Sheraton remodels in Stockholm, opens new hotel in China The Sheraton Stockholm Hotel & Towers, the largest hotel in the city with 459 rooms, reopened in January after a monthlong $7.5 million renovation.

The hotel's entire lobby level and food and beverage outlets and two guestroom floors were totally remodeled to include a new restaurant, new furniture, carpets and finishes.

A joint venture between New York-based Starwood Hotels & Resorts Worldwide Inc. and Hospitality Europe BV, the 27-year-old hotel will continue to be upgraded through April.

Meanwhile, Sheraton opened its 10th hotel in China last month, the Nanjing Kingsley Hotel & Towers, located in the country's Jiangsu Province. With the opening of the new hotel, the company now offers a total of 4,920 rooms in China.

Jones Lang Wootton completes sale of $79 million office building Brisbane, Australia's MLC Center, one of the city's most recognizable office complexes, sold last month for $79 million in a deal arranged by New York-based Jones Lang Wootton.

The two-building complex totals nearly 400,000 sq. ft. and is close to full occupancy.

Global survey of risk managers reveals unexpected optimism Despite steep losses in bond arbitrage and emerging markets around the world, 675 risk managers at financial institutions in 25 countries remain optimistic, according to a survey by the London-based firm of Shepherd Little.

The survey revealed that European and American risk managers were much more optimistic about economic prospects than their counterparts in Asia and emerging markets. More than half of European and American risk managers surveyed predict that the economic turmoil will be short lived or, at worst, the global economy will experience a short period of slow growth. The findings were virtually reversed in the emerging markets and Asia, where 40% of the respondents say the global economy is already in potentially dire straits.

AAMA testing and standards recognized in Japan The American Architectural Manufacturers Association (AAMA) and the Japanese Center for Better Living have agreed to recognize each others' testing methods and standards for building materials, giving AAMA a foothold in the Japanese building industry.

The agreement, signed recently in San Diego, removes previous trade barriers caused by differing performance standards and certification programs for separate ways of building products.

ProLogis acquires Garonor S.A. of France for $317 million

ProLogis, a global distribution services provider, acquired Garonor S.A., a European owner and operator of distribution facilities located primarily near the Charles De Gaulle Airport outside Paris.

The $317 million acquisition includes 5.25 million sq. ft. of distribution space, which gives ProLogis a leading position in Paris and a solid base in Marseilles, the country's largest port.

Washington, San Francisco and New York top list of best cities Domestic turmoil in both real estate investment trusts and capital markets has created a new wave of opportunity for foreign investors in U.S. real estate, according to a survey released by the Association of Foreign Investors in Real Estate (AFIRE). However, the group says foreign investors are somewhat more cautious about U.S. real estate in 1999 than they were last year.

With more than $22 billion invested in U.S. real estate, AFIRE's members ranked Washington, D.C., New York, San Francisco and Boston as the top four cities for foreign investment, with Chicago and Atlanta tying for the fifth spot.

Levi Strauss and Ralph Lauren open flagship stores in Sydney International retailers Levi Strauss and Polo Ralph Lauren Sport opened new Australian flagship operations in the Sydney Arcade, the first of a new generation of central business district retail/commercial properties expected to open this year.

Located at 400 George St., the Sydney Arcade is a boutique retailing center with a multi-level office tower. The building faces the Pitt Street Mall and is flanked by both King and George streets. The 4,000 sq. ft. development, a project of the BT Sydney Development Trust, is designed to accommodate up to eight flagship stores.

Levi Strauss has committed to approximately 5,973 sq. ft. of retail space, and Ralph Lauren occupies nearly 4,251 sq. ft.