StepStone Hospitality Formed to Provide Third-party Management to Upscale Independent Boutique and Branded Hotels

Experienced Team Brings Strong Asset Management Support and Restaurant Expertise to Optimize Returns

PROVIDENCE, R.I.—An elite group of senior hotel and restaurant officials with more than 90 combined years of operating and asset management experience announced the formation of a new third-party management company to operate upscale boutique and branded hotels and resorts.

Called StepStone Hospitality, the company is a sister organization to Hotel Asset Value Enhancement, Inc. (hotelAVE), one of the nation’s largest hotel real estate advisory firms specializing in hospitality asset management and due diligence.

StepStone will focus on hotels of up to 400 rooms, with an emphasis on urban and premium suburban boutique and branded properties located in the eastern half of the United States.

StepStone currently operates The Hotel Providence, (bottom left photo) a luxury, Four Diamond, boutique hotel in the heart of Rhode Island’s state capital and has had management oversight of luxury to three-star properties in Boston and New York.

The company distinguishes itself from other third-party management companies with a strong emphasis on strategy and asset management and unparalleled, in-depth restaurant expertise.

The company’s three principals are:

Thomas Russo, (top right photo) CEO and president, a 45-year hospitality veteran with extensive experience in hotel, resort and restaurant operations, including boutique hotels, major hotel chains and leading restaurants. He has developed and operated numerous award-winning restaurant concepts and is widely regarded as one of the industry’s most creative and strongest operators.

James McGrath, (middle left photo) chief operating officer and partner, with a 25-plus year career as an hotelier overseeing the operations of more than 250 hotels, both branded and independent. He most recently headed up hotel operations for Lodgian, Inc.’s 40-property portfolio.

Michelle Russo, (middle right photo) partner, brings a strong background in asset management and strategy with experience in hotels valued at more than $2 billion. She is president of hotelAVE and previously managed a $500 million hotel portfolio for John Hancock Mutual Life Insurance. Russo is a former hospitality and real estate financial analyst at Deutsche Bank.

“We created StepStone to respond to specific requests from a number of institutional and private investors who wanted strong, hands-on operations by senior leadership, world-class strategic asset management and food and beverage expertise to generate the highest possible hotel investment returns in all phases of the economy,” said Thomas Russo.

“The missing ingredient in most third-party management is a strategic mind-set.

"In addition to on-site management, which focuses solely on day-to-day operations, every StepStone-managed property has a highly experienced regional support team that focuses on strategy.

"That team oversees only a limited number of hotels, and each team has an asset manager who is a true owner’s representative. That person is responsible for benchmarking and constantly seeking new ways to further enhance the operation and returns.”

The company has the ability to co-invest with owners, as well as bring multiple tranches of equity to projects.

StepStone Hospitality is located at:333 Westminster St. Suite 3Providence, R.I. 02903. PH (401) 865-6901.

Additional information about the company may be found at http://www.stepstonehospitality.com/.

Contact: Jerry Daly or Chris Daly, Daly Gray Public Relations, (703) 435-6293, jerry@dalygray.com

Innkeepers USA Trust Suspends Payment of First Quarter Dividend on 8% Bond Series

PALM BEACH, FL – Innkeepers USA Trust (OTC: INKPP) has suspended payment of its 2009 first quarter dividend on its 8% Series C Cumulative Redeemable Preferred Shares.

Decisions regarding future quarterly dividends on the 8% Series C Cumulative Redeemable Preferred Shares will be made by Innkeepers’ board of trustees based on financial and economic conditions and other factors that the board deems appropriate.

A description of the 8% Series C Cumulative Redeemable Preferred Shares, is available in the Amended and Restated Declaration of Trust of Innkeepers USA Trust and the Articles Supplementary to the Declaration of Trust.

Certain information regarding the 8% Series C Cumulative Redeemable Preferred Shares may be found on the company’s website at http://www.innkeepersusa.com/.

Innkeepers USA Trust is a real estate investment trust (REIT) and a leading owner of upscale and extended-stay hotel properties throughout the United States. The company currently owns interests in 74 hotels with approximately 10,100 rooms in 20 states and the District of Columbia.
Contacts:

Patrick Daly,Daly Gray Public Relations, Tel (703) 435-6293. Fax (703) 435-6297. patrick@dalygray.com

Dennis Craven, Innkeepers USA Trust, (561) 227-1302.

