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2022-05-04 22:09:19

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in assets under management.EarningsHotel Profitability Triples in First Quarter for SummitIn each of the first three months of 2022, real estate investment trust Summit Hotel Properties achieved double-digit sequential growth in the three key performance metrics — occupancy, average daily rate and revenue per available room. Denny’s To Buy Florida Chain Keke’s Breakfast Café for $82.5 MillionThe company is looking to develop new locations of the acquired brand through franchising across states.Starbucks To Accelerate US Store GrowthSeattle coffee giant says adding stores, increasing grab-and-go service key to meeting demand.Daily RoundupJob Openings and Resignations Hit Records, Outdoor Retailers Add Stores, Treasury Yield Reaches Four-Year HighHere's what you need to know to start your day.Remote Work and Global Travel Drive Airbnb to Record GrowthThe company said more than 30% additional nights were booked for summer travel by the end of April than the same time in 2019 as remote workers spend time even farther away from offices.Cresa Gets Bigger in Texas With Acquisition of Boutique BrokerageTexas is a critical market for Cresa, because it "remains center stage in the country as one of the best-insulated markets" that continues to attract new businesses and residents. CoStar InsightMountain of Planned US Industrial Projects Reaches Unprecedented HeightsDevelopers in Phoenix, Dallas and the Ohio Valley lead huge ramp-up in planned activity in 2022.Newmark Nabs Brokerage That Advised Apple's Steve Jobs on Retail ExpansionThe conversation between Newmark and Open Realty began three years ago.Odds of 2023 Recession Are Increasing but Housing Market Is Relatively Safe, Fannie Mae SaysThe mortgage lender's revenues and net income were lower in the first quarter of 2022.Colliers Predicts Double-Digit Revenue Gain This YearColliers sounded a bullish tone despite warnings from some economists that inflation and rising interest rates could curb real estate demand.EarningsBusiness, Group Travelers Claim Larger Share of Hilton's Guest MixExecutives with Hilton said inflation and construction delays will not stop its development partners from hitting a target of 5% net unit growth in 2022. The goal is to return to between 6% and 7% of annual net unit growth in the coming years.Electric Truck Maker Rivian Gets Record $1.5 Billion Incentive Deal From GeorgiaThe deal includes a $702 million property tax abatement, $197 million tax credit if it hires 7,500 workers, $90 million for workforce training, $55 million in road improvements and $80 million in free land.CEO of Manhattan's Largest Office Owner Awarded Top Pay Among Biggest Office REITsToday's look at the movers and shakers in commercial real estate includes the raises for the top executives at some major owners of workplace properties. Hotel Industry's Meager Gains in Black Leadership Spur PessimismThe Castell Project's 2022 Black Representation in Hospitality Industry Leadership report shows little growth in Black representation across director through CEO roles in the hotel industry.EarningsVegas Events Ramp Up Demand, Performance for MGM ResortsMGM Resorts International executives said the company benefited from a quick recovery in leisure, business and group demand during the first quarter amid progress on several real estate and operational transactions.Restaurant Sizes Will Be Shrinkin’ — Not Bloomin’ — for Outback Steakhouse ParentRestaurant companies have altered location designs to accommodate digital sales and reduce dependence on on-site dining rooms.Daily RoundupGoldman Sachs Office Attendance Exceeds 50%, Construction Spending Rises, Manufacturing Growth SlowsHere’s what you need to know to start your day.How New York’s First Speculative Office Project in the Pandemic Plans To Win Top-Tier TenantsIn Hudson Square, 555 Greenwich St. is a closely watched property with some big-name corporate neighbors: Google and Disney. It can be seen as