Monday, February 22, 2010
In a specially prepared White Paper, he states:
"There are some great deals on condominiums in downtown Miami right now. Some banks holding foreclosed condos in luxury high rise buildings along Biscayne Bay (middle right skyline photo) from the Rickenbacker Causeway (bottom left photo) north are offering door buster prices.
"To stop the downward trend, banks need to draw a line in the sand on pricing.
History repeats itself
" Homeowners who purchased their condos when they were priced above the cost of construction saw their home values plummet.
Why the giveaway?
"Banks holding boatloads of foreclosed Miami condos need to take a deep breath and stand firm on realistic pricing, which should be at least cost of replacement. There is no need to comply with an archaic and misdirected appraisal process as these bargain hunters are paying cash."
Jack Studnicky has been a member of the Institute of Residential Marketing since 1988. As a spokesperson for the National Association of Home Builders, (NAHB), Jack has testified before Congress and appeared on national TV.
Studnicky has directed the sales of over $2 billion dollars worth of residential real estate. He is a REO Specialist and has completed over fifty "workouts."
Jack Studnicky, http://www.jackstudnicky.com/
Edward L. Donato, Peter Nasca Associates, office 954 473 0677; cell 954 401 1443; firstname.lastname@example.org
Peter Nasca, president, Peter Nasca Associates, email@example.com
RALEIGH-DURHAM, N.C., Feb. 22, 2010—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today announced that it added 12 properties to its portfolio in 2009, closing the year with 62 hotels.
The company has continued its aggressive growth in 2010, adding eight properties representing six brands in January.
Included among the 2010 hotels are the first flags under the Hyatt Hotels Corporation and InterContinental Hotels & Resorts brand families. Concord now owns or operates hotels franchised by all the nation’s major premium brand groups.
“We will be active in all three areas, but in this phase of the hotel real estate cycle, we expect to become increasingly active in acquisitions/joint ventures as the year progresses,” said Mark G. Laport, (top right photo) president and CEO of Concord Hospitality.
“We are seeing more hotels coming to market now than in the past 18 months, and with access to more than $200 million in equity and debt, we have a very active pipeline and expect to close on transactions later this quarter.”
New hotels being added to the company’s portfolio in 2010 include:
· Management Contracts
ü The 219-room Crowne Plaza, Hamilton, Ontario, Canada.(top left lobby photo) It is the company’s 11th Canadian property and its first under the InterContinental Hotels brand family.
ü The 89-room Fairfield Inn in Peoria, Ill.
· Ownership, Joint Ventures
ü The 122-suite Hyatt Summerfield Suites in Broomfield, Colo. (bottom left photo) just north of Denver.
The project, led by the Oxford Development Company, is a joint-venture partnership with Oxford.
The property currently is expected to open in June of 2010. “We have had a long relationship with Oxford, and we look forward to building on what has been a very successful partnership with them on additional projects,” Laport said. It is also Concord’s first managed Hyatt-branded property.
ü A 130-room Courtyard by Marriott is expected to break ground in Washington, Pa., in suburban Pittsburgh in the 2010 first quarter. It will be the company’s second LEED-certified, ground-up Courtyard, a concept that Concord is pioneering with Marriott.
“All future hotels development by Concord will be LEED-certified,” Laport commented. “While over time we will earn our LEED-related investment back, our primary reason is that it simply is environmentally the right thing to do.”
ü The previously announced 124-room Settler’s Ridge Courtyard by Marriott, the company’s first ground-up LEED-certified Courtyard, is expected to open during the 2010 second quarter. “We are working closely with Marriott, which is adopting our designs to create a pre-approved LEED-certified prototype.”
“We have a robust pipeline in all three of our growth strategies and expect the next few months to be especially active,” Laport said. “While it remains a difficult operating environment, we are seeing a lot of positive signs and are preparing for the rebound. Our portfolio gained market share over its respective competitive sets last year, which we intend to leverage as the industry begins its expected climb out of a very challenging period.”
Contact: Chris Daly, Jerry Daly, (703) 435-6293
Przybyla joined Marcus & Millichap in 1999 as sales manager of the Los Angeles office and later that year was promoted to regional manager. He assumed the role of regional manager of the Chicago Downtown office in 2007.
Prior to joining the firm, Przybyla was a sales agent and sales manager with a Phoenix-based real estate firm. He earned a bachelor’s degree in marketing from the College of St. Francis in Illinois.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716