Ending Insanity on Madison Avenue

By Christopher DeCrosta, (top right photo) Vice President of Madison Retail Group, Chicago.

CHICAGO, IL--USA Today’s article about Madison Avenue vacancies is more than five years in the making.

The vacancy rate on Madison Avenue is certainly among the highest and most noticeable in the city, but it does not come as much of a surprise to those familiar with this market.

Rents over the past 5 years have grown at an alarming rate. Other than Fifth Avenue, Madison was the first retail strip in New York to break the $1,000 per square foot barrier.

Once it did, it quickly became $1500 per square foot and until the recent downturn asking rents exceeded $2,000 per square foot.

The fact that space did not sit on the market for very long emboldened landlords to continue to charge such astronomical rents. International luxury brands or jewelry retailers quickly snatched up the space and in many cases the high rent numbers were absorbed in part by their large marketing budgets.

Years ago, Madison Avenue was the only destination for luxury shopping in Manhattan. Much of the rest of Manhattan has changed while the Madison rents skyrocketed.

Neighborhoods like SoHo and The Meatpacking District became viable alternatives for high-end retail. Retailers like Moschino, who only require one Manhattan location, opted to move to West 14th Street for a fraction of the cost that would have been required to renew on Madison.

These newer neighborhoods offer brands the ability to appeal to a younger, hipper crowd – one that might reject Madison Avenue’s perceived stodginess.

The real victims of the Madison Avenue collapse have been the smaller and local brands.

Forced to renew at rents 3-4 times what they had been historically paying, many tenants have found themselves underwater and unable to stay afloat. There is a positive side of all this turmoil, however.

Once rents correct and stabilize at a lower number, it will allow these smaller retailers to return to the market.

Not only will this relief be good for the retailers, it will add diversity and charm to Madison Avenue and once again make it one of the world’s most unique shopping destinations.

Contact: Kurt Ivey, kurt.ivey@madisonmarquette.com

Chase Opens Walk-In Mortgage Help Centers in DC, MD and VA

All 24 Chase Homeownership Centers Now Open to Help Families Keep Their Homes

WASHINGTON--(Business Wire))--Chase today marked the official opening of its new homeownership center to provide face-to-face help to D.C., Maryland and Virginia area families struggling with their mortgage payments.

Trained loan advisors at the center at 1350 I Street, NW, Suite 530 will help borrowers who have a home loan serviced by Chase, Washington Mutual or EMC – all now part of JPMorgan Chase.

“We created these local Homeownership Centers as a place for our borrowers to sit down and discuss their situation face-to-face with trained loan advisors in these challenging times,” said David Schneider, head of mortgage servicing at Chase.

“They are part of a wide-ranging initiative to help families stay in their homes whenever possible.”

(U.S. Capitol, top left photo)

Chase is the only large mortgage servicer in the country to open local walk-in centers to provide borrowers face-to-face loan counseling.

It now has a total of 24 homeownership centers in areas around the country with high levels of mortgage delinquencies: nine centers in California, five in Florida, two in the New York City area, and one each in the Phoenix, Denver, Atlanta, Chicago, Detroit, Las Vegas, Philadelphia and D.C. areas.

The Washington D.C. area center will feature:

Trained advisors. A team of homeownership advisors will assist customers whose circumstances have changed and are no longer able to make their scheduled monthly payment, who want to avoid foreclosure and stay in their home. The trained advisors will evaluate their finances, review possible workout options and answer any questions.

Scheduled appointments. To reduce wait time, customers are encouraged to set up an appointment in advance. They should bring documentation, including recent W-2s and tax forms, recent pay stubs and bank statements and monthly expense documentation. Also, they should bring any information, such as a hardship letter, that will help explain their current financial challenges.

A track record of helping. The advisors reflect Chase’s commitment to helping families sustain homeownership over the long term. Since 2007, Chase has helped prevent 330,000 foreclosures of Chase, WaMu and EMC loans, primarily by reducing interest rates, extending the term of the loans and providing principal deferral.

Through its own initiatives and by participating in Obama administration programs, Chase expects to help a total of more than 650,000 families by modifying more than $110 billion of home loans.

