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Yearly Archive2018

Brian Anderson's back in the development business with Ainamalu

The first two homes are nearing completion and are set to close next week,

Source: http://feeds.bizjournals.com/industry_21

Wyndham hotels acquires La Quinta franchise in $1.95B deal

La Quinta (Credit: Wikimedia Commons, La Quinta)

From TRD LA: Wyndham Worldwide Corporation has agreed to pay $1.95 billion for La Quinta Holding’s hotel franchise and management business, further extending its already considerable portfolio of hotels and resorts.

The acquisition includes La Quinta’s 900 managed and franchised hotels, bringing Wyndham to more than 9,000 locations in 75 countries between 21 brands, according to a joint press release.

The deal does not include La Quinta’s real estate assets, which include 315 hotels around the country. La Quinta will spin off those assets into a publicly traded real estate investment trust called CorePoint Lodging Inc.

Wyndham already owns and operates familiar hotel brands including Days Inn, Howard Johnson’s, Super 8, and Ramada.

The company will set aside $240 million to pay taxes incurred in the spinoff. La Quinta CEO Keith Cline has been appointed president and CEO of CorePoint Lodging, which will take effect when the deal completes.

Wyndham will also pay $715 million of La Quinta debt and La Quinta stockholders will receive $8.40 per share.

Blackstone owned La Quinta Holdings prior to 2014, when it took the Texas-based company public. Blackstone previously planned to sell La Quinta.

The acquisition is expected to wrap up in the second quarter.

Source: http://feeds.feedburner.com/trdmiami

Airbnb says loss of thousands of San Francisco hosts won't affect business here

Airbnb deleted 2,080 San Francisco hosts in the final round of the home-sharing platform’s three-stage removal process to ensure all hosts comply with new city registration policies. This new number brings the total number of hosts dropped to roughly 4,680 since last September when the removals began.

All Airbnb hosts were required to register with the city by Jan. 16, 2018 or be removed from the platform in an effort to prevent illegal unit rentals and protect the city’s availability of housing.…

Source: http://feeds.bizjournals.com/industry_21

Skanksa names new CEO of US operations amid shakeup

Richard Kennedy

From TRD NYC: Construction giant Skanska has tapped a new CEO for its U.S. operations, a move that comes as the company faces lackluster profits and undergoes a significant restructuring.

Richard Kennedy has been named CEO of Skanska USA and executive vice president of parent company, Skanska AB, the Sweden-based company announced on Wednesday. He previously served as president of Skanska’s USA Building unit and succeeds Anders Danielsson, who was tapped as president and CEO of Skanska AB in December. Paul Hewins, chief operating officer of Skanska’s building unit, will be taking over Kennedy’s role.

Skanska is shedding some of its less profitable businesses as part of its restructuring, which will result in layoffs of about 3,000 employees, the company said in a separate year-end report on Wednesday. The company reported that its operating profit in 2017 was $657 million, down from the $797 million projected by analysts, the Financial Times reported.

The company indicated on Wednesday that it plans to pull out of the power industry in the U.S. but will focus on other infrastructure projects. Skanska is working on a few major projects in New York City, including the redevelopment of LaGuardia Airport and Moynihan Station.

Source: http://feeds.feedburner.com/trdmiami

Lennar buys Horseshoe Lake development site in Davie

Development site and Lennar’s Stuart Miller (Credit: Google and Lennar Corporation)

Lennar Corp. just paid $9.65 million for a 30-acre townhome development site in Davie.

Property records show Griffin BC Land, an affiliate of a partnership between MG3 Development Group and ESJ Capital Partners, is the seller. The vacant land, which sits on the south side of Griffin Road between 58th Avenue and 61st Avenue, traded hands for about $352,200 per acre.

MG3 principal Hernan Leonoff said via text that the site was approved in October for the construction of 180 townhomes, as part of a project called Horseshoe Lake.

This isn’t the first time developers who have owned the site pass the baton. In 2007, the property was approved to be a mixed-use project with 204 apartments, offices and retail, called Trotters Chase, according to the Sun Sentinel.

Records show MG3 Development Group and ESJ Capital Partners paid $5.7 million for the site in 2012. Trotters Chase LLC, led by Frank J. Amedia, was the seller at that time.

Last month, Lennar Corp. dropped $7.5 million for another townhouse project in Fort Lauderdale, called Reserve at Edgewood. The Miami-based developer is in the midst of merging with CalAtlantic Group, in a deal valued at $5.7 billion.

Source: http://feeds.feedburner.com/trdmiami

Our view: What would happen if San Francisco was more like Seattle?

San Francisco and Seattle aren’t officially sister cities, but they might as well be: Two wealthy, tech-based metropolises on the West Coast, renowned innovation hubs, equally notable for educated, engaged, left-leaning citizens.

Where we diverge mightily, however, is on housing. Seattle, with a population a quarter smaller than San Francisco’s, produced roughly twice as much housing over the last decade, most of it in the form of apartments. What’s more, Seattle has recently gone into hyperdrive:…

Source: http://feeds.bizjournals.com/industry_21

This banker says Amazon HQ2 is good for Seattle

Amazon announced Thursday its 20-city short list for a $5 billion investment in a second headquarters. Whether that lets the air of Seattle’s housing market, here’s why the CEO of Washington Bankers Association said that could be a good thing.

Source: http://feeds.bizjournals.com/industry_21

Zom buys land, scores construction loan for rental project in downtown Fort Lauderdale

Rendering of Las Olas Walk (Credit: Zom Living)


Zom Living just paid $33 million for land along Federal Highway in downtown Fort Lauderdale, where it plans to build a 456-apartment project, property records show.

Las Olas Company, a major property owner along the boulevard, sold the 17-parcel site between Southeast First Street and Southeast Second Court, on the east side of South Federal Highway. The company, managed by developer Michael Weymouth , started investing in the properties as early as the 1970’s, records show.

On the site, Zom will build Las Olas Walk with two 8-story buildings connected by walkways, according to a press release. The project will also include 14,000 square feet of amenities on its ground floor and a 20,000-square-foot rooftop deck on the south building. Zom also plans to build a parking garage, according to a notice of commencement filed with Broward County.

In total, the land encompasses nearly 150,000 square feet or 3.4 acres. The project is scheduled to break ground in the second quarter of 2018, according to a press release.

Records show the Orlando multifamily developer scored a $91 million construction loan from PNC Bank.

Just last week another developer also invested in downtown Fort Lauderdale, with plans for an apartment project. A partnership between Silverback Development and Bizzi & Partners Development paid $12 million  for the site of their planned mixed-use luxury rental tower, New River Central.

Source: http://feeds.feedburner.com/trdmiami

Photos: Look inside Houston's top 10 most-expensive homes sold in 2017

2017 was a good year for Houston’s residential market, with some local Realtors scoring multimillion-dollar deals last year.

The most-expensive home sold in 2017 was the Emerald Lake Estate at 37307 Diamond Oaks Drive in Magnolia, according to the Houston Association of Realtors. It sold for between $17 million and $18 million — the next most-expensive sales price was between $8 million and $9 million.

Take a photo tour of the top 10 most expensive homes sold in 2017 in greater Houston by…

Source: http://feeds.bizjournals.com/industry_21

A hot housing scene loses some steam; Smaller gains across Austin area in 2017 reflect 'a more stable market'

Houses spent 71 days on the market last month, 10 days more than December 2016.

Source: http://feeds.bizjournals.com/industry_21

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