Business Specialties Development
Starwood Partners on $680M Luxury Hotel-Residential Project in Dubai
July 21, 2008
By: Barbra Murray, Contributing Editor

Starwood Capital Group has joined forces with Pearl Dubai FZ L.L.C. to develop the Baccarat Hotel and Residences at the sprawling $4 billion Dubai Pearl mixed-use development in Dubai. The project will cost $680 million to complete.

Starwood Capital's partner on the Baccarat project Pearl Dubai FZ, is a consortium of investors led by Al Fahim Group, and is behind the development of the behemoth Dubai Pearl endeavor, which sits within the Dubai Technology and Media Free Zone adjacent to the Palm Jumeirah. The Baccarat Hotel segment, carrying a development price tag of $408 million, will consist of 500,000 square feet encompassing 342 guestrooms. Approximately $272 million will be invested in the residential portion of the project.

It was one year ago that Starwood Capital announced the creation of the upper-upscale Baccarat Hotels & Resorts brand. Starwood Capital, through an affiliate, owns an 86 percent stake in the two-century-old Baccarat company, which is world renowned for its production of fine crystal. The first Baccarat Hotel and Residences will be in Wailea, Hawaii, and is scheduled to debut in 2010 with 193 condo-hotel rooms on property that Starwood Capital snapped up last year for $85 million. The Dubai project is on target to open its doors in 2011.

Established in 1991, Starwood Capital is leading real estate investment concern with an international investor base ranging from prominent state and corporate pension funds to endowments to high-net worth families. The company has invested approximately $6 billion of equity capital in transactions with a total asset value of $30 billion.

 
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Grubb & Ellis's Bach: Construction Costs May Be at Peak
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Wyndham to Open 20 Ramada Encore Hotels in South Korea
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Parsippany, N.J.-based Wyndham Hotel Group has made a move to increase the visibility of its Ramada properties in South Korea with the signing of an exclusive agreement with Seoul-headquartered AT Hotels Management to open 20 Ramada Encore destinations over the next six years. AT Hotels will develop and manage the properties, which will offer 80 to 200 guestrooms.
 

 

Equity Residential Gets $550M Loan
August 28, 2008
By Barbra Murray, Contributing Editor -- Chicago-based Equity Residential Inc. has closed on $550 million in financing, putting up 15 of its multi-family properties as collateral. Originated by Wells Fargo for repurchase by Fannie Mae, the secured interest only loan...

Lehman May Accelerate Mortgage Asset Sales
August 28, 2008
By Dees Stribling, Contributing Correspondent -- Lehman Brothers Holdings Inc., in an effort to both staunch its massive losses and tap into a burgeoning market for commercial real estate debt, is reportedly exploring a strategy that would have it set...

Fire Brought Down 7 WTC: Report
August 28, 2008
By Tom Dworetzky, News Editor -- At a technical briefing this week, Shyam Sundar, lead investigator for the federal building and fire investigation of the World Trade Center disaster conducted by the National Institute of Standards and Technology, revealed in...

Maguire Wraps Up $211M Orange County Office Sale
August 28, 2008
By Barbra Murray, Contributing Editor -- Los Angeles-based Maguire Properties Inc. has closed the disposition of Main Plaza, selling the 607,000-square-foot trophy office complex in Irvine, Calif., to Shorenstein Properties L.L.C for $211 million including the assumption of $161 million...

Fund Invests $44M in Texas, Ohio Student Housing
August 27, 2008
By Gail Kalinoski, Contributing Editor -- The Place/BV Student Housing Fund L.L.C. continues to make investments in student housing facilities across the United States, with two more announced today. The properties will be developed in Texas and Ohio for $44...

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August 22, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Show me a CEO with a bad attitude and I'll show you a poor leader. While this sounds simple enough at face value, I have consistently found that one of the most often...

Is Family Business a Good Idea?
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By Mike Myatt, Chief Strategy Officer, N2growth --Oh what a conundrum! Family business: Should I, or shouldn't I? In my opinion there really isn't a right or wrong answer to this question. It is simply a matter of personal preference....

What to Do When Marketing Goes Wild
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By Mike Myatt, Chief Strategy Officer N2growth --Have your company's marketing initiatives wandered astray? Is the proverbial tail starting to wag the dog with respect to your current marketing campaigns? How do you know when marketing is out of control?...

Six Mistakes Real Leaders Avoid
August 01, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --I recently had a reader ask: "Is there a simple test that can be used to quickly determine an executive's leadership ability?" The short answer is yes. There are, in fact, a great...

Top Brokers Do Deals in Bad Markets, Too
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By Mike Myatt, Chief Strategy Officer N2growth --Many in the industry long for the frothy markets of 2005 when sellers experienced record low cap rates, buyers were aided by loose credit and a strong flow of funds from the capital...