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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.
Category Archives: Uncategorized
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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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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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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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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Real Money: CRE Investors Raise More Than $8.3 Billion in October
Companies and funds reported raising $8.34 billion in October for real estate-related investments and financing. The amount raised brings the total inflow for the first nine months of the year to $79.28 billion from approximately 1,461 funds and firms. CoStar Group tracks the fundraising activity of almost 2,000 entities on an ongoing basis and adds [...]
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Hotel Industry Leading Indicator weakens
The U.S. Hotel Industry Leading Indicator decreased 1.1% during September after a slight drop of 0.5% during August, reports economic research firm e-forecasting.com in conjunction with STR. The U.S. Hotel Industry Leading Indicator, or HIL, is a monthly leading indicator for the U.S. hotel industry that, on average, leads the industry’s business activity four to [...]
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Apple REIT Acquires 16-Hotel Portfolio for $291M
Apple REIT Nine Inc. has acquired 16 Marriott and Hilton branded hotels from White Lodging Services Corp. for $291.5 million. The transaction includes hotels in seven states totaling 2,240 rooms. The properties include the SpringHill Suites, Residence Inns, Courtyard by Marriott, Hilton Garden Inn, Fairfield Inn & Suites and Embassy Suites brands. All properties will [...]
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Chinese Modular Hotel Construction: 136 total hours
Ark Hotel – to explain the video in detail: 48 hours of construction time is the accrued time of construction. workers rest after 10pm everyday. As you may see on the left corner the clicker registers 46 hours as time to finish the main structural components, and another 90 hours to finish the building enclosure. [...]
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Lower-tier extended stay coming back fast
STR categorizes extended-stay hotels as tiered into two categories: upper- and lower-tiered brands. The upper tier includes brands such as Residence Inn, Staybridge Suites, Homewood Suites and Hawthorn Suites. Lower-tier brands include Extended Stay America, Mainstay Suites, Candlewood Suites and Value Place. When comparing the performances of the two tiers of branded extended-stay hotels, the [...]
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Top ten hotel openings in the Middle East 2010 (#8)