Subject: Property Management (MGMT)
Manhattan’s Plaza Hotel to Reopen Next Month
Crain's New York Business The 282-room Plaza Hotel in Manhattan is scheduled to reopen on May 20. The property, at 768 Fifth Ave., has been temporarily closed since last March as a result of the coronavirus pandemic. Katara Hospitality, an affiliate ...
Manhattan’s Flatiron Hotel to Reopen in April
The Real Deal The 64-room Flatiron Hotel in Manhattan is set to reopen next month. The property, at 9 West 26th St., has been temporarily closed since last March as a result of the coronavirus pandemic. Premier Equities owns the ...
Mack Real Estate Takes Control of 1,087-Room Hotel Portfolio in Manhattan
The lender, which had provided $85 million of mezzanine debt against the equity in the seven select-service hotels, has taken over the properties. They previously were owned by a venture of Hersha Hospitality Trust and Cindat Capital Management. The properties ...
Brookfield Turns Cincinnati-Area Mall Over to CMBS Lender
Atlanta Business Chronicle Brookfield Properties has turned over the Florence Mall in suburban Cincinnati to its lender. A total of 384,111 square feet at the 957,000-sf retail property serves as collateral for a $90 million loan that's securitized through Wells ...
Manhattan’s Novotel New York Times Square Hotel Permanently Closes
Commercial Observer The 480-room Novotel New York Times Square hotel in Manhattan has permanently closed. Millennium & Copthorne owns the property, which it had bought in 2014 for $273.6 million. The hotel, at 226 West 52nd St., sits between Eighth Avenue ...
Preferred Apartment Pays $135.7Mln for 2 Florida Properties
Preferred Apartment Communities Inc. has paid $135.7 million for two multifamily properties with a combined 613 units in Florida. The Atlanta REIT bought the properties, the Menlo in Jacksonville and the Blake in Winter Springs, from their developer, Catalyst Development ...
Trade Group Sees Quarter of NYC’s Hotels Closing Permanently in Next Year
The coronavirus pandemic could result in roughly a quarter of New York City's hotels closing permanently within the coming year, according to the Hotel Association of New York City. The trade group estimates that so far the pandemic has resulted ...
Lender Takes 1.4Mln-SF D.C.-Area Mall
Washington Business Journal New York Life Insurance Co. has taken the 1.4 million-square-foot Dulles Town Center Mall in Sterling, Va., in a deed-in-lieu of foreclosure. The lender has tapped Centennial Real Estate of Dallas to serve as the property's manager. ...
Ashford Hospitality Gives Up on 13 Hotels in 3Q, Expects More Transfers to Lenders
Ashford Hospitality Trust Inc. has transferred to its lenders 13 hotels with 2,127 rooms that backed $405.1 million of debt during the third quarter. The Dallas REIT expects to give up more properties, as they continue to face challenges as ...
Turnbridge Takes Over N.C. Office After Buying Junior Piece of Mortgage
Commercial Real Estate Direct Staff Report Turnbridge Equities has taken over the Tower at Mutual Plaza, a 180,000-square-foot office building next to the American Tobacco district of Durham, N.C., with help from financing from Knighthead Funding. The New York developer ...
