News
315-Room Westin Imagine Hotel in Orlando Trades
ERGS WI Orlando REO has bought the 315-room Westin Imagine Hotel in a premier location of Orlando.
Square Mile Plays $68M Role in Recap of 5 MSF California Office Portfolio
Square Mile Capital Management originated a $68 million mezzanine loan for the recapitalization of a 5 million-square foot Southern California office portfolio.
Victory Healthcare Expands in DFW Area
Victory Healthcare announced plans to build a $70 million specialized surgical hospital in Fort Worth, after opening its first surgical hospital in Plano on Oct. 1. The 48,000-square-foot Victory Medical Center Plano features 20 private in-patient suites, five operating suites and three special-procedure rooms.
140-unit Cambria Suites Hotel Coming to Downtown Rockville
Rockville Town Square, in downtown Rockville, has added an ice-skating rink, a public library, 180,000 square feet of shops, restaurants and a grocery store in recent years.
Avison Young Buys Former Grubb Affiliate in Raleigh-Durham, NC
Avison Young has acquired Thomas Linderman Graham Inc., which will further expand the company’s presence in the Southeast region of the United States.
Economy Watch: Wholesale Prices, Consumer Sentiment, Energy Sector Wages Peak
The Producer Price Index for finished goods rose in September solely due to food and energy prices. The consumer sentiment index for October is also up, to the highest rate since September 2007. Energy sector wages rose the most in the third quarter.
Drury Development Plans to Break Ground on 210-Room Hotel, Restaurant Project In Brentwood
Drury Development Corp. is set to break ground on a new hotel and restaurant project in the City of Brentwood, Bola Akande City Administrator revealed.
Creditor Files to Acquire Comfort Suites City Centre for $7.5M
New York-based German American Capital Corp. could become the new owner of the Comfort Suites City Centre in downtown Indianapolis. In February, the property’s current owner, Warsaw Hotel Partners LLC, an affiliate of Dora Brothers Hospitality Corp. in Fishers, filed for Chapter 11 bankruptcy protection. The petition listed $1 million to $10 million in assets and $10 million to $50 million in liabilities. According to the Indianapolis Business Journal, German American is owed $12 million, which makes it the company’s largest creditor. In a recent court filling, the bank has proposed a “credit bid” of $7.5 million to acquire the Comfort Suites City Centre from Warsaw Hotel Partners. If the plan is approved by a U.S. Bankruptcy Court judge, German American would take ownership of the property by the end of the year. Comfort Suites City Centre is a 3-star hotel that features 130 air-conditioned guestrooms. Amenities include banquet facilities, an indoor pool, a spa tub, a fitness center and a business center. The property was developed with the help of a $12.6 million loan that German American provided in February 2007. By the time the loan matured in November 2010, Warsaw Hotel Partners still owed the bank $11.2 million.
Velocity to Cross State Line to New, 33K-Sq.-Ft., Headquarters in Mo.
The Missouri Department of Economic Development announced the Kansas City, Kansas-based information technology company Velociti is moving its headquarters to Riverside, Mo.
A Monumental U.S. Property Fund Index
A webinar hosted by the Pension Real Estate Association and Investment Property Databank this week unveiled the consultative release of the new Index for the second quarter of 2012, which encompasses the entire risk spectrum of core, value-add and opportunistic strategies, as well as both diversified and sector specific funds.