News
Port of San Diego Seeks Developer for Convention-Oriented Hotel & Resort
The Port of San Diego will issue a Request for Qualifications, seeking a developer for a new convention destination resort hotel as part of the Chula Vista Bayfront, considered one of the last great waterfront development opportunities in California.
Retail Opportunity Investments to Buy Fallbrook Shopping Center for $210M
Retail Opportunity Investments Corp. has entered into a binding contract to acquire Fallbrook Center, in West Hills, Calif., for $210 million in cash.
Economy Watch: Construction Spending, Mortgage Delinquencies Advance in April; ISM Manufacturing Index Up in May
U.S. construction spending during April was 0.2 percent above the March rate. U.S.mortgages were 5.6 percent delinquent in April, up from 5.52 percent in March. The ISM Manufacturing Index in May increased by 0.5 percentage points from April.
D.C.’s First Cambria Hotels & Suites Opens in Historic Shaw Neighborhood
Choice Hotels International, Inc. and Concord Hospitality announced last week the opening of the Cambria Hotel & Suites Washington, D.C. Convention Center in the District’s historic Shaw neighborhood. It is the first Cambria Hotels & Suites property to open in the city.
Goldstar Group Buys Luxury Extended-Stay Apartments in Arlington, Plans Conversion into Condos
The Goldstar Group, a privately held firm based in Bethesda, is now the new owner of the luxury apartment complex at 3409 Wilson Boulevard in Arlington. The property was purchased from a joint venture between Hunt Properties, a privately held real estate development, investment and management firm, and Korman Communities, a fully integrated real estate company, for an undisclosed amount.
Carey Watermark JV Buys 365-Room Sheraton Austin Hotel at the Capitol
Carey Watermark Investors Inc. has Austin under its skin. The company just made its second acquisition in the city in two months with the purchase of the 365-room Sheraton Austin Hotel at the Capitol, in a joint venture with JMI Realty.
Accor’s HotelInvest Acquires 2 Hotel Portfolios for $1.2B
Accor’s HotelInvest business is adding two real estate portfolios, having agreements to purchase a total of 97 hotels for a combined fee of $1.2 billion.
DTZ Launches Latin American Operations with Opening of Mexico City Office
Global property services firm DTZ has opened its Latin American regional headquarters in Mexico City.
Economy Watch: Consumer Income Up, Spending Down; Serious Mortgage Delinquencies, Consumer Sentiment Down
Americans’ personal income increased 0.3 percent in April compared with March. The single-family serious delinquency rate declined from 2.2 percent in March to 2.3 percent in April. U.S. consumers ended May a little more grumpy than at the end of April.
Exeter Property Group Buys Large Upper Marlboro Industrial/Flex Portfolio for $37M
Exeter Property Group continues its shopping spree in Maryland. The Pennsylvania-based company has been buying industrial properties in the Old Line State for the past two years. This week, it closed its largest acquisition to date.