Tuesday, March 12, 2013

U.S. Lodging Growth Continues Despite Federal Economic Malaise

R. Mark Woodworth

Atlanta, GA, March 12, 2013 – Despite news of “fiscal cliffs” and “sequesters” coming out of Washington D.C., the U.S. lodging industry is forecast to continue to achieve strong gains in both revenue and profits in 2013.  

According to the recently released March 2013 edition of Hotel Horizons®, PKF Hospitality Research, LLC (PKF-HR), is projecting that U.S. hotels will enjoy a 6.1 percent increase in revenue per available room (RevPAR) for the year, along with a 10.2 percent boost on the bottom-line net operating income.

“The uncertainty and fear generated by Congress’ handling of the fiscal cliff and sequester may have tempered the pace of economic growth, but it has not completely shut down the growth in demand for lodging accommodations,” said R. Mark Woodworth, president of PKF-HR. 

 “Our forecast of a 1.8 percent increase in demand for 2013 is somewhat muted compared to the 3.0 percent increase recorded by Smith Travel Research (STR) in 2012.  However, when you combine the 1.8 percent growth in lodging demand with a projected increase in supply of just 0.8 percent, occupancy levels will rise to 62.0 percent.  This will take the U.S. lodging industry past the long-run average occupancy level of 61.9 percent, a significant milestone.”

For a complete copy of the company's news release, please contact:

For a   Chris Daly
Daly Gray, Inc.
Ph: 703-435-6293
Cell: 703-864-5553

Burns & McDonnell’s Office Space at Campus at Greenhill in Wallingford, CT Earns LEED Gold Certification

Burns & McDonnell offices at The Campus at Greenhill
Wallingford, CT

Wallingford, CT, March 12, 2013---Burns & McDonnell announced today that their office space at The Campus at Greenhill in Wallingford, CT has been awarded LEED® Gold.

The LEED rating system, developed by the U.S. Green Building Council (USGBC), is the foremost program for building, homes and communities that are designed, constructed, maintained and operated for improved environmental and human health performance.

 Burns & McDonnell’s New England headquarters occupies approximately 27,635 square-feet of the Campus at Greenhill office building. The employee-owned full-service engineering, architecture, construction, environmental and consulting services firm moved into the office space just over a year ago.

 “Last year we ultimately chose to relocate our New England headquarters to the Campus at Greenhill because we were very impressed with the facilities sustainable technologies which reflected our image as a world class engineering and construction firm,” said Burns & McDonnell Senior Vice President Brett Williams.

 “Beginning with an already advanced base facility, we incorporated further design features to obtain the prestigious LEED Gold certification, solidifying the impressive features of the building that enable us to reduce our carbon footprint while enjoying a state-of –the-art office space.”

Brett Williams
The combination of efficient design, sustainable building practices and advanced technologies integrated into Burns & McDonnell’s space at the Campus at Greenhill has resulted in the new space operating 15.1 percent more efficient to similar spaces of standard design, consuming 30 percent less lighting power, and using 36 percent less water.

Burns & McDonnell space accounts for approximately 27,635 square feet of the newly constructed 305,000 square foot Campus at Greenhill located at 108 Leigus Road.

Rick Fedrizzi
The office space achieved LEED certification for implementing practical and measurable strategies and solutions aimed at achieving high performance in: sustainable site development, water savings, energy efficiency, materials selection and indoor environmental quality. The location also provides Burns & McDonnell employees with plug in stations for electric vehicles.

“Buildings are a prime example of how human systems integrate with natural systems,” said Rick Fedrizzi, President, CEO and Founding Chair, U.S. Green Building Council. “The space within the Campus at Greenhill project efficiently uses our natural resources and makes an immediate, positive impact on our planet, which will tremendously benefit future generations to come.”

For a complete copy of the company's news release, please contact:

Matthew Watkins
President | Watkins Strategies
43 Lunt Street
Quincy, MA 02171

US Lodging Transactions and Property Transfers Total $15.3 Billion in 2012.

PORTSMOUTH, NH, Mar. 12, 2013 --1,342 hotels having 183,300 rooms changed ownership in 2012 for an estimated total investment of $15.3 billion. 649 of the hotels, nearly 50% of the total, was the Blackstone Group's purchase of the Motel 6 and Studio 6 portfolio from Accor Hotels for $1.9 billion.

In 2012, there was a pronounced shortage of hotels available for sale due to the heightened uncertainty created by the fiscal cliff crisis.
Year-over-year, Individual Transactions were down from 830 in 2011 to 582. Except for the Blackstone portfolio, other Portfolio Transactions and Merger and Acquisition activity were down as well.

 Overall, it was another quiet year for Transactions considering so many other factors that could have accelerated lodging investment were the most favorable in years. 

For a complete copy of the company's news release, please contact:

Jennifer McLynch
Marketing Specialist
Lodging Econometrics
500 Market Street, Suite 13,
Portsmouth, NH 03801-3481 USA
P: +1 603.431.8740, ext. 16
F: +1 603.431.4418 |

Crescent Resources Breaks Ground for Crescent Terminus in Atlanta, GA

Crescent Terminus rendering, Atlanta, GA
 ATLANTA, GA --  Crescent Resources broke ground today on Crescent Terminus, a $67 million mixed-use community that will bring the first apartment-living option to Buckhead’s Terminus master development by Cousins Properties. 

The community will be built on the development’s last vacant three acres, adding 355 luxury apartment homes to the community’s five-star dinning, street-level retail and world-class office.

