-
Manchester Arts District »NEW 2010 - Active
Daniell Development To Take On Largest Penthouse Project »July 2009 - Closed
Residential Portfolio III: Income Producing Portfolio »October 2009 - Closed
Residential Portfolio: Upscale Income Producing Portfolio »June 2009 - Closed
Bond structure on new hotel: Sheraton Atlanta »May 2009 - Active
Subdivision Portfolio: 40 New Homes: Performing »April 2009 - Closed
Bank Partner Golf Course Portfolio »April 2009 - ClosedFeb 2009 Subdivision Portfolio: Townhome Partnership Performing »February 2009 - ClosedCountry Club Portfolio: Performing, Partnership »February 2009 - ClosedPlease contact Daniell Development, Inc.
for complete projects list.
Monthly Archives: February 2010
DEALS TO PICK UP IN Q3
Industry experts say this so-called “extend and pretend” strategy can only last for so long.
Many experts see hotel deals picking up pace by the third quarter of this year fueled by continued distress among hotels or a further narrowing of expectations between bidders and sellers. For full Reuters article by Deepa Seetharaman click here….
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A recovery with legs, demonstrated with data and attitude
“January was not how we collectively hoped the year would start: the transactions market is still stuck, indecision rules, companies continue to shed jobs, Washington is gridlocked and bad news still dominates headlines. For many, and depending on your job, 2010 still feels like 2009: It’s not clear when your hotel will cover expenses again, [...]
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How long can the U.S. dollar defy gravity?
NEWYORK/WASHINGTON (Reuters) – The only time the U.S. dollar ever took a serious shellacking in the marketplace, the wounds were almost entirely self-inflicted.
“…As the United States racks up staggering deficits and the center of economic activity shifts to fast-growing countries such as China and Brazil, these sources fear the United States faces the risk of [...]
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Back to Basics: new guest “bill of rights” makes sense
Guests have the right to guaranteed reservations
Guests have the right to clearly stated prices and policies
Guests have the right to clean hotel rooms
Guests have the right to well-maintained hotel rooms
Guests have the right to clean and well-maintained facilities
Guests have the right to a satisfying dining experience
Guests have the right to be safe and secure
Guests have [...]
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Luxury hit the hardest in 2009 says 2010 STR numbers (Occupancy/ADR)
click here for full report from HNN
Posted in Market News Comments closed
CMBS highlights and trends
JLD: Hotels in special servicing 275 loans out of 2,131 totaling $11.0 billion out of $49.3 billion. Also important, special servicing has increased 240% since same time last year…
Average Loan Size in Special Servicing Increasing
Fitch Ratings reports the average loan size for loans moving into special servicing has increased 2.4 times from a year ago to [...]
Posted in Market News Comments closed
Accor Sells 5 Hotels For $190K per room
JLD: 1100 rooms into 154 Million Euros, about US $209 MM Dollars – very good price as this asset class costs typically 400K to build, so 1/2 price deal.
The transaction involves five hotels:
Novotel Muenchen City, Munich (307 rooms)
Novotel Roma la Rustica, Rome (149 rooms)
Mercure Corso Trieste, Rome (97 rooms)
Mercure Zabatov, Bratislava (175 rooms)
The Pullman Paris [...]
Posted in Hotels, Investments, Market News Comments closed
Finally, a transaction to valuate hotels
NEW YORK – Private equity giant Blackstone Group (BX.N) has come to an agreement to restructure its Hilton hotels chain debt, a source familiar with the situation said on Friday. The agreement with Hilton’s lenders would cut about $4 billion of debt at the hotel firm, the source said. The news was first reported by the [...]
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Las Vegas: Gaming figures add up to biggest two-year percentage drop ever
Gaming revenues in Nevada fell 10.4 percent in 2009, the largest single-year decline in state history. Casinos statewide collected $10.392 billion from gamblers last year, the lowest one-year total since 2003 when gaming revenues totaled $9.62 billion, according to figures released Thursday by the Gaming Control Board. But the declines lessened in the latter half [...]
