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Yahoo
16 minutes ago
- Business
- Yahoo
The SEC just unveiled ‘Project Crypto': What you need to know
On Thursday, Securities and Exchange Commission chair Paul Atkins delivered an address signaling a new era for the top regulator. After the SEC spent years combating the blockchain industry through enforcement actions, the newly appointed Atkins announced an initiative dubbed 'Project Crypto' that will turn the U.S. into the 'crypto capital of the world.' Atkins' speech comes just a day after the White House released a 166-page report outlining its own approach to regulating the crypto industry, and just over three months into his tenure leading the top financial regulator. Atkins has repeatedly signaled he plans to take a markedly different approach to crypto regulation than his predecessor, Gary Gensler, who was widely reviled by the industry. In his Thursday address, Atkins laid out a series of priorities for SEC staff, including drafting 'clear and simple rules of the road' for different crypto behavior, including custody and trading, as well as allowing intermediaries like exchanges to become 'super-apps' that offer a broad range of services. 'When our regulatory posture is calibrated to meet innovation with thoughtfulness rather than fear, America's leadership position has only grown stronger,' Atkins said. The new SEC Atkins' speech on Thursday reflected the most explicit overview to-date of the agency's new approach. It comes as crypto dominates the headlines, with Bitcoin reaching record highs and Fortune 500 companies exploring blockchain projects. In his address, Atkins detailed the top initiatives for his staff: bringing crypto activity back to the U.S. after many companies fled under Gensler, modernizing the SEC's custody requirements for companies that want to hold digital assets, and allowing firms to experiment with new types of on-chain technology, such as 'tokenizing' equities, or creating blockchain versions of assets like stocks and money market funds. 'Under my leadership, the Commission will encourage our nation's builders rather than constrain them with red tape and one-size-fits-all rules,' Atkins said. The challenge for the new chair will be establishing its own rules as Congress continues to debate broad legislation that would regulate the market structure of digital assets, which governs how cryptocurrencies can be issued and managed. While the House passed its own version of a bill, the Senate has yet to signal its own approach. A sharp break from the Gensler era Under Gensler, the SEC cracked down on top crypto companies such as Coinbase and Gemini, arguing that they were operating outside of long-established securities laws and presenting threats to consumers—a reaction, in part, to the high-profile collapses of projects such as Sam Bankman-Fried's FTX in 2022. Aggrieved by Gensler's campaign, the crypto industry fought back by raising hundreds of millions of dollars to back pro-blockchain candidates in the 2024 election, including Donald Trump, who embraced the sector on the campaign trail and was swept into office promising to staff his administration with digital asset-friendly officials. Those included Atkins, a former SEC commissioner who served as an advisor to crypto projects after leaving the agency in 2008. Even before Atkins was sworn in as agency head in April, the SEC began to roll back Gensler's actions, with the reversal led by Commissioner Hester Peirce, who has adopted the moniker 'crypto mom' for her open stance toward the industry. That included dropping a series of lawsuits against companies such as Coinbase and launching an agency-wide effort to engage in new rulemaking. Gensler sympathizers in D.C. are already raising alarm bells that a lax approach to crypto will usher in a new era of fraud and collapses like FTX. 'As happened when [Atkins] was an SEC Commissioner from 2002-2008, Wall Street's megafirms and politically favored companies will be protected while investors will be left to protect themselves,' said Dennis Kelleher, the CEO of the consumer advocacy organization Better Markets, when Atkins was sworn in. This story was originally featured on Sign in to access your portfolio
Yahoo
21-07-2025
- Business
- Yahoo
A guide to adaptive reuse in the hotel industry
This story was originally published on Hotel Dive. To receive daily news and insights, subscribe to our free daily Hotel Dive newsletter. Adaptive reuse — the process of rehabilitating an existing building for a new purpose — is not exclusive to the hotel industry, but more hospitality brands and builders are seeking it out for its cost-savings, sustainability and design appeal. To create a hotel using this method, developers will typically convert underutilized office space or historic buildings with outdated uses — think older banks, warehouses or even jails. Many of these adaptive reuse projects crop up in major urban areas, with hotels being a viable option to preserve existing buildings' historic character while revitalizing neighborhoods or downtown spaces that aren't reaching their full potential. Hotel Dive spoke with industry experts about what adaptive reuse projects look like in hospitality today, the opportunities they present and how hotel players can navigate the challenges of redevelopment. Seizing on an 'urban trend' In the hotel industry, the most prominent reuse cases are low-occupancy