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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: June 2010
Allerton Hotel becomes latest, and largest, foreclosure
After loading up on debt near the top of the market, the owner of the landmark Allerton Hotel is all tapped out at the bottom.
A joint venture led by San Francisco-based Chartres Lodging Group LLC has defaulted on $70 million in loans on the 443-room hotel, according to a foreclosure suit filed at the end [...]
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Atlanta: PKF Hospitality Research (PKF-HR) today announced that, according to the May 2010 edition of Hotel Horizons®, U.S. hotels should enjoy a 1.7 percent growth in RevPAR in 2010, but bottom-line profits (NOI) will contract another 1.4 percent. The projection of growth in RevPAR for 2010 marks a very positive change in the outlook for [...]
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Jeff Higley: Recovery?….
The mood at the 32nd annual New York University International Hospitality Industry Investment Conference is much better than it was last year. That’s no surprise as the industry was at the bottom of a steep down cycle when the gathering took place at the Waldorf=Astoria in June 2009. But what is mildly surprising as the [...]
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HNN- Recovery signs: Demand
INTERNATIONAL REPORT—Ask David Kong when Best Western International first started showing signs of recovery, and he’ll tell you February of this year. The turning point wasn’t hard to pinpoint, said the president and CEO of Best Western International. It was just a matter of tracking an uptick in demand.
Demand is the basis of recovery. While [...]
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Hotel for sale: 143 rooms, near Cobb Convention Center (new), near mall (new remodel), high traffic
Former Holiday Inn Express – 6 Story interior corridor building is in excellant condition. Great potential to increase revenues. 2009 NOI is 1.8 Million. Room for building additional 60 suite hotel on excess land. Large outdoor pool. Built in 1985. Owner financing available with flexible terms. Comfort Inn & Suites flag available for a suites [...]
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Lenders foreclose on Four Seasons Resort in Las Colinas
Lenders finally made good on threats to foreclose on the posh Four Seasons Resort and Club Dallas at Las Colinas.
Mortgage holders sold the 431-room luxury Irving golf course hotel, conference center and spa at auction Tuesday morning. The foreclosure comes seven months after lenders first posted the 400-acre property for sale after the owners missed [...]
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Starwood Capital buys stake in Hersha Hospitality Management
Private equity firm Starwood Capital has bought a 49.9 percent stake in privately held Hersha Hospitality Management to form a partnership to tap into management opportunities in the lodging space.
Starwood Capital, led by Barry Sternlicht — founder of Starwood Hotels and Resorts (HOT.N) — will contribute capital and deal-flow to the partnership.
Financial terms of the [...]
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Bankruptcy filings rise among small hotels on Suncoast
Small hoteliers are taking it on the chin, with at least four in the Tampa Bay area seeking bankruptcy protection since March.
Last week, the owners of a 75-room Hampton Inn, 11740 Tampa Gateway Blvd. in Seffner, filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Tampa. Chapter 11 allows a company to reorganize its finances while protected [...]
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Hilton Scranton put up for sale
The Hilton Scranton and Conference Center went up for sale Thursday.
Geoffrey Davis, president of HREC Investment Advisors, which is marketing the hotel for sale, said neither the hotel nor hotel owner Spectrum Origination LLC is going through financial problems. In fact, he said, both are doing well.
“Like any owner, it’s prudent when an asset is [...]
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Bank of America hires brokers to sell Times Square at Craig Ranch
Lenders have hired property brokers to sell a foreclosed apartment and retail complex in McKinney.
The Times Square at Craig Ranch, north of State Highway 121 at 7951 Collin McKinney Parkway, was seized by Bank of America in November. The lender has hired the Dallas office of CB Richard Ellis to find a buyer.
The five-story, 313-unit [...]
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Hotelier John King could be facing foreclosure on San Luis Obispo property and many hotels
The prominent SLO County developer is the latest to see some of his marquee holdings — from the Inn at Morro Bay to a proposed resort in Paso — stumble toward insolvency
Read more: http://www.sanluisobispo.com/2010/03/16/1069454/king-properties-in-trouble.html#ixzz0q0tdhbUDA notice of default — the first step in the foreclosure process — has been filed on about 70 acres of vacant land [...]
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Euro Capital buys Watergate for US $45 Million, 179K per room
The Watergate hotel, which rose to fame after the botched 1972 burglary that led to the resignation of president Richard Nixon, has been acquired by a European group for 45 million dollars. Euro Capital Properties plans to restore the Watergate and its 251 rooms, which fell into disrepair in 2007 before going into foreclosure two [...]
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John B. Corgel: Succinct, Clear Definition of “Hotel Cycle”
“Forecasting turning points in hotel market performance is a tricky proposition, largely because of the complications on the supply side of the hotel market,” said John B. Corgel Ph.D., the Robert C. Baker professor of real estate at the Cornell University School of Hotel Administration and senior advisor to PKF-HR. “The hotel cycle is [...]
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Accor Hospitality says half 2010 disposals secured