Real estate investment trusts
Equity Office Properties Trust, a Chicago-based real estate investment trust, has announced a $394 million purchase of some of the most prized office towers in Denver and the southeast suburbs. The acquisition includes nine buildings in downtown Denver and the suburbs and four in Albuquerque, and is expected to close
Real estate investment trusts
The stock market continued its upward momentum, setting new records in several key measures. The Dow Jones industrial average jumped 43.10 points to 9,184.94, marking a new high. The technology-heavy Nasdaq composite index also reached a new record, rising 16.73 to 1,903.87, its first
Real estate investment trusts
FelCor Suite Hotels Inc., a real estate investment trust, has agreed to purchase the Embassy Suites on Laclede's Landing as part of an $245 million package of eight all-suite hotels from Starwood Hotels & Resorts, a fellow real estate investment trust. This acquisition is part of a broader
Real estate investment trusts
Patriot American Hospitality, Inc. and Wyndham International have completed the acquisition of the 436-room Wyndham Emerald Plaza Hotel in downtown San Diego, California, for $71.25 million in cash, operating partnership units, and assumption of debt. This acquisition marks the second owned property for Patriot American in the San Diego
Real estate investment trusts
Multiple major companies have announced significant acquisitions and investments across various sectors, including textiles, hospitality, and energy. Willow Creek Apparel Inc. has acquired J.P. Originals, a contract sewing operation in South Carolina, allowing the company to have better control over production and quality. Innkeepers USA Trust has agreed to
Real estate industry
Consumer confidence in the US economy has weakened in the wake of the protracted federal budget, leading to a slight decline in sales of pre-owned homes in November, according to the National Association of Realtors. Although the resale pace was 9.5% higher than in November 1994, the seasonally adjusted
Real estate industry
The year 1995 was significant for the real estate industry, with industry expert Stan Ross of E&Y Kenneth Leventhal noting that it laid the groundwork for a major year in 1996. Ross highlighted key changes in the industry that occurred in 1995 and contrasted them with those expected
Real estate investment trusts
The $1.16 billion offer from an investor group led by Sam Zell to purchase the mortgage on Rockefeller Center's commercial space has expired after the board of Rockefeller Center Properties Inc. refused to accept the terms. The Zell group had proposed a 50 percent stake in the
Real estate investment trusts
Rockefeller Center Properties, Inc. (RCPI), a mortgage real estate investment trust, has signed a letter of intent with Equity Office Holdings, L.L.C., a national office building investment and management company led by Samuel Zell, to secure a $250 million investment for a recapitalization and deleveraging of RCPI. The
Real estate investment trusts
Landsing Pacific Fund, Inc. recently announced its second quarter financial results, marking a notable shift in the company's performance compared to the same quarter in 1994. Despite a net loss of $2,592,000, down from $7,499,000 in 1994, the Fund has made significant strides in
Real estate investment trusts
Daniel M. Neidich, a partner at Goldman, Sachs & Company, has resigned from the board of Rockefeller Center Properties Inc., citing concerns over potential conflicts of interest and fiduciary obligations. Neidich's resignation comes as negotiations towards a sale of the property heat up, with various parties seeking to
Real estate investment trusts
Developers Diversified Realty Corporation, a self-administered and self-managed Real Estate Investment Trust, has announced its second quarter financial results, which exceeded expectations. The company's Funds From Operations (FFO) grew by 32.3% to $12.3 million, or $0.65 per share, a significant increase from the same period