office buildings and historic structures in urban centers, according to multiple experts. Adaptive reuse in the hotel sector is 'first and foremost an urban trend,' JLL Hotels & Hospitality Group Americas President Dan Peek told Hotel Dive, noting that these projects more often than not fall into upper-tier segments. Jack Paruta, hospitality leader for architecture firm Gensler's Northeast region, told Hotel Dive that cities 'have a fair amount of building stock that is either becoming outdated or outliving its use, and developers are seeing opportunities to turn those into hotels.' According to Peek and Paruta, adaptive reuse can often be a more affordable option than new construction, particularly in urban markets. The average ground-up hotel development cost per key for an urban full-service hotel climbed to $742,000 in 2023, up 32% from 2019, JLL reported last year. A 260-key hotel, for example, would total roughly $192 million to develop. On the flip side, to convert a typical vacant office building, it costs between $250 and $650 per square foot, according to CBRE data. Assuming a 200,000-square-foot office building yields 260 hotel rooms, the cost to convert that office to a hotel would total roughly $130 million on the high end of the cost range. Andrew Hartley, a director for CBRE Hotels Valuation and Advisory team, told Hotel Dive that 'relatively high interest rates and the inflationary cost of construction' following the COVID-19 pandemic have made converting an existing building into a hotel more desirable than building one from the ground up. A high-cost construction environment is 'the genesis of why a lot of hotel developers are looking at adaptive reuse as an option, because the development space is very challenging,' he added. Optimizing 'distressed' spaces Meanwhile, an increase in remote work is leading to office vacancy nationwide, Hartley noted. Following an early pandemic exodus from in-person work, office occupancy has not recovered. According to CBRE data, U.S. office vacancy stood at 19.8% at the end of 2024, up from 12.4% in the first quarter of 2019. Additionally, many large cities across the country have seen a 'permanent erosion of corporate travel,' Hartley said. Office buildings with low and declining occupancy that are considered 'distressed' are often the target of hotel conversions, Paruta explained. In many central business districts, older and smaller office buildings have been hit the hardest by occupancy dips, per a June Gensler report. While hotels are helping fill office vacancies, not all adaptive reuse projects include the full transformation of an existing building, the experts shared. In some cases, a hotel may occupy several floors of an office building that maintains partial occupancy, or a hotel may complement a residential use. Aspen Hospitality and New York-based real estate developer Tishman Speyer, for example, are working to convert 10 floors of vacant office space above the NBC 'Today' show studios at Rockefeller Center in New York City into a 130-room luxury hotel. Meanwhile, residential hospitality operator Mint House converted a former 11-story office building in Washington, D.C., into the boutique apartment-style hotel 1010 Vermont. And other apartment-style hotel operators have opened hotels within multifamily buildings. 'Preserving what already exists' Preserving existing building supply is also a sustainable practice. Through adaptive reuse, developers can minimize the carbon associated with building properties, including material extraction, manufacturing, transportation and construction, according to Paruta. Adaptive reuse can be used as a strategy to 'significantly reduce demolition, carbon emissions, waste, and preserve what already exists,' he wrote in a 2023 report. 'By transforming outdated buildings into viable new uses, we can convert properties that were once detractors into thriving contributors that align with the desired user experiences of today's age,' Paruta wrote. 'Adaptive reuse is an important strategy to preserve the past and bring back to life important pieces of the fabric of our cities and anchors of their neighborhoods.' Hotel Marcel near downtown New Haven, Connecticut, is one adaptive reuse hotel project that has taken sustainability to a whole new level. Owner Bruce Becker transformed the 50-year-old office building into the first Passive House-certified hotel in the U.S. Not only did Becker preserve the 'embodied carbon' of the existing building's concrete, steel and other materials, he also claims to have created the country's first zero-emissions hotel. Telling a story 'deeply rooted in place' Historic buildings that have outlived their previous uses are particularly desirable for hotel conversion because they present the unique opportunity to tell a story and immerse a guest into a destination, experts shared. 