- Zillow Seeks to Sell 7,000 Homes for $2.8 Billion after Pausing its Flipping Purchases “Zillow Group Inc. is looking to sell about 7,000 homes as it seeks to recover from a fumble in its high-tech home-flipping business. The company is seeking roughly $2.8 billion for the houses, which are being pitched to institutional investors, according to people familiar with the matter. Zillow is likely to sell the houses to a multitude of buyers rather than packaging them in a single transaction, said the people, who asked not to be named because the matter is private.” (Los Angeles Times)
- Businesses Seek Trophy Office Space to Stoke Return to the Office “Businesses trying to wean employees off remote work and lure them back to the office are spending more than ever on upscale workspaces, reaching deep into their pockets to pay high rents for modern, amenity-rich buildings. These new office digs offer custom-built lounges, game rooms with ping-pong tables and foosball, and apps that enable employees to contact building security or order a burger from the company cafeteria. The state-of-the art office towers also emphasize sanitation, outdoor space and sustainability, featuring robust ventilation systems and outside dining areas with fire pits.” (The Wall Street Journal)
- CBL Properties Exits Chapter 11 “CBL Properties today announced that it successfully completed its Chapter 11 reorganization. CBL emerged with a significantly improved capital structure, greater financial flexibility and a lowered cost of capital, positioning the company with a much-improved balance sheet and primed to pursue future growth opportunities.” (Business Wire)
- As U.S. Reopening Approaches, Travelers Take Their Marks “When the Biden administration announced that vaccinated foreign travelers would be allowed to enter the United States starting Nov. 8, it was as though a starting gun had been fired. Skyscanner, a travel booking site, saw an 800 percent spike in bookings the day after the announcement. In the week after the administration confirmed the date travelers could arrive, Expedia, the online booking site, saw a 28 percent increase in searches for U.S. hotels from the United Kingdom and a 24 percent increase from France.” (The New York Times)
- Four Seasons Hotel in Napa Selling for Near Record Valuation “The owner of the Four Seasons in California’s Napa Valley is selling the recently opened hotel in one of the highest-valued lodging transactions ever, punctuating a year of blockbuster resort sales. Sunstone Hotel Investors Inc., a real-estate investment trust, has agreed to pay about $175 million for the 85-room luxury hotel, according to people familiar with the matter. Real estate advisory firm and investment bank Eastdil Secured marketed the transaction for the seller, property fund manager Alcion Ventures.” (The Wall Street Journal)
- The Travel Ban Is Lifting, But Big City Hoteliers Still Expect Sluggish Returns “Travel bans on 33 countries will officially end next Monday.” (Bisnow)
- Amazon Targets Jersey City for Major Office Space Expansion “Amazon.com Inc. is looking to add office space in New Jersey as it expands in the New York City region. The e-commerce giant is close to a deal for roughly 400,000-square feet (37,000 square meters) of space on the Jersey City waterfront, according to people familiar with the matter, who asked not to be named because the talks are private. It’s targeting a building called Harborside 1 at a Mack-Cali Realty Corp. complex.” (Bloomberg)
- Why State Lawmakers Are Fired Up Over a Derailed S.F. Housing Project “For some lawmakers, the San Francisco supervisors’ rejection of a proposed 495-unit apartment building is a stark example of why state intervention to address the housing crisis is not only necessary, but should escalate.” (San Francisco Chronicle)
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