The Washington D.C. area center will be open from 10 a.m. to 7 p.m. Monday through Thursday, 9 a.m. to 6 p.m. Friday and 9 a.m. to 1 p.m. Saturday. The center can be reached directly at (202) 216-8189

. Customers who would like to receive more information can call 1-866-550-5705.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), which operates more than 5,000 branches and 14,000 ATMs nationally under the Chase and WaMu brands.

Chase has 168 million credit cards issued and serves consumers and small businesses through bank branches, ATMs and mortgage offices as well as through relationships with auto dealerships and schools and universities. It also serves more than 30,000 commercial banking customers.

Contacts:
Media: JPMorgan Chase & Co., Jennifer Zuccarelli, 212-270-7433

jennifer.r.zuccarelli@jpmchase.com

Industry Veteran Sheila J. Bellinger Joins Grubb & Ellis Company’s Dallas Office

DALLAS, TX– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that 16-year industry veteran Sheila J. Bellinger, (top right photo) SIOR, has joined the company’s Dallas office as vice president, specializing in tenant representation of office and industrial related transactions.

“Having served more than 350 clients on a local and national level, Sheila comes to Grubb & Ellis with high regard from the field,” said Moody Younger, executive managing director of Grubb & Ellis’ Texas offices. “She has built her relationships on trust, collaboration and results, and I am happy to welcome her to the team.”

Prior to Grubb & Ellis, Bellinger spent time at Hudson Peters Commercial and Cushman & Wakefield of Texas where she represented tenants in the office and industrial sectors.

She received Hudson Peters’ Platinum Award in 2008 service excellence and top production, and Cushman & Wakefield’s Client Service Award in 2004 and 2006, given to the broker who receives the highest client satisfaction responses.

Bellinger holds a bachelor’s degree from the University of Texas at Austin.

Contacts:

Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com

Damon Elder, 714.975.2659, damon.elder@grubb-ellis.com

CREC Named Broker for Five Florida Parcels

Land Suitable for Commercial, Residential Projects

CORAL GABLES, FL– CREC (Continental Real Estate Companies), Florida’s largest full-service commercial real estate company, has been engaged as broker for four land parcels in South Florida and one in Cape Coral with a total value of $29.75 million.

Cape Coral, Florida
· 30-acre commercial site
· $15 million
· Notes: Located in an emerging residential market with high visibility, well suited for big-box retail or mixed-use development
· Listing agent: Charles Anderson and Bob Robinson

Davie, Florida
· 6.25-acre commercial site
· $4.25 million
· Notes: Zoned for a variety of commercial uses and situated on a major commercial artery adjacent to a new Publix shopping center just west of the Florida Turnpike and just a quarter-mile south of the Seminole Hard Rock Hotel & Casino

· Listing agent: Harry Blyden (top right photo)

Plantation, Florida
· 4.25-acre commercial site
· $2.5 million
· Notes: Located on Sunrise Blvd between the Florida Turnpike and U.S. 441, the land’s hybrid commercial zoning permits retail, office or multifamily residential uses.

· Listing agent: Liran Friedman

Miami, Florida
· 2.83-acre multi-family site
· $4.8 million
· Notes: Located in the densely populated Allapattah neighborhood; zoned for high density residential and is an excellent affordable housing/tax credit development opportunity

· Listing agent: Charles Anderson and Harry Blyden

Miami, Florida
· 1.49-acre multi-family site
· $3.2 million
· Notes: Located in the densely populated Little Havana neighborhood the site is an excellent affordable housing/tax credit development opportunity.
· Listing agent: Charles Anderson and Harry Blyden

Miami Contact:
Harry Blyden, Senior Vice President, is part of CREC’s brokerage team focusing in the area of investment and property sales. Working with CREC’s multidisciplinary team of specialists. Mr. Blyden and the rest of CREC’s brokerage team provides brokerage services to private individuals, corporations, institutions as well as providing exit strategies for distressed assets for the special asset and REO departments of financial institutions, receivers and trustees.

CREC:
Founded in 1989 by Chairman Warren P. Weiser and President Carol G. Brooks, CREC today is one of Florida’s largest commercial firms, managing a portfolio of more than 80 office and retail properties totaling 11 million square feet. For more information, visit www.crec.com.

With offices in Miami, Orlando and Jacksonville, CREC provides fully integrated real estate services, including management and leasing, workout solutions, acquisition/ disposition strategies, debt/equity financing, brokerage, tenant representation, property management and construction management.


