In Dubai, Nakheel announced they were halting construction of the Nakheel Harbour & Tower, a 38.12 billion project that will take 10 years to complete. Nakheel also stopped work on the $790 million Trump Tower last month.

MGM Mirage and Infinity World Development are downsizing the scope of their 9.2 billion CityCenter project on the Las Vegas Strip as the gaming sector faces a weak hand. They will postpone the opening of the 400-room Harmon Hotel & Spa to late 2011 representing savings of $200 million and cancel the residential condominium component (savings of $600 million).

The recession is also hitting closer to home in Vancouver where work stopped, last October, on Holborn Group’s Ritz-Carlton hotel and condo tower. The cost of the project was estimated at $500 million and the hotel is no longer showing on the Ritz Carlton website under new opening. The Jameson House condo project is also on hold since November. Key lenders backed out of the 180-million architectural icon by Foster.

Let’s monitor the market and hopefully 2010 will bring better news.  There are still many hotel openings coming up and I will make sure to keep you updated!

I could not believe how much Vancouver has changed when I went back last week for the annual CSAE conference. The most dramatic changes were the expansion of the VCEC, the almost completed 61-storey Shangri-La and the exciting 47-storey Fairmont Pacific Rim opening up in October 2009.

Construction is currently at level 32 and the expectations are high for this upscale tower that will include 377 luxurious guestrooms and 175 luxury residential suites (levels 26-47). Developers are Westbank and The Peterson Group. This is the latest project of the master-planned Coal Harbour waterfront community.

Residents of the modern tower created by James KM Cheng and designed by Kay Lang & Associates will have access to the service of the 5-star, 5-diamond hotel 365 days a year: 24-hour in room dining, Willow Stream Spa, Fitness center & pool, dining outlets, etc. The Fairmont brand will become a lifestyle for the residents. What more can someone ask? Well maybe Miele and Sub-Zero appliances. Guess again!

I look forward to staying at The Fairmont Pacific Rim next year. Stay tuned for more real estate updates in Vancouver: The Private Residences @ Hotel Georgia, Patina, Jameson House…

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