Thursday, March 18, 2010

Canadian Buys Parkview Apartments in St. Petersburg, FL

TAMPA, FL-- Franklin Street Real Estate Services is pleased to announce the sale of another multifamily property. Parkview apartments are located 647-658 22nd Avenue S in South St. Petersburg, a quarter mile from the intersection of 22nd Ave S and 4th St S.

The property had been foreclosed on by the lender more than one year ago. The property had a variety of challenges, physically and operationally, and was 10% occupied at the time of sale.” The property is 20 units and was built in 1987.

Franklin Street Real Estate Services Kevin Kelleher, represented the seller, a FDIC controlled national lending institution. The buyer purchased the property with no due diligence and closed in 6 days.

“This lender was challenged by constantly deteriorating market in 2009, values were changing every 30 days and thus banks were unable to keep up to date values on their books.” said Kelleher

“What we have seen in the last two quarters of 2009 and the first quarter of 2010 is a stabilization in operations and values, in turn allowing transactions to take place as book values equate to current market values.

“ The buyer was a private investor based out of Canada, who closed a similar apartment complex 30 days prior in the same sub-market. The buyer plans on renovating the property and leasing it back up to market occupancy.

Contact: Tania Monte, Franklin Street Real Estate Services, Phone: 813.839.7300 ext. 32, Fax: 813.839.7330 Email:

Wyndham Hotels and Resorts Expands in China in ‘Grand’ Style

PARSIPPANY, N.J. (Mar. 18, 2010) – Wyndham Hotels and Resorts today announced its expansion in China with the addition of three luxury hotels in the key markets of Shanghai, Changsha and Hangzhou.

Joining the brand’s prestigious Wyndham® Grand Collection are the 523-room Wyndham Grand Plaza Royale Oriental Shanghai, (top left photo) overlooking the Yangpu Bridge on the Pudong; the 316-room Wyndham Grand Plaza Royale Furongguo Changsha (middle right photo)  in Hunan’s capital city; and the picturesque 283-room Wyndham Grand Plaza Royale West Lake Hangzhou (middle left photo)  on the shore of the West Lake adjacent to the city’s center. All will be managed by Greater China Hospitality (H.K.) Limited.

“We are proud to welcome these spectacular properties to our most distinguished collection of hotels,” said Eric Danziger, (bottom right photo) Wyndham Hotel Group president and chief executive officer. “They will not only expand Wyndham brand awareness but exceed the expectations of the most seasoned world travelers.”

The announcement strengthens Wyndham Hotel Group’s position as the largest U.S.-based hotel company in China, with 207 hotels representing 33,336 rooms in primary and secondary cities under the Wyndham Hotels and Resorts, Ramada®, Howard Johnson®, Days Inn® and Super 8® brands.

The three new hotels also join the newly constructed 588-room Wyndham Xiamen, the brand’s first hotel to open China, and the 337-room Wyndham Baolian Hotel scheduled to open in 2011.

“Wyndham Grand Plaza Royale hotels combine the perfect blend of Asian and Western influences, design excellence and exceptional service,” said Wilburt Chang, (bottom left photo) chairman and chief executive officer of Greater China Hospitality Limited. “By partnering with Wyndham, we hope to introduce our exquisite hotels to an even greater number of Chinese guests and international visitors.”

Wyndham Grand Plaza Royale Oriental Shanghai

The Wyndham Grand Plaza Royale Oriental Shanghai, located along the bustling Pudong Avenue, is just minutes from the city’s financial district. It is an ideal venue for meetings and banquets with its 723-square-meter Grand Ballroom, 557-square-meter Grand Palace room and four additional multipurpose rooms totaling 258 square meters. Standing at an impressive 140 meters high and towering over the Yangpu Bridge, the hotel boasts 360-degree views of modern and old Shanghai.

Guestrooms and suites are lavishly appointed with enhanced services and amenities including personalized butler service while floor-to-ceiling windows frame panoramic views of the Huangpu River and Shanghai’s cityscapes.

The hotel’s CafĂ© Royale restaurant serves Asian and international classics; Shang Rong restaurant, with its 12 private rooms, offers fine Cantonese, Sichuan and Shanghai specialties prepared by the hotel’s Hong Kong master chef; tatami and teppan cuisine are featured in the hotel’s J restaurant; and high tea, light food and wine and beer selections are available in the Lobby Lounge.

The spa at the Wyndham Grand Plaza Royal Oriental Shanghai offers elegant bathing, herbal steam facilities and a host of rejuvenating therapies in 16 treatment rooms.

 A fitness center equipped with state-of-the-art equipment allows guests to achieve a full body workout, unless they prefer relaxing and exercising in the 30-meter swimming pool. Other hotel services include 24-hour guest service manager, laundry, valet and room service; parking; concierge; business center; child care; and complimentary fresh fruit, flowers and newspapers.

 Contact:  Evy Apostolatos, Director, Media Relations, Wyndham Hotel Group, 22 Sylvan Way, Parsippany, NJ 07054, +1 (973) 753-6590,

Fitch U.S Says CMBS Newsletter: Hotel Defaults May Hit 30% By 2012

NEW YORK, NY--Loan defaults for U.S. hotel CMBS show no signs of slowing down as a large concentration of loans come due next year and in 2012 , according to Fitch Ratings in its latest weekly U.S. CMBS market trends newsletter.

Despite 20% hotel revenue declines since the peak in 2008 (the largest decline among the major CMBS property types), Fitch’s Outlook for the hotel sector remains Negative. Delinquencies for hotel CMBS currently stand at 16.6%, representing approximately $8.4 billion in total hotel loan balance. Fitch projects delinquencies to double from current levels and hit 25-30% by 2012 even as operating performance begins to

‘Hotel property values are off as much as 50% from 2007 peaks, but borrowers by and large have been able to keep their loans current because of historically low Libor rates,’ said Senior Director Jeffrey Watzke. However, ‘Over three-quarters of floating-rate hotel loans originated during 2006-2007 mature in 2011 and 2012 into much higher fixed rates,’ said Watzke.

