QM

[Miss Neecerie]

News article on the bidding for the Queen Mary buyout. Will be interesting to see what their plans really end up being....the end of things...or better then current management?


Shopping-center developer bids $41 million for Queen Mary
By Valerie Reitman, Times Staff Writer
6:45 PM PDT, April 26, 2007

A shopping-center developer has bid $41 million to purchase the lease for the Queen Mary and surrounding grounds in Long Beach, Calif., with plans to refurbish the ship and develop the landing as a retail-entertainment complex.

O&S Holdings LLC's is the first bid received for taking over the property operated by Queen's Seaport Development Inc., which filed for bankruptcy in March 2005. Court-appointed bankruptcy trustee Howard Ehrenberg said several other developers have been considering the property and could come forward before an offer is selected this summer.

But those developers would have to bid at least $2.5 million more than Santa Monica, Calif.-based O&S and meet several other criteria to be selected. O&S bid the minimum $41 million, the amount necessary to pay off QSDI's lenders and other creditors.

Ehrenberg said "conservative" appraisals have assessed the potential value of the 66-year lease, which still has 58 years remaining on it, at $56 million.

Rachel Forman, O&S's vice president of corporate marketing, said preliminary plans for the area include refurbishing and developing a "retail and entertainment, tourist-driven development."

The adjacent property now includes a welcoming terminal for Carnival Cruise lines and a number of smaller businesses and shops.

Ehrenberg said the parking area could be developed to add more entertainment, dining, specialty retail, hotel and meeting space. "It's envisioned as a capstone for the city of Long Beach, to tie the waterfront" with the rest of the city, Ehrenberg said.

O&S has developed 80 other shopping centers and community centers around the U.S., along with two hotels.

From the LA Times http://www.latimes.com/news/local/la-me-queenmary27apr27,0,3153885.story?coll=la-home-headlines

 

[Feraud]

Thanks for posting this article. I wonder what the future holds for the area.

 

[Tony in Tarzana]

Fear and hope. Emphasis on hope. The Queen deserves better.

 

[scotrace]

This seems alarming from a distance, and in light of our fondness for the ship.

Is anyone else starting to think about QM 2007?

 

[Feraud]

I am picturing the loss of parking space to a gaudy nautical themed restaurant. :eusa_doh:

Is anyone else starting to think about QM 2007?

I have been thinking about it for a while. Are you attending again this year?
We might have our a2 jackets by November..

 

[scotrace]

I'll be there, and will try and be more rested beforehand.

 

[Tony in Tarzana]

This seems alarming from a distance, and in light of our fondness for the ship.

Is anyone else starting to think about QM 2007?

Brother, I was thinking about it as I drove away from QM 2006!

Gotta get a better tailcoat ensemble... let's see... oh, and a proper steamer trunk.

 

[Daisy Buchanan]

Gosh, the plans for a "shopping center" don't bode well with me

I do hope, and this is a big "hope", that whomever buys out the lease will realize the glory of all that is the QM, and restore her to her original state. I do understand that the ship is in deperate need of repair. But does repair always need to be modernization. There are plenty of ways to fix up the ship, keep it as a hotel, while still keeping the vintage appeal of it.
It isn't in the best shape, and IMO the crowds that it attracted weren't the greatest of clientelle. Does anybody remember Tammy and her husband??

Another worry that I do have, aside from what they might do to the ship, is that they will raise the prices to stay there to cover the cost of building this "shopping center". That is, if they will even keep it a hotel Of course higher prices might keep out some of the riff raff (I'm recalling the group of "people" Hemingway Jones, Mojave Jack and I ran into outside of our room who wanted to "rumble" with us when we asked them politely to stop shouting directly in front of our door), but it also might make it difficult for some of us Loungers to stay there for the big event. Especially those of us who have to pay for airfare along with hotel.

I guess I'm being a pessimist. I really should try to think of this as a good thing. That the ship will remain a hotel, be restored to all of it's beauty and glory, and still remain affordable.

The QM Fedora Lounge Event is the greatest time, not just the setting but the people too. Like Tony, I started thinking about the next event the moment I got on the plane to go home from last years gathering. Tony, I have fond memories of standing on one of the decks of the ship with you at about 3am, after Marc Chevalier's Absinthe Adventure, having great late night/early morning conversation Exhausted as I was from flying across the world to get there. I don't recommend flying from Venice, Italy to Boston to LA, it's a really long trip. Like Scotrace, I will be certain to be more awake for the next event! (echem, that means no falling asleep at the dinner table, you certain fedora loungers know who you are! lol ).

I was just talking to Hemingway Jones about next years event, and that I'm already thinking of what to pack and trying to figure out how I can get around paying the "extra weight" charge for my suitcase That's never a good sign!! I'm trying to be better prepared for the next QM, but I know at the last minute I'll want to bring everything possible, just in case!!


Well, lets all hope this has a good outcome. It really would be a shame to see the ship turned into a modern shopping mall[huh]

 

[Tony in Tarzana]

It isn't in the best shape, and IMO the crowds that it attracted weren't the greatest of clientelle. Does anybody remember Tammy and her husband??

Tammy who? Doesn't ring a bell. lol

The QM Fedora Lounge Event is the greatest time, not just the setting but the people too. Like Tony, I started thinking about the next event the moment I got on the plane to go home from last years gathering. Tony, I have fond memories of standing on one of the decks of the ship with you at about 3am, after Marc Chevalier's Absinthe Adventure, having great late night/early morning conversation

Aww, thanks! I have fond memories as well.

