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Real Estate News
Sunday September 5th, 2010
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Capital Freeze Thaws for Real-Estate Funds
Real-estate funds saddled with boom-time properties are getting relief from Wall Street firms and other investors hoping to capitalize on their need for cash.
New Resorts Owners Roll Dice
Morris Bailey and Dennis Gomes are paying $35 million for Resorts Atlantic City, at a time when gambling revenue is declining and customers are being siphoned off to Pennsylvania venues.
Citigroup Gets Burned in the Caribbean
The bank is selling its mortgage on the Viceroy Anguilla to Starwood Capital Group at a hefty discount, the latest example of capitulation by a bank that has nursed a troubled real-estate project for years.
Corio's Turkish Strategy Stumbles
The Dutch company's expansion has yielded disappointing results due to the weak economy, competition and the difficulties of exporting Western shopping concepts to a country steeped in different traditions.
Help for Hyatt Isn't Enough
A Jacksonville hotel missed paying its mortgage despite $5 million in help from the Hyatt chain.