Anna Spiewak
Beacon JV Acquires $100M Chicago Loop Office Tower
Beacon Investment Properties , in a joint venture with Harel Insurance, Investments and Financial Services Ltd, of Tel Aviv has bought a 23-story office tower in Chicago’s West Loop from Monroe Acquisition for $100 million.
International: Nobu Hospitality Expands into London with New Hotel
The luxury hospitality brand will be developing its first European hotel – the Nobu Hotel Shoreditch London – which is currently under construction, slated to open in the first quarter of 2016.
International: HOCHTIEF, Kondor Wessels JV to Build 280-Unit Residential Development in Berlin
HOCHTIEF Projektentwicklung, a subsidiary of the HOCHTIEF Group, has partnered with Kondor Wessels on the construction of CEDELIA, a 280-unit residential development in Berlin-Zehlendorf.
Economy Watch: Inflation Edges Up; Homebuilders’ Confidence a Little Rattled; Unemployment Claims Drop Sharply
The U.S. Consumer Price Index for All Urban Consumers increased 0.3 percent in April, the largest monthly increase since last June. Builder confidence in the market for newly built, single-family homes weakened a bit in May. Initial unemployment claims dropped 24,000 from the previous week.
VIDEO – 2014 Trends in Hotel Industry
Robert Mandelbaum, director of Research Information Services, discusses the results of PKF Hospitality Research’s Trends in the Hotel Industry annual report. The results show that U.S. hotels are in a profitability sweet spot and PKF-HR is forecasting double-digit gains in NOI through 2015. HIGHLIGHTS: Third year of double-digit gains/profits for hotels in 2013 Fewer hotels are able to increase the number of rooms available Scarcity of availability of rooms gives managers the leverage to increase room rates Vast majority of hotels were able to post increases in both: total revenue and net operating income in 2013
Rockefeller Group Sells 1.5 MSF General Mills Distribution Center in Atlanta
The Rockefeller Group Development Corp. has sold the 1.5 million-square-foot General Mills Distribution Center in Social Circle, Ga., to Welsh Property Trust.
International: Laurus to Develop 323 KSF Retail Project in Nigerian Capital
Construction on Jabi Lake Mall, a 323,000-square-foot retail development in Nigeria’s capital, Abuja, is underway, according to project and development manager Laurus Development Partners.
International: FRHI to Develop 7 New Hotels in MEAI Region
The MEAI (Middle East, Africa and India) region is set to see the development of seven new hotels operated by FRHI Hotels & Resorts.
Gramercy to Buy Garrison’s 50% Interest in $395M Bank of America Portfolio
Gramercy Property Trust is acquiring the 50 percent interest in a $395 million Bank of America office portfolio from its joint venture partner Garrison Investment Group.
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