one indicator of the city's pandemic recovery.EarningsGroup Business Recovery Nears as Bookings Accelerate for Park Hotels & ResortsPark Hotels & Resorts CEO Thomas Baltimore Jr. spoke confidently about the outlook of the company's core urban portfolio of large conference hotels as few properties are being built to compete with them.Rockpoint Joins Abu Dhabi Investment Authority in $2 Billion Industrial Real Estate VentureThe new investment arm will target development projects in U.S. growth markets.Longtime Tishman Speyer Executive Takes Over AmTrust's Chicago Market at Critical JunctureAmTrust Realty is investing more than $100 million to redevelop several of its high-profile properties in Chicago.Magnuson Hotels Brand Flourishes in Crises by 'Helping People'Magnuson Hotels' co-founder and CEO says that his company's mission of helping people is heightened during times of financial struggle, as hotel owners seek the service, support and technology offered by a brand, but with fewer strings attached than are typically associated with the major hotel brands. Willingness To Take On Challenging, Less Desirable Roles Propels Female Hotel LeadersFour female hotel leaders tell Hotel News Now how they rose through the ranks in the industry by dedicating themselves to longer hours and additional responsibilities early on in their careers. Sections: US NewsSearch Market News >>FeaturedAnalyticsMore People Are Leaving Coastal Southern CaliforniaInland Empire Benefits From In-MigrationAnalyticsPower BrokersTop Sales and Leases Recognized in the USBrokers Won Big Property Deals Despite Inflation-Related UncertaintyPower BrokersOfficeCentury-Old Department Store Converted into Creative Office HubNorfolk, Virginia’s ‘Assembly’ Building Caters to Like-Minded TenantsOfficeFinanceCommercial Real Estate REIT, Stock TrackerHere’s a Live Overview of What’s Happening in the Market TodayFinanceRetailKmart’s Last Anchor Spaces Seek New Tenants as Retail Icon Vanishes Piece by PieceBrokerages CBRE, JLL Hired To Find Users for Once-Mighty Retail Chain’s Big-Box StoresRetailAnalyticsDespite Lower Preleasing, New Office Buildings Still Offer the Most UpsideDearth of Modern Office Inventory in Many Markets Favors New Construction in Competing for Top TenantsAnalyticsRetailHere's the Strategy Behind Shuttered Sears Stores in Texas Finding New Life Former Sears Store in Dallas Becoming Healthcare Destination, Another in Houston Anchoring Innovation HubRetailOfficeWe Watched 'WeCrashed': The Series CompilationHere's What Real Estate Professionals Told CoStar News While Viewing the Limited Series Based on WeWorkOfficeSpecialtyShipping Containers Create a Backyard Feel for Tenants at Austin Business ParkThe Pitch Unites Soccer Fans and Office Workers Around Austin’s First Major League TeamSpecialtyDevelopmentHow an Autoworker's Pitch Led Intel To Choose Ohio for Multibillion-Dollar Computer Chip Factories'Let's Make This Happen,' Wrote Mary SpringowskiDevelopmentAnalyticsRetail Sector Extends Positive Momentum Heading Into Second QuarterWith Sales at Record Highs, More Retailers Return to Expansion ModeAnalyticsIndustrialGoing Mega: Inside Amazon’s Unprecedented Strategy of Rolling Out Massive Warehouses E-Commerce Giant Opens High-Tech Hubs, Each the Size of Dozens of Football Fields, From Detroit to Des MoinesIndustrialCompaniesCoStar News Wins Innovation Award From World's Largest Financial Journalism OrganizationInteractive Report on Tech Giant Amazon's Real Estate Use Receives SABEW Best in Business Award CompaniesDevelopmentThe Deals and Projects Recognized for Making a DifferencePanels of Industry Experts Identified Work That Transformed Some of the Nation's Largest Markets DevelopmentInternational NewsFranceRegus and Spaces Owner IWG Records 40% Hike in French Occupancy IWG is Growing in Paris and the RegionsFranceUnited KingdomSpeculative UK Logistics Development Set to Double to Highest Annual Level on RecordNearly 27 Million Square Feet of Warehouse Space to be Built by End of 2022United KingdomCanadaWhat Was Once a Business Trip Is Morphing