The upper level of the CopperWynd Resort's main building, the upscale restaurant and all 32 European-inspired guest rooms will close Monday until further notice.
A swanky resort in the Phoenix suburb of Fountain Hills will close its doors as a result of the slumping economy. The upper level of the CopperWynd Resort's main building, its upscale restaurant and all 32 European-inspired guest rooms will close Monday until further notice.
The resort's spa, fitness, tennis and pool areas will stay open for private members. "The circumstances dictating this course of action are unfortunately unavoidable,'' CopperWynd manager Doug DeLong wrote in a letter to resort members.
Straddling an area between Scottsdale and Fountain Hills, the four-diamond resort debuted in 1999 to much fanfare.
Delong said in the letter that the resort has suffered from decreased spending and low occupancy. The resort's owners have "done everything" to ward off a closure, he said.
Frank Ferrara, president and CEO of the Fountain Hills Chamber of Commerce, called the luxury inn the "jewel'' of Fountain Hills.
Showing posts with label bad economy. Show all posts
Showing posts with label bad economy. Show all posts
Friday, May 1, 2009
Tuesday, October 7, 2008
tough economic times driving more to commit crimes
In these tough financial times, some people are just taking what they want and using a gun to do it.
Now Valley police are on the hunt for some brazen robbers who they consider armed and dangerous. Police say they cannot connect the economy and crime but one is down and the other is up. Investigators are calling it a cold and calculated crime and one that could soon be in stores near you.
At a 7/11 on 24th Street and Thomas two weeks ago, a man put a gun to a clerk's head. The entire thing was caught on surveillance. After the gunman emptied the register, he squeezed the trigger.
Sergeant Paul Penzone says the Valley's Silent Witness Program is working more robberies than ever. While some theorize that a weak economy can push people to the point of pointing a gun, Penzone says that is a hard case to qualify, but not out of the question.
While robbers have targeted everything from convenience stores to fast food joints, in the last two weeks at least four banks in the Valley have also been hit.
According to the FBI, last year Arizona ranked 14th in bank robberies nationwide. In the first six months of this year, the state has climbed to 10th place.
Penzone says part of the reason is more there are more people and more banks. While tough times may make for desperate criminals, some say there is a better chance than ever they will be caught.
Thursday, October 2, 2008
TOUGH TIMES IN AZ: Commerce Department Expects 47,500 Lost AZ Jobs
The forecast predicts 34,000 job losses this year and another 13,500 next year.
A forecast from the Arizona Department of Commerce says the state could lose nearly two percent of its nonfarm jobs before the economy begins recovering late next year.
The forecast predicts 34,000 job losses this year and another 13,500 next year, a total of 47,500 lost jobs.
The state had about 2.6 million nonfarm jobs in August and the unemployment rate jumped to 5.6 percent.
The Commerce Department report released Thursday makes major revisions to the last forecast issued in May. That report estimated just 9,200 nonfarm jobs would be lost in 2008 and 2009.
The gloomy new report says lower consumer spending is expected to create a domino effect in industries such as trade, transportation, leisure and hospitality.
A forecast from the Arizona Department of Commerce says the state could lose nearly two percent of its nonfarm jobs before the economy begins recovering late next year.
The forecast predicts 34,000 job losses this year and another 13,500 next year, a total of 47,500 lost jobs.
The state had about 2.6 million nonfarm jobs in August and the unemployment rate jumped to 5.6 percent.
The Commerce Department report released Thursday makes major revisions to the last forecast issued in May. That report estimated just 9,200 nonfarm jobs would be lost in 2008 and 2009.
The gloomy new report says lower consumer spending is expected to create a domino effect in industries such as trade, transportation, leisure and hospitality.
Tuesday, September 30, 2008
Phoenix Home Prices keep going down...FAST!
Phoenix is faring worse than most cities according to the Standard & Poor's 20 City Housing Index.
NEW YORK (AP) _ A closely watched index shows Valley home prices tumbling by the sharpest annual rate ever in July.
The newly released Standard & Poor's/Case-Shiller 20-city housing index showed a record drop of 16.3 percent in July from the year-ago period - the largest drop since its inception in 2000. The 10-city index plunged 17.5 percent, its biggest decline in its 21-year history.
Home values in all 20 cities fell year-over-year, with Phoenix faring worse than most cities. Prices Valleywide plummeted more than 29 percent in July from one year ago.
The only metro area doing worse than Phoenix is Las Vegas, where prices are plunging at nearly 30 percent.
However, the pace of declines has slowed over the last three months, but there is still no sign of a bottom, one of the index creators said.
NEW YORK (AP) _ A closely watched index shows Valley home prices tumbling by the sharpest annual rate ever in July.
The newly released Standard & Poor's/Case-Shiller 20-city housing index showed a record drop of 16.3 percent in July from the year-ago period - the largest drop since its inception in 2000. The 10-city index plunged 17.5 percent, its biggest decline in its 21-year history.
Home values in all 20 cities fell year-over-year, with Phoenix faring worse than most cities. Prices Valleywide plummeted more than 29 percent in July from one year ago.
The only metro area doing worse than Phoenix is Las Vegas, where prices are plunging at nearly 30 percent.
However, the pace of declines has slowed over the last three months, but there is still no sign of a bottom, one of the index creators said.
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