Starwood Hotels & Resorts Worldwide, announced today that the sale of the iconic 219-room Turnberry Resort, Ayrshire, Scotland, to Leisurecorp, the Dubai World company, for £55 million (approximately USD$100 million), has been completed. Starwood has entered a 50-year management agreement to manage the hotel and after an extensive £30 million (approximately USD$49 million) restoration, [...]

Ballymore, the leading international property development and investment group, is pleased to announce the opening of the 5 star Kempinski Hybernska in central Prague. The hotel was constructed by Ballymore through the painstaking restoration of a 17th century listed building. It comprises 9,000 sq metres (100,000 square feet) and includes 75 luxury rooms and suites.
Pavel [...]

As we all know Ayala is one of the world’s largest leading company in hospitality business. The Ayala group has recently established a new company. it’s called Greenhaven Property Ventures, with the total initial capitalization of P850 million. Greenhaven, as it written on the documents filed with the securities and exchange commission, will purchase, develop, [...]

Apartment rents need to jump sharply or sales prices must plummet further before the market reaches a balance, says Dick Ayres, convener of the Auckland CBD Apartment Investment Group.
He said rents needed to rise before savvy investors could justify some of the prices being demanded by vendors.
Ayres was responding to an article in yesterday’s Business [...]

Gov. Rod Blagojevich’s administration has ordered private developers not to talk about plans for a huge new resort near Pinckneyville until Blagojevich himself can announce it, sources say.
Some lawmakers who support the project say that public relations directive could be endangering the proposal.
“People have asked, ‘If these (developers) are credible, why don’t they answer the [...]

Starwood Capital Group today announced that the recently launched “1” Hotel and Residences, the world’s first luxury, eco-friendly global hotel brand, will open New York City’s first five-star green hotel on West 40th Street in Manhattan, across from Bryant Park. The “1” Hotel and Residences will be part of a proposed 31-story mixed-use green tower [...]

A New York hospitality company has agreed to open a trendy, Mondrian hotel in a development proposed for the Gold Coast neighborhood.
Morgans Hotel Group Co. has formed a joint venture with Chicago-based M Development Co. to build a 200-room hotel at 1118 N. State St.
The new, 250-foot building would replace the Cedar Hotel, but preserve [...]

New condominium buildings — they’re not just for downtown, Belltown, Capitol Hill and Ballard anymore.
Developers say commercial areas in many Seattle neighborhoods could see more condos in coming years — a prediction that worries some residents.
Sapphire, in Greenwood, and Fini, in Phinney Ridge, are two of the fastest-selling new condominium buildings. They offer new homes [...]

PARIS - Carrefour, the European answer to Wal-Mart and the world’s second-largest retailer, is in play.
It is a classic story, involving generational tensions, a senior executive summarily dismissed and pressure from powerful investors hunting for profit. But it is also a very French story because the value of the treasure at the tale’s core — [...]

Blackstone Group LP, the leveraged buyout firm that spent about $160 billion on acquisitions during the past two decades, earns higher returns from investing in real estate than from its takeover funds.
Real estate has been New York-based Blackstone’s best- performing investment since the company started buying property 16 years ago, with net returns averaging 29 [...]

Six major U.S. port operations will come under U.S. ownership after Dubai Ports World cleared a $50 million hurdle Friday to end a yearlong political conflict over security at the nation’s cargo terminals.
DP World, based in United Arab Emirates, agreed in December to sell its U.S. ports operations to AIG Global Investment Group, following months [...]

Wall Street will get its first taste of a publicly traded hedge fund Friday when Fortress Investment Group LLC sells shares in an initial public offering valuing the alternative asset manager at $7.38 billion.
The New York-based funds of funds, which manages $29.9 billion in assets, is the first of its kind to go public in [...]