Westfield has been awarded the Concession Management contract at LAX!
Westfield Concession Management LLC has been awarded the Concession Contract at LAX
In Case you missed this news, this is not your ordinary Concession Contract. It is a seventeen year contract to develop, lease and manage food and beverage and retail concession in three terminals at Los Angeles International Airport.
Westfield is expected to spend initially in improvements about $80million and probably another $20 million in midterm refurbishments.
Keep in mind that in January Westfield also won a similar 17 year concession agreement at the Tom Bradley International Terminal.
Peter Lowy, Westfield Group chief executive officer said that they are fully committed to bring their global resources and development expertise to deliver an iconic world-class airport experience.
Now this really caught my attention and I started researching about Westfield Concession Management LLC. I could write a book about them, very interesting company. I will definitely write another blog post about how they started, since it is very inspirational.
For now I just want you to know that the currently manage the concessions at the following Air Ports:
· -Boston-Logan International Airport- Terminal A & C
· -Chicago O’Hare International Airport- Terminal 5
· -George Bush Houston Intercontinental Airport-Terminal B,E and FIS
· -John F. Kennedy International Airport – Terminal 8
· -Miami International Airport-Central Terminal (retail)
· -Ronald Reagan Washington National Airport
· -Washington Dulles International Airport
So if you have been in any of these Airports recently, then you know what to expect here at Los Angeles International Airport.
The projected revenue will be huge to Los Angeles World Airports, depending whose numbers you take into account it could be around $350,000,000. Now obviously Westfield is a for profit organization, hence you can imagine what their profits will be.
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