Business Specialties Investment
New Firm to Focus on Hotel Investment
Jan. 08, 2009
Anticipating opportunities to come, Ardent Hotel Advisors, a hospitality management and asset management company, has partnered with Steven Surgent to form Ardent Hotel Investors, a new entity that will invest in hotel properties nationwide.
Dollar Retailing Seeing Good Times
Jan. 08, 2009
The Dow Jones index took something of a dive yesterday, possibly because of ill tidings from the likes of Time Warner and Intel, or the anticipation of bad job market numbers, or maybe because it was time to yo-yo back to roughly where the market started at the beginning of the year. In any case, the Dow was down 245.40 points, or 2.72 percent, while the S&P 500 lost 3 percent exactly and the Nasdaq lost 3.23 percent.
Pending Home Sales, Factory Orders Dip
Jan. 07, 2009
It isn't clear that the days of yo-yoing equity markets have gone away--just wait until the next international shock or surprise bankruptcy--but for the moment the Dow Jones index seems to have mellowed out. It fluctuated above its starting point yesterday and ended up gaining a modest 62.21 points, or 0.69 percent.
CNL, Macquarie Plan $1.5B Global REIT
Jan. 07, 2009
Orlando-based CNL Financial Group and Sydney's Macquarie Group have joined forces for the first time to establish a new global REIT, CNL Macquarie Global Growth Trust Inc., which will pursue opportunities in just about every sector of commercial real estate in various areas around the world. The partners can afford to think big, as the proposed total offering for the REIT is $1.5 billion.
Cushman Report: Even Manhattan Humbled in 2008
Jan. 06, 2009
After a steep decline in office rents and leasing activity at the end of 2008, many owners are attempting to lure tenants with aggressive deals, according to Cushman & Wakefield Inc.’s year-end report on the Manhattan office market.
Construction Industry Faces Hard 2009
Jan. 06, 2009
The equity markets dropped considerably Monday morning, but then yo-yoed around for the rest of the day--small fluctuations, really--and ended up slightly down, for the first time in four trading sessions and the first time this year. The Dow Jones index dropped 76.7 points, or 0.85 percent, while the S&P 500 dropped 0.35 percent and the Nasdaq lost 0.49 percent.
Bibby Takes Over as Grosvenor CEO
Jan. 06, 2009
Andrew Bibby has assumed the role of CEO for Grosvenor Americas, the U.S. and Canadian operations are of private property development, investment and fund management firm Grosvenor Group. Bibby previously served as the firm’s chief development officer.
Markets Start 2009 With Upward Bump
Jan. 05, 2009
Instead of a lackluster lull after the New Year's holiday, investors decided to buy equities on Friday, driving the Dow Jones index up 258 points, or nearly 3 percent. The S&P 500 and Nasdaq were up even more, in terms of percentage: 3.16 percent and 3.5 percent respectively. GM, which recently won a short financial reprieve, led the way by gaining more than 14 percent, though that represented only 45 cents a share.
No Bottom Yet for Residential Market
Dec. 31, 2008
Despite poor consumer confidence and sour housing numbers, U.S. equity markets had a fairly positive day Tuesday, with the Dow Jones index ending up 184.46 points, or about 2.17 percent, and the S&P 500 and Nasdaq up 2.44 percent and 2.67 percent, respectively.
Midwest Industry Hit by Recession
Dec. 30, 2008
Various international tempests and other factors, such as uncertainty over the price of oil, seemed to drive the markets down Monday, but only slightly. The Dow Jones index ended 31.62 points down, or 0.37 percent, while the S&P 500 was off 0.39 percent and the Nasdaq was down more--1.3 percent.
3Q GDP Down, 4Q Expected to Be Worse
Dec. 24, 2008
The quarterly report by the U.S. Department of Commerce on the national GDP is something of a lagging indicator. The fact that the U.S. economy contracted 0.5 percent in the third quarter--July to September--might be worrisome, but it only raises the further question of how much contraction will happen in the fourth quarter.
Fidelity National Wraps Up LandAmerica Buy
Dec. 24, 2008
Fidelity National Financial Inc. has closed on the previously-announced acquisition of LandAmerica Financial Group's two title insurance underwriters, Commonwealth Land Title Insurance Co.and Lawyers Title Insurance Corp.. The total price tag of the deal was some $235 million. Fidelity also bought out United Capital Title Insurance Co.
KBS REIT II Nabs San Jose Office for $35M
Dec. 23, 2008
KBS REIT II has acquired a 142,000-square-foot office building in San Jose, Calif., for $35.7 million. The property, located at 350 East Plumeria Dr., is fully-leased to Netgear Inc., a designer and developer of networking software, which houses its headquarters in the building.
Nike Profits Up, Abbott Acquires Firm
Dec. 18, 2008
In the midst of the doom and gloom topping headlines lately, some small glimmer of light shone through with a report on weekly jobless claims set for release this morning with the indication that jobless claims may have fallen to 558,000 from 573,000, according to a Reuters report.
Fed Cuts Interest Rate
Dec. 17, 2008
Stocks advanced after the Fed cut a key short-term interest rate to the lowest level on record to a range between zero and 0.25 percent, but the excitement wavered this morning as U.S. stock futures appear to be returning to their dismal status quo today, according to CNNMoney.com.
Rate Cut Expected Today
Dec. 16, 2008
Investors await several economic indicators today including the consumer price index and housing starts data as well as news from the Fed regarding interest rates and the central bank, Reuters reported. The Fed is expected to lower interest rates closer to zero and point toward emergency tools it could deploy to end a year-long recession, the report stated.
Fund Snags 2 More Student Housing Assets for $64M
Dec. 15, 2008
Place/BV Student Housing Fund L.L.C., a joint venture of Place Properties and Blue Vista Capital Management, has put a total $64 million investment in two more student housing developments, one in Arkansas and one in Nevada. Both communities will open next summer.
Industrial Output Sags
Dec. 15, 2008
According to the Federal Reserve, U.S. industrial production decreased 0.6 percent in November compared with October, with a number of sectors' output declining, but especially cars. Manufacturing of motor vehicles and parts fell 2.8 percent in November compared with October, when it was down 3.6 percent from. Year-to-date, auto production is down 21.4 percent.
Ruffin to Pay $775M for Vegas Strip's Treasure Island
Dec. 15, 2008
MGM Mirage has agreed, through its wholly owned subsidiary The Mirage Casino-Hotel, to sell the Treasure Island Hotel & Casino on the Las Vegas strip to Wichita-based Ruffin Acquisition L.L.C. for $775 million.
Federal Reserve Starts Meeting Today, May Cut Rates
Dec. 15, 2008
A two-day meeting of the Federal Reserve begins today with expectations that it will cut the fed funds rate by a half-percentage point to 0.5 percent, according to CNNMoney.com. The U.S. automakers bailout still tops the news as top government officials said over the weekend that they might use taxpayer dollars set aside to bail out banks and Wall Street firms to keep troubled U.S. automakers out of bankruptcy, according to the CNNMoney report.
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