Property Types Hospitality
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 Hospitality Headlines
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.
Holiday Inn Signs 203 Hotels in First Half of 2008
Aug. 26, 2008
Holiday Inn and Holiday Inn Express signed 203 hotels in the first half of 2008. Most of the hotels will be new-build properties, reflecting the brand's relaunch that started last year. Outside of the U.S., Holiday Inn is opening one hotel a day and signing two, while Holiday Inn Express averages two openings per week.
Wyndham to Open 20 Ramada Encore Hotels in South Korea
Aug. 26, 2008
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.
Hospitality Q&A:  PKF Capital's Eaton Says Industry Must Reinvent Wheel
Aug. 26, 2008
With a nearly 80 percent drop in hotel transaction volume compared to last year, many industry observers wonder when hotel sales volume will begin to rebound. Bob Eaton, addressing a conference sponsored by Hospitality Advisors in Honolulu recently, called on the hotel finance industry to “reinvent the wheel.” The executive managing director of PKF Capital, Inc., which provides real estate investment advisory services to the hospitality and leisure industries, recently talked about the environment for hotel financing, and what it will take to break the logjam.
Mohegan Sun First Segment of $925M Mohegan Sun Casino Expansion Wraps Up
Aug. 26, 2008
The Mohegan Tribal Gaming Authority, owner of Uncasville, Conn.'s Mohegan Sun, a 3 million-square-foot casino entertainment destination and one of only two authorized gaming operations in New England, has just completed the first phase of its $925 million Project Horizon expansion endeavor. The new addition to the 240-acre property is the 64,000-square-foot Casino of the Wind, which cost $116 million to complete.
 

 

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...