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Hotel REIT Chesapeake Lodging raises $150 million, lower than the $250 million originally intended
Chesapeake Lodging Trust, a newly formed REIT planning to acquire upper upscale hotel properties, raised $150 million by offering 7.5 million shares at $20 each on Thursday. The firm had originally attempted to raise $250 million in December before electing to cut down its deal size this month. The IPO follows the successful IPO of [...]
Posted in Funds Comments closed
New York: Four Seasons Hotel said to be hitting the block
Even multi-billionaires like Ty Warner are not immune to the latest economic conditions. Mr. Warner, who made his fortune manufacturing Beanie Babies, owns the Four Seasons Hotel New York—but maybe not for much longer.
He is in negotiations to sell the posh property to a group of investors, according to several news reports.
The 368-room hotel, where [...]
Posted in Hotels, Hotels for Sale Comments closed
Denver: What is going on at DIA?
There is a large commotion at the Denver International Airport (DIA) and we are trying to figure out what exactly is going on.
The following hotels are for sale, all basically on the same street!
Holiday Inn
Holiday Inn Express
Days Inn
Ramada Inn
Denver International Hotel
Comfort Suites
Micro Tel Inn
Seems to be a fast migration away from this airport as [...]
Posted in Hotels, Hotels for Sale Comments closed
Louisiana: Grant fund depleted bankruptcy in future
The city of Alexandria has spent nearly all of the money it has set aside to keep the bankrupt Alexander Fulton Hotel open.
Mayor Jacques M. Roy said on Wednesday that the city has hit its “outer limit” with the $300,000 in money the city was willing to spend to keep the hotel operating. Closing the [...]
Posted in Hotels Comments closed
Miami: Failed Wynwood project sold at auction
A star-crossed economic development project in Miami’s Wynwood district sold at bankruptcy auction to an Israeli entrepreneur, the sole bidder.
A failed economic development project that has long been an eyesore in Miami’s Wynwood neighborhood sold at a bankruptcy auction to Moishe Mana, a New York entrepreneur, for $5 million.
The blighted site was once envisioned as [...]
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Las Vegas: Green Valley Ranch manager files for bankruptcy
Station Casinos Inc. subsidiary that invested in and managesGreen Valley Ranch resort in Henderson filed for bankruptcy protection on Wednesday.
The Green Valley Ranch hotel-casino itself did not file for bankruptcy.
The filing was made by GV Ranch Station Inc. and listed assets of $100 million to $500 million against liabilities of $10 million to $50 million.
Station [...]
Posted in Hotels for Sale Comments closed
Las Vegas: Shutting down the Ritz
Company to close hotel at Lake Las Vegas
The Ritz-Carlton Lake Las Vegas, a five-diamond hotel at the troubled resort community in Henderson, told its 340 employees Monday that it will close on May 2.
Transcontinental Corp. opened the 349-room hotel in 2003, but Deutsche Bank took over ownership of the property last year through an affiliated [...]
Posted in Hotels for Sale, Uncategorized Comments closed
St. Louis: Clayton hotel project files for bankruptcy
From St. Louis Post-Dispatch…
The future of the proposed Westin Hotel in Clayton grew cloudy Tuesday when the developer filed for bankruptcy protection.
RJ York SSG LLC filed the Chapter 11 bankruptcy reorganization just before a scheduled foreclosure by Premier Bank, which lent the developer $8.1 million in 2007 to buy the site for the proposed hotel [...]
Posted in Hotels for Sale Comments closed
Notes from a closed-door, hotel executive dinner
You’ve heard people talk about wanting to be the “fly on the wall” listening in on important conversations? On Thursday evening (11 February) inside a private room at Paulette’s Restaurant in Memphis, Tennessee, I was that proverbial fly-on-the-wall.
The occasion was Pinkowski & Company’s 8th Annual Presidents’ Dinner, co-sponsored by The Allied Group and U.S. Foodservice. [...]
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With no banks around, how do hotels refinance?