- When CEOs Really Think We’ll Come Back to Work “Top executives are seeing light at the end of the pandemic tunnel as the U.S. vaccination efforts continue to ramp up and more states expand eligibility for shots. But corporate leaders are still split on what the workplace will look like in 2021 and beyond. Here is what some top executives are saying about coming out of Covid-19 lockdowns, widening vaccinations and bringing people back into the workplace.” (Wall Street Journal)
- Extended Stay America, a Pandemic Success Story, Bought by Starwood and Blackstone “Extended Stay America, a bright spot for the beleaguered hotel industry, has been taken private in a $6 billion deal. Blackstone and Starwood Capital announced Monday that the two companies will equally split the all-cash transaction and take 26-year-old company private. Extended Stay America has about 650 hotels across the United States, focusing on travelers that need week or longer stays.” (CNN Business)
- Distressed Debt Monitor: CBRE’s Patrick Connell on the Role of Receiverships “2021 and beyond looks to be a marketplace defined by haves and have-nots with significant property type performance divergence both within and across property types. MBA Newslink interviewed CBRE’s Patrick Connell for some perspective on downturns and the role receiverships play in navigating the path to recovery. Connell, Global Account Executive for CBRE’s Global Client Care group, also serves as the Executive Sponsor for the firm’s U.S. Receivership Platform. Based in the Washington, D.C. market, Patrick oversees the global account management for several top institutional and private equity investor clients across all CBRE service lines.” (Mortgage Bankers Association)
- Avison Young Signs an Agreement to Acquire Montreal-Based Devencore “Avison Young has signed an agreement to combine its operations with Devencore's operations in Montreal, creating one of the largest commercial real estate firms in the region. The combined business will operate under the Avison Young brand. The deal is expected to close at the end of March. The move brings together Devencore's 70 real estate advisor and broker professionals with Avison Young's 30 real estate professionals in Montreal, resulting in a 100-person team with diverse breadth and depth of experience to deliver innovation and insights to clients.” (PR Newswire)
- Colleges Begin Mapping Out a More Normal Fall—with Caveats “Colleges and universities around the country are beginning to detail their plans for next fall, anticipating more students on campus, a full slate of in-person classes and even concerts and cheering sports fans. But, they warn, plans could change. After months with virtual classes and sparsely populated dorms, schools including Michigan State University and the University of Oregon say they expect to return to mainly face-to-face classes for the 2021-22 academic year.” (Wall Street Journal)
- WeWork Unbundles its Product in an Attempt to Make Itself Over, But Will It Work? “Chairman Marcelo Claure kicked off a strategic, five-year turnaround plan in earnest in February 2020. That same month, the beleaguered company named a real estate — not tech — exec as its new CEO, a move that set tongues wagging. WeWork then also set a target of becoming free cash flow positive by a year to 2022 as part of its plan, which was aimed at both boosting valuation and winning back investor trust.” (TechCrunch)
- California Sues Nursing Home Chain, Saying It Manipulated Ratings System “California prosecutors sued the country’s largest chain of senior living communities on Monday, accusing the company, Brookdale Senior Living, of manipulating the federal government’s nursing-home ratings system. The lawsuit was filed by California’s attorney general, Xavier Becerra, and other prosecutors against Brookdale, which operates multiple nursing homes in the state.” (The New York Times)
- Kara McShane Talks Year One as Wells Fargo’s CRE Chief, CMBS and CLO “‘From our perspective, it’s business as usual,’ Kara McShane, Wells Fargo’s head of commercial real estate, said about the pandemic’s impact on the banking behemoth’s commercial real estate collateralized loan obligation (CRE CLO) business. It’s hard to see where that sentiment doesn’t ring true across each of the business lines of the industry’s largest and, arguably, most influential financial institution, led by McShane, who actually quipped that her group executed ‘virtually, virtually flawlessly’ from home amid the pandemic.” (Commercial Observer)
- Toys R Us Has a New Owner That’s Planning to Open Stores Again in the U.S. “Toys R Us has a new owner — again. The brand management company WHP Global announced Monday it has acquired a controlling interest in Tru Kids, the parent company of the Toys R Us, Babies R Us and Geoffrey the Giraffe brands. ‘We’re in the brand business, and Toys R Us is the single most credible, trusted and beloved toy brand in the world,’ Yehuda Shmidman, chairman and chief executive officer of WHP, said in an interview.” (CNBC)
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