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Apple Hospitality, Apple REIT Ten agree to $1.3B merger; Concord, Calif., picks Lennar for $6B project


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Apple Hospitality, Apple REIT Ten agree to $1.3B merger; Concord, Calif., picks Lennar for $6B project

Commercial real estate

* AppleHospitality REIT Inc. is planning to acquire for an impliedvalue of $1.3 billion, bringing its portfolio to a total of 234 hotels with30,017 guestrooms in 33 states.

The companies' boards have approved the definitive mergeragreement, according to a news release. The combined company will be calledApple Hospitality REIT and will continue to trade under the NYSE ticker symbolAPLE.

* In California, the Concord City Council unanimously votedin favor of pursuing the $6 billion developmentof the city's former naval weapons station with 's Lennar Urban, the San Francisco Chronicle's SFGate reported.

Rival Catellus Development Corp., which accused Lennar ofimproper lobbying, backed down from the race in March, according to the report.

* Prologis Inc.has signed furniture chain Living Spaces for 354,000 square feet at its newSilicon Valley Logistics Park at 41066-41168 Boyce Road in Fremont, Calif., theSilicon Valley Business Journal reported.

* New York City approved less than 2,000 new residentialunits during the first quarter, compared to the year-over-year total of nearly6,500 units, The Real Deal reported,citing an analysis of Department of Buildings records by TRData.

* A BlackstoneGroup LP affiliate scooped up four Club Quarters hotels, comprisinga total of 1,228 guest rooms, located across Philadelphia, San Francisco,Boston and Chicago, The PhiladelphiaInquirer reported.Cornerstone Real Estate Advisors originated a $335 million loan for the deal,according to the report.

* The California State Teachers' Retirement System isearmarking $25 billion to spend on new assets over the next three years as itseeks to gain higher returns and invest in European real estate while sellingits U.S. assets, Bloomberg News reported,citing chief investment officer Christopher Ailman.

* The office vacancy rate in downtown Calgary, Canada,surpassed the 20% mark for the first time since 1983 by reaching 20.2% in thefirst quarter, The Globe and Mail reported,citing CBRE Canada.

After the bell

* PinnacleEntertainment Inc. unit PNK Entertainment Inc. its proposed $300 million termloan B facility. The term loans will be issued at a price equal to99.75% of their face value and bear interest at a rate equal to LIBOR plus3.00%.


* PulteGroupInc.'s former CEO JamesGrosfeld, who is supporting founder William Pulte Sr. in hisfeud with outgoingCEO Richard Dugas, toldCNBC that PulteGroup is not the most profitable company "by a longshot,"even though it pays the largest dividend in the home building sector.

* First-quarter foreclosure activity in the U.S. was belowpre-recession levels in 36%, or 78 out of 216, metropolitan statistical areasanalyzed, according to RealtyTrac'sQ1 and March 2016 U.S. Foreclosure Market Report. Foreclosure filings werereported on 289,116 U.S. properties during the quarter, down 4% from theprevious quarter.

Filings declined 8% from the year-ago period to the lowestquarterly total since the fourth quarter of 2006.

* It could be a seller's market for home buyers this springas there were a total of 1.88 million existing homes available for sale at theend of February, which is 1.1% lower year over year, according to a reportby National Association of Realtors.


* A consultant hired by the University of Nevada, Las VegasCampus Improvement Authority said the proposed $1.3 billion to be built on a 42-acre site atTropicana Avenue and Koval Lane is unlikely to affect operations at McCarranInternational Airport, the Las VegasReview-Journal reported.

Las VegasSands Corp. is planning to develop a 65,000-seat stadium at thesite through a public-private partnership with Majestic Realty, the publicationnoted.

* The eight casinos in Atlantic City, N.J., raked in a totalof $202.9 million in revenues in March, the Associated Press reported,citing the state's Division of Gaming Enforcement. The figure represents a 0.4%drop from the year-ago period.

* Billionaire Carl Icahn's Tropicana casino has obtainedpermission from New Jersey casino regulators to manage the Trump Taj Mahal casinoin Atlantic City, the St. LouisPost-Dispatch reported.

The day ahead

Early morning futures indicators pointed to a lower openingfor the U.S. market.

In Asia, the Hang Seng rose 0.90% to 21,348.67, and theNikkei 225 rose 3.23% to 16,911.05.

In Europe, as of midday, the FTSE 100 was down 0.02% to6,361.38, and the Euronext 100 had risen 0.03% to 880.86.

On the macro front

The consumer price index, the jobless claims report, the EIAnatural gas report, the Fed balance sheet and the money supply report are dueout today.

Now featured

ConferenceChatter: Blackstone's Gray talks potential privatization wave, confirms sale ofStrategic Hotels to Anbang: The private equity firm's real estatechief discussed a range of topics, including the future of Invitation Homes, atNew York University's annual REIT symposium.

The PropertyLedger: Terreno details Q1 industrial asset buys, sales; Hudson Pacific unloadsCalif. R&D building for $19M: The April 13 edition of NorthAmerican property news roundup also features a Marcus Corp. subsidiary'stheater acquisition in Illinois and RioCan's groundbreaking of a developmentproject in Canada.

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