Hospitality Property News RSS

Economy Watch: Beige Book Describes Modest Recovery

Wed, 28 Oct 2009 13:05:05 UTC

The Federal Reserve�s most recent Summary of Commentary on Current Economic Conditions,better known as the Beige Book, wasn�t exactly cheerful about the stateof the U.S. economy toward the end of annus horribilis 2009. But itwasn�t precisely pessimistic either.

Economy Watch: Fannie, Freddie Still Vexed by Mortgage Defaults

Wed, 28 Oct 2009 13:05:05 UTC

Federal Housing Finance Agency acting director Edward J. DeMarco told Congress on Thursday that it ain�t over till it�s over when it comes to the problems caused by U.S. housing mortgage delinquencies. And for Freddie Mac and Fannie Mae especially, it�s not nearly over.

Economy Watch: Blackstone Takes Amusement Parks

Wed, 28 Oct 2009 13:05:05 UTC

It seemed like an announcement from the good old days (2006, say): Blackstone Group L.P. is buying a sizable chunk of real estate. But it was in fact on Wednesday when the buyout giant told the world that it was going to spent some $2.7 billion to buy Anheuser-Busch InBev NV�s amusement parks.

Economy Watch: MGM Cuts Condo Prices

Wed, 28 Oct 2009 13:05:05 UTC

In an effort to keep buyers from wriggling out of their deals, and as a simple acknowledgment that the luxury condo market just isn�t what it used to be, MGM Mirage and its partner Dubai World are slashing prices for condos at their City Center development in Las Vegas by 30 percent.

Economy Watch: Greenspan Sees Recovery, Except for the Part About Jobs

Wed, 28 Oct 2009 13:05:05 UTC

Former Fed Chairman Alan Greenspan tossed out two more cents on the economy on Sunday, estimating that the recovery will be a little more V-shaped than he previously thought, with 3 percent growth in the quarter just ended instead of 2.5 percent (and �possibly even higher.�)

Q&A: Starwood CEO Sees Upturn Ahead

Wed, 28 Oct 2009 13:05:05 UTC

Starwood Hotels & Resorts Worldwide CEO Frits van Paasschen on the outlook for business travel, and Starwood'sincreasingly global slant.

Chicago CRE Industry Laments Failed Olympic Bid

Wed, 28 Oct 2009 13:05:05 UTC

The pain of Chicago's loss of the 2016 Summer Olympic Games to Rio deJaneiro is palpable across the country, especially in the Windy City.Local officials had proposed a bevy of new commercial venues in andaround Chicago to accommodate the various competitions; the developmentactivity would have been a big boost for the city. Now, commercial realestate industry players, still reeling from the rejection, arereflecting on what might have been.

Economy Watch - Existing Home Sales Take August Dip

Wed, 28 Oct 2009 13:05:05 UTC

First, the good news. Jobless claims dropped unexpectedly last week, according to the U.S. Department of Labor. Some 530,000 claims were filed for the week ended September 19 compared with 530,000 the week before.

Hotel Rates Drop up to 25 percent for September

Wed, 28 Oct 2009 13:05:05 UTC

The cost of travel in North America is still on the decline, according to Hotwire.com's September 2009 Hotwire Hotel Rate Report. The monthlysurvey, which lists the ten North American cities experiencing thegreatest rate reductions, found that most hotel pricing drops are occurring outside of large-scale metros.

Economy Watch - IRS Changes Rules for Securitized Loan Modification

Wed, 28 Oct 2009 13:05:05 UTC

From the nether reaches of the Internal Revenue Service a new tax rule recently emerged (Revenue Procedure 2009-45), the effect of which will be to let real estate borrowers pursue possible modifications to securitized loans--ones that are at risk of default--without triggering tax penalties. Previously, administrative tax rules imposed severe penalties for changes made to commercial mortgage pools or investment interests after the startup date of the securitization vehicle. This naturally had the effect of keeping borrowers mum until default had actually occurred or was nigh.

