10 Must Reads for the CRE Industry Today (February 11, 2015)

10 Must Reads for the CRE Industry Today (February 11, 2015)

 

  1. Hilton Worldwide Agrees to Buy Five Hotels for $1.76 Billion “Hilton Worldwide Holdings Inc., the largest operator of lodging properties, agreed to buy San Francisco’s Parc 55 hotel and four other hotels for $1.76 billion. Hilton will make the acquisition with some of the proceeds from its $1.95 billion sale of the Waldorf Astoria hotel in New York, according to a statement on Wednesday. (Bloomberg)
  2. Chinese Developer Sets Footprint in San Francisco “Oceanwide Holdings Co. Ltd., a publicly traded real estate company headquartered in China, has acquired the two-tower First & Mission development site in San Francisco’s TransBay from TMG Partners and Northwood Investors L.L.C. for $296 million.” (Commercial Property Executive)
  3. Starwood Rises Most in Five Years on Timeshare Spinoff “The hotel operator gained 9.6 percent to $78.08 at 11:31 a.m. in New York. The shares rose as much as 9.7 percent earlier Tuesday, the biggest increase since August 2009.” (Bloomberg)
  4. Hilton Worldwide Agrees to Buy Five Hotels for $1.76 Billion “Hilton Worldwide Holdings Inc., the largest operator of lodging properties, agreed to buy San Francisco’s Parc 55 hotel and four other hotels for $1.76 billion. Hilton will make the acquisition with some of the proceeds from its $1.95 billion sale of the Waldorf Astoria hotel in New York, according to a statement on Wednesday. (Bloomberg)
  5. Report: Target Canada Landlords Want Full Bankruptcy “Landlords holding the leases of Target Canada stores reportedly are requesting that Ontario Superior Court put Target Canada into full bankruptcy. According to the Toronto Globe & Mail, the move would remove control of liquidation of the company’s assets from Target and put it in the hands of a third-party trustee.” (Chain Store Age)
  6. No Tenants, No Problem for Sterling Bay’s Next Project “Sterling Bay aims to begin construction by this spring on its nine-story Fulton West development at 1330 W. Fulton Market, said Managing Partner Andy Gloor. The company plans to develop the project on speculation, or “spec,” without any tenant commitments in advance, a rare move in the office sector and a sign of Sterling Bay's confidence in the market.” (Crain’s Chicago Business)
  7. Akridge, RTC JV to Build Tall in DC Suburb “Akridge, of Washington, D.C., and joint venture partner RTC Partnership will develop 1760 Reston Parkway, a $210 million, 420,000-square-foot trophy office tower in Reston Town Center, Reston, Va., Akridge announced Monday.” (Commercial Property Executive)
  8. Why the Deal Hasn’t Closed “Everything’s done. Everyone’s finished negotiating the loan documents. Title is in order. The borrower got enough tenant estoppel certificates to satisfy the lender. But the deal still hasn’t closed. Why not?” (Commercial Observer)
  9. H&M’s 61K SF Flagship Space Hits the Market “H&M’s current 60,500-square-foot Manhattan flagship store has hit the market with Cushman & Wakefield, Commercial Observer has learned. The retail space, at 2 Herald Square at West 34th Street and Broadway, is spread across the sub-cellular, ground, second and third floors.” (Commercial Observer)
  10. Maximizing Tax Benefits with Real Estate Partnerships “The debt placed on the properties is often nonrecourse; thus, distributions of the extracted cash by the partnership to the partners cause an allocation of a share of the partnership’s nonrecourse indebtedness to the distributee partner.” (Insurancenewsnet.com)
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