Brian Natwick
The groundbreaking ceremony also marks the official name change from Circle Terminus to Crescent Terminus, reflecting Crescent Resources’ emphasis on community building and innovative design on all of its developments.

Attending the groundbreaking were Brian Natwick, President, Crescent Resources Multifamily Group; Ben Collins, Vice President, Crescent Resources Mutifamily Group; Sam Massell, President, Buckhead Coalition and former Mayor of Atlanta; and John S. McColl, Executive Vice President, Cousins Properties

For a complete copy of the company's news release, please contact:

Heather Tamol for Crescent                               

Allison Christopher for Cousins Properties

Top Broker Closes $35.5 Million in Transactions in 2012

Robert Listokin
MIAMI, FL  - Robert Listokin, SIOR, Executive Vice President, was named the top broker at Colliers International South Florida for 2012.

 Listokin was also the top broker in 2011, and has been in the top five since he has been with Colliers. Listokin completed 44 commercial real estate transactions valued at $35.5 million in 2012.

His leasing and sale activity is an effective measure of South Florida's business climate, and reflects the diversity of new companies coming into the area and those expanding in the region.

Sal Bonsignore
One of several noteworthy deals Listokin consummated in 2012 was the sale of a 75,000-square-foot former AEQUICAP building on behalf of the Florida Department of Financial Services.

 The former Cleveland Clinic facility at 3000 West Cypress Creek Road in Fort Lauderdale was vacant after having been renovated to accommodate an insurance company that purchased the property.

Michael Fay
Listokin and his associate Sal Bonsignore represented the seller, the State of Florida, and their colleagues at Colliers, John Crotty and Michael Fay, brought in the buyer, OneBlood, Inc. A consolidation of blood banks and blood services groups from around Florida, OneBlood will occupy the entire building, which it purchased for $9.8 million.

For a complete copy of the company's news release, please contact:

Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138

HFF secures $11.85 million financing for Wellington at Willow Bend in Plano, TX

Wellington at Willow Bend, Plano, TX
CHICAGO, IL – HFF announced today that it has secured an $11.85 million financing for Wellington at Willow Bend, a 194-unit, garden-style multi-housing community in Plano, Texas.

HFF worked on behalf of the borrower, an affiliate of Banner Apartments, LLC, to secure the 10-year, 3.9 percent fixed-rate loan through M&T Realty Capital Corporation (FNMA).  Proceeds were used to acquire the property.

Wellington at Willow Bend is located at 3200 Parkwood Boulevard proximate to the intersection of Dallas North Tollway and West Parker Road in Plano.

Matthew Schoenfeldt
The 96.4 percent occupied property consists of one-, two- and three-bedroom units averaging 909 square feet each.  Community amenities include a clubhouse, newly refurbished fitness center, two in-ground swimming pools and a playground.

The HFF team representing the borrower was led by managing director Matthew Schoenfeldt, associate director Adam Herrin and senior real estate analyst Jason Bond.

Adam Herrin
“The gentlemen at Banner are discerning buyers and even better operators; they know exactly how to maximize performance of this in-fill garden-style product,” said Schoenfeldt.

“The location of this asset in a desirable neighborhood near award-winning medical facilities and school districts, as well as highly sought after restaurants and retail, made it especially attractive to investors,” added Herrin.

Banner Apartments, LLC and its affiliates (“Banner”) own, develop and manage multifamily properties.  Banner was founded in 1989 and currently has ownership interests in and manages more than 5,877 apartment homes.  Banner currently employs approximately 200 team members in eight states.

For a complete copy of the company's news release, please contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

HFF arranges $11 million refinancing for Yorkville Marketplace in Yorkville, IL

Yorkville Marketplace, Yorkville, IL
 CHICAGO, IL – HFF announced today that it has arranged an $11 million refinancing for Yorkville Marketplace, a 111,591-square-foot grocery-anchored retail center in Yorkville, Illinois.

HFF worked on behalf of TDC Yorkville Shopping Center I & II, LLC, a joint venture sponsored by Tucker Development Corporation, to secure the adjustable-rate loan through Prime Finance. 

Yorkville Marketplace is located at the intersection of US Route 34 and Illinois Route 47 approximately one hour southwest of downtown Chicago. 

Tim Joyce
The 93 percent leased property, which was completed in 2002 (Phase I) and 2007 (Phase II), is anchored by Jewel-Osco and Office Max.  In addition, Phase II of the center contains pad-ready sites that can support approximately 52,600 square feet of future retail development.

The HFF team representing the borrower was led by managing director Timothy Joyce, director Daniel Kaufman and associate director Amy Sands.

Founded in 1996, Tucker Development Corporation specializes in the development of shopping centers and mixed-use properties in Illinois, Wisconsin, Michigan, Pennsylvania and New Jersey. 

Daniel Kaufman
The company is one of the most reliable developers in its respective markets, developing and managing properties totaling approximately five million square feet. 

For more information on Tucker Development Corporation, visit www.tuckerdevelopment.com.

                 Prime Finance is a private commercial real estate finance company with discretionary capital, which directly originates mortgage, mezzanine and preferred equity financing and also acquires performing, sub-performing and distressed debt.  

Amy Sands
The company offers a variety of fixed- and floating-rate non-recourse loans greater than $10 million on office, retail, hotel, industrial, multifamily, mobile home, self storage and mixed-use properties in all markets around the United States.

  Prime Finance was formed in June 2008 by San Francisco-based Prime Group and currently has more than $2.5 billion of assets and surplus capital.  The company principals have decades of collective commercial real estate lending and investing experience and have closed more than $20 billion of loans across in more than 850 transactions in the last 10 years. 

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com