Contact: Lisa Rosario Continental Real Estate Companies "CREC" 2121 Ponce de Leon Blvd, Suite 1250 Coral Gables, Florida 33134 305-854-7342

Marcus & Millichap Expands in South, Opens Little Rock, AR Office

LITTLE ROCK, AR– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has opened a new office in Little Rock, according to Matthew Fitzgerald, (top right photo) regional manager.

The office is located at 5507 Ranch Drive, Suite 201, Little Rock, AR, 72223. The phone number is (501) 228-9600 and the fax number is (501) 868-1164.

“We are extremely excited to bring Marcus & Millichap’s national brand and unique marketing platform to Little Rock and the entire state of Arkansas,” says Fitzgerald.

“During the next several years, there will be tremendous opportunity for growth throughout the state and region.

"By acting as long-term advisers to Arkansas investors, we will assist them in acquiring both local and out-of-state investment properties.”

The office opens with an immediate local presence and market knowledge by incorporating the former CJ Cropper Co. into its national platform.

For information about the firm’s services or to inquire about career opportunities, contact Matthew Fitzgerald at mfitzgerald@marcusmillichap.com, or at (501) 228-9600

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

HFF closes $2.88M sale of Queens, New York industrial property

NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has closed the sale of 24-20 49th Street, (top right photo) a 24,939-square-foot industrial property in Queens, New York.

HFF senior managing director Andrew Scandalios (bottom left photo) and director Jeff Julien led the investment sales team on behalf of the seller.

Criterion Group, LLC purchased the property for $2.88 million free and clear of debt.

24-20 49th Street is 100% net leased to Sabra Dipping Company, LLC, one of the leading Mediterranean food manufacturers in North America.



Located at the intersection of 49th Street and Astoria Boulevard in the borough of Queens, the property is adjacent to the Grand Central Parkway and close to Interstate 278, LaGuardia International Airport, Triborough Bridge and Manhattan.

Criterion Group, LLC is based in New York and their diversified property offerings include residential development and acquisitions; industrial and distribution; retail; office and value added repositioning.


Criterion has industry recognized expertise in asset management, real estate acquisition and sales, new development, construction management, property management and financing.


CONTACTS:

Andrew G. Scandalios, HFF Senior Managing Director, (212) 245-2425, ascandalios@hfflp.com
Jeffrey N. Julien, HFF Director, (212) 245-2425, jjulien@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500, kmurphy@hfflp.com

HFF secures $8M refinancing for Corey Place Apartments in Dallas/Fort Worth

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged an $8 million refinancing for Corey Place Apartments, (top left photo) a 276-unit multifamily community in Dallas/Fort Worth, Texas.

Working exclusively on behalf of Granite Redevelopment, LLC, HFF associate director Travis Anderson placed the 10-year, 5.76% fixed-rate loan with Wachovia Multifamily Capital, Inc. through Fannie Mae’s DUS Program.

Loan proceeds are refinancing an existing acquisition rehab loan.

Corey Place Apartments is located at 602 West Pioneer Parkway approximately 12 miles west of downtown Dallas via Interstate 30 in Grand Prairie. The property was renovated in 2008 and is currently 95% occupied.

Granite Redevelopment, LLC currently owns approximately 2,500 units and has been acquiring and rehabilitating multifamily properties for 14 years.

They are actively pursuing distressed multifamily assets in the Dallas, San Antonio and Austin markets.

CONTACTS:
Travis Anderson, HFF Associate Director, (214) 265-0880, tanderson@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF closes sale of five-property Houston office portfolio

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has closed the sale of a five-property, 157,672-square-foot office portfolio in Houston, Texas.

The HFF investment sales team was led by senior managing director Dan Miller (middle left photo) and real estate analyst Trent Agnew, who marketed the portfolio on behalf of the seller, Brookfield Asset Management.

SLS Houston Properties, LLC purchased all five properties for an undisclosed price.

The approximately 75% leased portfolio is 43% occupied by JPMorgan Chase (top right photo) with an average remaining lease term of 12.5 years. Additional tenants include local and regional companies or individuals. Two of the properties have excess land for future development.

“The length of term and credit on the JPMorgan Chase lease, coupled with the excess land and potential to increase occupancy, created interest from a number of private buyers,” said Agnew.

