Lodging & Hotel

Minnesota developer D. Jon Monson said that he had a $52 million construction loan in place when he sold $23 million in municipal bonds.

The ability to reprice room rates day to day is helping hotel owners offset higher wages.

The private equity firm, which specializes in travel and leisure bets, has begun conversations with potential investors about the new vehicle.

The mezzanine loan on the land beneath Times Square Edition, with a 5.1 percent interest rate, is in the “fulcrum position” of the debt stack.

Buyers pulling the trigger on full-service hotels indicate confidence that business and convention travel will rebound in 2022.

The hotel, a staple of conference and business events, is exactly the type of property that’s been battered by the pandemic. It reopens next week.

Cascade Investment LLC will buy a 23.75 percent stake in the business from Kingdom Holding Co. at a $10 billion enterprise value.

Arkups, as they are called, are hurricane-proof homes that can be docked at a marina or driven 2,500 nautical miles into the ocean.

Sourcing equity primarily from family offices, HNWIs and some institutions, Peachtree Hotel Group has acquired more than $1 billion in lodging assets since June 2020.

The Drake, located on the Magnificent Mile, has 535 rooms and more than 200 feet of retail frontage.