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Show Wednesday February 12, 1997 The Park Record A-19 Briefs Lodging to hit high again this weekend Accommodations forecast to be tight into Easter holidays by Bruce Lewis OF THE RECORD STAFF Marilynii Jung earns GRI designation . - . .,-y . - ' ' V- ., - w - . , , - h , V. ,3 ,i. vtar. 45, t x Marilynn Jung Marilynn Jung, sales agent for Binders Realty & Exchange, LLC. In Park City, has been awarded the Graduate, Realtor's Institute designation designa-tion from the Utah Association of Realtors. The designation is awarded to realtors who complete a series of special classes. About 15 percent of Utah realtors hold the designation. Jung has been associated with Flinders Realty & Exchange since early 1996. She holds a master's degree in Business and Marketing. ' B .- Knight Brothers Construction firm plans to reorganize Knight Brothers Construction! the general contractor for the Hampton Inn and Suites project under construction construc-tion at Kimball Junction, announced plans to reorganize its related entities. Craig Knight, chief operating officer, said the company will reorganize into two distinct entities in order to serve the two market segments which they serve. Craig Knight will be the sole owner of the Knight Construction Group, which will focus on residential and light commercial markets. Large commercial clients will continue to receive service from KBC. The combined com-bined organization currently completes com-pletes contracts totaling more than $30 million annually. Change specialist will lecture at Westminster Fred Musone, president of Morton Automotive Products, will lecture at Westminster College oh Feb. 18 as the next speaker in the Weldon J. Taylor Executive Lecture Series. Musone's topic, "Your Soul or your Earnings," covers his philosophy that long-term business success comes from creating value for the customer. The lecture is scheduled for 7 p.m. in the auditorium of the Bill and Vieve Gore School of Business on campus. There is no charge to attend. "We're packed for President's Day weekend," said Diane Glaser, general manager of Park City Ski Holidays. "A lot of people are coming in on Thursday, and planning to ski Friday through Sunday." Glaser's comments mirror the lodging forecast provided to the Park City Lodging Association at last week's meeting: meet-ing: the number of accommodations reserved for the Feb. 15-17 President's Day holiday weekend is up by 26 percent over the same weekend last year. "It's fair to say that Park City has overcome over-come last season's slow start because of late snowfall," said Kathy Sorenson, who compiles meetings and conventions information infor-mation for the Park City ChamberBureau. Part of Sorenson's job requires her to stay in close contact with lodging providers throughout the area. "The increase seems to be coming from somewhere other than meetings and conventions," con-ventions," Sorenson said. "Those are about level with the same week last year, so the increase isn't occurring in organized meetings." "We're looking at about 75 percent occupancy across Park City," she added, which is the highest seen since the Christmas-New Year's holiday numbers in the low 90-percent range. Glaser said that lodging will be tight through the end of March and the first few days of April, which includes the Easter holiday. BRUCE LEWIS THE PARK RECORD Parking at local ski areas will be tight again this weekend, if lodging forecasts for the President's Day holiday turn out to be accurate. Occupancy rates will be about 75 percent, the highest since the Christmas-New Year's holidays. Park City Ski Area and Deer Valley Ski Resort are both on Park City Transit's routes. Bus travel to the ski areas may be preferable to hunting through crowded lots, looking for the elusive parking space. Even counting the President's Day weekend spike in lodging numbers. Glaser said that her figures show overall lodging estimates running about 15 percent ahead of this same time last season. Her numbers reflected a 14 percent upswing around Christmas, and about 12 percent ahead of year-previous numbers at Thanksgiving. "It's very tight for every weekend through the end of March," Glaser said. "There is lodging available, but people who are looking for accommodations in a specific condominium or hotel property may have to compromise on their desires." Glaser said that weekend stays typical ly start on a Thursday and end with a Sunday departure. "Three- and four-day stays are com mon. Many airline fare packages require a Saturday-night stayover. and it looks like people are taking one or two days off at the end of a workweek to make a longer event of their trips." she said. Local Dean Witter office involved in merger Largest securities firm in U.S. forms