News
Summit to Purchase 8-Hotel Hyatt Portfolio for $87M
Summit Hotel Properties REIT signed a deal with affiliates of Hyatt Hotels Corp. to buy a group of eight Hyatt lodging destinations for $87 million.
World’s Tallest Ferris Wheel to Be Built on Staten Island
Local officials in New York City are aiming big for the ”Big Apple.” Mayor Michael Bloomberg announced last week plans for a new tourist attraction that would reinvent the northeastern side of Staten Island: the world’s tallest Ferris wheel, a 625-foot -tall structure destined to become one of the city’s landmark attractions.
Developers Plan 110-Key Element for Park East Corridor
MRH West L.L.C. plans to develop a 110-key Element hotel on the Park East corridor in Downtown Milwaukee, the Milwaukee Business Journal reports. The investment group is in negotiations with the Milwaukee County Board to purchase a site on Old World Third Street near the recently demolished Sydney Hih complex. The property would be the city’s second extended-stay hotel and would rise across the street from a 160-key Aloft developed by MRH West. The investors are negotiating to have Starwood Hotels and Resorts Worldwide Inc., which also manages the neighboring Aloft, operate the proposed hotel.
OU Strikes Deal to Buy 700 KSF Research Park from Foundation
The University of Oklahoma is under contract to buy the Presbyterian Health Foundation’s 700,000-square-foot research park in Oklahoma City,
Stunted Chicago M-F Project Gets $115M Construction Financing
The downtown Chicago project 111 Wacker Drive is getting its second wind. The multi-family property, which never came to be in 2008 due to the financial crisis, will now be slated to open in 2014.
Rezidor Appoints Neumann as President & CEO to Succeed Ritter
The Rezidor Hotel Group tapped Wolfgang Neumann as the next president & CEO, following the retirement of Kurt Ritter, the longest serving CEO in the hospitality industry.
Griffin-American Healthcare Acquires Three Assets for $60M
The healthcare REIT has bought two medical office buildings in Tennessee and one in Texas, bringing its total portfolio to 113 buildings.
KKR, Hines, Pinto Join Forces on Houston Industrial Park
KKR has partnered with Hines and Pinto Realty to bring Houston’s Pinto Business Park into fruition, a project that at full development would cost more than $900 million.
Economy Watch: U.S. GDP Grew Tepidly in 2Q; Unemployment Claims, Pending Home Sales, Durable Goods Orders Dip
The U.S. GDP slightly increased. Unemployment claims have decreased last week. Pending home sales dropped, as did new orders for manufactured durable goods.
280-Unit Luxury Apartment Complex Breaks Ground
A mixed-use luxury apartment complex near Charlotte’s uptown area has recently begun construction