'The largest trend in hospitality is that people want authentic spaces.' Lori Mukoyama Global hospitality leader and design director at Gensler What's more, converting an underutilized historic building into a hotel can help drive new business as today's travelers seek more unique and immersive accommodations. According to Lori Mukoyama, global hospitality leader and design director at Gensler, adaptive reuse can create more value for guests because historic buildings often allow for the creation of unique rooms and layouts. With historic reuse, a developer can often 'get a larger room than [they] typically would with new construction,' because of the original building's unique floor plate, Mukoyama told Hotel Dive. With larger guest rooms, hotels can offer 'something really unique' — like a five-fixture bathroom, for example — because they have additional space, she noted. Historic reuse projects also showcase unique building features like tall ceilings, double-hung windows or exposed brick walls, all of which add value, the Gensler pros shared. With this built-in character, a 'four-star boutique hotel in an adaptive reused historic building is going to have a better rate than, say, a new-build Marriott or Hilton hotel,' according to Paruta, because it provides a 'higher level of authenticity of design.' Hotel developers can go one step further by incorporating the building's historic use into its theme or guest offerings, according to Mukoyama. 'The largest trend in hospitality is that people want authentic spaces,' Mukoyama said. 'If I'm going to Los Angeles versus New York or Chicago, I want to feel like I'm in that place, [and there's] no better way to do that than to tell a very authentic, historic story deeply rooted in place.' Gensler did this with Watermark Baton Rouge, when the firm helped convert a former skyscraper in Baton Rouge, Louisiana, into a boutique hotel under Marriott's Autograph Collection, Mukoyama shared. To maintain the building's history — formerly the Louisiana National Bank in 1925 and then the State Office Building in the 1960s — the hotel's design incorporates several original elements, including eight bas-relief murals, a sculpted marble entry staircase and eight Greek Revival fluted columns, into the contemporary design, according to the firm. 'Instead of having to pretend or create art that felt authentic, we used the actual artwork from the [original] bank lobby, which created a draw but also a sense of authenticity and community that you can't purchase or replicate,' Mukoyama said about the project. Combatting 'unforeseen contingencies and costs' While adaptive reuse projects have the potential to drive value for hotels, they also present challenges. It can often be difficult to reconfigure a building's floor plate to fit a hotel use, Paruta said, noting that it can be 'like a puzzle to put together room layouts that work with existing column grids or building cores.' CBRE's Hartley echoed a similar sentiment, joking that 'offices just weren't designed to have a bathroom every 200 square feet.' There is 'also a whole staff procession that you have to consider,' Mukoyama said, noting that hotel workers often use back-of-house entryways or different elevators than guests to move around a property. When changing the use of an existing building, these hotel-specific elements can be a challenge to create, she said. Hotel reuse projects must also consider loading docks — necessary for workers servicing a hotel — and space at the front entrance for guests to pull up and unload their luggage or for valet, per Mukoyama. Tough reconfigurations can be costly — as can maintaining modern building standards, Hartley noted. 'Historical adaptive reuse [has] almost always [been] much more costly than ground-up development, mainly because you have to maintain certain standards. So, there's a lot of unforeseen contingencies and costs that you have to adapt for,' he said. To mitigate costs, hotel players should consider the tax credits they qualify for when starting a reuse project, experts shared. Historic buildings can be eligible for federal and, sometimes, state historic tax credits, Paruta explained, 'which can represent millions of dollars depending on the overall budget for the project.' Approval through the State Historic Preservation Office and the National Park Service, though, is contingent on property-specific details and requires 'a rigorous process,' Paruta said. However, gaining approval for historic tax credits is 'worth developers' time, effort and money because they pay off,' Paruta said, adding that 'tax credit incentives are part of what makes [reuse] projects pencil out.' The Kimpton Gray Hotel in Chicago, for example, is a historic landmark that Gensler helped convert into a four-star, 293-key boutique hotel. The project required 'intense exterior restoration, structural reconfiguration and interior repairs,' according to the firm's website. Gensler had to preserve the existing structure to accommodate the stringent requirements of the local landmark commission. But, in the end, the preservation efforts for the project earned Gensler's client nearly $10 million in historic tax credits. Hartley explained that even though adaptive reuse hotel projects can be pricey, 'there's a lot of intangible value to potential strategies of historic restoration' for developers. Namely, it will ensure future opportunities, he noted. If a hotel developer is successful in completing a historic restoration project — which is 'exponentially harder' to do compared to ground-up development, per Hartley — the opportunity for them to do another reuse project increases. Municipalities are more likely to provide further monetary incentives, and banks more friendly with lending, to hotel developers that have proven themselves. As travelers increasingly seek unique accommodations and building supply continues to age, hotel players are sure to find more opportunities to undertake adaptive reuse projects and grow their portfolios.
