Thursday, September 25, 2008

Wyndham Brand Reports Large and Active Construction Pipeline

PARSIPPANY, N.J. (Sept. 25, 2008) – Wyndham Hotel Group today said 35 Wyndham® Hotels and Resorts and Wingate® by Wyndham hotels representing 5,668 rooms currently are under construction worldwide.

There are an additional 122 hotels representing nearly 17,000 rooms in the Wyndham and Wingate development pipeline, bringing the total number of Wyndham branded hotels open and in the pipeline to 395.

Five Wyndham hotels are under construction in Manhattan, three of which are scheduled to open later this year.

The first Wyndham Garden hotel in New York will be a 124-room hotel on 24th Street in the Chelsea district, (middle right photo) to be followed by a 115-room hotel on Maiden Lane (bottom right map) in the financial district and a 228-room hotel on 36th Street in Midtown. A full-service, 280-room Wyndham hotel on 26th Street is scheduled to open next year and a 108-room hotel on Bowery Street in 2010.

Construction of the 400-room luxury Wyndham Lake Buena Vista Hotel and Spa at Bonnet Creek Resort, adjacent to Walt Disney World® at Lake Buena Vista, Fla., is expected to be completed by the first quarter of 2010.
It is the first mixed-use development undertaken by parent company Wyndham Worldwide and will be managed by Wyndham Hotel Management Inc.

Other Wyndham hotels and resorts that are under construction include Cap Cana, (Green Village at Cap Cana, top left photo) Dominican Republic; Pirate's Bay, Turks and Caicos Islands; Isla Margarita, Venezuela; Shanghai and Xiamen, China; Centennial, Colo.; Tulsa South, Okla.; and Polanco, Mexico.

(Converted townhouses along 23rd Street in Manhattan's Chelsea District, middle right photo)

The all-new-construction Wingate by Wyndham brand soon will open its first property in Latin America, a 137-room hotel in Chihuahua, Mexico. There are another 20 Wingate properties currently under construction in the United States, from Las Vegas to Spokane, Wash.

“Despite the current economic environment, we’ve seen increased interest in developing our Wyndham and Wingate by Wyndham brands, thanks to a clearly defined strategic direction,” said Peter Strebel, (top right photo) Wyndham Hotels and Resorts president.

“In addition to an active new-construction pipeline, the Wyndham brand has a strong conversion pipeline of anticipated openings.”

Wyndham Hotels and Resorts offers distinct upscale hotel and resort accommodations throughout the United States, Canada, Europe, Latin America, Mexico and the Caribbean. All hotels are either franchised or managed by Wyndham Hotels and Resorts or an affiliate.

Wingate by Wyndham hotels cater to business travelers by offering the services and amenities they expect at no additional charge, including a hot breakfast with freshly made Belgian waffles, wired and wireless Internet service, copying and printing in 24-hour business centers, meeting space and exercise facilities and whirlpools.


Evy Apostolatos, Director, Media Relations, Wyndham Hotel Group, 1 Sylvan Way, Parsippany NJ 07054. PH (973) 753-6590

Several Florida Metro Areas Continue Upswing in Existing Home, Condo Sales in August 2008, According to Florida Association of Realtors(r)

ORLANDO, FL/PRNewswire/ -- For the second month in a row, several of Florida's metropolitan statistical areas (MSAs) reported increased sales of both existing single-family homes and existing condos in August 2008, according to the latest housing statistics released by the Florida Association of Realtors(R) (FAR).

"Despite economic uncertainty and the start of the school year, which impacts August home sales, a number of Florida's metro areas continue to report an upswing in housing activity," says 2008 FAR President Chuck Bonfiglio.(top right photo)

"Florida Realtors are noticing signs that investors think the market has reached bottom in many areas, and they are preparing to jump in while prices remain below value. Industry analysts hope that the federal government's financial rescue plan will boost the housing market and help restore confidence."

(For a complete area-by-area listing of sales and activity, please contact Marla Martin, Communications Manager, ext. 2326, or Jeff Zipper, Vice President of Communications, ext. 2314, +1-407-438-1400, both of Florida Association of Realtors

(530 East Central Condos, Downtown Orlando, middle right photo)

Seven of Florida's metropolitan statistical areas (MSAs) reported increased sales of existing homes in July; seven MSAs also showed gains in condo sales.

(Fort Lauderdale, FL yacht dock, middle left photo)
Many Realtors around the state are noting a rise in pending sales, more telephone calls and increased business activity in their markets, indicating heightened buyer interest

.Among the state's large to medium-size markets, the Fort Lauderdale MSA reported a total of 604 homes sold in August compared to 538 homes a year ago for a 12 percent increase. The existing home median sales price was $269,800; a year ago, it was $368,800 for a 27 percent decrease.

