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 >>Dubai World Strategically Defaults
November 27, 2009
The Chairman of the “Supreme Fiscal Committee” has indicated that the default of Dubai World was carefully planned. This really is not surprising. As somebody who was in Dubai last year, and saw the hundreds of hollow buildings and the construction up close, it really is not surprising that the party has come to an [...]
Read More >>New Owners Squeeze Market
August 27, 2009
A reader sent me a Globe St. article on a deal in Las Vegas. Panattoni has acquired a 40% finished project at a low price, and has now turned around and began marketing (and selling) buildings which were previously listed for $205 psf for $100. I am posting this because it goes back to what [...]
Read More >>Commercial Real Estate Defaults Rise By 43% In First Quarter
April 1, 2009
Real Capital Analytics has released numbers for the first quarter, and defaults are up 43% to nearly $66B worth of loans. Q4 2008 ended with some $46B of loans in default. According to the article: 3,678 U.S. properties are now listed as in distress The LA Metro area has about $7.5 billion of distressed properties (up [...]
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