Over the next three years, Nashville is expecting an influx of five-star hotel brands that include 1Hotel, Edition, Conrad, and Ritz-Carlton, plus a full renovation of the city’s grand dame, The Hermitage.
The price for the portfolio, with seven properties and 4,500 beds, is $725 million. Harrison Street is the buyer.
Rents are up more than 25 percent in one of the nation’s most scorching multifamily markets. That's fueling continued strong investor demand, in spite of rising interest rates.
The lenders, led by Fidelity, hold a majority of Bally’s $1.9 billion senior secured term loan due in 2028, which puts them in a position to block the company from a needed credit amendment.
The total affected will be more than 1,000 US workers, with about half moved to different divisions within the bank.
The option to convert some affordable units to market rates makes housing advocates nervous, but many investors like the diversification that owning affordable apartments offers.
Persistently high inflation has forced the Fed to move aggressively to raise rates. How has that shifted the near-term outlook for commercial real estate investment?
The dynamics in the cold storage sector are complicated, but the outlook remains strong.
