Hartford Business Journal

6 Hartford Business Journal • December 21, 2015 www.HartfordBusiness.com TOP STORY Hard Rock sets 170-room DoNo hotel The developer of downtown Hartford's north quadrant says it will open Connecticut's first Hard Rock hotel, adjacent to the Yard Goats ballpark. Middletown's Centerplan Cos. and Hard Rock International announced plans last week for a new 170-room hotel at the corner of Main and Trum- bull streets, tentatively to open in 2018. Centerplan would own it; Orlando, Fla.-based Hard Rock would manage it, officials said. Centerplan CEO Robert A. Landino said the price tag for the estimated seven-story hotel, plus pre-existing phase 1 plans for apartments/townhomes and retail, including a supermarket, would "run north of $100 million.'' Centerplan is promoting the potential multi-phase, $350 million redevel- opment of the city's DoNo quadrant. Centerplan's contracting arm is building the ballpark, set to open next spring. Hotel designs and planning are still underway, but if all goes as planned, hotel construction would begin in late 2016, Landino said. According to Landino, the hotel's lavish amenities will include a rooftop pool and lounge; a Rock Spa; a Hard Rock Cafe; and a lobby area spacious enough to accommodate intimate, live-music performances. There are no plans to put a casino within the hotel, Landino said. HEALTH CARE St. Francis Hospital names new president St. Francis Hospital and Medical Center has named John F. Rodis as its new president. He will be the eighth leader of the hospital since its founding in 1897. Rodis replaces Christopher M. Dadlez, who served as president and CEO for 11 years. He is now president and CEO of Trinity Health – New England, the parent company of St. Francis, Mount Sinai Rehabilitation Hospital, Johnson Memorial Hospital, Sisters of Providence Health System in Springfield, Mass., and other subsidiaries. Rodis, who came to St. Francis in 2011 as chair of OB-GYN and was later appointed chief operating officer, received his medical degree from the Autono- mous University of Guadalajara, Mexico. He completed residency training in obstetrics and gynecology at St. Joseph's Hospital and Medical Center in New Jersey and fellowships in maternal-fetal and clinical genetics at UConn Health, where he is a professor of obstetrics and gynecology. He also has an MBA. Connecticare launches telehealth program Farmington health insurer Connecticare is partnering with MDLIVE to offer medical consultations and mental health therapy sessions by phone or through a video connection via a mobile application or computer, the company an- nounced last week. Connecticare members can get 24/7 access to MDLIVE doctors and thera- pists starting Jan. 1, which is when a new state law takes effect requiring insur- ers to reimburse for telehealth. MDLIVE, based in Sunrise, Fla., has a national network of board-certified doc- tors who can treat a variety of minor illnesses, including cold and flu, allergies and headaches and can send a prescription directly to a member's pharmacy. ECONOMY & LABOR CT's 2Q GDP shows 4.8 percent growth Statistics released by the U.S. Dept. of Commerce's Bureau of Economic Analysis show Connecticut's gross domestic product grew 4.8 percent in the second quarter of 2015, putting the state ahead of the national average. The statistics cover the second quarter of 2015 across 21 business segments. It's the first time since at least 2013 that Connecticut's GDP growth has exceeded the national average of 3.8 percent. The bulk of Connecticut's growth came from the insurance and finance sector, which was responsible for over one-third of the 4.8 percent growth. Educational services dropped 0.12 percent. Real GDP increased in 46 states and the District of Columbia in the second quarter of 2015. CT jobs figures best since recession start Figures released by the state Department of Labor last week showed Con- necticut added 5,100 jobs in November, while the unemployment rate held steady at 5.1 percent. Based on numbers supplied by the U.S. Bureau of Labor Statistics, the state's private sector added 5,200 jobs in November and has added 26,700 positions over the year to a level of 1,462,200, seasonally adjusted. Overall, Connecticut has 1,699,700 people in its workforce. The private sector is now estimated to have recovered 113,400 of the 111,600 jobs lost in the Great Recession and has entered an expansionary phase. The government sector lost 100 jobs last month, but is still slightly positive for the year. Seven of the 10 major industry sectors added jobs in November, led by lei- sure and hospitality. The Labor Department said persisting warmer weather last month may have helped boost arts, entertainment