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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: April 2010
Fitch: Commercial mortgage defaults to keep rising
NEW YORK — Defaults on the loans behind U.S. commercial mortgage backed securities will continue to rise through the year, Fitch Ratings said Wednesday. The agency expects the overall rate of default for deals it has rated to exceed 11 percent by year-end.
“The aggressive underwriting and higher leverage in the 2007 vintage is leading to [...]
Posted in Market News Comments closed
106 Bay Area hotels in default
More than 100 hotels in the Bay Area are now suffering from problem mortgages, according to a new report that sketches ongoing woes for the lodging industry.
During the first quarter of 2010, an estimated 106 Bay Area hotels were either in foreclosure or default on their mortgages in the first quarter, Atlas Hospitality Group reported.
That [...]
Posted in Hotels, Market News Comments closed
Puttin’ (the Pinch) on the Ritz
Bank of America has filed a notice of default against the Ritz-Carlton Highlands Lake Tahoe, a luxury resort that opened just four months ago.
The notice of default, filed at the end of March, claims the Highlands Hotel Co. LLC is $18.6 million in default on the hotel and a neighboring parcel. The default involves two loans [...]
Posted in Hotels Comments closed
FDIC might help banks bid on loans
A plan is in the works that could potentially lessen the blow to some community banks from continued fallout from Georgia’s biggest bank failure.
Federal regulators are offering a seat at the table for small community banks to bid on part of a $400 million loan portfolio originated by a unit of the failed Silverton Bank, sources [...]
Posted in Market News Comments closed
Hotel Chains Struggle Under Debt Burden
Red Roof Inn, Innkeepers Among Those Seeking Restructurings of Loans Inherited in Buyout Boom; Some Foreclosures…
BY KRIS HUDSON
More than $60 billion of hotel buyouts during the recent real-estate boom saddled several name-brand hotel chains with mountains of debt. Now, many are finding it tough to restructure and reduce those complicated debt burdens with the [...]
Posted in Uncategorized Comments closed
CMBS Delinquencies Propelled by Five-Year Loans
Current delinquency rates by property type are as follows:
Office – 3.5 percent
Industrial – 4.16 percent
Retail – 5.09 percent
Multifamily – 8.97 percent
Hotel – 16.61 percent
The 29 basis-point (bp) increase in delinquencies to 6.26 percent at the end of February was driven in large part by upcoming maturities from U.S. commercial mortgage-backed securities (CMBS) deals originated in [...]
Posted in Market News Comments closed
Fitch: Commercial mortgage defaults to keep rising
NEW YORK – Defaults on the loans behind U.S. commercial mortgage backed securities will continue to rise through the year,Fitch Ratings said Wednesday.
The agency expects the overall rate of default for deals it has rated to exceed 11 percent by year-end.
That spike would follow a more than fivefold increase in loan defaults last year, to 1,464 loans totaling [...]
Posted in Market News Comments closed
Holiday Inn Santa Maria, CA headed towards default
Located near Vandenburg Air Force Base between San Luis Obispo and Santa Barbara, Holiday Inn and Suites is in Monetary Default. This is a 207 room, 4 story interior corridor with debt balance at about 110,000 per room. Buying in default could reduce this to 74,500 per room which is under market value for area. [...]
Posted in Uncategorized Comments closed
Four Seasons Maui (Michael Dell) headed towards default
(Bloomberg) — A loan on the Four Seasons Resort Maui, a luxury hotel owned by Dell Inc. founder Michael Dell and his family, was transferred to a special servicer after the borrower defaulted, according to Fitch Ratings.
The loan has a balance of $250 million, Fitch said today. The Dell family’s private investment firm, MSD Capital LP, bought [...]
Posted in Uncategorized Comments closed
January CMBS Delinquencies Hit Record At $46 Billion, 5.8% Of Total, A 10.3% Increase Sequantially And A 325% Increase Year Over Year
On one hand you have Moody’s REAL CPPI index telling you commercial real estate prices not only bottomed in December, but are now increasingat the fastest rate in years. On the other hand you have reality staring you in the face (that is if you are reading the February RealPoint CMBS report), in the form of $46 [...]
