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Real Estate News & Analysis: May Edition


Moody National REIT I may merge with Moody National REIT II; Howard Hughes plans new tower in Hawaii

Commercial real estate

* MoodyNational REIT I Inc. and Moody National REIT II Inc. a nonbinding letter ofintent for Moody National REIT II to acquire Moody National REIT I. The grossmerger consideration for the deal is $11 per share of Moody National REIT I'scommon stock, with net consideration payable to be at least $10.25 per share.

* HowardHughes Corp. toldthe Pacific Business News that it isplanning a 42-story mixed-use condo tower in Honolulu, Hawaii's Kakaakoneighborhood. The 751-unit project, dubbed Aalii, will be adjacent to thecompany's 466-unit Aeo tower that is under construction.

The new project will have at least 100 reserved housing units,along with retail space and a number of amenities. Construction is expected tocommence in either 2017 or 2018, according to the report.

* Rogers Real Estate Development Ltd. plans to develop a10-tower mixed-use condo project in Mississauga, a city located west ofToronto, Bloomberg News reported,citing city documents. The 16-acre real estate venture is of the family thatowns Canada's RogersCommunications Inc., the news outlet noted.

* AnbangInsurance Group Co. has completed a majority of its $6.5 billionacquisition of Strategic Hotels& Resorts Inc. from Blackstone Group LP, Bloomberg News reported,citing people with knowledge of the deal. The deal was signed earlier in 2016.

* GoogleInc. snapped up the San Antonio Station complex in Mountain View,Calif., for $225.4 million, the SiliconValley Business Journal reported.

The company has been leasing the site since 2013 andacquired it from a joint venture of Four Corners Properties LLC and RockwoodCapital LLC. The property comprises nearly 750,000 square feet, the reportsaid, citing First American Title.

* The Charter Square building in downtown Raleigh, N.C., isclose to being sold, possibly to Highwoods Properties Inc., the Triangle Business Journal reported,citing sources.

The 11-story office and retail building at 555 FayettevilleSt. was valued at around $63 million when it opened in June 2015. It spans243,106 square feet of leasable space and was nearly 70% leased as of thesecond quarter, the report said.

* The One57 skyscraper project on Manhattan, N.Y.'sBillionaires' Row appears to be inspiring a possible residential conversion ofa 14-story landmarked building across the street. New York Post reportedthat office tenants at 140 W. 57th St. are not being granted lease renewals,and the owner is believed to have drawn up apartment plans for the property.

* The Obama administration is urging cities and counties toreview their zoning laws to allow greater density, faster permits and lessrestrictions in the way of new housing developments, Politico reported,citing a policy "toolkit" published by the White House.

* Moody's saidcash flows to prison REITs are now less certain following the Justice Department'sannouncement inAugust that it plans to phase out the use of private prisons.

After the bell

* MedicalProperties Trust Inc. agreed to acquire the real estate interests of nine acute carehospitals in $1.25 billion of transactions that also include a $50 millionequity investment in the properties' operator, Steward Health Care System LLC.

* MonogramResidential Trust Inc. is exploring the possibility of selling itself and hasreached out to potential acquirers, theJournal reported, citing people with knowledge of the matter.

* MorgansHotel Group Co.'s shareholders voted to the company's proposedmerger with SBE. Thedeal, whichcalls for SBE to acquire Morgans for $2.25 per share in cash, was approved at aSept. 26 special shareholder meeting.

* New YorkREIT Inc. said that its board's nominating and corporate governancecommittee retainedexecutive search firm Spencer Stuart to identify potential new independentboard members and will consider candidates put forward by the activist WWInvestors LLC.

* GladstoneCommercial Corp. CFO Danielle Jones , effective Nov. 1. The companysaid the search for Jones' successor is already underway.

* New SeniorInvestment Group Inc.'s board of directors Bhairav Patel interim CFO andtreasurer. He succeeds Justine Cheng, who left the company to explore a newprofessional opportunity.

Gaming

* EldoradoResorts Inc., which recently announced a deal to , plans toinvest more than $50 million on facility upgrades and renovations at its threecasinos in downtown Reno, Nev., according to a . The work will commence on thethree connected properties during the fourth quarter and will be phased overthree years, the company said.

The day ahead

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

In Asia, the Hang Seng rose 1.09% to 23,571.90, and theNikkei 225 was up 0.84% to 16,683.93.

In Europe as of midday, the FTSE 100 was down 1.59% to6,799.63, and the Euronext 100 had dropped 2.34% to 869.66.

On the macro front

The Redbook, the S&P Case-Shiller HPI, the consumerconfidence report, the Richmond Fed Manufacturing Index and the State StreetInvestor Confidence Index are due out today.

The Daily Dose isupdated as of 7:30 a.m. ET. Some external links may require a subscription.Articles and links are correct as of publication time.