MHI Hospitality Corporation announced today that the Company received the Stakeholder of the Year Award for the Crowne Plaza Hampton Harborside. The award was presented by the Downtown Hampton Development Partnership in recognition of a business or individual that contributed significantly to the city’s new development or redevelopment over the past year. The Stakeholder [...]
MHI Hospitality Corporation announced that the Company has completed the acquisition of the 172-room former Radisson Hotel in Hampton, Virginia for approximately $7.75 million, or $45,000 per room. The Company has also entered into a 10-year franchise agreement with InterContinental Hotels Group (IHG) [(LON: IHG) (NYSE: IHG - News; ADRs)] through its franchising entity, Holiday [...]
Concentration in the management sector of the apartment industry changed dramatically in 2006, according to the National Multi Housing Council’s (NMHC) 18th annual ranking of the top 50 apartment owners and top 50 apartment managers. Over the past 10 years, most of the concentration documented in NMHC’s rankings has been among apartment owners, but this [...]
Norm Miller, director of the real estate program at the University of Cincinnati since 1981, will join the University of San Diego’s Burnham-Moores Center for Real Estate as a full professor and director of academic programs this summer.
Miller is co-author of a textbook for graduate-level real estate courses. His research interests include housing trends and [...]
Morningstar FundInvestor has joined the chorus of voices wary of real estate investment trusts.
In its February issue, the newsletter’s editor, Russell Kinnel, writes that REITs “have limited growth prospects and their stock prices have greatly surpassed their fair value.”
In fact, Morningstar’s stock analysts agree that “real estate is far and away the most overvalued asset.” [...]
Commercial real estate investment company W.P. Carey & Co. LLC said Friday fourth-quarter profit more than doubled on revenue from a liquidation after merging two managed real estate investment trusts.
The company’s funds from operations rose to $54.9 million during the quarter, compared with funds from operations of $24.2 million during the same period a year [...]
Northview Hotel Group announced today that it has entered into a joint venture partnership with Behringer Harvard and Five Star Realty to acquire Hawk’s Cay Resort in the Florida Keys. Northview will be managing the property and overseeing a $27 million renovation focused on enhancing the resort’s amenities and guest experience.
Renovation plans include completely remodeled [...]
WHEN BLACKSTONE GROUP bought Equity Office Properties Trust earlier this month for $39 billion, it reportedly broke the record for the largest leveraged buyout in U.S. history.
But the purchase of Equity Office, which until recently was the largest office landlord in metro Atlanta, may have been the peak of a recent wave of private equity [...]
First Industrial Realty Trust, Inc., the nation’s largest provider of diversified industrial real estate, today announced that it has acquired an 88 acre land site strategically located in the Port of Houston. Development plans include two bulk distribution facilities totaling 1.3 million square feet through First Industrial’s Development and Repositioning Joint Venture, FirstCal 1, with [...]
Highland Hospitality Corp., a lodging real estate investment trust, said Monday it expects full-year funds from operations to exceed current Wall Street estimates.
The company projects funds from operations of $1.38 to $1.46 per share for 2007, while Wall Street is looking for $1.36 per share, according to a Thomson Financial survey.
Funds from operations, or FFO, [...]
Highland Hospitality Corp., a real estate investment trust, said Monday its fourth-quarter funds from operations surged 63 percent from the year-ago period, helped by strong operating performances in a handful of real estate markets.
Funds from operations, or FFO, is a key statistic that measures the profitability of real estate investment trusts.
For the fourth quarter, FFO [...]
FelCor Lodging Trust Incorporated, one of the nation’s largest hotel real estate investment trusts (REITs), today announced that it will release its fourth quarter financial results after the close of the market on Wednesday, February 21, 2007, to be followed by a conference call at 10:00 a.m. (Central Time) on Thursday, February 22, 2007. The [...]
