Industry News
JV Acquires Hyatt Regency Phoenix for $96M
July 18, 2008

PCCP L.L.C. in joint venture with DiNapoli Capital Partners has purchased the Hyatt Regency Phoenix in downtown Phoenix, Ariz. for approximately $96 million from Strategic Hotels and Resorts Inc. Built in 1976, the property is a 696-room, 26-story, full-service hotel, which features an eight-story atrium in the lobby and has more than 48,000 square feet of function space in 30 meeting rooms. The property also includes four restaurants, an outdoor pool, health club and gift shop. Jones Lang LaSalle represented the seller, Strategic Hotels and Resorts Inc. Financing for the acquisition was provided by ING Real Estate L.L.C. The property will undergo renovation, which is anticipated to be complete in 2009.

 
Recent Industry News Headlines
AmTrust Finalizes LaSalle Bank Building Buy
Aug. 27, 2008
The LaSalle Bank Building in Chicago, first reported sold in June, has been finalized, according to various news sources and property records.
Mid-America Apartment Communities, Fannie Fund to Halt Acquisitions
Aug. 27, 2008
Mid-America Apartment Communities Inc. has reported that Mid-America Multifamily Fund I L.L.C., its joint venture in which it has a 1/3 interest, will not make additional acquisitions.
DBSI Pursuing New Buying Strategy
Aug. 27, 2008
DBSI Acquisitions has announced a new buying strategy: Aggressively buying finished lots, partially finished lots, super pads, and entitled residential land across the country.
Pacific Office Properties Closes $40M Credit Facility
Aug. 27, 2008
Pacific Office Properties Trust Inc. has announced that it has closed on a revolving credit facility with KeyBank National Association that has a maximum amount of $40 million.
Raleigh Marriott City Center Opens
Aug. 27, 2008
Privately held Noble Investment Group has announced the grand opening of the 400-room Raleigh Marriott City Center located at 500 Fayetteville St. and attached to the new 500,000-square-foot Raleigh Convention Center.
 

 

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...

Grubb & Ellis's Bach: Construction Costs May Be at Peak
August 27, 2008
By Dees Stribling, Contributing Correspondent -- The soaring cost of construction, spurred in recent years especially by the rising cost of inputs into the process--the energy needed, the costs of raw materials and so forth--may be at its peak, according...

JV Investment Boosts $3.4B India Mixed-Use Portfolio
August 27, 2008
By Barbra Murray, Contributing Editor -- In return for $126 million and change, Tel Aviv, Israel-based Elbit Imaging Ltd. has forked over part of its stake in a $3.4 billion mixed-use project portfolio in India via a new joint venture...

Trumbull Fund Refis $207M in Properties
August 27, 2008
By Tonie Auer, Southwest Correspondent -- Taking advantage of a good interest rate, Trumbull Property Fund refinanced six Class A multi-family properties throughout the country as part of a $207 million refinancing effort. The Hartford office of Holliday Fenoglio Fowler...

REal Talk with Adam Perrotta-Tuesday
August 26, 2008
By Adam Perrotta, News Writer --As the economy's struggles continue to bog down the retail sector, Sydney-based Lend Lease Corp. is planning to give up its 50 percent ownership interest in Metro Philadelphia's King of Prussia Mall. Given that the...

Do You Have A Bad Attitude?
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?
August 15, 2008
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
August 08, 2008
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
July 18, 2008
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...