Individual property details are below by
Property, Address and Size:

Gulfgate, 2900 Woodridge, 54,747 Square Feet
West Oaks, 6200 Highway 6 South, 29,250 Square Feet
Westwood, 9525 Bissonnet, 23,002 Square Feet
Stafford, 11806 Wilcrest, 21,622 Square Feet
Cy Fair 13103 FM, 1960 West, 29,051 Square Feet

“Due to JPMorgan Chase’s desire to be located in highly visible locations, the portfolio has frontage on some of Houston’s busiest roadways including Interstate 45, Highway 290, Westpark Tollway/Highway 6 and US 59,” added Miller.

Brookfield Asset Management Inc. is a global asset manager focused on property, power and other infrastructure assets with approximately $80 billion of assets under management.

CONTACTS:

H. Dan Miller, CCIM, SIOR, HFF Senior Managing Director, (713) 852-3500, dmiller@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500, kmurphy@hfflp.com

http://www.hfflp.com/.

Arbor Closes $638,600 Fannie Mae DUS® Small Loan for Sleepy Hollow Apartments in Sleepy Hollow, NY

Uniondale, NY (April 8, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $638,600 loan under the Fannie Mae DUS® Small Loan product line to refinance the 8-unit complex known as Sleepy Hollow in Sleepy Hollow, NY.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.36 percent.

The loan was originated by Dan Gaylord, Director, in Arbor’s full-service Austin, TX lending office. “The sponsor initially purchased the property as an under-performing asset,” said Gaylord. “After successfully repositioning the property, we cashed him out so that he could enjoy a long-term fixed-rate note.”

Contact: Ingrid Principe, P: 516.506.4298. F: 516.542.2555, http://www.arbor.com/

Cushman & Wakefield Closes Two Leases in Orlando, FL

Kell-Sibley Enterprises Relocates to University Center

ORLANDO, FL – April 8, 2009–Cushman & Wakefield of Florida, Inc. (C&W) announced the lease of 2,400 sf in the Cragg Building at University Center in Orlando for the relocation of Kell-Sibley Enterprises.

Office Brokerage Associate Douglas Eber (top right photo) negotiated the 5-year lease for the tenant.

Kell-Sibley Enterprises is a training and management consultancy for governmental and private business clients.

May Mei Garden Renews Lease at Shoppes of Hunt Club

ORLANDO, FL–Cushman & Wakefield of Florida, Inc. (C&W) announced the renewal of 1,386 sf in the Shoppes of Hunt Club for May Mei Garden restaurant. Retail Brokerage Associate Mindy Boehm negotiated the lease, representing the landlord in the transaction.

Contact: Brook Hines, 407-541-4401, brook.hines@cushwake.com
www.cushwake.com

Florida Senior Housing Property Sells for $10.2M

TAMPA, FL--CLW Health Care Services Group is pleased to have represented a privately-owned partnership in the $10.2 million sale of The Veranda, (top right photo) a 114-unit Senior Housing property located in Pensacola, Florida.

The property features:

• 94 Independent Living units; 20 Assisted Living units
• Built in 2004 (portion converted to Assisted Living in 2007)
• Three-story, 143,640± square foot building
• 6.44± acres
• Purchase price of $89,474 per unit
• 61% occupancy at time of closing

Contact: Allen McMurtry, 813.349.8349, amcmurtry@clwrg.com

The Dow Hotel Company Names Donna Rios General Manager of Hilton Bellevue

Washington State GM of the Year Adds Bench Strength to Company

SEATTLE, WA—Officials of The Dow Hotel Company, LLC, a hotel ownership investment and management company, today announced that Donna Rios (top right photo) has joined the company as general manager of the 353-room Hilton Bellevue (middle left photo) in Washington.

She will report directly to Michael Pitstick, (top left photo) regional vice president of operations, as she oversees the property’s day-to-day operations.

“Donna has an enviable track record in the greater Seattle market and has consistently outperformed her competitive set in guest satisfaction and revenues,” said Murray L. Dow II, (middle right photo) The Dow Hotel Company president.

“She brings additional depth and expertise to our hotel operating team. We continue to look for and hire top talent to not only successfully negotiate to

day’s economic environment but prepare for the inevitable turn around ahead.”

