Regions
Marriott Sets 2015 Deadline to Double its Footprint in Europe
The European hotel market continues to reel from the impact of the global economic crisis, but that isn’t stopping Marriott International Inc. from making big expansion plans in the region. The Bethesda, Md.-based hospitality company recently announced that it will increase its presence in Europe, where it currently operates 174 hotels, from 40,000 guestrooms to 80,000 guestrooms by 2015.
Sunburst Exits the Apartment Market with $85M Sale of Suburban D.C. Property
With the disposition of Vista on Courthouse, a 220-unit apartment building in Arlington, Va., Sunburst Hospitality has bid adieu to the apartment market.
Mass. State Agency Forsakes Boston for Suburbs with 114,000-SF Lease
Acting through its Division of Capital Asset Management and Maintenance, the Commonwealth of Boston has signed a lease with Griffith Properties L.L.C. for the Office of Health and Human Services (HHS) to occupy approximately 114,500 square feet at the HarborSouth Tower in Quincy, Mass.
Designer of Sears Tower and John Hancock Center Dies
The architect behind two major Chicago landmarks has died. Bruce J. Graham died at age 84 on March 6 at his Florida home, according to a statement from public relations firm SCC Grossman.
Turner Wins $73M Government Contract for DC Office Building Transformation
Thanks to allotted funds from the American Recovery and Reinvestment Act of 2009, the government has maintained a steady stream of construction activity during the recession, and Turner Construction Co. is getting in on the game.
Kearny, Morgan Stanley Completes $92M Sale of Kearny South Bay Business Park
Kearny Real Estate on Thursday announced completion of the $92 million sale of Kearny South Bay Business Park, the site of the former U.S. headquarters for Nissan North America. The deal was completed in partnership with Morgan Stanley Real Estate Investing.
Sofitel in D.C. Changes Hands in $95M Deal
Prime opportunities in the commercial real estate market go well beyond the distressed property pool, as evidenced by LaSalle Hotel Properties’ recent all-cash acquisition of the unencumbered Hotel Sofitel Washington, DC Lafayette Square. The Bethesda, Md.-based REIT snapped up the 237-room luxury hotel for $95 million.
Latin America’s Data Center Market to Experience 61% Growth Spurt by 2014
The data center real estate sector in areas across Latin America will grow by an average 61 percent by 2014, according to a recently released report by London-based international consulting firm BroadGroup.
Bankrupt $3B Fontainebleau Las Vegas Project Gets Scooped Up by Icahn for $150M
Despite the fact that the gaming industry in Las Vegas is struggling, Icahn Enterprises L.P.’s acquisition of the Fontainebleau casino and resort project is still quite a deal.
Harrah’s Steps in as New Owner of Planet Hollywood Las Vegas
Planet Hollywood Resort & Casino has come under new ownership now that a subsidiary of Harrah’s Entertainment Inc. has taken over the reins. PHW Las Vegas L.L.C. received approval from the Nevada Gaming Commission to officially own and manage the prominently located Las Vegas Strip property, taking it–and its remaining debt of $554 million–off the hands of previous owners BH/RE L.L.C.