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May-18, 2012
Hilton Atlanta Goes on the Market
Atlanta Business Chronicle
Atlanta’s third-largest hotel is for sale, perhaps signaling a wave of properties coming on the market this year. The 1,242-room Hilton Atlanta hotel could fetch between $220 million and $280 million in a deal, according to an industry insider. The 29-story convention center on Courtland Street in downtown Atlanta last sold about five years ago.
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May-18, 2012
Nashville Courts 4-Star Hotel
Nashville Business Journal
To attract a new high-end, full-service hotel downtown, Nashville officials are dangling millions of dollars in public financing in front of developers.
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May-14, 2012
Caviar Condos Set to Flood Toronto Market
Reuters
Five months after buying one of Toronto's new luxury hotel condominiums, Oliver Baumeister is girding for a glut of suites like his to hit the market as the biggest names in the hotel business open hundreds of units in Canada's largest city.
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May-11, 2012
Hotel Developer Jeffrey Wirth Pleads Guilty to Evading Federal Taxes
St. Paul Pioneer Press
Twin Cities waterpark developer Jeffrey Wirth has pleaded guilty of conspiring to evade paying federal taxes just about a week after his ex-wife admitted filing a false tax return. Wirth, 53, had been scheduled to go to trial at the end of the month.
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May-14, 2012
441 Stuart St. Could Fetch $40M in Sale
Boston Business Journal
More than 100 developers have toured 441 Stuart with an eye towards converting the vacant space on the upper floor to apartments, offices, or a hotel, according to commercial real estate sources familiar with the transaction. Local and national development teams as well as international capital are chasing the deal, sources said. The search has been narrowed to four development groups and a purchase and sale agreement could be signed by the end of May, sources said.
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May-09, 2012
South Florida Breaking Tourism Records
Sun Sentinel, Fort Lauderdale
South Florida's key tourism industry set records in 2011 and is surpassing those highs this year, but new numbers show that the area's three counties differ widely in how much their average visitor spends.
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May-02, 2012
What $1,000 a Night Gets You
The Wall Street Journal
Get ready for more luxury hotels to charge $1,000 a night for a room. Paying that price won't snare you a special suite—just an entry-level room. Several companies specializing in smaller, ultraluxury hotels with high-season rates nearing—or breaking—the $1,000 mark are expanding.
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May-01, 2012
Sternlicht Says Debt ‘Bubble’ in U.S. Property Like 2007
Bloomberg
Competition to buy high-quality commercial real estate has led to a debt “bubble” in some U.S. property sectors, said Barry Sternlicht, chief executive officer of Starwood Capital Group LLC.
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May-02, 2012
Deal Is Near to Develop Willets Point
The Wall Street Journal
The Bloomberg administration is nearing a deal with the Related Cos. and a real-estate firm controlled by owners of the New York Mets to build a retail and residential development on a gritty swath of Queens near Citi Field, according to people familiar with the matter.
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May-01, 2012
Chicago's Spire Remains Hole in the Ground
The Wall Street Journal
The rubble-strewn Chicago lot where North America's tallest residential and hotel building was to have been built is turning into an international money pit. Four years after construction stopped, leaving only a big foundation dug to support the planned 150-story Chicago Spire, an Irish government agency that subsequently bought the soured debt as part of the country's bank bailout still holds the loan on its books, according to people familiar with the property.