An Analysis of Hotel Real Estate Market Dynamics

After providing a conceptual analysis of national hotel cycles, metro level hotel market dynamics are examined using various measures of supply and demand volatility, and historical revenue per available room (REVPAR) performance. Cluster analysis is used to provide a more rigorous classification of hotel markets in relatively homogeneous groups. A clustering algorithm is applied to REVPAR growth across fifty-eight metro areas. Using discriminant analysis, each cluster is then linked to various economic characteristics. Five hotel market clusters are identified with differences in various employment location quotients, employment SIC categories and employment growth largely determining the cluster groupings. This analysis can be used to improve hotel portfolio diversification strategies for both real estate investment trusts and direct-side equity investors.

Fear of Overbuilding in the Office Sector: How Real is the Risk and Can We Predict It?

After a prolonged hiatus following the boom of the 1980s, the pace of office construction has begun to increase, raising the specter of overbuilding in several metropolitan areas (MSAs). Research has shown that commercial property markets are prone to overbuilding, however, there is a dearth of research on construction cycles at the MSA level. This article examines three techniques that can be used to examine the probability of overbuilding within the office sector. Based on quarterly data from 1977-1997, this research concludes that both base employment and the Space Market Index provide the most practical methods for assessing the risk of overbuilding. There is considerable variation across MSAs in terms of the risk of overbuilding. This has important implications for real estate investors from a tactical asset allocation viewpoint.

Gun Homicide Rate Down 49% Since 1993 Peak - Public Unaware

National rates of gun homicide and other violent gun crimes are strikingly lower now than during their peak in the mid-1990s, paralleling a general decline in violent crime, according to a Pew Research Center analysis of government data. Beneath the long-term trend, though, are big differences by decade: Violence plunged through the 1990s, but has declined less dramatically since 2000.Despite national attention to the issue of firearm violence, most Americans are unaware that gun crime is lower today than it was two decades ago. According to a new Pew Research Center survey, today 56% of Americans believe gun crime is higher than 20 years ago and only 12% think it is lower.This report examines trends in firearm homicide, non-fatal violent gun crime victimization and non-fatal violent crime victimization overall since 1993. Its findings on firearm crime are based mainly on analysis of data from two federal agencies. Data from the Centers for Disease Control and Prevention, using information from death certificates, are the source of rates, counts and trends for all firearm deaths, homicide and suicide, unless otherwise specified. The Department of Justice's National Crime Victimization Survey, a household survey conducted by the Census Bureau, supplies annual estimates of non-fatal crime victimization, including those where firearms are used, regardless of whether the crimes were reported to police. Where relevant, this report also quotes from the FBI's Uniform Crime Reports

Wireless SAW Sensors Having Integrated Antennas

A wireless surface acoustic wave sensor includes a piezoelectric substrate, a surface acoustic wave device formed on the substrate, and an antenna formed on the substrate. In some embodiments, the antenna is formed on the surface of the substrate using one or more of photolithography, thin film processing, thick film processing, plating, and printing

Powering the superwind in NGC 253

NGC 253 is a prototypical moderate nuclear starburst galaxy. It is a barred SBc spiral galaxy at a distance of approximately 3 Mpc and can be studied on scales down to 15 pc in the optical and near IR. It is a bright IRAS source with a flux of 1000 Jy at 60 microns and a FIR luminosity of 3 x 10(exp 10) solar luminosity. It has a strong Br(gamma) emission line, a signature of ongoing massive star formation and deep CO absorption bands, which are indicative of the dominance of red supergiants in the near IR. It contains a population of compact radio sources, similar to those seen in M82. Optical spectra show that the nucleus is heavily reddened, with a Balmer decrement of approximately 30. NGC 253 possesses a 'superwind,' seen both in x-ray emission and in optical line emission. Nuclear ejection was first suggested to explain the kinematics of the nuclear region. We have obtained J, H, and K images of the entire galaxy at 1.3 arcsec/pixel (18 pc/pixel) using the superconducting quantum interference device (SQUID) on the KPNO 1.3 m. We have constructed a mosaic of 180 s exposures which traces the galaxy over much of its optical extent. The data were shifted, rotated, magnified, and calibrated following normal practice

The chronology and tectonic style of landscape evolution along the elevated Atlantic continental margin of South Africa resolved by joint apatite fission track and (U-Th-Sm)/He thermochronology

Atlantic-type continental margins have long been considered “passive” tectonic settings throughout the entire postrift phase. Recent studies question the long-term stability of these margins and have shown that postrift uplift and reactivation of preexisting structures may be a common feature of a continental margin's evolution. The Namaqualand sector of the western continental margin of South Africa is characterized by a ubiquitously faulted basement but lacks preservation of younger geological strata to constrain postrift tectonic fault activity. Here we present the first systematic study using joint apatite fission track and apatite (U-Th-Sm)/He thermochronology to achieve a better understanding on the chronology and tectonic style of landscape evolution across this region. Apatite fission track ages range from 58.3 ± 2.6 to 132.2 ± 3.6 Ma, with mean track lengths between 10.9 ± 0.19 and 14.35 ± 0.22 µm, and mean (U-Th-Sm)/He sample ages range from 55.8 ± 31.3 to 120.6 ± 31.4 Ma. Joint inverse modeling of these data reveals two distinct episodes of cooling at approximately 150–130 Ma and 110–90 Ma with limited cooling during the Cenozoic. Estimates of denudation based on these thermal histories predict approximately 1–3 km of denudation coinciding with two major tectonic events. The first event, during the Early Cretaceous, was driven by continental rifting and the development and removal of synrift topography. The second event, during the Late Cretaceous, includes localized reactivation of basement structures as well as regional mantle-driven uplift. Relative tectonic stability prevailed during the Cenozoic, and regional denudation over this time is constrained to be less than 1 km

Optimal unambiguous discrimination of two subspaces as a case in mixed state discrimination

We show how to optimally unambiguously discriminate between two subspaces of a Hilbert space. In particular we suppose that we are given a quantum system in either the state \psi_{1}, where \psi_{1} can be any state in the subspace S_{1}, or \psi_{2}, where \psi_{2} can be any state in the subspace S_{2}, and our task is to determine in which of the subspaces the state of our quantum system lies. We do not want to make a mistake, which means that our procedure will sometimes fail if the subspaces are not orthogonal. This is a special case of the unambiguous discrimination of mixed states. We present the POVM that solves this problem and several applications of this procedure, including the discrimination of multipartite states without classical communication.Comment: 8 pages, replaced with published versio