- Marriott Vacations Is Making a $4.7 Billion Bet on Luxury Timeshare Results “Marriott Vacations Worldwide agreed to buy ILG for about $4.7 billion in a stock and cash deal, creating the largest luxury brand for timeshare vacation resorts. ILG investors will receive $14.75 in cash and 0.165 of Marriott Vacations common stock for each of their shares, the companies said in a statement Monday. The deal represents a premium of about 13%, based on the two companies’ closing share prices on Friday. The purchase is expected to result in $75 million of annual savings within two years.” (Fortune)
- Meet the Company Helping Fill a Sea of Vacant Stores in the U.S. “London-based Appear Here moved into the New York market one year ago and has since seen a more than 50 percent increase in demand globally from brands looking to book a space via its platform. Later this year, Appear Here will roll out to California, with its eyes also set on moving into U.S. malls. Its mission is simple: to help fill a sea of empty stores, as retailers and restaurant chains like Bon-Ton, Subway, GNC and Toys R Us shutter hundreds of locations.” (CNBC)
- L.A. Budgets $430 Million to Help Homeless, Most of it Long-Term Debt “In his fiscal 2018-19 budget, Mayor Eric Garcetti more than doubled the amount — $430 million — dedicated to easing the city's intractable homeless problem. Only about 20% of the proposed spending, however, would come from general fund money earmarked for direct services to homeless people. That $80 million, also twice the amount available in the current budget, would go to programs run by the mayor's office, city departments and the Los Angeles Homeless Services Authority. The joint city-county agency funds shelters and outreach programs, conducts the annual homeless count and maintains homeless data systems.” (Los Angeles Times)
- SL Green Founder and Chairman Stephen Green to Step Down “Stephen Green, who founded SL Green Realty and saw the company go from an owner-operator of Class-B buildings to New York’s largest commercial landlord, is stepping down as chairman, the company announced today. Marc Holliday, who has been CEO of SL Green since 2004, will also assume the chairman title, the company said in an SEC filing. Green, 80, will remain at the firm as chairman emeritus.” (The Real Deal)
- Shopping Center Construction to Hit All-Time Low “Local shopping center developers are following a fundamental law of economics: When demand for a product falls, make less of it. As big retailers close stores or go out of business entirely, shopping center construction in the Chicago area will fall to an all-time low this year, according to a report from Mid-America Real Estate, an Oak Brook-based retail brokerage.” (Crain’s Chicago Business)
- Anonymous Owner, LLC: Why It Has Become So Easy to Hide in the Housing Market “L.L.C.s shield property owners from personal liability while obscuring their identities. In some cases, so much anonymity also enables money laundering, and it can mean that tenants struggle to hold landlords accountable, that cities fail to fix blight and that researchers can’t answer basic questions about the housing market. As much as people may want to keep their financial dealings private, the housing market has long been an unusually transparent place.” (The New York Times)
- The 10 Most Affordable Places to Live in the U.S. “Housing costs aren't the only factor that determines whether or not you can afford to live in a certain city. How much you earn matters, too. To identify the most affordable places across the U.S., SmartAsset calculated the total cost for five expenses associated with owning a home, including mortgage payments and property taxes over five years, as a proportion of each area's median household income. In terms of affordability, the South came out on top, claiming half of the top 10 spots.” (CNBC)
- How Bad Is the Labor Shortage? Cities Will Pay You to Move There “Jobs at the paper mills and safe manufacturers on this stretch of the Great Miami River mostly dried up by the early 2000s, leaving behind closed factories and an abandoned downtown. Today, a spruced-up waterfront, loft apartments and help-wanted signs give the appearance of economic renewal. All that’s missing are workers.” (Wall Street Journal, subscription required)
- Olympia Development Proposes Nearly $200 Million in New Office, Retail Developments in District Detroit “The Ilitch family’s Olympia Development of Michigan is planning six new construction and redevelopment projects totaling nearly $200 million that are anticipated to bring 400,000-plus square feet of office space and more than 70,000 square feet of retail space to Detroit. The projects include three renovations of existing historic buildings and three new builds in its District Detroit development area north of downtown.” (Crain’s Detroit Business)
- Green Building Certification Rising in International Property Markets, Globally “According to the inaugural International Green Building Adoption Index (IGBAI) - a study by CBRE and Maastricht University (Netherlands) -- major metropolitan office markets across the globe are seeing a significant increase in the adoption of "green" building certification programs. The study reports that 18.6 percent of space in 10 markets across Australia, Canada and Europe is now certified "green" versus just 6.4 percent in 2007. Canadian cities set the pace, with 51.6 percent of the space in Vancouver and 51.0 percent in Toronto holding "green" certifications.” (World Property Journal)
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