News
Economy Watch: Lending Standards, Vehicle Miles
The FHFA said its goal is to nudge the housing market into higher gear by making mortgages a little easier to obtain. Travel on all roads and streets nationwide was up by 0.4 percent for August 2014.
Hyatt Hotels Sells Park Hyatt Washington for $100M
Just weeks after announcing the sale of a 38-property portfolio to Lone Star Funds for about $590 million, Hyatt Hotels Corporation has completed another important transaction. At the start of the month, the company sold the Park Hyatt Washington to a joint venture comprised of Westmont Hospitality Group and Thomas Tan, for about $100 million or $463,000 per room.
City of Minneapolis Seeks Nicollet Hotel Block Developer
The City of Minneapolis is currently requesting proposals for the development of a mixed-use project at 30 Third St. South in the city’s downtown neighborhood.
Avalon Development Celebrates Construction Start on $165M Hawaii Kai Apartment Complex
Construction on a 269-unit Hawaii Kai residential rental project that was initially planned as a luxury condominium complex is set to begin this Friday, with a groundbreaking ceremony.
$120M Hyatt House to Open in 24-Story CBD Office Building
Hyatt Hotels Corporation has announced the development of a new Hyatt property in New Orleans. Set to open in 2015 at 1250 Poydras Street, the new Hyatt location will operate under the Hyatt House brand, New Orleans’ first.
Prime Residential Acquires Two Seatac Residential Communities, Breaks South King County Record for Per-Unit Price
While the city of Seattle has held the spotlight in terms of residential deals, records seem to be falling elsewhere in King County. The current per-unit record fee in South King County was recently shattered as the 140-unit Belvedere Apartments community was acquired by Prime Residential for $28 million, or $200,000 per unit.
Value Place Opens New, 124-Room Hotel in Cleveland
Value Place continues to expand. The extended-stay hotel chain announced this week the opening of another hotel in Cleveland. It is the company’s tenth Ohio hotel and its third in the Cleveland metro area.
IREM Special Report: What’s Next in Energy Benchmarking?
As more cities require commercial building owners to report energy consumption, what’s next for utilities benchmarking? A panel of experts tackled the issue on Thursday during the Institute of Real Estate Management’s Fall Leadership Conference in Orlando.
Wood Partners and Golub & Co. Break Ground on Lake+Forest Apartment Community in Oak Park, IL
A joint partnership between Wood Partners, LLC and Chicago-based Golub & Company recently broke ground on a 1.6-acre, 270-unit luxury rental community in Oak Park, Ill.
CAHFC and The NRP Group Celebrate the Opening of Sienna Pointe Multifamily Development in San Marcos
A new multifamily development celebrated its grand opening in San Marcos. The NRP Group LLC and Capital Area Housing Finance Corporation held the ceremony for Sienna Pointe, a 228-unit development designed to provide top quality living at affordable costs.