Real estate investment trusts
Ocwen Asset Investment Corp., a real estate holding company, is purchasing the 22-story glass and marble structure that has been the headquarters of Prudential Insurance Co. of America since 1955. The building, located on the south bank of the St. Johns River in Jacksonville, was once the tallest building in
Real estate investment trusts
Starwood Hotels & Resorts, the nation's largest hotel real estate investment trust, has acquired the 242-room Danbury Hilton Hotel in Danbury, Connecticut, from Danbury Hotel Associates, I.P. for a purchase price of $20 million, or approximately $80,000 per key. The hotel, which has been managed by
Real estate investment trusts
Discussions between Patriot American Hospitality, Inc. (NYSE: PAH) and Marriott International, Inc. (NYSE: MAR) are ongoing to settle a litigation over a proposed merger between Patriot American and Interstate Hotels Company (NYSE: IHC). The United States District Court for the District of Maryland has postponed the start of trial, pending
Real estate investment trusts
Three Fox Valley Venture stores will close this summer, marking the end of the retail chain's presence in the area. The stores in Crystal Lake, Elgin, and Geneva were sold to Kimco Realty Corp. this week, with the real estate company planning to transform the locations into Kmart
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
Hotels and motels
Burnham Pacific Properties, Inc., a California-based real estate investment trust (REIT), has sold its 70% interest in the Beverly Garland's Holiday Inn Hotel, a 255-room hotel in North Hollywood, California, to Rio Vista Development, its former co-owner and operator. The sale, which closed on December 27, 1995, will
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
Financial services
A new investor group, including David Rockefeller, has offered to pay $296.5 million for all the shares of Rockefeller Center Properties Inc., the real estate investment trust poised to take ownership of the iconic landmark. The proposal includes an all-cash offer and would assume about $800 million of the
