News
Economy Watch Weekly: Another Good Week for the Economy
CPE’s economic analyst, Dees Stribling, gives his update for the week ending March 15.
Trigild, Blu Hotel JV Buys 121-Room Santa Ana Hampton Inn & Suites
Just five months after forming a strategic alliance to build, buy and operate hotel properties, Trigild and Blu Hotel Investors have made their first acquisition, the Santa Ana Hampton Inn & Suites in Santa Ana.
PKY Deerwood Closes on $130M Jacksonville Office Portfolio
Parkway Properties affiliate PKY Deerwood has acquired an eight-building, 1 MSF portfolio in Jacksonville from Flagler for $130 million.
42 Appraisal Firms Combine to Launch Valbridge Property Advisors
Forty-two independent CRE appraisal companies, with a total of 59 offices and 145 MAIs, have merged to form Valbridge Property Advisors.
Economy Watch: Bailout Terms for Cyprus Cause Big Upset; State Unemployment Rates Below 10%; Homebuilders a Bit More Glum
Cypriot upset broke out when word got out that as part of Cyprus’ bailout, the EU wants depositors in the island nation’s banks to pay a 6.75 percent tax on their deposits up to 100,000 euros. No state has double digit unemployment at this point, marking a milestone. And homebuilder confidence dropped for a third consecutive month in March.
Holiday Inn Riverwalk Ready for Tourists After Undergoing $13M Renovation
InterContinental Hotels Group PLC has just completed a $13 million makeover of its Holiday Inn San Antonio Riverwalk. The hotel near River Walk underwent full renovation, which can be seen in various aspects of the facility, starting with the lobby.
Deloitte’s New O’Brien Regime
Deloitte Touche Tohmatsu sees growth on the horizon in the global real estate industry and the company is positioning itself to capitalize on changes with the selection of Robert O’Brien, vice president with Deloitte in the U.S., to head its global real estate group.
New Hyatt Place to Be Developed Near Angle Lake in SeaTac
Local development company Ariel Development has announced plans to develop a new hospitality facility in the suburban city of SeaTac. The seasoned developer is set to build a new hotel that will operate under the Hyatt Place brand. The investment will have a total value of around $25 million, and will benefit from its placement between the more dense urban areas of Seattle and Tacoma, as well as the nearby Sea–Tac International Airport.
Six Flags Mall in Trouble; Summit Closes $135M, Five-Hotel Deal
After several strong weeks for the Crescent City retail industry, which seemed to bring nothing but news of growth and investment, the white hot retail sector was bound for some less than favorable news.
Port Authority to Issue $90M in Bonds to Pay for New Cuyahoga County HQ
The Cleveland-Cuyahoga County Port Authority’s Board of Directors voted during its meeting on March 14 to sell up to $90 million in bonds to finance Cuyahoga County’s new headquarters. The project is expected to revitalize one of downtown Cleveland’s older business districts and also serve as an anchor for surrounding mixed-use redevelopment.
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