- GM Planning US$5.4B Investment in U.S. Factory Improvements “General Motors plans to spend $5.4 billion to improve its U.S. factories during the next three years, creating about 650 new jobs. The company gave details of $783.5 million of the investments April 30 and says the rest will be announced in the coming months.” (The Associated Press)
- Downtown REIT Going Public “Apple Hospitality REIT has announced formal plans to go public and list its shares on the New York Stock Exchange. It expects the market listing to begin around May 18, according to its filings with the Securities and Exchange Commission. The listing, which remains subject to NYSE approval, would be under the ticker symbol ‘APLE.’” (Richmond BizSense)
- Sears Creates Venture with Macerich in $150 Million Deal “Sears Holdings Corp. formed a joint venture with shopping-mall owner Macerich Co., the latest step in the department-store chain’s efforts to wring more money from its real estate. The 50-50 venture is taking over nine Sears properties, all of which are within Macerich malls, according to a statement Thursday.” (Bloomberg)
- Are Big Changes Ahead for Starwood? “Starwood Hotels & Resorts Worldwide Inc.’s decision to explore strategic alternatives to maximize shareholder value was a wake-up call for the hotel sector. Announced during its Wednesday earnings call, the news led industry analysts to believe that all options are under consideration, including a possible sale or the potential for some sort of merger.” (Commercial Property Executive)
- NYC’s No-Longer-Ailing Developers Seek to Retain 1971 Tax Break “An obscure state law enacted 44 years ago giving tax breaks to a struggling New York City real estate industry will expire in June, and a battle is brewing over whether it should live or die.” (Bloomberg)
- Biotech’s Real Estate Boom “And as biotech has boomed over the last few years—the Nasdaq biotech index has more than tripled in the last three—so has real estate in Kendall Square. The neighborhood has been expanding rapidly to keep up. By year end, the capacity of commercial lab space will have increased by 25 percent since 2009.” (CNBC)
- Iconic Dallas Hotel to Get New Life “Hilton Worldwide and Centurion American Development have teamed to reopen the Statler Hotel & Residences, a historic hotel in Dallas that will become part of the Curio – A Collection by Hilton brand.” (Commercial Property Executive)
- Teeny-Weeny Starbucks Opens in NYC “It's a Starbucks, alright, but at about one-quarter the size of a conventional Starbucks and with a seriously scrunched-down menu. Don't look for Frappuccinos here (they take too long to make), or, for that matter, lunchtime salads or sandwiches.” (USA Today)
- Just 4 Words to Describe American Capital Agency “American Capital Agency - as with all the mortgage REITs - is being forced to change the way they do business, and, as usual, the shareholder pays the price.” (Seeking Alpha)
- Robert Durst’s Assets Could Be Frozen by His Brother “The settlement clears the way for Douglas to freeze $74 million of Robert's $100 million assets. Douglas' attorney said his client is thinking about what he should do next. Robert's money stems from a 2006 deal that he made with the family to cut ties with the family's multibillion-dollar real estate business.” (Crain’s New York Business)
0 comments
Hide comments