Prior to joining the Hilton Bellevue, Rios was the general manager of the very successful Embassy Suites Hotel in Tukwila, Wash.

Previously, she was general manager of the Embassy Suites Hotel, in Santa Clara, Calif. She was named the 2008 general manager of the year by the Washington State Hotel Lodging Association and won the Embassy brand’s Highest Internal Controls Score for Centrally Managed Hotels in 2008.

Located at 300 112th Avenue SE, in Bellevue, Wash., the AAA Three Diamond Award-winning Hilton Bellevue is just off I-405, in Seattle's upscale, eastside business district.

The hotel is within easy access to downtown Seattle, Pike Place Market, the Space Needle, (bottom right photo) and the Seattle Tacoma International Airport (SeaTac).

Each room offers flat-screen high definition televisions, high-speed wireless internet access, and Serenity Collection by Serta, Hilton’s exclusive bedding package.

The property features more than 60,000 square feet of flexible meeting space, a fitness center, pool, and three onsite eating and drinking options, Basil’s Bar, Tully’s Coffee and Basil’s Kitchen.

“The property’s accessibility to the airport and downtown Seattle make it an ideal location for both leisure and business travelers,” Rios said.

“As a further attraction for our business guests, we recently added the new Hilton Meetings package. Our fitness center has the latest, top-of-the-line Precor aerobic and muscle-building equipment. The Skyview Room, specially designed for business banquets and wedding receptions, accommodates groups of up to 325 people.”

Seattle-based The Dow Hotel Company is a hotel owner/investor and operator of first-class, full-service hotels with properties throughout the United States.

DHC is currently completing renovations at its Houston and Portland properties totaling more than $15 million.

The company’s portfolio of owned and managed properties consists of institutional-grade hotels, under such brands as Marriott, Hilton, Embassy Suites, Sheraton, and Crowne Plaza.

The company aggressively seeks to acquire, co-invest with joint venture partners and/or manage mid- to large-size, first-class, full-service hotels, especially those with extensive food and beverage capabilities.

Contact: Chris Daly, (703) 435-6293, chris@dalygray.com

General Growth Properties Stock Price Rise Puzzles Wall Street

NEW YORK, NY, April 7, 2009—Wall Street today is grappling with its biggest little mystery in months: What is triggering debt-loaded General Growth Properties’ stock price to jump 100 percent in the last 17 days?

The common stock of the nation’s second biggest shopping center developer was trading at $1.14 at noon today. On March 21 of this year, the stock was trading at 57 cents.

The stock began its flirtatious climb Friday, April 3, when it closed at 72 cents. On Monday, April 6, near the closing bell of the New York Stock Exchange, the stock was trading at 98 cents, up 37 percent. It closed at $1.

The stock has climbed from a 52-week low of 24 cents on Nov. 12, 2009. Its 52-week high came on May 16, 2008 when it reached $44.23 per share.

The stock rise is particularly puzzling to knowledgeable Wall Street analysts because Chicago-based General Growth and its subsidiary, The Rouse Co. of Columbia, MD, are struggling under a combined debt load approaching $10 billion, according to previous company disclosures and as previously reported by Real Estate Channel.

General Growth CEO Adam Metz himself has alluded to a possible Chapter 11 bankruptcy protection filing if company lenders couldn’t or wouldn’t extend GGP’s outstanding loans. The company itself is solvent, with about $168 million in ready cash on hand.

Metz previously disclosed major company lenders already have agreed to wait until Dec. 31 of this year for payment on about 40 percent of $2.6 billion in past-due loans.

Now some Wall Street insiders are hinting General Growth officials may have quietly obtained further loan extensions in the past couple of days and that rumor may have triggered the stock’s buoyancy.

The stock price rise has even perplexed General Growth officials themselves.

In a prepared statement, the company said that “as a result of the unusual market activity” in the company’s stock price, the New York Stock Exchange asked GGP to “issue a public statement indicating whether there are any corporate developments that might explain the unusual activity.”

The company said in its statement it is “not aware of any corporate developments” that could have pushed up the stock price so quickly.

The NYSE often asks companies for similar public clarifications when their stock’s share price moves swiftly, up or down, on the Big Board.

The NYSE asks for the clarifications because it wants to ensure that all market players have access, at the same time, to all information and developments that might be moving a specific stock.