- Ken McIntyre on Extending CRE’s Talent Pipeline “Earlier this year, the Real Estate Executive Council, a professional trade association for commercial real estate executives of color, tapped industry veteran Ken McIntyre as its first CEO. In this interview with Commercial Property Executive, McIntyre discusses how REEC and other organizations are helping increase diversity and inclusion within the commercial real estate industry.” (Commercial Property Executive)
- Hawaii’s Reopening May Be Good for Tourism. Is it Good for Locals? “The surge of arrivals — 8,000 of them on the first day pretesting was available — presented an opportunity to test out new protocols for travelers that could help determine how to reopen travel internationally. If Hawaii’s reopening goes well, the belief is that preflight testing could become widespread. And on the islands, if hotels can figure out how to deal with growing occupancy, the same thing could be done worldwide.” (The New York Times)
- Marriott Returns to Profitability as Travel Demand Improved in Summer “The world’s largest hotel operator posted a third-quarter profit of $100 million, or 31 cents a share, compared with a profit of $387 million, or $1.16 a share, in the same quarter last year. The company recorded a $234 million loss for the second quarter, its second-largest quarterly loss.” (The Wall Street Journal)
- Flex-workspace firm Breather has hired bankers to explore options including a sale, and it's a sign of a bigger consolidation push as office demand tanks “Breather, a flexible-workspace firm that carved out a niche renting small spaces for short windows of time, has hired Moelis & Company and is exploring options including a potential capital raise or sale, according to two sources with direct knowledge of the matter.” (Business Insider)
- Americold Grows Footprint With $480M Buy “Americold Realty Trust has acquired Hall’s Warehouse Corp., a third-party logistics company based in South Plainfield, N.J., for $480 million. Hall’s portfolio consists of eight facilities encompassing 1.6 million square feet of industrial space, which includes 545,000 square feet of cooler and freezer components.” (Commercial Property Executive)
- Pop-ups offer potential lifeline to luxury streets “Madison Avenue is known for high-end shops and advertising agencies, not pop-up retail. But as the saying goes, any port in a pandemic.” (The Real Deal)
- Citi Refinances Spitzer’s 420 Kent Avenue With $388M CMBS Loan “Eliot Spitzer’s Spitzer Enterprises has sealed a $388 million refinance for its luxury waterfront property at 420 Kent Avenue in Williamsburg, according to sources familiar with the deal. Citigroup provided the 10-year, full-term, interest-only CMBS loan in a transaction arranged by Meridian Capital Group, according to sources.” (Commercial Observer)
- A Lockdown With Loopholes: New Virus Restrictions Come Into Force in England “Since the spring, when lawmakers with little dissent ordered people to stay home, the political consensus around lockdown measures has collapsed. As a result, England’s new shutdown rules were shot through with loopholes, and companies openly flouted what relatively lenient restrictions were in place.” (The New York Times)
- Blackstone Doubles Down on ESG with New Hire “Blackstone is setting a new tone in its commitment to ESG. The firm has hired Eric Duchon as global head of real estate ESG, a newly created position. In this new role, Duchon will work with Blackstone’s global real estate asset management teams to build and scale existing environmental, social and governance efforts. He will also work with portfolio companies on sustainability, diversity and inclusion issues.” (GlobeSt.com)
- Multifamily Rents Declined at Record Pace in Q3 “After multifamily held up reasonably well in Q2, national asking and effective rents declined at a record pace in the third quarter, falling by 1.8% and 1.9%, respectively, according to Moody’s Analytics REIS. That is the largest quarterly decline since 1999 when the company began publishing quarterly data. Before 2020, the most significant decrease occurred in Q4 2001—right after 9/11.” (GlobeSt.com)
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