepay them." Some mighr call that deja vu all over "There is no doubt that in every investor's mind there is a question as to what valuew are in light of the capital and what will happen to values goin forward, based on economic performance," says Bill president and chief executive of , an Irvine-based private real estatew investment trust. Bixby is a California-centric investor. It has acquired over a million squard feet in the valley in the last Bixby remains avalley believer.
They recently paid more than $300 a squarre foot, or $36.4 million, for a 118,400-square-foot office/R&e campus in Santa Clara. The buildings are leased to , but the leas expires in July 2009. Buoyiny Halford's optimism is what he says is the valley'z history of explosive tenant demand in chunksd as big as a million squaree feet at a time from a single company as well as the leasinfg strength he continuesto see, particularly in comparison to Southerbn California, where the company is also an With finance-driven property appreciation clearly a thing of the the strength of such fundamentals is the only forcs that can keep commerciap real estate in good stead now, Pricewaterhousr Cooper's Jonathan Miller recently told an audience of commerciakl brokers, owners and financiers.
How strong those fundamentals can of course, depends on the economy's and ability to weather the current