Into a Vacation As Companies Look To Retain TalentCorporate Travel Jumps Over Six to Eight Weeks, Led by Federal GovernmentCanadaCanadaAmazon Scales Back Expansion as It Copes With ‘Excess’ Warehouse Space E-Commerce Giant Grapples With Higher Costs, Declining Revenue From Online Sales CanadaCoStar InsightFed Follows Through With Biggest Rate Increase Since May 2000By Christine CooperThe Fed chairman, seeking to reassure the public, said the central bank has the needed tools to bring inflation under control.HSBC’s Planned Move for US Headquarters Surprises Current LandlordThe global banking giant plans to join other big-name tenants at Tishman Speyer’s Spiral building in New York.The global banking giant plans to join other big-name tenants at Tishman Speyer’s Spiral building in New York.EarningsMarriott CEO: 'Live With COVID' Policy Around the World Accelerates RecoveryMarriott International executives said revenue per available room has recovered nearly to 2019 levels as travel demand benefits from eased restrictions and more people returning to the office.Marriott International executives said revenue per available room has recovered nearly to 2019 levels as travel demand benefits from eased restrictions and more people returning to the office.CoStar EconomyDwindling Inventories and Falling Exports Shrink the US EconomyThe drop in gross domestic product ended a six-quarter streak of positive growth.The drop in gross domestic product ended a six-quarter streak of positive growth.Cushman & Wakefield's New San Diego Leader Aims To Open Pipeline to Las Vegas DealsIn today's look at movers and shakers in commercial real estate, Christina Roush is keeping her responsibilities with the brokerage in Nevada to leverage ties with Southern California.In today's look at movers and shakers in commercial real estate, Christina Roush is keeping her responsibilities with the brokerage in Nevada to leverage ties with Southern California.Search Top News >>FeaturedAnalyticsMore People Are Leaving Coastal Southern CaliforniaInland Empire Benefits From In-MigrationAnalyticsPower BrokersTop Sales and Leases Recognized in the USBrokers Won Big Property Deals Despite Inflation-Related UncertaintyPower BrokersOfficeCentury-Old Department Store Converted into Creative Office HubNorfolk, Virginia’s ‘Assembly’ Building Caters to Like-Minded TenantsOfficeFinanceCommercial Real Estate REIT, Stock TrackerHere’s a Live Overview of What’s Happening in the Market TodayFinanceRetailKmart’s Last Anchor Spaces Seek New Tenants as Retail Icon Vanishes Piece by PieceBrokerages CBRE, JLL Hired To Find Users for Once-Mighty Retail Chain’s Big-Box StoresRetailAnalyticsDespite Lower Preleasing, New Office Buildings Still Offer the Most UpsideDearth of Modern Office Inventory in Many Markets Favors New Construction in Competing for Top TenantsAnalyticsRetailHere's the Strategy Behind Shuttered Sears Stores in Texas Finding New Life Former Sears Store in Dallas Becoming Healthcare Destination, Another in Houston Anchoring Innovation HubRetailOfficeWe Watched 'WeCrashed': The Series CompilationHere's What Real Estate Professionals Told CoStar News While Viewing the Limited Series Based on WeWorkOfficeSpecialtyShipping Containers Create a Backyard Feel for Tenants at Austin Business ParkThe Pitch Unites Soccer Fans and Office Workers Around Austin’s First Major League TeamSpecialtyDevelopmentHow an Autoworker's Pitch Led Intel To Choose Ohio for Multibillion-Dollar Computer Chip Factories'Let's Make This Happen,' Wrote Mary SpringowskiDevelopmentAnalyticsRetail Sector Extends Positive Momentum Heading Into Second QuarterWith Sales at Record Highs, More Retailers Return to Expansion ModeAnalyticsIndustrialGoing Mega: Inside Amazon’s Unprecedented Strategy of Rolling Out Massive Warehouses E-Commerce Giant Opens High-Tech Hubs, Each the Size of Dozens of Football Fields, From Detroit to Des MoinesIndustrialCompaniesCoStar News Wins Innovation Award From World's Largest Financial Journalism OrganizationInteractive Report on Tech Giant Amazon's Real Estate Use Receives