Commercial News for 9/2/10
WSJ.com: Commercial Real Estate
New Resorts Owners Roll Dice
Morris Bailey and Dennis Gomes are paying $35 million for Resorts Atlantic City, at a time when gambling revenue is declining and customers are being siphoned off to Pennsylvania venues. Citigroup Gets Burned in the Caribbean
The bank is selling its mortgage on the Viceroy Anguilla to Starwood Capital Group at a hefty discount, the latest example of capitulation by a bank that has nursed a troubled real-estate project for years. Corio's Turkish Strategy Stumbles
The Dutch company's expansion has yielded disappointing results due to the weak economy, competition and the difficulties of exporting Western shopping concepts to a country steeped in different traditions. Help for Hyatt Isn't Enough
A Jacksonville hotel missed paying its mortgage despite $5 million in help from the Hyatt chain. Kerry Buys Luxury Hong Kong Site
Kerry Properties bought a luxury residential site in Kowloon Tong for a higher-than-expected price at a government land auction. Simon Closes Purchase of Prime Outlets
Simon Property Group said that it closed on its acquisition of Prime Outlets, which had come under FTC scrutiny for possible antitrust concerns. On Horizon, New Manhattan Skyline
The approval of an office tower near the Empire State Building is a reminder that New York is poised for a wave of new skyscrapers -- if the economy cooperates. |
