A New York-based real estate company has bought two industrial outdoor storage properties near Chicago as part of a $700 million joint venture with JPMorgan.
Extended Stay America has secured a $1.9 billion loan commitment to refinance 220 properties across 33 states, marking a significant bet by lenders on the extended-stay hotel sector even as performance metrics decline industrywide.
Hitachi Energy said it will invest $270 million to expand its transformer factory in Varennes, Quebec, a move expected to nearly triple the plant’s output and create more than 500 new jobs.
Last January, Hemisphere launched its urban logistics platform, Hemisphere Urban Logistics Aggregation (Hula), and secured a mandate from a foreign investor targeting €500 million in acquisitions over the next two years.
The ongoing diplomatic tension between Ottawa and Washington appears to be benefiting hotel owners as more Canadians who may have planned to vacation in the U.S. are instead choosing domestic destinations for their vacations, leading to an increase in demand for hotel rooms across the country.
Prologis chief executive and co-founder Hamid Moghadam says energy has become almost as important as location in deciding where major logistics schemes are developed.
MANCHESTER, England — While hotels broadly face challenges in terms of demand and increasing costs, there is significant interest from banks and other lenders to deploy their capital in the space.
The trade union German Civil Service Association acquired the 167-room Park Plaza Wallstreet Berlin Mitte from Union Investment for €36 million [$42.3 million], or approximately €215,600 per key, according to a news release.
L'Étoile du Nord Foncière is enjoying life in Belgium's capital. Having recently signed a contract for the headquarters of the Nagelmackers bank in Brussels, the Caisse d'Epargne et de Prévoyance Hauts de France real estate company last week acquired the premises of a future upmarket hotel.
The macro picture for the hotel industry is getting increasingly difficult with weaker demand and increasing costs, and that can create less-than-ideal circumstances as hoteliers navigate budget season.
For more than two years, the saga of two large hotels — Parc 55 San Francisco and Hilton San Francisco Union Square — have defined the broader outlook on San Francisco as an investment market.
London's Waterman House offices will become a 78-room hotel after Berlin-headquartered group Amano bought the property for circa £20 million with London-based investment firm Excellion Capital.
Investment firm PGIM Real Estate has increased its lending to a portfolio of five UK logistics properties owned by a Valor-QuadReal joint venture to £119 million after providing an additional £40 million.
Tishman Speyer continues to invest in the French industrial and logistics sector. It has signed its second asset in France. This is a 40,000 m² warehouse located in Le Plessis-Belleville, in the Oise region.
Roche Dubar, acting on behalf of its Foncière Entreprises 24 subsidiary, has signed a contract for a logistics warehouse at 13 rue du Morellon, in Saint-Quentin-Fallavier, Isère. Located in the Chesnes business park, this 5,000 m² asset is fully leased to two tenants. It is fully let to two tenants.