SABEW Best in Business Award CompaniesDevelopmentThe Deals and Projects Recognized for Making a DifferencePanels of Industry Experts Identified Work That Transformed Some of the Nation's Largest Markets DevelopmentInternational NewsFranceRegus and Spaces Owner IWG Records 40% Hike in French Occupancy IWG is Growing in Paris and the RegionsFranceUnited KingdomSpeculative UK Logistics Development Set to Double to Highest Annual Level on RecordNearly 27 Million Square Feet of Warehouse Space to be Built by End of 2022United KingdomCanadaWhat Was Once a Business Trip Is Morphing Into a Vacation As Companies Look To Retain TalentCorporate Travel Jumps Over Six to Eight Weeks, Led by Federal GovernmentCanadaCanadaAmazon Scales Back Expansion as It Copes With ‘Excess’ Warehouse Space E-Commerce Giant Grapples With Higher Costs, Declining Revenue From Online Sales CanadaCategoriesAnalyticsFed Follows Through With Biggest Rate Increase Since May 2000Mall Redevelopment Projects Making an Impact in Dallas-Fort WorthDwindling Inventories and Falling Exports Shrink the US EconomyHealthcareWhy an Expanding San Francisco Bay Area Biotech Firm Chose Philadelphia for Its East Coast HubKKR Chips Away at Sprawling San Francisco Office Vacancy in Shift to Life Sciences TenantsFormer Caddis CEO Launches New Firm To Buy $1.5 Billion of US Medical PropertiesHospitalityMarriott CEO: 'Live With COVID' Policy Around the World Accelerates RecoveryHotel Profitability Triples in First Quarter for Summit5 Things To Know for May 4IndustrialSanta Monica Developer Known for Creative Office Conversions Deepens Investment in LA County CityFlax Foundation Finds Four Flex Buildings in Culver CityMountain of Planned US Industrial Projects Reaches Unprecedented HeightsLegal/LegislationProperty Owners Face Rising Insurance Rates With Mounting Losses Linked to Climate ChangeProperty Owners Face Enhanced Climate-Related DisclosuresCalifornia Edges Closer to Repealing Constitutional Hurdle to Low-Income HousingMultifamilySprawling Suburban Apartment Complex in Minnetonka Sells for Top DollarBergan & Co. Buys Denver Apartments For Nearly Double 2020 Sale PriceCanadian Developer Buying Site That Could Be Temporary Home of Chicago CasinoOfficeHudson Begins Construction on New Seattle TowerLife Science Developer Closes Deal To Acquire Old Navy’s Former San Francisco HQReal Estate Investor to Relocate Golden, Colorado, HeadquartersPeopleLongfellow Names New North Carolina Managing Director, Hires Senior Director of LeasingLockehouse Recruits San Francisco Retail Brokerage TeamBrittain Returns to Colliers Detroit as Vice PresidentRetailRestaurant Chains Set Table for Property Growth in 2022Restaurant Spending Tops Pre-Pandemic Level, Office Use Ticks Up After Spring Holiday, Trade Deficit Hits Record HighBergen Town Center Readies Renovations for New Tenants in New JerseySpecialtyAtlanta Nabs $30 Million Gift To Finish BeltLine Walking PathStudents From UT Austin Win ULI Hines Competition for Redevelopment PlanConstruction Begins on $128 Million Sports Arena in GeorgiaDevelopmentBreaking Ground Later This Year, The Edge Is Set To Bring New-to-Market Tech Tenants to OrlandoJob Openings and Resignations Hit Records, Outdoor Retailers Add Stores, Treasury Yield Reaches Four-Year HighAtlanta Developer Plans Adaptive Reuse Project in Charlotte's NoDaFinanceBlackstone Launches First Global Real Estate Fund in Three YearsTailored Properties, Niki Group Secure Permanent Financing on Blend-SDCushman & Wakefield's New San Diego Leader Aims To Open Pipeline to Las Vegas DealsGet In [email protected] a DemoCall NowCompanyAbout CoStarCoStarGroup.comCareersPress RoomPrivacy NoticeCA: Do Not Sell My Personal InfoTerms of UseHelp Fight Data TheftAccessibilityContact UsProductsCoStarCoStar CompsCoStar TenantCoStar Public RecordCoStar Market AnalyticsCoStar Lease AnalysisCoStar MobileCoStar Investment AnalysisCoStar Real Estate ManagerCoStar Lease AccountingCoStar Private Sale NetworkCoStar Advisory ServicesCoStar Brokerage ApplicationsCoStar Risk AnalyticsSocial© 2022 CoStar Group