Energy giant Imperial Oil plans to offload its Calgary office complex as it looks to cut costs by slashing 20% of its Canadian workforce, eliminating about 900 jobs, mostly in the city.
One of the largest financial institutions in North America is lending a hefty boost to Charlotte, North Carolina's office market after committing to a deal that will more than triple its corporate presence in the area.
The federal government has put on hold some $18 billion in New York infrastructure projects tied to the Hudson River rail tunnel upgrade and Second Avenue subway extension as it reviews how contracts are awarded.
In the 12th arrondissement of Paris, developer Esprimm, founded by Benoît d'Halluin and Emmanuel Basse, has sold an office building to a user. The building is 11-13 rue Hector Malot. It also has an address at 31 boulevard Diderot.
A Buenos Aires-based real estate firm has closed a $130 million loan for a boutique office tower at 512 W. 22nd St. in New York's Chelsea neighborhood, marking a significant U.S. investment by one of Argentina's largest commercial landlords.
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.
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.