Dallas Prepares for Future Demand with Groundbreaking on $348M Convention Center Hotel

Wed, 28 Oct 2009 13:05:05 UTC

The credit crunch has put a damper on hotel construction and the ensuing recession eroded demand, thereby veritably eradicating the need for new development. But in Dallas, city officials have an eye on the future. Anticipating a jump in the necessity for additional meeting facilities in the next few years, the city just broke ground on the $348 million, 1,000-room Omni Dallas Convention Center Hotel.

Top Performers: Retail & Hotel REITs?

Wed, 28 Oct 2009 13:05:05 UTC

Retail and hotel REITs are prevalent among this week's top performers, despite those sectors' current difficulties.

Cushman Turns to New Financing Sources for $43M Manhattan Hotel Refi

Wed, 28 Oct 2009 13:05:05 UTC

The economic downturn continues to exert a tight grip on the hospitality sector, squeezing fundamentals and greatly limiting financing options. Cushman & Wakefield Sonnenblick Goldman's global hospitality group worked through this harsh environment to score a $43 million refinancing for a Manhattan hotel.

Hotel Rates Plummet 17% in '09

Wed, 28 Oct 2009 13:05:05 UTC

It was a dismal first half of the year for the hotel industry, according to Hotels.com�s Hotel Price Index. Overall, global hotel prices fell 17 percent year-over-year by the end of June.

Stormy Weather for Hospitality CMBS

Wed, 28 Oct 2009 13:05:05 UTC

It is hardly news that the hospitality market has been probably the hardest-hit sector of the commercial real estate industry during the credit crunch and subsequent economic downturn. As key fundamentals continue to sag, the sector's difficulties are starting to spill over into the CMBS arena--a contagion that should be cause for concern to any student of recent history, given the role that mortgage-backed securities played in the single-family sector's well-documented meltdown.

Moving in on Distressed Hotel Market, $1.5B Fund Makes First Play

Wed, 28 Oct 2009 13:05:05 UTC

The 353-room Hanover Marriott in Whippany, N.J., has just become the first purchase of HEI Hotels & Resorts' third investment fund, HEI Hospitality Fund III L.P. The Norwalk, Conn.-based investment firm acquired the property from Bethesda, Md.-headquartered Host Hotels & Resorts for $27 million. Raised in 2008 with $515 million in commitments, the discretionary fund has approximately $1.5 billion in leveraged buying power and allows HEI to capitalize on the growing pool of low-priced, distressed assets hitting the market.

Sandals Buys Four Seasons in Bahamas

Wed, 28 Oct 2009 13:05:05 UTC

Sandals Resorts International has purchased Four Seasons Resort Great Exuma at Emerald Bay in the Bahamas for an undisclosed amount.

Economy Watch - CRE Price Declines Slow

Wed, 28 Oct 2009 13:05:05 UTC

U.S. office, retail and apartment property prices fell 1 percent in June, according to the Moody's/REAL Commercial Property Price Index released on Wednesday. It's a decline, but as was quickly noted, not very much of a decline when compared to this spring--which saw drops by the index of 7.6 percent and 8.6 percent in May and April, respectively.

Lodging Econometrics: EMEA Hotel Construction Pipeline Continues Downswing

Wed, 28 Oct 2009 13:05:05 UTC

According to Lodging Econometrics' latest report on Europe, the Middle East and Africa, worldwide economic turmoil, unsurprisingly, continues to squeeze the region's hotel construction pipeline.

Exclusive Yellowstone Club Sells for Only $115M

Wed, 28 Oct 2009 13:05:05 UTC

Bargain prices for namebrand merchandise. No, it isn�t a sale at Macy�s or Nordstrom, it is the market for resort properties. The sale of the exclusive ski lodge for the rich and famous in Big Sky, Mont. � the Yellowstone Club � was finalized this week for $115 million. Reports show that the resort could have sold for somewhere around $400 million just a year ago.