and recreation and the ac- commodation and food services sectors. The leisure and hospitality supersector also led all 10 major industry supersectors in job growth. EDUCATION UConn board approves 31%, four-year tuition hike The UConn board of trustees voted last week to approve a four-year plan that raises tuition 31 percent by the 2019-2020 school year. UConn officials said the increase is necessary to help offset a projected deficit of $40 million. In its first year, the increase will generate $12.8 million toward closing the university's budget gap in 2016-17. The remaining $27.4 million gap will be miti- gated through cuts, restrictive hiring, operational efficiencies and other measures. Currently, UConn tuition is $10,524 annually for in-state students and $32,066 for non-residents. For in-state students, tuition will increase $700 in the fall 2016 semester. Then it will increase over the following years by $775 in 2017-18; $850 in 2018-19; and $950 in 2019-20. Out-of-state and international students' tuition will go up by $950 for 2016-17, and then again by $1,050 for 2017-18; $1,150 for 2018-19; and $1,250 for 2019-20. HOSPITALITY & TOURISM Mystic Aquarium to break ground on $5M research center Mystic Aquarium will break ground on a new, state-of-the-art Ocean Conser- vation and Research Center that will expand its scientific focus on aquatic ani- mal health and behavior. The nearly 9,000-square-foot facility will house Mystic Aquarium's animal care, water quality and research operations. The Mystic-based aquarium said in a statement the new center will be a key component as it strengthens its mission programs — conservation, education, exhibits and research — under an interdisciplinary and collaborative model en- titled "One Ocean, One Mission." The entirety of the projects — phases I and II — is approximately $5 million. The project has two principal components: renovation of the existing Aquatic Animal Study Center and construction of a new building that will physically at- tach to the Aquatic Animal Study Center. MANUFACTURING Colt's amended bankruptcy plan approved Colt Defense said its amended reorganization plan has been approved by a federal bankruptcy court. The company said the new plan significantly restruc- tures and reduces outstanding debt and improves its capital structure. A key element of the plan is a significant revision to retiree health benefits. Colt will convert the retiree health benefit from a self-insured component and a fully-insured component (both with costs it says exceeds the average claims experience), to a health reimbursement account model with a fixed, per-par- ticipant contribution by the company. It said that amount would be based on historical average claims experience. Colt officials said this is the last important milestone on its path to emerging from Chapter 11. BANKING & FINANCE Farmington water-cooler provider raises $60M in debt Farmington's Onesource Water, which provides bottleless water coolers to business customers, said it has raised $60 million in debt from Webster Bank and Westport pri- vate equity fund Balance Point Capital Partners. Onesource said it will use the money to invest in infrastructure and acquisitions. Onesource has completed 21 acquisitions in the past several years. The most recent was in November, when it acquired Colora- do-based Pure WaterWorks & Coffee Co. BY THE NUMBERS $471.4M The aggregate amount of 2015 home heating bills that low- income Connecticut residents could not afford, according to a report from OperationFuel. $1.2M The amount of money Connecticut is spending this year on fighting tobacco use, which ranks the state 38th in the country. 942 The number of patients potentially impacted by a data breach at Middlesex Hospital. 4.95M The number of passengers that have used Bradley International Airport this year, through October. TOP 5 MOST READ on HartfordBusiness.com ■ St. Francis Hospital names new president ■ Hard Rock sets 170-room DoNo hotel ■ Legislature cancels tax exemption for efficient bulbs, weatherization ■ Treasurer concerned by possible pension changes ■ Major I-84, Route 15 improvements coming STAY CONNECTED For breaking and daily Greater Hartford business news go to www.HartfordBusiness.com. HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on LinkedIn: www.linkedin.com/company/ the-Hartford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend www.HartfordBusiness.com/subscribe Weekly e-newsletters: CT Green Guide Weekly, CT Health Care Weekly www.HartfordBusiness.com/subscribe WEEK IN REVIEW Hard Rock wants to build a hotel within the Downtown North development. P H O T O | C O N T R I B U T E D

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