10 Must Reads for the CRE Industry Today (February 10, 2015)

10 Must Reads for the CRE Industry Today (February 10, 2015)

 

  1. Starwood Hotels to Split Off Time-Share Business “Starwood Hotels and Resorts Worldwide said on Tuesday that it planned to spin off its time-share division into a separate publicly traded company, joining the swelling ranks of corporations breaking themselves up.” (The New York Times)
  2. Activist Firm Corvex Seeks American Realty Board’s Ouster “Activist investment firm Corvex Management is turning up pressure on American Realty Capital Properties Inc., calling for the ouster of the board after accounting issues that led to the departure of senior management last year.” (Bloomberg)
  3. Can Popular REITs Avoid a Rate Hit? “While the short-term fortunes of many real-estate funds are tied to swings in interest rates, fund managers say the underlying outlook for commercial real estate ultimately matters more. The real-estate market, they say, should remain healthy for the foreseeable future even if rates head back north.” (The Wall Street Journal)
  4. Is Commercial Real Estate Making a Comeback? “Anthony Orso, CEO of Cantor Commercial Real Estate, discusses the state of the commercial real estate market with Bloomberg's Trish Regan on "Street Smart." (Bloomberg)
  5. Wynn Expecting a Big Win “Wynn Resorts is projecting big money from its casino in Everett, telling investors the Boston-area resort will be a winner for Wynn and Massachusetts. ‘We are going to be responsible for $50 million a month in revenue for this state, probably another $50 million in related revenues to all the surrounding communities,’ said Steve Wynn, CEO of the casino giant.” (Boston Herald)
  6. Family Feud Over Prominent Real Estate Firm “A Manhattan developer whose family real-estate firm controls more than $600 million in marquee properties, including 2 Herald Square, says his brothers treat the coffers of the family’s Sitt Asset Management like personal piggy banks.” (New York Post)
  7. Hawaii’s Multi-Family Real Estate Market Tallied $483.4M in 2014 Sales “Hawaii's multi-family real estate market finished up 2014 with nearly $500 million in total sales, mainly due in large part to several institutional sales including Waena Apartments, Kalaeloa Rental Homes and Hibiscus Hill, which accounted for more than half of the total sales volume for the year, according to a new report.” (Pacific Business News)
  8. With Hotel Prices Soaring, Schrager Ready to Sell Out of Public “After opening the Public Chicago hotel in the Gold Coast, Ian Schrager is putting the property—along with its legendary Pump Room—up for sale. Schrager, the boutique hotel pioneer from New York, confirmed that he and financial partner Morgan Stanley Real Estate Funds hired Eastdil Secured to court buyers for the 285-room hotel at 1301 N. State St., formerly the Ambassador East.” (Crain’s Chicago Business)
  9. NewsCorp. To Consider Moving Locations Once Lease Expires “Possibilities under consideration include moving both companies into a newly constructed office tower, most likely at the World Trade Center or at one of several Hudson Yards sites.” (New York Post)
  10. Retail Landlords Gain, but Recover ‘Not Lifting All Boats’ “The Chicago-area retail vacancy rate dropped to 9.5 percent in the fourth quarter from 9.8 percent in the third, according to Los Angeles-based real estate firm CBRE. The market has been making up ground lost at the end of 2013, when the Dominick's grocery chain shut down, dumping millions of square feet of vacant retail space onto the market.” (Crain’s Chicago Business)
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