Khaleej Times
19-07-2025
- Business
- Khaleej Times
UAE: Office perfect for Instagram? Design spaces to aid work, not looks, say employees
UAE offices need to shift focus from being visually striking to being truly human-centered; that's the recurring message from HR professionals and workplace designers. This takeaway from Gensler's newly released 2025 Global Workplace Survey has prompted HR leaders and workplace experts to call for a shift: from picture-perfect setups to purpose-driven, human-centred design. The global architecture and design firm surveyed over 16,800 full-time office workers across 15 countries, including a deep sample from the UAE, to better understand what modern employees truly need from their workplaces. While UAE office workers acknowledge that their workplaces have improved since the pandemic, most believe their needs are still not met. Only 31 per cent of UAE employees strongly agree that their current work environment enables them to perform at their best, despite widespread office renovations and investments in workplace upgrades. Common challenges persist: noise, inefficient layouts, lack of meeting room availability, and insufficient quiet zones for focused work. Key employee priorities include better acoustics in shared spaces, access to informal collaboration zones, and dedicated areas for focused, undisturbed work. Need and design 'The UAE has become a global benchmark for ambition and adaptability. In cities like Dubai and Abu Dhabi, we are witnessing rapid shifts in how people live and work, and the workplace must evolve accordingly,' said Edith Eddy, Senior Interior Designer, Workplace, at Gensler Middle East. 'Our research reveals a clear gap between what employees need to thrive — flexibility, creativity, and connection — and what their current spaces provide. Bridging this gap will be essential for organisations aiming to attract talent, foster innovation, and design workplaces that truly support the future of work in the Emirates." The UAE currently ranks in the 'middle tier' globally when it comes to workplace satisfaction — performing better than France and Japan, but falling behind countries like the UK, India, and the United States." Key drivers Nicki Wilson, executive director of Genie Recruitment, highlighted how cultural and structural flexibility has transformed engagement in her firm. 'Now we finish early every Friday and the whole team works from home that day. We introduced a 'work from anywhere' policy where each team member can work remotely for a full week once a year with an extra allowance to support working from another country. This encourages travel, creativity and fresh perspective.' She added, 'Flexibility has increased accountability and engagement. There's a stronger sense of mutual trust. People feel empowered to own their time which means they show up more present and productive.' According to Wilson, UAE offices in 2025 need to prioritise 'human-centred' elements over aesthetics.' Design wise, UAE offices in 2025 need to focus less on just looking 'Instagrammable' and more on being human-centred. "That means quiet zones for focus, collaborative breakout areas, adjustable lighting, greenery and open air wherever possible. Movement-friendly layouts and high-quality ergonomic furniture are no longer optional, they're expected.' She also emphasised the need for a cultural shift. 'Culturally, the shift has to be toward outcome-based leadership. The 'bums on seats' mentality is outdated. Employees want autonomy, trust and purpose. That means leaders need to move from managing time to managing results and supporting mental wellbeing as a core business priority — not just a side perk.' Importantly, employee feedback loops need to be constant. A one-off survey doesn't cut it. Whether you run a 10-person business or a 1,000-person company, ask regularly: 'What would help you thrive here?' Then act on it.' Creative labs The survey also highlighted a mismatch between what employees experience and what they ideally want. Only 15 per cent described their ideal workplace as a formal 'business hub,' while 29 per cent said that label reflected their current office setup. In contrast, there's a growing appetite for 'creative labs' and 'nature retreats' — environments that promote creativity, calm, and purpose over rigid formality. Employees are asking for more than flashy amenities. Aws Ismail, a UAE-based professional, summed up what many feel is missing from modern offices. 'Honestly, I believe a lot of offices still feel quite disconnected from what employees need to thrive. Post-pandemic upgrades might look good on the surface, but many spaces don't encourage true collaboration, creativity, or even healthy competition. I think what's missing is an environment where people can learn from each other, be challenged, and feel part of something.' He added, "It's not just about comfortable chairs or a pool table, it's about the energy in the office, the leadership presence, and creating a culture that pushes people to perform at their best."
