- InterContinental Hotels to Buy Kimpton for $430 Million “InterContinental Hotels Group Plc (IHG), owner of the Holiday Inn and Crowne Plaza brands, agreed to buy Kimpton Hotels & Restaurants for $430 million, gaining a boutique chain with high-end properties in cities across the U.S. Kimpton, established in 1981, is the largest independent boutique hotel operator and restaurant company in the U.S., with 62 properties in 28 cities, InterContinental said today in a statement.” (Bloomberg)
- Kimco Buys Out Blackstone in 39-Property Portfolio “Kimco Realty Corp. has acquired the remaining 66.6 percent interest in the 39-property Kimstone portfolio that it originally owned with a joint venture partner, a subsidiary of Blackstone Real Estate Partners VII, for $925 million. According to the deal, Kimco will pay approximately $512.3 million to acquire BREP’s interest.” (Commercial Property Executive)
- NYC Multifamily Sales Surpass $1B for Second-Straight Month “New York City multifamily sales went over the $1 billion mark in October for the second-straight month. According to a monthly report from Ariel Property Advisors, dollar volume for multifamily deals climbed to $1.2 billion for the month – up 59 percent year-over-year from $735.8 million. This marked the fourth month in 2014 that deals surpassed $1 billion.” (The Real Deal)
- Moody’s Zandi: Why U.S. Economy Will Do Even Better Next Year “Growth should accelerate in 2015 as higher wages spur more spending, construction and investment. The sharp fall in oil prices will slow energy production but still be a net gain for the economy. How fast the Federal Reserve raises interest rates, and how markets respond when they do, will be key to the coming year's economic story.” (The Street)
- WeWork: Now a $5 Billion Co-Working Startup “WeWork Companies Inc., a provider of shared office space, believes it can be as transformational to its industry as upstarts like Airbnb Inc. and Uber Technologies Inc. are in travel and transportation. The four-year-old company, which divvies up rented office space and sublets largely to startups, said on Monday it closed a $355 million funding round.” (The Wall Street Journal)
- Pacific Park Breaks Ground at Former Atlantic Yards Site “Mayor Bill de Blasio joined developers and representatives of the Chinese government Monday to break ground on a residential building at the development site formerly known as Atlantic Yards. The units, when completed, will be 100% affordable, although most will be available to families earning well above the median income for the area....” (Crain’s New York Business)
- Caesars Said Planning to Skip Bond Payment amid Bankruptcy Talk “Caesars Entertainment Corp. (CZR) plans to skip a $225 million interest payment to junior creditors of its biggest unit today as it looks to wrap up a debt restructuring agreement with senior bondholders, according to two people with knowledge of the company’s strategy. The most indebted U.S. casino operator will enter a 30-day grace period to make the coupon payment to owners of $4.5 billion of 10 percent of second-lien notes due December 2018.” (Bloomberg)
- Long Island Industrial Land Prices Spike 60 Percent in 2014 “According to JLL, property investors looking for profitable sites to develop continued to generate an impressive volume of Long Island industrial sales in the third quarter of 2014, particularly in Queens. The heavy interest has boosted industrial property values in New York's largest borough, with the average price up 60.0 percent year-over-year.” (World Property Journal)
- Amid Hot Real Estate Climate, Houston Investment Firm Mulls Developing Lots in Katy “The 157-acre site is located less than 5 miles from Bridgeland, an 11,400-acre master-planned community being developed by The Howard Hughes Corp. (NYSE: HHC). The land, zoned to Katy Independent School District, also is adjacent to a 3,600-acre site where California-based Newland Communities plans to develop a new master-planned community called Elyson.” (Houston Business Journal)
- Legal Pot Boosts Colorado’s Commercial Real Estate “The most visible pot real estate is the retail space in strip malls around the metro area that has gone to house dispensaries, with new operations going up throughout the year as various Colorado cities approved the sale of recreational pot. But the sector of commercial real estate that has felt the biggest impact is industrial properties.” (Albuquerque Business First)
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