A week after revealing it would offer anywhere from 10 million to 15 million shares of MGM Mirage common stock in a Dutch Auction tender offering, MGM Mirage and Dubai World have decided to make 15 million shares available. Additionally, the tender price has now been set at $80 per share, going for the higher end of the previously announced range of $75 to $80 per share.Presently there are approximately 293.8 million outstanding MGM Mirage shares. As per the terms of the offering, MGM Mirage stockholders will have the option to tender a portion or all of their shares at…

Hotel spa revenues and profits are enjoying healthy growth, and many hotel owners are looking at new ways to drive further gains from their hotel spas, concluded a recent study on hotel spas from PKF Consulting. The study found that hotel spa revenues increased by 9.7 percent in 2006, while spa department profits increased by 11.3 percent. Spa revenue gains were sparked by popular spa services such as massages, body scrubs/wraps, and facials. But local membership fees, fitness lessons, personal training, and the sale of merchandise and clothing also were significant contributors to the revenue stream. “Spas have become a…

A month ahead of the mid-February deadline for beleaguered Australian retail giant Centro to refinance about A$3.9 billion (U.S.$3.46 billion) in short-term debt, company CEO Andrew Scott has resigned.The company has appointed Glenn Rufrano as its new CEO, effective at once. Rufrano was previously the head of the company’s U.S. operations.Scott oversaw the rapid expansion of the Melbourne-based listed property trust in the last two years, when it bought more than 700 retail properties in the United States, most notably the entirety of New Plan Realty Trust last year, which was headed at the time by Rufrano. Centro has not…

After acquiring more than 2 million square feet of office space in the Houston area in the past year, Younan Properties Inc. has hired local office expert Pam Weston as general manager to oversee its rapidly-growing Houston portfolio. In the fourth quarter of 2007, Younan acquired Bridgewood I, Bridgewood II and Greenbriar Place, all in the Greenspoint/North Belt submarket, as well as 1010 Lamar in the city’s CDB. Other 2007 Houston acquisitions include Two Westlake Park, a 382,000-square-foot, 17-story high-rise; 1700 West Loop South, a 15-story, 254,000-square-foot building in the Galleria submarket; and Shepherd Place, a 14-story 188,000-square-foot office building…

The Northern Group, based in New York City, has further extended its Detroit holdings with the purchase of the 584-unit Layafette Apartment Towers, a pair of 22-story buildings designed by Mies van der Rohe.  The seller was The Habitat Co., of Chicago, and terms of the sale, which is scheduled to close on Feb. 15., were not disclosed.   The announcement followed by just a few days the news that Northern Group will be developing a $150 million mixed-use project, the Cadillac Centre, expected to break ground in September 2009. The project, featuring two 24-story towers, will adjoin and connect to…

Development of the MGM Grand Atlantic City moves forward as MGM Mirage applies for a Coastal Area Facility Review Act permit. MGM Mirage submitted the application to the New Jersey Department of Environmental Protection, Land Use Regulation Program, seeking the requisite thumbs-up for the $4.5 to $5 billion waterfront casino and entertainment development.  CAFRA was first enacted by New Jersey in 1973 and was created to protect the state’s shoreline from overdevelopment of commercial or residential projects. MGM Grand Atlantic City will occupy a 60-acre portion of a 72-acre site along the city’s famed Boardwalk. As plans currently stand, the…

It’s a coup for Forest City Ratner Cos., developer of the $4 billion Atlantic Yards mixed-use community, as the New York State Supreme Court has rejected a lawsuit filed by a group that had disputed the public approval process for the sprawling Brooklyn project. “It was a long wait for the decision, but it was well worth it,” Forest City president Loren Riegelhaupt told CPN today. Forest City has touted Atlantic Yards as a tool for invigorating the area by creating thousands of jobs, as well as affordable housing. The Frank Gehry-designed project will encompass 6,400 mixed-income residential units–including 2,200…

Premier New York City real estate concern Kushner Cos. has reached into its pocket for $200 million in cash to pay off a loan, according to a report by Reuters yesterday. Kushner spent a whopping $1.8 billion in January 2007 to acquire the 1.5 million-square-foot office building at 666 Fifth Avenue in Manhattan, relying on a $1 billon loan for the purchase. Kevin Swill, president of Kushner, shared his thoughts on the current refinancing market with Reuters, calling it, “disturbing.” It is unclear if Kushner relied on cash reserves or if the company sold properties specifically to pay the loan….

Multi-family advisory and brokerage firm Apartment Realty Advisors has announced the formation of a private clients group to serve high-end private investors in Florida multi-family markets. The new group will advise clients who typically invest in communities of 150 units or fewer. ARA said it will expand the private clients group across key Florida markets, with the South Florida division being headed up by Brandon Rex, who will join ARA as a vice president, after serving as a senior investment associate with Marcus & Millichap Real Estate Investment Brokerage Co. Over the course of his nine-year career in the commercial…