Bloomberg

While the deal has yet to price, the CMBS financing for the building is being seen as a bold vote of confidence for office demand in a large city’s central business district, observers say.

For many new hotels, the decision to open is one that’s been years—and millions of dollars—in the making.

The company has been in early discussions with potential advisers about fundraising options.

“We are being patient with our capital, but we expect the pace of investment to increase over the next 12 months as opportunities present themselves,” said CEO Bruce Flatt.

Almost 14 percent of mortgage borrowers in Miami, and 12 percent of those in New York were at least 30 days behind on their payments in May.

Firms with fewer than 500 employees account for 44 percent of U.S. economic activity and employ almost half of U.S. workers.

The company plans to sell 13 North American land sites in October.

David Simon doesn’t know how long it will take for the company to recover from the economic fallout of COVID-19.