Property Types Hospitality
Corus, Lehman Bros. Make D.C. Loans
May 15, 2008

Corus Bank closed a $72 million loan to MR BP Office #1 L.L.C. to finance the construction of a nine-story Class A office building located at 55 M Street SE in Washington, D.C. In addition to the senior Loan with Corus, the borrower closed simultaneously on a $12 million mezzanine loan with Lehman Brothers. At the time of closing, the project was approximately 60 percent complete.The project is being developed by a joint venture between Monument Realty and its investor partners, MacFarlane Partners and Lehman Brothers. The project will include 261,000 net rentable square feet of Class A office space, 13,000 net rentable square feet of retail space, and three levels of underground parking. The office building will be a part of Monument Realty’s “Half Street” project, which is planned to include additional retail, residential and hotel components.

 
Recent Hospitality Headlines
Las Vegas Sands Puts Kibosh on Kansas Casino Proposal
July 23, 2008
Ten months after submitting a proposal to the Unified Government of Wyandotte County/Kansas City for the development of a $750 million resort casino, Las Vegas Sands Corp. has taken itself out of the game with the abandonment of its bid for a gaming license in Kansas.
ABA Breaks Ground on $25M Hyatt Place in Roseville
July 23, 2008
ABA Development broke ground today on the $25 million six-story, 151-room Hyatt Place in Roseville, Calif.
Diamond Resorts to Acquire Bluegreen Corp.
July 22, 2008
Resort giant Diamond Resorts International has inked a letter of intent to acquire Bluegreen Corp., which also specializes in resort and vacation properties.
Sheraton Columbia Downtown Hotel Opens
July 21, 2008
Starwood Hotels & Resorts Worldwide Inc. announces the opening of Sheraton Columbia Downtown Hotel in  Columbia, S.C.
Details Emerge for $90M Canadian Casino
July 18, 2008
Plans for a new destination casino in New Brunswick, Canada move closer toward realization as developer Sonco Gaming New Brunswick L.P. divulges details of the mixed-use property.
 

 

REal Talk with Adam Perrotta
July 23, 2008
By Adam Perrotta, News Writer --It appears as though the tide of opinion calling for government aid for the foreclosure crisis has impelled President Bush to drop his opposition to a $3.9 billion housing rescue bill. Whether Bush's reversal was...

Sterling JV Pays $38M for Tampa Apartments Despite Soft Market
July 23, 2008
By Scott Baltic, Contributing Editor -- Sterling American Property Inc., in a JV with The Collier Cos., has purchased the St. Croix Apartments, a 540-unit, gated, resort-style apartment community in Tampa, for just north of $38 million. The seller was...

Trio of Projects to Bring 1.7M SF to Suburban DC
July 23, 2008
By Barbra Murray, Contributing Editor -- The souring economy hasn't altogether dampened development activity. In the Washington, D.C., suburb of Arlington, Va., news has emerged about three new office and mixed-use projects that will bring a total of 1.7 million...

Westcore Sells Vienna Office for $39M
July 23, 2008
By Thomas Peretti, Contributing Correspondent -- Westcore Properties has announced the sale of a Class A Austrian office building. The 125,000-square-foot property sold for $39.2 million (24.5 million Euros) to Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft mbH. The six-story building...

Bush Drops Resistance to Housing Bill; House Expected to Vote Today
July 23, 2008
By Erika Schnitzer, Associate Editor, Multi-Housing News -- Despite his objections over a $3.9 billion provision that would assist communities devastated by foreclosures, President George W. Bush today dropped his opposition to housing rescue legislation. He was previously threatening to...

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...

Know Thy Customer
July 11, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --How well do you really know your customer? Let me put this as simply as I can. If you want to succeed in business you must be in touch with the demands of...

How to K.I.S.S Problems Goodbye
June 27, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Keep It Simple Stupid. One of the most effective ways to order your world is to simplify everything you encounter. The problem is that keeping it simple often becomes very difficult when our...

Does Appearance Matter?
June 20, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --So, do appearances really matter? They shouldn't, but the reality is that they most certainly do. As the old saying goes, "you only get one chance to make a first impression," and often...

Recognizing the Need for Change
June 13, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Since the title of today's column is "Recognizing the Need for Change," I'm going to switch things up a bit and ask you to answer a question posed by me. I first warned...