Westbrook Partners Gets a Deal on Four Seasons
March 22, 2010
Westbrook Partners has moved in to the aid of Millennium Partners, including the San Francisco Four Seasons which was in foreclosure. The deal is seemingly a good one for Westbrook but what this deal signals is that the market was shifting. Banks, which for some time were unfit and/or unsure of what to do with [...]
Read More >>Sheraton in Pleasanton Sold for $12.3M
February 11, 2010
About a year ago we reported on the default of the Sheraton in Pleasanton. The hotel has now changed hands to a group of investors for $12.3M, or $72K per key (170 rooms). The buyers, a partnership of Sethi Enterprises and Kapoor Enterprises expects to dump an additional $2m into the asset to upgrade lobbies [...]
Read More >>Closing Up: Ritz Carlton Las Vegas Shutting Doors May 2nd
February 10, 2010
The Ritz Carlton Las Vegas is set to close on May 2nd as a result of lax demand. The hotel is a bit out of the way, but is certainly a very nice resort. The owner of the property is an arm of Deutsche Bank, which has decided to stop funding the resort effective May [...]
Read More >>Prudential U.S. Quarterly Report
January 28, 2010
rudential has put out it’s latest report outlining it’s take on the commercial real estate market. Some bullet points from the report: The recent appearance of positive indicators – economic and otherwise – has turned market sentiment in the commercial real estate sector decidedly more favorable. Widespread distress has yet to materialize, although it should [...]
Read More >>Macklowe’s Back as CMBS Delinquencies Continue To Rise
January 6, 2010
After suffering some pretty big losses over the past two years, Harry Macklowe is back. This time he has teamed up with CIM Group to take control again of the development site on Park Avenue in New York. The partnership between Macklowe and CIM will pay off about $510M of debt on the site, which [...]
Read More >>CMBS Delinquency Rate Continues To Rise; Inland Western Issues $500M CMBS Deal
December 10, 2009
CMBS loans delinquent beyond 30-days now stands at about 4.47% according to Moody’s. The low was reached in late 2007, at .22%. The number is up 46 basis points month-over-month. Hit the hardest is the hospitality sector, where the delinquency rate is at 7.8%. In other news, JPMorgan sold off $500M of CMBS for Inland [...]
Read More >>HNN Compiling List of Funds Targeting Hotels
November 19, 2009
HNN has begun to compile a list of funds seeking to invest in hospitality assets. The list compiled so far indicates that there is about $38B out there chasing hotels, though some $20B of that comes out of of Blackstone and Lone Star. Click the link before to go to the list. Given that hotels [...]
Read More >>Hawaii Uh-Oh: Hotels in Trouble
October 13, 2009
Hawaii will be one of the hardest hit in the hotel sector. The number of hotels in trouble is staggering, and the dollar amounts blistering. During the “boom years”, PE firms and conduits had a voracious appetite for Hawaiian Hotels and their debt, fueling record high prices that were extremely susceptible to even the smallest fall in vacancy [...]
Read More >>Fremont Marriott In Default
October 1, 2009
The 357-key Marriott Fremont has defaulted on a $38.5M loan. The asset, owned by Everest AEW Fremont LLC is about $441K back, on the loan which was originated in May 2007.
Read More >>GI Partners Targeting Hotels
September 30, 2009
Menlo Park’s GI Partners is allocating some $500M to target the troubled hospitality sector. The company intends on targeting both assets and debt. GI Partners was the basis for what is now Digital Realty Trust. The hotel sector has been hit extremely hard. The numbers across the board for hotels, whether its occupancy, average daily [...]
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