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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.
Author Archives: editor
Top ten hotel openings in the Middle East 2010 (#9)
Grand Millennium Al Wahda The 850-room Grand Millennium Al Wahda has 585 rooms, 265 residences and is the largest hotel in Abu Dhabi. While normally size isn’t everything, you have to say in Abu Dhabi it is. The additional rooms had a positive impact on rates (if you are a guest) and will help to [...]
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Top ten hotel openings in the Middle East 2010 (#10)
Rose Rayhaan by Rotana Rotana, the UAE-based hotel group, opened the world’s tallest hotel at the start of 2010. The Rose Rayhaan by Rotana on Sheikh Zayed Road is 72 storeys and 333 metres high and offers 481 rooms, suites and penthouses? It has also made it into the Guiness Book of Records. The new [...]
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Dubai property prices fall 1.9% in January 2011, no signs of recovery…
Property prices in Dubai, the Arabian Gulf business hub, fell 1.9 percent in January while rents dropped 0.7 percent, Deutsche Bank said. “Although the pace of decline has slowed lately, we still do not see any improvement in fundamentals that could trigger a recovery,” analysts Nabil Ahmed and Athmane Benzerroug wrote in a note to [...]
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Condo sale caps downtown LA complex’s final stage
LOS ANGELES—The builder of downtown Los Angeles’ LA Live development says the entire hotel and entertainment complex is now officially open for business, with the first buyer closing escrow on a unit in the center’s luxury condo tower. Entertainment company AEG says the completion of the unit’s sale Tuesday in the Ritz-Carlton Residences completes the [...]
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The man who designed the world’s tallest tower, one year on….
As the Burj Khalifa lit up the Dubai sky with fireworks in the early hours of 2011, the world’s tallest tower was days away from another anniversary – its first birthday.
From his office on the 42nd floor of Emirates Towers, Eric Tomich wouldn’t have been able to see the fireworks, because although the southern side [...]
Posted in Investments Comments closed
Summit Hotel Properties, Inc. Prices Initial Public Offering
Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced the pricing of its initial public offering of 26,000,000 shares of common stock at a public offering price of $9.75 per share.
The offering is expected to close on February 14, 2011. The underwriters have been granted a 30-day option to purchase up to an additional [...]
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US Special servicers see more troubles ahead for distressed hotels in America
UNITED STATES DISTRESSED HOTEL REPORT | CMBS (Commercial Mortgage-backed Security) – Special servicers have seen a lightening of the load with regard to hotel assets during recent months, but it might be the calm before the storm. With a flurry of loan maturities during the next three years, special servicers anticipate a hectic schedule. [...]
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REIT: Another four-letter word or a golden opportunity?
Why has REIT become a four letter word? One reason is that REITs — professionally managed portfolios of real estate holdings – have had a great deal of negative press due to the high level of foreclosures and other distressed property sales. But the reality is that REITs are taking advantage of today’s lower values [...]
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Have Commercial Real Estate Prices Bottomed Out?
CoStar Commercial Repeat-Sale Indices
Investment grade real estate continued its positive pricing trend from August with a strong 5.48% increase in September based on the just-released CoStar Commercial Repeat-Sale Indices (CCRSI).
For the first time since the second quarter of 2007, the four primary property types within the commercial real estate repeat sales index showed an increase [...]
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Dallas-Fort Worth hotel foreclosure filings more than triple
Business and tourist travel is picking up, but the number of Dallas-Fort Worth hotels facing foreclosure this year has more than tripled. So far in 2010, 94 North Texas hotel foreclosure filings have been recorded. There were 30 filings for the same period in 2009, according to Foreclosure Listing Service Inc. ”Among D-FW hotels, the [...]
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Los Angeles market report
Important points from the new market update from Jones Lang LaSalle:
Los Angeles—a sought-after hotel investment market
Los Angeles—significant hotel investor interest
Los Angeles— large number of high-profile properties have traded
Los Angeles—demand fundamentals continue to improve
Los Angeles—supply pipeline will remain in check with lack of debt
Los Angeles—#2 in USA for overseas visitors (NYC #1)
Los Angeles—LAX expanding to increase travelers
Los Angeles—large convention and meeting [...]
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CMBS Debt breakdown on Coronado San Diego
CORONADO, California—The venture owning the Hotel del Coronado in San Diego is currently working to restructure the debt on the property. Strategic Hotels & Resorts, which leads the venture with 45% ownership, disclosed that negotiations are underway to restructure the property’s mortgage and mezzanine loans, according to a 10-Q filed 4 November with the Securities [...]
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Sunstone portfolio up for sale
The following foreclosed portfolio is on the market and ready to be sold. This is from Sunstone Hotel Investors, Inc that defaulted on the loan last year. Portfolio is of institutional quality with great flags. The portfolio includes 1,245 guestrooms as follows:
Residence Inn Manhattan Beach, California – 2 floors 176 suites, Santa Monica Pier
Holiday Inn [...]
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Sternlicht at it again with Viceroy
The bank is selling its mortgage on the Viceroy Anguilla to Barry Sternlicht’s Starwood Capital Group at a hefty discount, according to Anguillan Chief Minister Hubert Hughes and others familiar with the talks. The debt has a face value of close to $300 million, these people said. Starwood is paying $105 million, according to Mr. [...]
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Milford Plaza sold for US $200 MM
NEW YORK—(Hotel News Now) Highgate Holdings and Rockpoint Group LLC paid US$200 million to acquire the 1,300-room Milford Plaza Hotel located less than a block from Times Square. The seller was Milford Plaza Associates LLC, an affiliate of Ogden CAP Properties. The official name of the buyer, as listed on the property’s deed, is RP/HH [...]
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Commercial Real Estate Numbers
We, like everyone else, hope that things will start to turn around but with the fundamental numbers looking as they do it is hard to hold out hope (From RealPoint):
Special servicing exposure increased for the 26th straight month to approximately $88.6 billion across 4,830 loans in June 2010, up from $83.38 billion across 4,755 loans [...]
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CMBS unpaid balances reach $62.19 billion, CRE CDO delinquencies up
The delinquent unpaid balance within commercial mortgage-backed securities is more than double a year ago and 28 times higher than March 2007.
In its monthly delinquency report, Realpoint said the delinquent unpaid balance for CMBS last month rose 1.3% to $62.19 billion from $61.39 billion in August. The gain of $801.2 million in September is higher than [...]
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CoStar Commercial Repeat-Sale Indices
OBSERVATIONS (From CoStar Group)
Investment grade real estate continued to slide in July by a negative 5.05% following a similar dip in June. Cumulatively that is a drop of nearly 10% in just two months, following an extremely positive 11.78% increase in May and nearly wiping out the May increase.
As a result, the three month change [...]
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Starwood’s Aloft – first NYC hotel will open in Harlem
Finally New York is getting its own Aloft hotel. You know, that chic, affordable brand from the folks behind W. Not only it is the fastest hotel roll out in history, with more than 40 properties opened in two years, but Aloft also gotten attention for its modern design sensibility and cutting-edge technology.
Nearly a century [...]
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Top ten hotel openings in the Middle East 2010 (#8)