News
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.
Steelbridge Capital, Apollo Global JV Buys Miami Office Tower
In a JV, Steelbridge Capital and a real estate investment fund managed and advised by affiliates of Apollo Global Real Estate Management have acquired Concorde Centre II, the largest office purchase in Aventura, Fla. this year.
Economy Watch: Case-Shiller Home Price Indexes, Home Prices Jump
According to the latest S&P/Case-Shiller Home Price Indices, U.S. home-price recovery is a sustained one. LPS also reports a significant improvement in most housing markets.
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.
Clarion Buys 408 KSF Office Portfolio in Boston’s Blossoming Seaport District for $129M
It’s been a busy couple of quarters for office transactions in Boston’s Seaport District and the change in ownership of the 408,000-square-foot Fort Point portfolio is among the latest.
MGM Resorts Sells 427 Condo Units at CityCenter Las Vegas for $119M
The bulk condo purchase of 427 residences at Veer Towers in Las Vegas’ CityCenter project shows Vegas’ recovery – though not quite yet.
Economy Watch: Personal Income, Savings Up; Holiday Spending Slightly Up; Fiscal Cliff Worries Investors
Personal income increased month over month, as did personal saving in November. Holiday spending was only slightly up compared to last year. And investors are weary due to the fiscal cliff still hanging up in the air.
Hyatt Hill Country Undergoes $35M Renovation
Woodbine Development Corp. recently unveiled interesting details regarding the $35 million renovation and expansion of its Hyatt Regency Hill Country Resort and Spa in San Antonio. The renovation project will be completed in two phases.
Greater New Orleans Retail Market Heats Up
One of the most important news to come out of the Big Easy this week was, as many real estate related news are in New Orleans, Katrina-related. More than seven years after the storm, the damage it caused is still quite visible in many areas.
Vulcan Real Estate Debates Multifamily Developments as Project Pipeline Grows Longer
The project is somewhat unusual for the Paul Allen-controlled entity as the company has focused its attention on South Lake Union, its only non-SLU development being the Martin apartments, an ongoing residential project next to the Cinerama Theater. The Seattle Housing Authority is currently considering Vulcan, along with a number of other developers, for the redevelopment of the Yesler Terrace public housing project in First Hill, while the company is also set to develop a City Hall complex for the city of Bothell. However, that last project is currently on standby on the municipality’s part.