A $2 billion plan to transform an industrial swath of downtown Los Angeles into one of the region’s largest housing developments is nearing a pivotal moment.
During the early 2010s, the city of Inglewood, California, was experiencing significant financial difficulties. Following the Great Recession of 2008, the unemployment rate reached 17%, with 22% of residents living below the poverty line, per the 2010 U.S. census. Average market asking rents were 17% lower than in the rest of the Los Angeles metro area. Recognizing these challenges, the newly elected mayor advocated for targeted entertainment investments, starting with $18 million to renovate The Forum, known today as the Kia Forum. That project marked the beginning of a transformative era that has significantly reshaped Inglewood’s landscape to what it is today.
San Francisco-based nonprofit developer Bridge Housing and investment firm Avanath Capital Management are partnering to create a jointly owned property management company for affordable housing.
Atlanta is looking for developers to create a mixed-use complex with affordable apartments, small businesses and local retailers along the popular 22-mile Beltline walking path that circles the city’s center.
Merrimac Ventures and Aria Development Group have completed vertical construction on 600 Miami Worldcenter, a sold-out 32-story condominium tower in the new downtown neighborhood of the same name.
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.
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.
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.
Rio Capital Investments, a West Coast-based real estate investment manager, acquired a 97-unit apartment complex in Burien, Washington, from L5 Odyssey — a joint venture between Odyssey Properties Group and L5 Real Estate Investments.
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.
The French State has put up for sale a property complex on which the City of Paris waived its right of first refusal last August. The property, with a net floor area of 2,113 m², is located in the Marais district, at 5/7 rue de Montmorency, in the 3rd arrondissement.
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.
