Regions

Taking yet another big step toward its goal of increasing its international portfolio by 1,000, Hilton Hotels has revealed that the behemoth Beverly Hills-based hospitality concern will step up its presence in the Caribbean and Latin America. The company will enhance its offerings with the addition of 150 properties over the next five years, thereby multiplying its current group of hotels in the regions by four.In the Caribbean, where there are presently 13 Hilton hotels, the company will debut 17 more lodging facilities carrying flags of the company’s focused-service brands, like Hilton Garden Inn and Hampton Inn. Targeted areas will…

CB Richard Ellis Inc. has been named exclusive retail leasing agent for Hearst Tower, located on the southwest corner of Eighth Avenue and 57th St. in New York City. The tower has a pair of high-profile retail spaces, according to CBRE. “Hearst Tower is truly a special place in Manhattan,” CBRE executive vice president Richard Hodos told CPN. “It’s the gateway to the new Columbus Circle–anchored by the already successful Time Warner Center and the new Museum of Art and Design. Its resident population is a “who’s who” in the New York media world .Great space, special place.”Hodos is marketing…

CB Richard Ellis Inc. has received a LEED Gold certification for Commercial Interiors for its recently completed offices in the Victor Building in Washington, D.C. The Victor Building is at 750 9th St., N.W., and is the first CBRE office in the country to win such an ranking.The office space is supplied now with 100 percent wind power provided by EnerNOC/Native Energy. Because CBRE’s Washington, D.C., office purchased wind power for its operation, it now has an operational carbon footprint of zero. CBRE is quantifying the energy saved plus the cost reduction associated, and the results will be available January…

While it is anticipated that it will be short-lived, India is currently facing a cyclical downturn in its economy, according to a recent report by real estate services firm Cushman & Wakefield Inc. However, the temporary deceleration is not stopping New York City-based fund management firm Trikona Capital Ltd. from continuing to move full speed ahead with various projects. Trikona managing director Aashish Kalra spoke to CPN about why his company remains successful in India. CPN: In July, you announced a $40 million co-investment deal with German fund Manager SachsenFonds for the redevelopment of middle class and luxury residences in…

The ice cold lending market has given a warmer reception to Cedar Shopping Centers Inc., which just closed a construction financing deal valued at $77.7 million for Upland Square, a 655,000-square-foot project on 108 acres in West Pottsgrove, Pa., approximately 40 miles northwest of Philadelphia. Cedar is developing the property in a joint venture with Tristate Ventures L.P. at an approximate cost of $105 million. Manufacturers and Traders Trust Co. headed up the syndicated credit facility. Key Bank National Association, Harleysville National Bank & Trust Co., Beneficial Mutual Savings Bank and National Penn Bank joined M&T bank in providing the…

Beverly Hills-headquartered Kennedy Wilson Multifamily Management Group and New York City-based Guardian Life Insurance Co. of America have shelled out $84 million for Avalon at Blossom Hill, a 324-unit apartment property in San Jose, Calif., about 50 miles south of San Francisco in the Silicon Valley submarket. Teaming up for the first time, the companies, backed by senior debt supplied by Freddie Mac, took the multi-family asset off the hands of its developer AvalonBay Communities, and will rename the garden-style complex (pictured) Saybrook Pointe. Real estate services firm CB Richard Ellis Inc. had marketed the property free and clear of…

Lanesborough Real Estate Investment Trust has completed the previously announced $38 million acquisition of an apartment/office complex in Winnipeg, Manitoba, known as Colony Square. Lanesborough REIT had previously owned a 1.5 percent beneficial interest and with the acquisition now owns 100 percent of Colony Square.   Colony Square is fully occupied, sits on 1.89 acres and is located on the south side of Portage Avenue in Downtown Winnipeg across from the University of Winnipeg. The complex includes two apartment towers of 16 and 17 stories, a seven-story office building and an underground parking garage. The two apartment towers contain a…

The Shingle Springs Tribal Gaming Authority, an affiliate of the Shingle Springs Band of Miwok Indians, closed yesterday on $77 million in financing for the Red Hawk Casino in Shingle Springs, Calif., about 20 miles east of Sacramento. Bank of America was lead arranger in the transaction, which covers financing primarily for the purchase of furniture, furnishings and equipment for the casino project, which broke ground in June 2007 and is scheduled to open by year’s end. When completed, the Red Hawk Casino will feature 2,000 slot machines, 75 table games, six restaurants, four bars, retail and childcare facilities, and…

The Bozzuto Group has secured a $75 million construction-financing package and begun work on The Fitzgerald at UB Midtown, a mixed-use community going up on 4.6 acres owned by the University of Baltimore in the heart of Baltimore’s cultural district. The financing consists of a $52 million construction loan provided by Bank of America and RBS Citizens and $23 million equity investment funded primarily by the New York State Teachers’ Retirement System (NYSTRS). The loan covers about 70 percent of the project’s cost, a ratio that is higher than usual. “We would previously have expected a 75 percent loan,” Toby…

KBS Real Estate Investment Trust I has announced that Home Depot USA Inc., has leased the entire 450,000-square-foot 170 Highland Park Drive building, a Class-A warehouse and distribution facility in Bloomfield, Conn., 12 miles northwest of Hartford. The lease accounts for the entire 170 Highland Park Drive facility. Home Depot will use the space to support retail operations throughout New England. The single-building property is part of the KBS/Hackman Industrial Portfolio, owned by a joint venture between KBS REIT I, Hackman Capital Partners and Calare Properties. In August 2007, KBS REIT I, Hackman and Calare jointly acquired a $516 million…