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Economy Watch: Scrutiny for the Euro Zone’s Finances
Various Euro-zone policymakers met in Washington over the weekend to take a look at the markets, and ECB president Jean-Claude Trichet characterized the situation as very serious.
Fifteen Group Beefs Up Miami, L.A. Portfolios with $65M in Purchases
Fifteen Group has been on a bit of a buying binge in the metropolitan areas of Miami and Los Angeles, recently shelling out $65 million in cash on various investments, predominantly in the multi-family sector.
Inland American Sells TownePlace Suites Hotels for $30M
Inland American Lodging Advisor has sold five TownePlace Suites for $30 million to GVM Hotel Partners, a joint venture involving affiliates of Gatehouse Capital, Varro Hospitality and the Muse Family Office.
PKF Report: Hotels Will be a Bright Spot Amid Economic Gloom
Amid the other bad news, it’s good to read a report that claims “it is tough not to be optimistic regarding the future of U.S. hotels.” PKF Hospitality Research’s analysis of the hospitality industry claims a 7.2 percent rise in RevPAR for 2011.
GGP, Canada Pension Plan Partner on Plaza Frontenac, Saint Louis Galleria
General Growth Properties and Canada Pension Plan are teaming up, forming a partnership to purchase the upscale 482,000-square-foot Plaza Frontenac and for CPPIB to acquire a minority stake in GGP’s 1 million-square-foot Saint Louis Galleria.
Economy Watch: Markets Go Chicken Little, G-20 Doesn’t Say Much
Wall Street was in full Chicken Little mode on Thursday, and investors rushed to Treasury notes. The G-20 called for economic action, but didn’t say what that action might be. And the Leading Economic Index gained 0.3 percent to 116.2.
Savanna Begins $65M Acquisition, Re-Development of Downtown NYC’s 80 Broad St.
80 Broad St., near the southern tip of New York City, was just purchased by Savanna, which snagged a $65.3 million loan from Mesa West for the building’s acquisition and planned capital improvements.
Economy Watch: Existing Home Sales Unexpectedly Up
The NAR reported that existing U.S. home sales spiked 7.7 percent in August. The FOMC announced Operation Twist, a new policy of buying long-term U.S. debt in place of shorter-term debt. Forbes released its 400-richest list.
Refi Alert: $56M for Honolulu Multi-Family, $47.5M for Renaissance Raleigh
Lenders are slowly becoming less shy about doling out financing loans, and the Oasis at Waipahu apartment community near Honolulu and the Renaissance Raleigh North Hills Hotel in Raleigh, N.C., have garnered an aggregate $103.5 million.
ARC Healthcare Purchases Three Properties for $60.9M
Acting through its sponsor, American Realty Capital V L.L.C., American Realty Capital Healthcare Trust Inc. has completed the initial phase of its $257.5 million acquisition of a 12-property portfolio of high quality income-producing healthcare facilities.