I was just talking to Hemingway Jones about next years event, and that I'm already thinking of what to pack and trying to figure out how I can get around paying the "extra weight" charge for my suitcase That's never a good sign!! I'm trying to be better prepared for the next QM, but I know at the last minute I'll want to bring everything possible, just in case!!

Hey, you could always take the train, if you have three days to spare each way. lol

 

[PADDY]

QM to be gutted and dragged into 21st C. as theme park.

News Extra***News Extra ***

Leisure conglomerate promises glitzy revamp for Queen Mary
By James Rickerson, CPN News Staff Writer
08:45 AM , April 27, 2007

BILLIONAIRE Howard Madison is set to purchase the lease for the iconic Queen Mary and surrounding grounds in Long Beach, Calif., with plans to transform the ship into a glitzy multi themed fun park and casino.

Currently operated by Queen's Seaport Development Inc., both the Golden Age cruiser and the surrounding area is likely to become the latest of a string of vintage 'art deco' properties to fall prey to developers.

When asked what he hoped to do with the property, Mr Madison said: " The Queen Mary needs to be reinvented and transformed into a 21st Century business and I'm the man with the foresight to do just that. We are a customer focused company and envisage huge potential from this site.

"My executives are currently drawing up plans to totally redesign the site and make her more contemporay and accessible to today's market. By redividing the internal structure and create themed zones throughout, such as a Roman area, a Venetian area..etc, we are bringing a blend of Disneyland and Las Vegas to Long Beach for everyone to enjoy.

"With a $50m investment, we want to create a modern focal point for the city of Long Beach and to tie the waterfront with the rest of the city as part of an area regeneration program."

Madison Global Holdings has developed 150 other shopping centers and community centers internationally.

 

[Tony in Tarzana]

For everyone to enjoy? Everyone without a soul, I guess. :rage:

 

[Feraud]

we are bringing a blend of Disneyland and Las Vegas to Long Beach for everyone to enjoy.

With these words, individuality and the iconic image of an area such as Vegas, Times Square, The Lower East Side, etc. die.

I plan to make the most of the 2007 QM Event because the following years may be like visiting Epcot Center.

 

[Miss Neecerie]

Just a small note of ....



"is set to "

does not mean

'has bought'


if you will note, the holding company Paddy posted, is -not- the same one as in the LA times article.

They are still accepting bids...and since its currently a city owned venue that -leases- to others who actually -run- the whole shebang.

The LA times article implies they are not going to announce who they have given this contract to....until summer at the earliest...

There may be 3-4 more bids in by that point..

 

[Dagwood]

Assuming that O&S Holdings is the winning bidder (which as Miss Neecerie rightly points out is still speculation), the Long Beach Press Telegram reported on April 25, 2007: "Ehrenberg said the company is also considering a hotel and marina for the Queen Mary site. As for the ship itself, he said he believed the company planned to refurbish, but make few other changes to its operations."

 

[Hemingway Jones]

As some one who finances redevelopment deals like this, albeit on a smaller scale and lower profile, I can add that the most successful plans are those built upon a mixed-use structure:a mix of shopping, attraction, commercial, office, and residence. The site would lend itself well to this sort of development.

Currently, it has a bit of an isolated and industrial feel. This could be mitigated by some sea side village type residences. Also, a more direct tie to the City of Long Beach would need to be made beyond the single bridge. I am thinking that some water taxi and ferry service would work very nicely considering the location and the climate.

Something needs to be done. Our noble ship is rotting into the sea. Shortly, the decks will not be able to be refurbished. Some of them are already beyond repair. A mixed use self-sustaining development could provide hope for a long term solution. A fun house attraction will last a few years until people get bored with it and they planners will be facing the same issues 10 years from now.

 

[Mike in Seattle]

I hope if any developer buys the property, they build a 1930's style shopping center ajacent to the Queen. I have doubts they will but it's a nice thought.

It's not buying the property - it's just taking over the lease on the property. Any big changes or additions will run into a lot of problems from the Long Beach City Council. They have a long history of fouling up things regarding the Queen Mary among other things. Disney wanted to take over the whole penninsula and turn it into "Port Disney" when they held the lease and the council got greedy and ridiculous in what they were demanding be done and not done. And Disney took the idea and reworked it into part of Tokyo Disneyland.

It's never going to close down or anything. Someone will jump in to take over the lease. This is only news because it's the first bidder.

 

[Miss Neecerie]

It's not buying the property - it's just taking over the lease on the property. Any big changes or additions will run into a lot of problems from the Long Beach City Council. They have a long history of fouling up things regarding the Queen Mary among other things. Disney wanted to take over the whole penninsula and turn it into "Port Disney" when they held the lease and the council got greedy and ridiculous in what they were demanding be done and not done. And Disney took the idea and reworked it into part of Tokyo Disneyland.

It's never going to close down or anything. Someone will jump in to take over the lease. This is only news because it's the first bidder.

Indeed.... however, the article Paddy quoted and the Article I quoted have two different companies...so there are at least two separate bidders at the moment, and until the end of the summer it won't be known how many bidders, and what the City council has decided.

 

[Feraud]

Indeed.... however, the article Paddy quoted and the Article I quoted have two different companies...so there are at least two separate bidders at the moment, and until the end of the summer it won't be known how many bidders, and what the City council has decided.

And most important, how any future development will affect our event!

 

[Miss Neecerie]

Well since this is a News story about the QM itself....

Maybe someone should start an Event thread asking that...not likely to be seen in this thread...

 

[Marc Chevalier]

Good idea, MN. See the new thread at the Observation Bar.