In the year-to-year comparison for the existing condo market, sales activity remained stable with a total of 550 existing condos sold in the MSA last month compared to 551 condos the previous August. The market's existing condo median price was $133,300; a year ago, it was $178,800 for a 25 percent decrease.

A total of 10,847 existing homes sold statewide last month while 11,282 homes sold in August 2007, a decrease of 4 percent in the year-to-year comparison, according to FAR.

Florida's median sales price for existing homes last month was $186,900; a year ago, it was $234,100 for a 20 percent decrease.
But, looking back to August 2003, the statewide median sales price for single-family homes at that time was $163,600 -- an increase of 14.2 percent over the five-year-period, according to FAR records.

The median is the midpoint; half the homes sold for more, half for less.

Loan Origination Requests Remain on Even Keel in August, Cambridge Realty Capital Reports

CHICAGO, IL--The financial sky may be falling but the number of senior housing/healthcare borrowers initiating loan origination requests with Cambridge Realty Capital Companies remained on an even keel in August, the company reports.

Chairman Jeffrey A. Davis (top right photo) says the company reviewed 33 loan requests in August totaling $450.6 million, which compares with 30 loans totaling $414.9 million for the same month last year.

For the year to date, Cambridge has reviewed 238 origination requests totaling $3.7 billion, compared with 254 loans totaling $3.1 billion in 2007.

Davis points out that lenders close a relatively small percentage of the loan origination requests received, but believes it’s useful to track this information as an indication of market directions.

“It’s impossible to ignore all the scary news that’s out there, but industry borrowers are clearly choosing to remain active participants in the market,” he noted.

Contact: Evan WashingtonPhone: (312) 521-7603Fax: (312) 357-1611E-Mail:

Kevin Limbert Relocates to St. Louis Office of Marcus & Millichap

ST. LOUIS, MO – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced Kevin Limbert’s (top right photo) relocation to the St. Louis office, according to Jeffrey Algatt, (top left photo) regional manager of the St. Louis office.

Limbert began his career in 2005 as a retail investment specialist in the Chicago Downtown office of Marcus & Millichap. During the past three years, he has developed strong client relationships in Chicagoland, Southern Illinois and the St. Louis Metropolitan Area, where his core client base is located.

“Even before the St. Louis office of Marcus & Millichap opened its doors in the spring of 2007, Kevin was intent upon returning to his hometown, where he would be better positioned to provide existing clients and new investors with superior brokerage and advisory services,” explains Algatt.

Limbert has exclusively listed and sold more than $54.6 million of investment real estate in the St. Louis Metropolitan Area. Currently, Limbert has more than $13 million in exclusive listings on the market, and expects to close $15 million in transactions by the fourth quarter of 2008.

“My move to the St. Louis office, along with Marcus & Millichap’s ability to access a nationwide pool of investment capital, will allow me to better serve better my Missouri clients,” says Limbert.

Prior to joining Marcus & Millichap, Limbert arranged the sale of Walgreens properties and structured TIC projects for Chicago-based Syndicated Equities.

Limbert graduated with a bachelor’s degree from Drury University in 2003.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Arbor Closes Loans in Georgia and Texas Totaling Almost $6M

Savannah Apartments in Warner Robbins, GA Gets $3,4M Fannie Mae DUS® Loan

UNIONDALE, NY, Sept. 25, 2008 – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the funding of a $3,400,000 loan under the Fannie Mae DUS® product line to refinance the 134-unit complex known as Savannah Apartments (top right photo) in Warner Robbins, GA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.32 percent.

The loan was originated by Patrick McGovern, Director, in Arbor’s full-service New York City lending office. “Arbor was able to provide the borrower cash-out permanent financing on a quality asset in a military-dependent market,” said McGovern.

Arbor Closes $2,263,700 Fannie Mae DUS® MAH Loan on Santa Barbara Apartments in Houston, TX

UNIONDALE, NY, Sept. 25, 2008-– Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the funding of a $2,263,700 loan under the Fannie Mae DUS® MAH product line to refinance the 176-unit complex known as Santa Barbara Apartments (bottom left photo) in Houston, TX.

The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.72 percent.

The loan was originated by Matt Norman, (middle right photo) Director, in Arbor’s full-service Dallas, TX lending office. “The coordination of the Fannie Mae financing with the existing affordable LURA restrictions made for a challenge, but Arbor’s team was able to assist in the update of all required state parameters,” said Norman. “We were able to close this refinance within a timeline that met the Borrower’s needs.”

Contact: Ingrid Principe, Tel: (516) 506-4298,