- LaQuinta Owner CorePoint Is Bought by Joint Venture in $1.5 Billion Hotel Deal “CorePoint Lodging Inc., which owns about 160 hotels, is being acquired by a joint venture between affiliates of Highgate and Cerberus Capital Management in a deal valued at roughly $1.5 billion. Highgate and Cerberus will pay $15.65 a share, a premium of about 42% to the company’s closing price on July 13. That was the last day it traded before announcing it would look for strategic alternatives, according to a statement Monday.” (Bloomberg)
- Co-Working’s Growing Footprint in Malls “Coworking “still has a place in malls,” one CRE expert says, especially as America heads back to an office that’s been radically reimagined post-pandemic. Earlier this fall, Saks owner Hudson’s Bay announced that it will partner with WeWork to open SaksWorks coworking spaces in existing department store footprints. The deal will see SaksWorks move into several Saks locations and some that were previously occupied by Lord & Taylor.” (GlobeSt.com)
- How the Labor Shortage Impacts Multifamily Development “Housing inventory and affordability will continue to be weakened by the shortage of skilled construction labor, according to a new report by the Home Builders Institute (HBI). The estimations contained in the HBI Fall 2021 Construction Labor Market Report are based on a new analysis of Bureau of Labor Statistics data by the National Association of Home Builders (NAHB). The number of new workers needed yearly to keep up with demand is estimated to be 740,000 each over the next three years.” (Multi-Housing News)
- NYC Market Update: What’s Driving Manhattan Construction Activity? “As of September, 20.8 million square feet of office space was taking shape in Manhattan, or 4.3 percent of total stock, according to CommercialEdge. The pipeline has increased slightly, marking a 50-basis-point expansion month-over-month. Nationwide 158.2 million square feet of fresh office product was under construction in September, making up 2.4 percent of total stock.” (Commercial Property Executive)
- Tough Proof of Vaccination Mandate Set to Take Effect in Los Angeles “A measure taking effect Monday requires proof of shots for everyone entering a wide variety of businesses from restaurants to shopping malls and theaters.” (Los Angeles Times)
- How Capital Can Cure Eviction Ills “There’s plenty of capital to go around for large-scale apartment builders. But small-time investors could use a shot in the arm, too, says one of the bigger players, if only to help the entire business deal with the heat it is taking because of the increase in evictions. ‘Capital of all types can mitigate a lot of issues,’ said Daryl Carter, founder & CEO of Avanath Capital Management. ‘Unfortunately, very small landlords have very little access to the kinds of capital larger landlords have.’” (Multi-Housing News)
- Council Post: Four Ways Landlords Can Foster Positive Landlord-Tenant Relationships “There are a few things you can do as a landlord to build and maintain good relationships with your tenants.” (Forbes)
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