Tokyo-based Seibu Prince Hotels Worldwide plans to acquire Ace Group International, parent company of the Ace Hotel brand and in-house creative agency Atelier Ace, in a $90 million deal slated to close by the end of September.

A company statement said Ace Hotel will operate as a division of Seibu Prince’s newly created U.S. subsidiary, Ace Hotels Worldwide, retaining its brand independence. Seibu Prince CEO Yoshiki Kaneda, whose company operates 86 primarily Asian hotels along with 31 golf courses and 10 ski resorts, called the Ace Group deal an important milestone in efforts “to become a truly global hotel group with Japanese roots.”

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All 14 Amazon Fresh locations in the United Kingdom are set to close, just five years after Amazon launched the tech-enabled grocery stores in that country, marking a brick-and-mortar retreat for the e-commerce giant.

Seattle-based Amazon said it has begun consulting with employees regarding plans to close the U.K. stores and convert five locations to the company’s Whole Foods Market brand. Amazon said its decision to shut the entire portfolio of U.K. Fresh stores was part of plans to take advantage of “very substantial growth opportunities” in online grocery delivery in that region.

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The Champs-Élysées, the Paris avenue known worldwide for its shops, restaurants and other attractions, has joined other iconic thoroughfares posting a marked retail recovery from the pandemic with new store openings and expansions, according to analysts at Newmark.

A new study from the brokerage said high-profile retail corridors of Paris, London and New York began to experience recovery in 2021, and that trend is now accelerating with the help of foreign tourists. Luxury brands, sportswear sellers and other retailers are looking to focus on the best locations to establish new concepts, spurring a sharp decline in vacancies.

Business Immo>>

Non-performing loans for German commercial real estate rose from €8.4 billion in 2023 to €10.3 billion in 2024, according to the latest “Germany Debt Project” report from the International Real Estate Business School. Non-performing loan volumes for all types of properties reached their highest level in more than 10 years.

The report said Germany’s non-performing balances for residential real estate, resulting from loan delinquencies, grew from €2.8 billion in 2023 to €3.6 billion in 2024. Researchers compiled data on property loans totaling €250 billion in volume, with 20 German financial institutions participating in the study. 

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Real estate developer Sightline Properties filed plans for a major development project that could add nearly 2,000 multifamily units near the Renfrew SkyTrain station in East Vancouver at a time of increased rental development in the area.

The Vancouver-based firm filed plans with the city for a transit-oriented development that would include four towers ranging in size from 39 to 45 stories. About 20% of the floor area would be reserved for below-market rental units to make the project affordable to lower- and moderate-income residents. The proposal comes as multifamily vacancy rates are rising across Greater Vancouver amid an unprecedented surge in rental development.

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Global drugmaker Eli Lilly plans to build a $6.5 billion manufacturing facility in the Houston area, the latest part of its U.S. industrial development push after the Trump administration said it would place tariffs on pharmaceuticals and some other imported goods.

The Indianapolis-based company selected Houston’s Generation Park after applying for various state incentives and looking at more than 300 potential sites throughout 40 U.S. states, executives said during a press conference with Texas Gov. Greg Abbott. The 1 million-square-foot campus is expected to be up and running in the next five years. 

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This report was compiled from CoStar’s news publications in the United States, United Kingdom, Canada, France and Germany.