Posted in Market News Comments closed
Embassy Suites-Orlando headed towards default
Berkadia and LNR Partners show imminent default actions being taken against Felcor’s Embassy Suites hotel, bearing a US $21,510,000 note and note originated in 2000 at about $88,000 per key which we value at market rate of about $60,000 per key without PIP or renovation costs included. Click here for hotel information from their site…
Posted in Uncategorized Comments closed
Fashion 26 from Wyndham opens in Garment District NYC
New hotels continue to pop up in New York City. Fashion 26-A Wyndham Hotel, opened this week in the city’s garment district, a block away from the Fashion Institute of Technology on West 26th Street.
The fashion theme is carried throughout the newly built 280-room hotel. The front desk resembles a fabric cutting table, artwork is made from [...]
Posted in Uncategorized Comments closed
Hilton Garden Inn-Detroit headed for default
CMBS special servicer CW Capital and Master Servicer Berkadia have indicated that the Hilton Garden Inn in Detroit MI is headed for imminent default. Loan size is US $20,000,000 for debt on hotel. Click here for more information on hotel….
Posted in Uncategorized Comments closed
US hotel loan default rate may double by 2012-Fitch
Hotel defaults could reach 25 pct to 30 pct by 2012
Defaults to be most pronounced in 2011, 2012
Low supply rate a boon to hotel recovery- analyst
NEW YORK (Reuters) – Hotel loan defaults could double in the United States, reaching 30 percent, by 2012 as the lodging industry struggles with a drop in cash flows and [...]
Posted in Market News Comments closed
STR Reports US Performance for Week Ending 10 April 2010
The U.S. hotel industry reported mixed results in the three key performance measurements during the week of 4-10 April 2010, according to data from STR.
In year-over-year measurements, the industry’s occupancy increased 12.6 percent increase to 59.2 percent. Average daily rate ended the week virtually flat with a 0.4-percent decrease to US$96.31. Revenue per available room [...]
Posted in Market News Comments closed
Springhill Suites-O’Hare headed towards default
According to Wachovia (Master Servicer0 the Chicago, IL Springhill Suites-O’Hare is headed towards Immenent Default. Special Servicer CW Capital tells us that the debt is $20,238,802. This is a 245 Room hotel located at 8101 West Higgins Road, Chicago IL with 7,000 sqft of total meeting space and shuttle to Airport 1.5 miles away. We [...]
Posted in Uncategorized Comments closed
Schwartz Quote from Interview: First Hospitality Group
Schwartz: “I’m actually very optimistic for 2010. I looked at our numbers for February and March. March we’re projecting about a 4-5 percent decrease year over year in GOP. February was 10 percent. But the trend line is decidedly positive. I think at the end of the first quarter, at least as of the end [...]
Posted in Market News Comments closed
Lowest we have ever seen: South Carolina $6,000 per room
HOWARD JOHNSON HOTEL
179 Rooms (111 double/double, 59 king
and 9 suites), 7.5 Acres, Replacement cost $8 million, Bank-owned and operated, near NASCAR’ s Darlington Raceway, SOLD FOR $4.4 MILLION in 2007… Click here for Google Map…
Posted in Hotels for Sale, Uncategorized Comments closed
Hilton Las Vegas gets 23,000 Twitter followers with slim-to-none buget
Success on Twitter, Facebook does not require trained experts or big money.
Just because an individual hotel lacks a big budget for social media does not mean it cannot compete for followers and fans—even in a hyper-competitive market like Las Vegas.
The marketing budget for Las Vegas Hilton is miniscule when compared to multi-property powerhouse rivals like [...]
Posted in Hotel Food and Beverage, Uncategorized Comments closed
Hotel Loans: Must Sell