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Even though Canada’s economy is faring better than many others, the global credit crunch and recession have hampered the country’s hotel sector. According to a new report by Colliers International, the Canadian hospitality market experienced a 77 percent decline in investment activity over the past year, falling to $1.1 billion.  But despite the downturn in activity, the report expressed optimism for the future. “Although the current climate looks bleak, the lodging industry is in a much better position compared to previous downturns, as it hasn’t been inundated with oversupply and distressed hotels,” noted Bill Stone, executive managing director with Colliers…

In the midst of economic uncertainty, falling markets and a stimulus package that may or may not help business grow, a new Ernst & Young report on real estate business risk advises property firms to go back to the basics. The 2009 Ernst & Young real estate business risk report, produced in conjunction with strategy consultancy Oxford Analytica, itemized the 10 business risks faced by the industry as ranked by leading sector analysts. Given the risks outlined by analysts in the report, it is time for owners, investors and users of real estate to use the time afforded by this…

Embattled retail REIT General Growth Properties Inc.’s extension on $2.25 billion in debt might buy the company some time, but General Growth is far from out of the woods yet. Still, the good news must have been a welcome change for the firm, which last week missed a payment on $395 million in bonds and had a shopping mall in Louisiana foreclosed upon.

The devastating effects of economic turmoil are making the rounds across the world, but the commitment to sustainable development continues to evolve on both a global and local level. Despite funding challenges, investment in eco-friendly building today for financial savings and environmental protection tomorrow is not being brushed aside. Many are tackling the problem from the ground up, like Basking Ridge, N.J.-based Axion International Holdings Inc. and New York City’s Ecological Development L.L.C., who have just entered into an agreement to work together. Axion designs and develops eco-friendly structural building products from 100 percent recycled plastics, while ecological engages in…

Limited supply in historically tight locations is the most attractive short-term combination for retail investment markets, according to the annual ranking compiled by Marcus & Millichap Real Estate Investment Services Inc. In a striking finding, the East and West coasts landed all but one of the index’s top 10 spots. Despite a slew of major changes on the index, all but two of the top 10 markets are making a repeat appearance from 2008.To arrive at its rankings, which indicate relative supply and demand for 43 major markets during the next year, Marcus & Millichap considers a battery of retail…

Ghastly economic conditions have claimed another victim in the hospitality industry. The Greenbrier Hotel Corp., owner of the historic Greenbrier resort in White Sulphur Springs, Va., has just filed for Chapter 11 bankruptcy protection and entered into an asset purchase agreement for Marriott Hotel Services Inc. to acquire the luxury property for $60 million to $130 million, to be paid within a seven-year period. In an effort to secure funds to continue The Greenbrier’s operation for the time being, GHC included in the filing a request for approval of financing from railroad concern CSX Corp., GHC’s parent company. CSX may be…

The Federal Reserve Bank of Chicago reported on Wednesday that manufacturing activity in the Midwest dropped to its lowest level since 1994, largely reflecting the sickly condition of the automotive industry. Compared to a year ago, the output of the Midwest region–which includes Michigan, Illinois, Indiana, Iowa and Wisconsin–was down 42.2 percent, compared with a 24.3 percent manufacturing decline nationwide. The slowdown is bound to further weaken demand for warehouse/distribution space, both in the Midwest itself and in other major industrial markets.On the whole, owners of industrial and other commercial property may indeed be in “survival mode,” a term the…

The hospitality sector continues to move forward, with Hampton Hotels the latest to tout its progress. For Hampton, it is the opening of 152 new properties in 2008–the second largest number of hotel openings within a single year during Hampton’s 25-year history. The firm is not stopping there, with plans to add another 150 hotels to its portfolio in the coming year. And Hampton is far from only chain with expansion plans despite the struggling economy.On March 11, CPN reported that InterContinental Hotels Group (IHG) partnered with Crocus Group to build the world’s biggest Holiday Inn in Moscow as well…

A deal like this was garden-variety stuff only about two years ago, but these days it has a ring of news to it: Men’s Wearhouse is leasing about 232,400 square feet at a warehouse in Bakersfield, Calif., owned by Northbrook, Ill.-based New Trier Partners as part of its Fund I investment portfolio. The men’s wear retailer will use the space as its West Coast Tuxedo Service Center. “It was a juggling act to get everything done in this environment, including dealing with the existing tenant, the new tenant, and the lender–which was a conduit loan, and those are especially difficult…

“Survival mode” is how the current state of the commercial real estate investor community is described in the first quarter 2009 PricewaterhouseCoopers Korpacz Real Estate Investor Survey. With the recession taking its toll on the market, investors across the board are just trying to bolster the sliding values of their portfolios in an attempt to keep their heads above water in one of the country’s most economically challenging climates seen in decades. Confidence in the real estate market has been eroding with great speed. Speaking to CPN, Susan Smith, editor-in-chief of the PWC Korpacz survey and a director in PWC’s…