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NYC hotel's foreclosure canceled; Wynn Resorts seeks to rename Massachusetts project

Commercial real estate

* Bloomberg News looksat the options in front of MarriottInternational Inc. in the wake of Anbang Insurance Group Co.sweetening its cashoffer for Starwood Hotels &Resorts Worldwide Inc. to roughly $14.03 billion.

Marriott'soptions, among other things, include walking away from the merger drama orcarrying out property sales to finance a more expensive acquisition.

*Atish Shah will join Xenia Hotels& Resorts Inc. as executive vice president, CFO and treasurerin April, according to a newsrelease. Shah is joining the company from

* Ascheduled April 26 foreclosure on the PlazaHotel in Manhattan, N.Y., has been canceled after the mortgageholders, British billionaire brothers David and Simon Reuben, agreed to givemore time to Sahara India Pariwar to sell the hotel and repay the loan, BloombergNews reported,citing a person with knowledge of the matter.

The (U.K.) Sunday Times notedthat Pariwar has until the end of June to refinance $850 million securedagainst the Plaza and another New York hotel, as well as Grosvenor House inLondon.

* A building at 23-02 49th Ave. in theQueens, N.Y., neighborhood of Long Island City is poised to be sold for $195million, Crain's New York Business reported.The New York City Housing Authority occupies 440,000 square feet at theproperty, and the new owners may levy a 400% rent hike on the agency, which iscurrently paying a bargain rent of $9 per square foot.

WestbrookPartners and investor Andrew Chung are under contract to acquire the property,which landlords Ruby Schron and the Fruchthandler family are selling, thepublication reported.

* The IDS Center, the tallest building in Minnesota, is on themarket again after trading hands for $253 million in April 2013, StarTribune reported.Inland American Real Estate Trust Inc. sold the 57-story office tower to thecurrent owner Accesso, which was at the time known as Beacon InvestmentProperties.

Theasking price for the 1.43 million-square-foot property was not disclosed.

* Downtown Miami is expected to witnessa new hotel boom as improved infrastructure and increased population attractnew development, the Miami Herald reported.Four new hotels will be built in the next two years, which will mark the region'sfirst lodging development activity in recent memory, the publication noted.

* Howard Hughes Corp. said in a filing that its board is urging stockholdersto pass a proposal that will eliminate the restriction on the removal ofdirectors and delete certain "obsolete" restrictions.

Thecompany's current incorporation states that directors can only be removed bystockholders for cause. The board said that if approved, the proposal willallow the removal of directors by the stockholders with or without cause by theholders of a majority of the company's common stockholders.

After the bell

* Elaine Wynn, the ex-wife of Chairman andCEO Steve Wynn, fileda complaint in Nevada State Court seeking to have a January 2010 stockholdersagreement governingher stake in the company thrown out.

SteveWynn and the company each issued statements refuting Elaine Wynn's allegations.

* Gaming and Leisure Properties Inc. it launched an underwritten publicoffering to sell 19.0 million shares of common stock, the net proceeds of whichwill be put toward funding the company's acquisition of the bulk of 's realestate assets.

*HCP Inc. Executive Vice Presidentand CFO Timothy Schoen is leaving the company to become president of BioMedRealty Trust, which was takenprivate by BlackstoneGroup LP for $8 billion in January.

*QTS Realty Trust Inc.said it launched anunderwritten public offering of 5.0 million shares of its class A common stock.The company intends to use the net proceeds for general corporate purposes,including the repayment of outstanding amounts on its unsecured revolvingcredit facility.

*City Office REIT Inc.said it launched anunderwritten public offering of 8 million shares of its common stock. Based onthe March 28 closing price of City Office's stock at $12.78, gross proceedsfrom the offering, including the additional share option, are estimated to be$117.6 million.


*Lennar Corp.said 2016 fiscalfirst-quarter net earnings attributable to the company came to $144.1 million,or 63 cents per share, up from $115.0 million, or 50 cents per share, in theprior-year period. Total revenues for the period stood at $1.99 billion,compared to $1.64 billion in the first quarter of 2015.


*Wynn Resorts is seeking to trademark the name Wynn Boston Harbor for itsplanned $1.7 billioncasino resort in Everett, Mass., that was previously called Wynn Everett, the Boston Business Journal reported.The casino operator has applied to the U.S. Patent & Trademark Office totrademark the name.

The day ahead

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

In Asia, the Hang Seng rose 0.10% to 20,366.30, while theNikkei 225 fell 0.18% to 17,103.53.

In Europe as of midday, the FTSE 100 had risen 0.08% to6,111.35, and the Euronext 100 had climbed 0.47% to 860.71.

On the macro front

The S&P Case-Shiller HPI, the Redbook, the consumerconfidence report and the State Street Investor Confidence Index are due outtoday.

Now featured

:Anbang Insurance Group Co. may be leading in the bidding to acquire StarwoodHotels & Resorts Worldwide, but a recent filing indicates the insurer madeeven higher bids for the company in late 2015.

The Daily Dose is updated asof 7:30 a.m. ET. Some external links may require a subscription. Articles andlinks are correct as of publication time.