trending Market Intelligence /marketintelligence/en/news-insights/trending/Z0eDldfCQCk3KonWY6pUBw2 content esgSubNav
In This List

Ashford Hospitality Prime concludes strategic review process; Howard Hughes CFO to bid adieu


Deep Market Intelligence Helps a Credit Union Craft a Successful Expansion Plan


Global M&A By the Numbers: Q1 2022


Data Stories: Data insights to help alleviate business complexity amid geopolitical risks


M&A, IPOs hit a speed bump in early 2022

Ashford Hospitality Prime concludes strategic review process; Howard Hughes CFO to bid adieu

Commercial real estate

* AshfordHospitality Prime Inc.'s independent directors have the review ofstrategic alternativesfor the company, outlining five immediate structural changes and longer-terminitiatives for the group, according to a news release.

The review entailed an evaluation of all potential optionsincluding a sale of the company, sales of individual assets, joint ventures,mergers, various recombination opportunities with other Ashford entities, sharerepurchases and capital raising across different structures.

* HowardHughes Corp. saidCFO Andrew Richardsonwill step down later in 2016 to pursue other opportunities and personalinterests. The company will "immediately" commence a search forRichardson's successor.

* In the ongoing battle over the rezoning of the VanderbiltCorridor, Andrew Penson, the owner of the Grand Central Terminal's air rights,is requesting documents related to the One Vanderbilt office tower in Manhattan, N.Y., andcommunications between the city and developer , The Real Deal reported.

However, both SL Green and the city have dismissed therequests as "overly broad" and "unduly burdensome," thenews outlet noted.

Penson reportedly filed a lawsuit against the city and SLGreen in September 2015, alleging that the Vanderbilt Corridor rezoning, whichallowed SL Green to proceed with its plans, rendered his 1.2 million squarefeet of air rights over the terminal worthless.

* California-based outdoor clothing chain North Face hassigned a roughly 20,000-square-foot sublease from at 's Ave. at W. 43rd St. inMidtown Manhattan, The Real Deal reported,citing sources.

* BlackstoneGroup LP and Ivanhoé Cambridge are giving the name StuyTownProperty Services to the new property management company at inManhattan, according to a newsrelease. The move follows the termination of a previous managementagreement with former property manager Compass Rock.

* Bauhouse Group, led by developer Joseph Beninati, hasplaced the SuttonPlace luxury condominium tower into to avoid a foreclosurefollowing inability to refinance short-term loans, The Wall Street Journal reported.

Beninati is planning to file a lawsuit against real estateinvestor and lender Richard Kalikow for an alleged "calculatedscheme" to take over the development, TheReal Deal reported,citing documents filed with the United States Bankruptcy court.

* A Manhattan judge has given the go-ahead for the $130million "Hollywood on the Hudson" park project to proceed at West13th Street, the New York Post reported.Construction on the 117,000-square-foot development to rehabilitate is expected to kick offlater this year.

* MHP Real Estate Services has secured a $238 million loanfrom Morgan Stanley to finance the acquisition of in Manhattan's MidtownEast, The Real Deal reported.

In partnership with China-based HNA Group, MHP Real EstateServices agreed to buy the 614,000-square-foot asset in January.

* According to Cushman & Wakefield Inc., the volume of officespace leased in Manhattan totaled 6.6 million square feet in the first quarter,compared to 7 million square feet in the year-ago period, Bloomberg News reported.Space absorption was negative for the first time since 2013, according to thereport.

* Meanwhile, the borough's median residential rental pricealso dropped March, falling 2.8% to $3,300 from a year ago, The Real Deal reported,citing Douglas Elliman. In Brooklyn, N.Y., the median rental pricehit $2,775, up 2.7% year over year.

* The National RealEstate Investor looksat how the soaring office rents in technology hubs like Silicon Valley, Calif.,and San Francisco are driving technology firms to scour locations in theMidwest and the Southwest as they search for lower office rents and moreaffordable housing for their employees, the news outlet noted.

* One in every 10 condos constructed in downtown Torontosince 2010 is owned by a foreign investor, Reuters,TheGlobe and Mail and the FinancialPost reported, citing Canada Mortgage and Housing Corp.

After the bell

* PinnacleEntertainment Inc.'s board approved the spinoff of its operatingcompany, PNK Entertainment Inc., in connection with Pinnacle's planned mergerwith a Gaming and LeisureProperties Inc. subsidiary, the company .

* The SEC said Las Vegas Sands Corp. agreed to pay a $9 million penaltyto settle charges that it violated the Foreign Corrupt Practices Act.

According to a statement, Las Vegas Sands failed to "properlyauthorize or document millions of dollars in payments" to a consultantfacilitating the company's business activities in China and Macau.

Additionally, the company has also agreed to retain anindependent consultant for two years to review its FCPA-related internalcontrols, recordkeeping and financial reporting policies and procedures and itsethics and compliance functions.

* TangerFactory Outlet Centers Inc. said it boosted its annual common dividend by 14% to$1.30 per share.


* Gross operating profit at the eight casinos in AtlanticCity, N.J., totaled $547 million in 2015, an increase of 40% from $390 millionin 2014, the Press of Atlantic City reported,citing figures released by state regulators.

The day ahead

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

In Asia, the Hang Seng rose 0.48% to 20,364.02. The Nikkei225 climbed 0.46% to 15,821.52.

In Europe as of midday, the FTSE 100 was up 0.59% to6,172.90, and the Euronext 100 had increased 0.73% to 845.06.

On the macro front

The wholesale trade report is due out today.

Now featured

Real EstateRundown: After Anbang-Starwood, timing of another China-US hotel deal isuncertain: A joint venture between Hersha Hospitality Trust andCindat Capital Management, originally forecast to close by March 31, is nowexpected to be completed in the second quarter.

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.