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Mar-08, 2012
Chinese Replace Europeans Funding New York Properties
Bloomberg
Bank of China Ltd. increased its loans outstanding on U.S. properties fivefold to $2.6 billion since 2008, with most of that growth in New York, according to Trepp LLC, a mortgage data provider. The bank agreed last month to refinance the Mandarin Oriental hotel in Columbus Circle owned by Dubai’s Istithmar World PJSC. The Beijing-based state-backed bank is making inroads after European lenders including Anglo Irish Bank Corp., pulled out of the market, Commerzbank AG (CBK)’s real-estate lending unit stopped competing, and Societe Generale (GLE) SA pared assets.
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Mar-30, 2012
Marriott May Sell Edition Hotels to Fund Brand Expansion
Bloomberg
Marriott International Inc. (MAR), the largest publicly traded U.S. hotel chain, may sell its three Edition properties to fund an expansion of the boutique, luxury brand, incoming Chief Executive Officer Arne Sorenson said.
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Jan-04, 2012
A Convention Center at Aqueduct Is Urged
The New York Times
One of Manhattan’s most desirable real-estate assets was at the center of Gov. Andrew M. Cuomo’s proposal Wednesday to build the country’s largest convention center at a racetrack-casino in Queens.
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Mar-27, 2012
Sheraton Fort Worth Hotel files for bankruptcy
Fort Worth Star-Telegram
The owners of the Sheraton Fort Worth Hotel have filed for bankruptcy protection to avoid a possible foreclosure as lenders wage a legal battle over the property.
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Mar-25, 2012
Strong fundamentals for hotel market
The Washington Post
Travel and tourism have long been mainstays of the Washington economy, which has helped the local hotel market to outperform national averages. Key indicators for the hospitality industry, such as visitor counts, convention-meeting attendance and airline passenger counts have been relatively strong, pointing to continued health for the local market.
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Mar-24, 2012
Trump’s tower of trouble: anatomy of a financial fiasco
The Miami Herald
For Donald Trump, it was a stunning landmark of the 21st century: a luxury high-rise shaped like an ocean liner and bearing his name that would turn Fort Lauderdale Beach into an international draw.
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Mar-22, 2012
Moinian circles 1150 Ave. of Americas
New York Post
Luxury hotel developer Morris Moinian is closing on his $39 million purchase of 1150 Ave. of the Americas today with plans to build a new tower on the site, sources said.
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Mar-20, 2012
Workout for Condo-Hotel
The Wall Street Journal
Last week, a Starwood Capital Group-led venture foreclosed on the 298-unit property with ocean views that was once billed as the Trump International Hotel & Tower, Fort Lauderdale. After the venture formally takes control as expected next week it can finally open or sell the property, which got so close to completion that it now has water in its swimming pool and furniture in its lobby.
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Mar-20, 2012
Blackstone Said to Buy Most of Parc 55 in San Francisco
Bloomberg
Blackstone Group LP (BX) invested about $70 million for a controlling stake in San Francisco’s Parc 55, giving the firm its third hotel in the best-performing U.S. lodging market, said two people with knowledge of the deal.
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Mar-13, 2012
Fairmont San Francisco Hotel to Be Sold for $200 Million
Bloomberg
Maritz, Wolff & Co. and Saudi billionaire Prince Alwaleed bin Talal agreed to sell the Fairmont San Francisco hotel after failing to win permission to convert part of the property into residences.