Additional information is available in Fitch's weekly e-newsletter, 'U.S. CMBS Market Trends'. The link below enables access to Fitch's U.S. CMBS Market Trends weekly updates:

 Jeffrey Watzke +1-312-606-2358, Chicago or Eric Rothfeld, +1-212-908-0761, New York.
Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278:
Additional information is available at

Grubb & Ellis Selected as Leasing Agent for 1.3M SF of Industrial Space in Seattle

SEATTLE, WA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that AMB Property Corporation has selected the company as the leasing agent of four Class A industrial properties offering a total of 1.3 million square feet of space throughout Seattle.

Matt McGregor, senior vice president, Industrial Group, who has had a long-standing relationship with AMB Property, will serve as the lead broker on the project.

He will be joined by Bill Condon, (top right photo) managing director, and Andrew Hitchcock, (middle left photo)  vice president, Industrial Group. The team will represent AMB Property in leasing the AMB Portside Distribution Center, AMB Upland Distribution Center, Northwest Distribution Center and NW Corporate Park Renton.

“AMB Property Corporation is the largest landlord in Seattle’s industrial market. The company has a fantastic retention rate from providing its tenants with excellent service that is second to none,” said McGregor. “We couldn’t be more pleased to be awarded this leasing assignment, which offers beautiful Class A opportunities complemented with stable ownership.”

AMB Portside Distribution   Center, (middle right photo) located in the South Seattle submarket at 4090 East Marginal Way, offers 407,491 square feet of leaseable space. The warehouse/distribution building, currently 86 percent leased, has 56,385 square feet of industrial space containing 500 square feet of office space available.

AMB Upland Distribution Center, (bottom left photo)  located at 1133 Andover Park West, Tukwila, offers 326,959 square feet of leaseable space.

This property is currently 100 percent leased; however, there is 82,000 square feet of industrial space coming available. The property is well-located amidst one of Seattle’s primary shopping district.

Located at 20844 72nd Ave. South in Kent, the Northwest Distribution Center offers 325,655 square feet of leasable space. Roughly 58 percent leased, the property currently has 127,481 square feet of industrial space containing 9,191 square feet of office space available.

NW Corporate Park Renton, located at 1010 SW 41st St., Renton, offers 284,340 square feet of leaseable space.

The warehouse/distribution center is 92 percent leased and has 20,400 square feet of industrial space containing 1,000 of office space available for lease.

Contact: Julia McCartney, Phone: 714.975.2230, Email:

Hilton Garden Inn Honors Top Hotels of 2009

MEMPHIS, TN – Hilton Garden Inn, the worldwide brand of upscale, yet affordable, hotels, announced the brand’s top hotels of 2009.

Nearly 20 individual and hotel awards were presented to hotels chosen from the brand’s portfolio of nearly 500 hotels throughout the United States, Canada, Latin America and Europe.

“Hilton Garden Inn is dedicated to helping our guests prepare for their big days, and each of our team members at our hotels worldwide works tirelessly to ensure our guests are prepared,” said Adrian Kurre, (middle right photo)  Global Head, Hilton Garden Inn brand.

 “From providing a great sleep experience and a delicious cooked-to-order breakfast to all of the small things that demonstrate the special Hilton Garden Inn touch, our team members do everything they can to ensure guest loyalty. We are pleased to honor the Hilton Garden Inn hotels that epitomize what our brand is all about – guest satisfaction and a high level of customer service.”

The top hotel awards were presented based on year-end scores and results from the Hilton Garden Inn Balanced Scorecard, a tool used by the brand to measure and track overall performance of each Hilton Garden Inn hotel in various key performance indicators: Satisfaction and Loyalty Tracking (SALT) survey, Quality Assurance, and Brand Management and Product Standards.

The Connie Award, named in honor of company founder Conrad Hilton, (bottom left photo)  is awarded to the Top Hotel of the Year based on three key components, including: quality assurance audits measuring cleanliness, condition and brand standards; customer scores rating staff service; and customer service scores rating the quality of the hotel’s physical accommodations.

The winner represents the highest scores in the brand system in all of these categories. The 2009 Hilton Garden Inn Connie Award winner was the Hilton Garden Inn Salt Lake City/Downtown, (top left photo) Utah.

The 132-room Hilton Garden Inn Salt Lake City/Downtown opened in 2006 and is managed by Boise-based Ameritel Inns, Inc. The hotel is located in the heart of downtown Salt Lake City and is 100 percent smoke-free.

The Pride Merit Awards are given to the hotels in the 2nd and 3rd ranked position based on three components: quality assurance audits measuring, condition and brand standards; customer scores rating staff service; and customer service scores rating the quality of the hotel’s physical accommodations.

The winners of the 2009 Pride Merit Awards are the Hilton Garden Inn Panama City, (middle left photo)  Florida and the Hilton Garden Inn Dallas/Richardson, (bottom right photo) Texas.

The 111-room Hilton Garden Inn Panama City opened its doors to guests in 2006 and is a former Connie Award winner (2008). The hotel is owned by Panama City Hospitality Group, LLC and is managed by Tifton, Ga.-based GS Development, LLC.

Hilton Garden Inn Dallas Richardson is owned by Texas-based Shinn Richardson Hospitality, Ltd. and is managed by Magnolia Hospitality, LLC. The 125-room hotel opened in 2008.

Contact: Dawn Ray, HGI Public Relations, 901-374-5954,,
Jerry or Chris Daly, DalyGray,,