Hotel
Lodging, M-F See Marked Increase in Construction Spending from Year-Ago Level
Hotel renovations and oil/gas booms cause spending on lodging construction to rise.
Ashford, Prudential Complete $216M Financing on Three-Hotel Portfolio
Ashford Hospitality, along with its joint venture partner, Prudential Real Estate Investors, has closed a $216 million refinancing loan secured by non-recourse senior mortgage proceeds for a three-property portfolio of hotels.
Summit Closes Three Hotel Purchases for $72M
Avoiding the end-of-year fog that plagues so many, Summit Hotel Properties kept busy in late December and wrapped up a few acquisitions before 2012 came to a close.
Sofitel Luxury Hotels to Open New Property in Bali
Sofitel Luxury Hotels continues to expand across Southeast Asia with the addition of a new property in Bali, one of the world’s most popular holiday destinations.
Revel Resort Nails Down $150M in Additional Financing
Revel AC, the parent company of Revel, the newest popular resort and casino in Atlantic City, N.J., has completed an amendment to its existing revolving credit facility with JP Morgan Chase Bank N.A. as administrative agent and the participating lenders and financial institutions.
Laurus Acquires Two Hilton Airport Hotels in One Week
Laurus Corp., a private real estate investment and development firm, has acquired the Hilton Kansas City Airport hotel in Kansas City, Mo., its fifth hotel this year and the second in less than a week. A few days earlier, the company had closed on the Hilton San Antonio Airport Hotel in San Antonio.
Starhill Closes on Australian Hotel Portfolio Purchase for A$415M
Starhill, a listed Malaysian REIT, has closed on an A$415 million acquisition of three premier Australian hotel properties: Sydney Harbour Marriott Hotel, Brisbane Marriott Hotel and Melbourne Marriott Hotel.
Stockholm’s Kista Galleria Shopping Center Sells for $700M
Citycon Oyj, a subsidiary of Gazit-Globe Group, and the Canada Pension Plan Investment Board (CPPIB) have entered into definitive agreements to acquire the Kista Galleria shopping center in Stockholm from DNB Livsforsikring ASA.
How Does Obama’s Second-Term Win Affect CRE?
With an acrimonious and seemingly endless presidential campaign finally completed, CRE experts are watching to see how newly re-elected President Barack Obama and Congress deal with a host of financial issues impacting the real estate market, including the budget deficit, debt and spending, tax rates, capital gains taxes and job creation.
Greenwich Group Outlines $1.5B Financing Strategy for DC’s The Wharf
Even with quite specific preferences regarding both the debt and the equity financing for The Wharf, in D.C., Greenwich Group International reportedly has numerous entities potentially interested in getting in on the $1.5 billion, 27-acre, 3.2 million-square-foot mixed-use riverfront development.