News

American Hotel Development Partners L.L.C. unveiled plans today to develop a Staybridge Suites hotel at Florida’s St. Petersburg-Clearwater International Airport. The $13.2 million, 106-room hotel is scheduled to begin construction in August and is expected to open in late 2009. The hotel will be managed by Harris Hotel Group, an affiliate of AHDP. The development comes in the midst of the St. Petersburg-Clearwater International Airport’s $10 million renovation project. In addition to undergoing an extensive terminal renovation project, the airport has also recently completed runway extension projects and has increased its capability for international destinations. “The airport is like hotel…

Monaco Coach Corp., whose main business is the manufacture of recreational vehicles and diesel motor coaches, is formalizing its venture into what it terms a growing real estate niche with the formation of Signature Resorts. The new entity, which will be based in Nashville, will develop and manage the company’s luxury RV resorts segment. Luxury RV resorts are an upscale variation of basic RV parks, often including such features as landscaped motorcoach sites, clubhouses, health clubs, walking paths, tennis courts, putting greens, pools and other such amenities. According to Coburg, Ore.-based Monaco, aging Baby Boomers who take to the road…

In at least its third hospital deal in recent months, Skanska has been awarded a $75.6 million construction management contract for a major expansion at the Miami Valley Hospital in Dayton, Ohio. The project will create the Miami Valley Hospital Heart Tower, an 11-story building totaling about 480,000 square feet and featuring a heart center with cardiac surgery suites and 180 private patient rooms, as well as general patient and visitor areas and underground parking on two levels. The project is a joint venture between Skanska USA Building and the contractor, Dayton-based Shook Construction. Work began in May and is…

The president of Rancho Santa Monica Developments Inc. said today he has signed a letter of intent with a joint venture partner to build a 14-story, 91-suite boutique hotel in Downtown Vancouver, British Columbia. The project, to be built at 620 Seymour St., is expected to cost about CAN$27 million, including about CAN$5.5 million to buy the property. Developer and company founder Graham Alexander told CPN today he is working with Nick DeCotiis, president & CEO of the DeCotiis Group of Companies, a well-known Canadian company active in commercial and residential real estate development and investment. The hotel is currently…

First Industrial Realty Trust Inc. has acquired four buildings in the Los Angeles area totaling approximately 440,000 total square feet.The properties were purchased in three separate deals. The firm purchased a 184,000-square-foot, two-building portfolio in Thousand Oaks in one deal, and a 177,000-square-foot distribution center in South Bay via its joint venture with the California Teachers’ Retirement System in a second deal. The third buy involves an 83,000-square-foot distribution facility in Torrance. The Thousand Oaks properties are currently 100 percent leased. The Torrance facility will be repositioned for leasing after the sale is finalized. Brokers from CB Richard Ellis Inc.,…

Formation Capital L.L.C. has signed an agreement to acquire bankrupt Haven Healthcare’s portfolio of 24 facilities for an aggregate $84 million. The skilled nursing centers and assisted living properties are located in Connecticut, Massachusetts, New Hampshire, Rhode Island and Vermont. Haven’s financial woes reached a climax in November 2007, and the company is still being investigated by the state regarding its suspected diversion of federal and state funds for investments in a record company and personal real estate, according to the Connecticut Attorney General’s office. With 14 assets located in Connecticut, the portfolio Formation has agreed to buy encompasses all…

Wasting little time in moving forward with its global expansion plan, Hilton just revealed that it has entered into a non-exclusive Strategic Development Agreement with the Kosifler Group for the opening of 25 new hotels in Turkey. News on the Turkey expansion comes just one day after Hilton announced a new partnership with HLH Property Ltd. for the development of 30 new properties in the United Kingdom. Together, Hilton and Kosifler will bring to Turkey’s hospitality market over the next five years a total of 3,500 new guestrooms, most of which will be located in properties operating under the mid-market…

Rumors of The Related Cos.’ rejection have been greatly exaggerated. The word on the street this week has been that the developer behind the $3 billion Grand Avenue mixed-use project in Downtown Los Angeles was denied a requested eight-month construction start extension by the Grand Avenue Authority. But such is hardly the case. Early this week the Grand Avenue Authority, a board of local and state officials formed in 2003 to oversee the implementation of The Grand, granted Related a two-month extension, pushing the construction start date back from June 15 to August 15. Related is seeking the board’s approval…

Corporate Express NV, a Dutch office supplies distributor, has agreed to a takeover bid by Staples Inc. The board of Corporate Express agreed to the takeover after Staples raised its offer for the fourth time. Staples will pay $14.36 a share for a total purchase price of $2.37 billion. By agreeing to the Staples bid, Corporate Express backed away from its plan to merge with French company Lyreco. Under terms of the deal, Staples will assume about 1.1 billion euros of Corporate Express debt. Corporate Express CEO Peter Ventress will assume the position of president of Staples International and will…

Having brought IBM on board as a partner, RackForce Networks will develop a 150,000-square-foot data center in Kelowna, B.C. The approximately $73 million energy efficient facility, gigaCENTER, will be near the top of the list of the largest green data centers in Canada. While RackForce notes that gigaCENTER will be one of the biggest green data facilities in Canada, IBM takes it up a notch. “This is a very large-scale project and it will be one of the largest green data centers in the world,” an IBM spokesperson told CPN today. Details about gigaCENTER’s specific site have not been released,…