by Bruce Lewis OF THE RECORD STAFF The local Dean Witter Reynolds office is included in what will become the largest securities firm in the United States when an announced merger is completed. Morgan Stanley Group, Inc. and Dean Witter, Discover & Co. announced merger plans Wednesday which will create cre-ate the largest securities firm in the nation. Dean Witter chief executive Philip Purcell, who has a second home in Park City, is expected to become chairman and chief executive of the new firm, according to The Wall Street Journal. "We see it as good news for our Park City office," said Bryan Lloyd, associate vice president for Investments and Park City office branch manager. "Adding Morgan Stanley's products to those of Dean Witters will give our clients a wider range of investment vehicles." The merger creates a Wall street giant, the first which combines an investment invest-ment bank which caters to institutional clients with a brokerage house serving individual investors. Only Merrill Lynch & Co. had combined the two approaches previously, and Merrill Lynch did it through internal growth, not by merger. "This merger leapfrogs over Merrill Lynch in size." said Lloyd. The newly merged firm will pass Merrill Lynch in terms of both capital and net income measures. Last year. Merrill Lynch led all other securities firms in terms of net income, with $1.6 billion. Morgan Stanley netted $1.03 billion bil-lion and Dean Witter posted a $951.4 million net income. He added that he did not expect much added institutional-level business in the Park City office, but that the range of products available from both companies will broaden considerably. "Both Dean Witter and Morgan Stanley have mutual funds products. Customers will be able to make one-stop decisions rather than going to separate companies," Lloyd said. Morgan Stanley currently has a market mar-ket capitalization of $8.8 billion and Dean Witter is valued in the market at about $13 billion, giving the newly merged firm a value over $20 billion. The deal will be accomplished with a stock swap, and The Wall Street Journal reported that Morgan Stanley share holders will likely receive a slight premi urn on the exchange of shares. Utah Senate proposes business legislation by Bruce Lewis OF THE RECORD STAFF The following is a synopsis of selected bills, categorized by the State Legislature under the heading of "Business." which are in varying stages of consideration by the 1997 Utah State Legislature's Senate. Status is as of Monday, Feb. 10. o Senate Bill 3 - Construction Contractors. Sponsor: L. Steven Poulton. This bill voids provisions of construction contracts which call for disputes arising under the contracts to be resolved in fora outside the state of Utah, and would apply to construction contracts executed, renewed or materially modified on or after May 5, 1997. Status: 12097 - Senateread first time (introduced) 12497 - Senate read and passed second time; Senate read anr. passed third time (270-2); 12797 - House read first time (introduced): 13197 - House read second time; 2597 - House read and passed third time (640-11). House: signed by Speaker sent to Senate; 2697 - Senate signed by President, bill enrolled. c Senate Bill 37 - Amendments to Workers' Compensation. Sponsor: David H. Steele. This bill permits property own ers, contractors, consultants and subcon tractors in construction contracts with an estimated annual payroll for all employer-of employer-of $1 million or more to treat workers a Please see BILLS, A-2? Stock Performance Utah company stock performance for Feb. 6-10, 1996 mum Name Close 210 Close 26 altagld 3i2 316 amstores 43.12 42.62 anestacp 20.00 18.75 ballardm 19.87 19.50 centmine .72 .75 crowneng 1.03 106 covoltec 11.88 1163 CYCL03PS 1.37 1.19 DAWTECH 3.12 3.06 DELTAAIR 80.25 81 12 DYNATEC 2 75 2.75 EFIELEC 2.00 1 69 EQUITYOL 3.25 3.62 EVANSSUT 26.50 26.37 FIRSECCP 35.19 34 50 FRNKQUST 21.25 21 50 GENVSTL 2.50 2 62 , GULLLABS 9.94 10.25 Name INTRLNRE INTLAUTS IOMEGACP IONLASER LARDAVIS LUCASIND MARKERIN MERITMED MITYLITE MONROC NATRSUN NOVELL PSTVANS QUESTAR RESRCHMD SIMONTRK SKYWEST SMITHSFD Close 210 Close 26 Name Close 210 Close 26 .75 .75 sosstaff 12 00 12 62 5.87 6 12 sowstair 22 00 22 25 16.50 16.87 sumitfam 4.62 4.62 11.75 11.63 4HEALTH 5.50 5.50 11.44 11.37 TELSCORP .66 66 3.27 3.30 THERATEC 13 25 13 62 4.50 4.62 THIOKOL 57 75 55.75 7.62 8.50 UTDPKMIN 11.75 11.75 12.50 12.75 UTAHMED 12.62 12.62 6.00 6.00 ZIONBKCP 124 50 12425 16.37 17.00 f ' 1125 12 00 Dow Jones Averages l l l 30 INDUS 6806.53 6772.67 3 20 TRANS 2315.46 2324.40 2312 2316 15UT1LS 230.78 229.31 16.25 16.00 iwiiw mi 12.37 1 2.50 This Utah stock report is provided by Derrell Reeves of 26.75 26.75 paulson investment co.. park clty. 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