PROPERTIES ARE ‘IN’ AGAIN
The number of U.S. hotel sales doubled in the first half of 2004 compared with the same period last year. As of June 2004, 58 transactions valued at $10 million or higher were completed, representing 72,886 rooms.
|Property Name||Rooms||Date||Sale Price||Buyer||Seller|
|Hyatt Regency Capitol Hill, Hotel Capital Washington D.C.||834||February 2004||$160 million||Blackstone Group||Strategic|
|Indianapolis Marriott Downtown, Convention Hotel Indianapolis||615||February 2004||$106 million Properties||LaSalle Hotel Partners LLC|
|Ritz Carlton Pentagon City, Street Capital Arlington, Va.||366||May 2004||$93 million||MeriStar Hospitality||Walton|
|Marriott Irvine, Irvine, Calif.||484 Invine, Calif.||June 2004||$92.5 million||MeriStar Hospitality||CIGNA|
|Embassy Suites River East, Life||455||April 2004||$88.5 million||Host Marriott||Mitsui Sumitomo|
|Sources: Jones Lang LaSalle Hotels|
WHAT A MONTH FOR MALL REITS
Buoyed by General Growth's proposed merger with Rouse, the mall sector enjoyed a record-breaking month of August, outperforming by far the general REIT market, which rose 7.5%.
|Company Name||Ticker||Price Change August (%)||Total Market Cap. ($M)|
|Taubman Centers Inc.||TCO||11.6||3,962.4|
PUTTING OUT THE WELCOME MATS
New York and L.A. have been “welcome mat” cities for people moving to the U.S. since the mid-1960s, when current immigration laws went into effect. Established ethnic communities and family connections keep immigrants coming to these cities. But what about domestic migrants? These movers are more motivated by economic concerns and job opportunities, making cities such as Phoenix, Atlanta and Charlotte, N.C., popular.
|Magnet Metros for Immigrants||Immigrants from Abroad||Net Domestic Migration|
|1. New York||1,605,530||-1,511,765|
|2. Los Angeles||1,196,359||-676,213|
|3. San Francisco||613,037||-556,777|
|Magnet Metros for Domestic Migrants Migration||Immigrants||Net from Abroad Domestic|
|2. Las Vegas||98,813||368,434|
|5. Tampa-St. Petersburg||99,097||206,223|
|Source: William H. Frey analysis of Census 2000 and U.S. Census Bureau Population Estimates|