Yahoo
17-07-2025
- Business
- Yahoo
Chicago Fire FC unveils renderings for $650M stadium
This story was originally published on Construction Dive. To receive daily news and insights, subscribe to our free daily Construction Dive newsletter. Dive Brief: Major League Soccer's Chicago Fire FC has shared renderings and construction details of the team's $650 million stadium in the city's downtown, according to a news release. The new structure, designed by San Francisco-based architect Gensler and announced in early June, will seat approximately 22,000 fans, according to the news release. Around the stadium are riverfront views and open public plazas, alongside a variety of hospitality spaces and amenities. The stadium will be the catalyst for the first phase of The 78, a 62-acre master plan development for a walkable, pedestrian-oriented mixed-use campus designed by Gensler, according to the news release. Dive Insight: The 78 will feature a 24/7 district with new residential and commercial buildings, a half-mile riverwalk and a network of interconnected community spaces that support year-round programming. The initial phase will include restaurants, storefronts and a range of complementary spaces. The stadium will be entirely privately financed by the club's owner, Joe Mansueto, who is the executive chairman of Chicago-based financial services firm Morningstar. Seating options include 50 suites, more than 500 loge seats and 3,500 club seats, according to the franchise, including some with access to exclusive clubs-within-clubs. The seating bowl will be covered by an exposed steel canopy that the team claims will enhance the home-field advantage of Fire matches by directing light and crowd noise back to the pitch. Additionally, a dedicated supporter section will be built at the core of the stadium, per the release. The section is purpose-built to be loud with room for approximately 2,000 fans on safe-standing bleachers. The venue will also be designed to host international soccer matches, rugby matches, concerts, festivals and live performances, the club said in the release. Construction at The 78 is anticipated to begin by the beginning of 2026, and the new stadium is expected to open in 2028, according to the Chicago Fire. A contractor has not been announced.
Yahoo
16-07-2025
- Business
- Yahoo
Manhattan's first Hyatt Regency opens in Times Square
This story was originally published on Hotel Dive. To receive daily news and insights, subscribe to our free daily Hotel Dive newsletter. Dive Brief: Hyatt Hotels opened Hyatt Regency Times Square, the upper-upscale brand's first property in Manhattan, on Tuesday, the hotel company announced in a news release. Owned by Argent Ventures and managed by Highgate, the 795-key hotel debuted after a multimillion-dollar renovation of 1605 Broadway, the former site of a Crowne Plaza hotel. Paying homage to the surrounding neighborhood, the Hyatt Regency features modern design elements, including Broadway-influenced artwork, as well as a 'Mamma Mia'-themed guest room ahead of the musical's return to the theater district next month. The hotel joins more than 30 Hyatt hotels open in New York City. Hyatt has recently expanded its Regency brand with openings and renovations in top urban destinations across the country. Dive Insight: Hyatt Regency Times Square is intended to be a destination for both business and leisure travelers, with a new lobby designed for visitors to dine, work, socialize and relax, according to Hyatt. Lucid, Highgate's design and construction group, led the project's development, while architecture firm Gensler oversaw design and construction execution alongside Hyatt. The hotel's design was inspired by the surrounding Broadway theater district, including a Greek isle-themed 'Mamma Mia' room aimed at 'providing an immersive experience for theater and film fans,' according to Hyatt. All of the hotel's guest rooms, including the 969-square-foot penthouse suite, offer New York City views. The Hyatt Regency also offers multiple dining concepts, including a lobby restaurant that transitions from a daytime cafe to an evening lounge and a grab-and-go market. Another lounge is set to open featuring cocktails and shareable plates. The hotel also has one of the largest hotel fitness centers in Manhattan, per the company. The Times Square hotel joins Hyatt's growing Regency portfolio, which spans urban and resort destinations worldwide. Last year, Hyatt wrapped a $150 million renovation on the company's largest hotel, the 2,032-key Hyatt Regency Chicago. Meanwhile, two Hyatt Regency hotels opened in Houston in 2023. Hyatt Regency Times Square joins more than 30 Hyatt-branded properties in New York City, including the 587-key Thompson Central Park Hotel located along Manhattan's Billionaire's row as well as the recently rebranded Hotel Seville NoMad. A Destination by Hyatt hotel could also anchor The Avenir, a mixed-use entertainment complex proposed for Manhattan's Far West Side, if the project succeeds in obtaining gaming rights, Hyatt announced last month. Hyatt's Standard International brand also recently expanded in New York City with the opening of The Manner.
