La Quinta's hotel franchise and management businesses are trading to Wyndham Worldwide for $1.95 billion in cash, adding 900 hotels to Wyndham's portfolio. Before the transaction closes, La Quinta Holdings will spin off its real estate holdings into a publicly traded REIT that will be named CorePoint Lodging.
Ivanhoe Cambridge has taken a 40% stake in the $2 billion cash acquisition of Pure Industrial REIT by Blackstone Group, according to sources. When the deal closes, the Vancouver-based industrial REIT will go private.
James J. Hanks Jr., a partner at Venable LLP, discusses shareholder issues and the state of the REIT sector's governance. Most REIT management teams are very experienced and stable, he says, which is more important for performance "than a declassified board or an independent board chair."
New York City's 1 million properties had a value of $1.26 trillion for the fiscal year beginning in July, according to tax rolls. That is a 9.4% increase over the previous period, with Brooklyn rising 12% to $335.5 billion.
German grocery retailer Lidl's expansion into the US is slowing, and some projects, such as those in New Jersey, Ohio, Pennsylvania and Virginia, are being abandoned, according to a German newspaper. The retailer, which is also reportedly switching to a smaller-format store from its earlier big-box focus, had planned to open 100 stores in the US.
US housing starts dropped 8.2% to a seasonally adjusted annual rate of 1.192 million units in December -- the largest percentage drop since November 2016, according to the Commerce Department. Multifamily housing starts increased by 1.4% for the month, to a rate of 356,000 units.
The RAAS (Retail as a Service) Local Market at the Mall of America has been highlighting local food and craft good producers since Thanksgiving. The Minnesota retail center will keep doing so through Feb. 4, Super Bowl Sunday, with shoppers able to buy from cookie, nut and other local producers.
Plans to double the supply of US government bonds may cause demand to be exceeded and prompt adverse effects, such as wider credit spreads and falls in the dollar and stock market, warns Deutsche Bank economist Torsten Slok. Other market watchers do not share this view, pointing instead to numerous bullish indicators, including significant retail appetite for bonds.
Related Fund Management, a subsidiary of Related Cos., has made a bid for Ladder Capital Corp., offering $15 per share in cash for the commercial real estate lender. Ladder, which in September had $5.9 billion in total assets and $1.5 billion of book equity, has said it will review the offer.
VICI Properties has rejected a proposal from MGM Growth Properties to combine in a deal in which MGM Growth would buy VICI's outstanding common stock for $19.50 per share. Such a transaction would create one of the largest triple net lease REITs, according to MGM Growth.