Property Types Hospitality
$1B Luxury Resort on Tap in Coveted Area of Bahamas
May 15, 2008
By: Barbra Murray, Contributing Editor

The New South Ocean Development Co. will erect a $1 billion luxury resort on 385 acres along the pristine southwestern coast of New Providence Island in Nassau, Bahamas.

To be developed at a cost of over $1 billion, the New South Ocean Resort will occupy the last of three parcels in the area designated by officials of the Commonwealth of the Bahamas for full-scale casino and hotel operations.

Details of New South Ocean's offerings have not been set in stone, however, the resort will feature upscale hotel rooms, a casino, retail, residences, conference facilities, a tennis center, a mega-yacht marina and the Greg Norman-designed 18-hole Blue Shark Golf Club, which will debut later this year on a 16-acre section of the property. Located just 10 minutes from the Nassau Airport, New South Ocean will provide visitors from major U.S. cities and Europe easy access via airlift .

Tourists' longstanding attraction to the Bahamas shows no sign of wavering, and developers are jumping on the bandwagon to answer the very strong demand. In March, Related Group and Meritage Hospitality Group announced the formation of a joint venture, TRG-Meritage Bahamas L.L.C. for the development of an 884-acre resort on the island of Eleuthera. Additonally, just last month, news emerged that Starwood Vacation Ownership Inc. had completed the latest phase of The Westin St. John Resort & Villas, adding 54 new fractional and vacation ownership units.

 
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$8.9B Penn Gaming Merger Crumbles
July 03, 2008
By Barbra Murray, Contributing Editor After spending the last few months attaining all the requisite approvals from various gaming commissions and boards, Penn National Gaming has put the kibosh on its proposed $8.9 billion merger with PNG Acquisition Company Inc.,...

Colonial Properties Trust Sells 5 Apartment Communities for $82M
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By Gail Kalinoski, Contributing Editor Colonial Properties Trust, a multi-family-focused REIT, is continuing its plan to dispose of older assets by selling five apartment communities in two transactions for a total of $81.8 million. The buyer or buyers were not...

H&R Sells 11 in Canada
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By Thomas Peretti, Contributing Correspondent -- H&R Real Estate Investment Trust has announced the completion of the sale of eleven retail properties. The firm netted approximately $72 million from the transaction. The company expects approximately a $9 million return on...

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