Saturday, June 19, 2010
NEW YORK, NY--Fitch Ratings has assigned a 'BBB' rating to the newly issued $152 million 3.0% convertible senior notes due 2029 offered by Health Care REIT, Inc. The Rating Outlook is Stable.
The company intends to use the net proceeds from this offering to repurchase a portion of its 4.75% convertible senior notes due 2026 and 2027.
development services. As of March 31, 2010, the company's portfolio consisted of investments in 608 properties in 39 states.
Janice Svec +1-212-908-0304 or Steven Marks +1-212-908-9161, New York.
Additional information is available at http://www.fitchratings.com/.
JPM 2010-C1, the first Fitch-rated multi-borrower CMBS deal since 2008, reflects stronger issuer underwriting practices such as in place cash flow, marked-to-market where applicable, with no reliance on pro-forma income, attributes that resembled the norm in the new issue environment between 1995 and 2004. In addition, borrowers are retaining material equity in the properties with equity contributions generally ranging form 25-50% based on purchase prices.
Fitch's new CMBS presale reports provide the market with evidence of lessons learned since 2007.
The pressing question remains: How long will these positive attributes last? 'If and when underwriting levels do deteriorate, expect to see Fitch raise their credit enhancement levels,' said Group Managing Director and U.S. CMBS group head Huxley Somerville. (lower right photo)
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:
Huxley Somerville +1-212-908-0381 or Eric Rothfeld, 1-212-908-0761, New York.
Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278:, firstname.lastname@example.org.
Chatham Lodging Trust Signs Contract to Acquire Upscale Extended Stay Hotel in Greater Metropolitan New York Area
PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium branded select-service hotels, has signed a contract to acquire an upscale extended stay hotel in Greater Metropolitan New York area in an all-cash transaction for $21.3 million.
The new hotel represents the 11th hotel acquired or under contract to purchase by Chatham since its April 21, 2010 initial public offering.
“This is a very well-located property with superb visibility and accessibility,” said Jeffrey H. Fisher (top right photo) , Chatham’s chief executive officer. “It is in a market with one of the highest barriers to new competition in the country.
“We have an aggressive appetite for properties and continue to work our extensive contacts and relationships to source transactions both on and off the market,” Fisher said.
Completion of the new hotel acquisition is subject to satisfactory completion of due diligence and customary closing conditions.
Jerry Daly, Carol McCune, Daly Gray Public Relations, ( Media),(703) 435-6293, email@example.com
Peter Willis, Chief Investment Officer, (Acquisitions), (561) 227-1387, firstname.lastname@example.org
ORLANDO, Fla. – Crossman & Company, one of the largest third-party leasing and management firms in the Southeast, has been named the exclusive agent for Water Tower Place (top left photo) , the iconic town center located in Celebration, Fla.
Crossman & Company will be responsible for all leasing and management of the property.
“This landmark property serves as the neighborhood center for Celebration, as well as providing services and shopping alternatives for the surrounding area,” said John Crossman.
The property is located at the intersection of US Hwy. 192 and Celebration Avenue, the main entrance to Celebration, which was developed by The Walt Disney Company in the 1990s. “Its visibility, access from US Hwy. 192 and proximity to local theme parks and attractions makes this an ideal location,” Crossman added.
Crossman stated that because of the property’s location, design, history and the current market, it is an ideal time to take a fresh look at the property to determine what re-tenanting, uses and other changes will be the most valuable for the property as well as the local community and shoppers.
For more information, please contact:
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, email@example.com
Justin Greider, Senior Associate, Crossman & Company/ICSC Southern Division Next Generation Chair, 407-581-6225; firstname.lastname@example.org;
Molly Delahunty, Crossman & Company, 407-581-6220 email@example.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, firstname.lastname@example.org