Power Tools for Commercial-Investment Practitioners

Red Roof Inn economy lodging properties owned by Paris-headquartered Accor S.A., will be sold to a congolomerate involving Westbridge Hospitality Fund L.P. and citigroup Global Markets Holdings Inc. Accor, which acquired Red Roof Inns in 1999 for roughly $1.1 billion, has decided to concentrate on its Motel 6 brand. Accor intends "to increase its 928-property portfolio of Motel 6 destinations with the development of an additional 200 hotels in theU.S. and Canada by 2010."

Posted on April 24 at 01:19 PM | Permanent Link | Add a Comment (0)

Morgan Stanley recently agreed to purchase 13 hotels in Japan from All Nippon Airways Co. for roughly $2.37 billion. The sale of the land, building, and hotel shares is slated to occur on June 1. Hotels to be sold include resort hotels on the southern island of Okinawa and the ANA InterContinental Tokyo. As the Japanese economy recovers and land prices have increased for the first time in many years, "there has also been a hotel-building boom in the country's biggest cities."

Posted on April 16 at 01:38 PM | Permanent Link | Add a Comment (0)

The office space at 7 World Trade Center is filling and financial ratings firm Moody's Corp. has recently expanded its existing lease for office space. The firm committed to a 20-year, 590,000-square-foot lease last September which gave a confidence boost to the WTC revival. Furthermore, it recently added an additional 80,000 square feet. There were doubts about whether the property would be able to attract tenants when it opened in May 2006, yet Ameriprise Financial, ABN AMRO, and Darby & Darby P.C. among others, have made the commitment to support the World Trade Center by leasing space.

Posted on April 10 at 10:33 AM | Permanent Link | Add a Comment (0)