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.

The Five Largest Single-Asset Hotel Transactions of 2004 (1st Half 2004)
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 Chicago 455 April 2004 $88.5 million Host Marriott Mitsui Sumitomo
Sources: Jones Lang LaSalle Hotels


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)
Rouse Co. RSE 36.2 11,390.7
Macerich Co. MAC 13.8 6,963.3
Alexander's Inc. ALX 13.6 1,872.4
Mills Corp. MLS 11.7 6,278.8
Taubman Centers Inc. TCO 11.6 3,962.4
Source: SNL Financial


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.

Metropolitan Magnets for Immigrants and Domestic Migrants 1995-2003
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
4. Chicago 527,651 -525,974
5. Miami 493,056 -162,715
Magnet Metros for Domestic Migrants Migration Immigrants Net from Abroad Domestic
1. Phoenix 224,305 387,482
2. Las Vegas 98,813 368,434
3. Atlanta 258,889 338,015
4. Dallas-Fort Worth 386,647 212,758
5. Tampa-St. Petersburg 99,097 206,223
Source: William H. Frey analysis of Census 2000 and U.S. Census Bureau Population Estimates