The historic James Robertson building in downtown Nashville, Tenn., will become a hotel in Hyatt's Unbound Collection. Hyatt Hotels and HRI Properties will spend about $50 million converting the structure near Music City Center.
There are seven retail chains at high risk of defaulting within a year as consumer tastes change and purchases are increasingly made online, according to a Fitch Ratings study. Sears Holdings, Claire's Stores, Nine West Holdings, True Religion Apparel, 99 Cents Only Stores, Nebraska Book and Rue21 are most at risk, the report says.
Prologis CEO Hamid Moghadam attributes the last six months of Prologis' performance -- the best period in company history -- to the foundation established by the merger of AMB and ProLogis in 2011 and subsequent streamlining of operations. The REIT's adeptness in embracing e-commerce trends has also positioned it for further growth, he said.
India now has a REIT regulatory framework in place and has addressed tax issues, and within two or three years, the country's REIT market will be worth at least $20 billion, said Sunder Raman, a member of the Securities and Exchange Board of India. Challenges in setting up the REIT structure included merging global best practices with conditions in India, he said.
Sears Shop Your Way loyalty members will earn up to $2 in points each time they take an Uber car under the retailer's new Rider Rewards program. The program, launched first in Chicago and New York City, is slated to expand nationally and will also allow participating Uber drivers to earn points.
Millennial moms and Gen Y men are driving growth at J.C. Penney and the department store is adding more features to cater to these younger groups. The retailer has introduced a new fall men's line, expanded Sephora shops, added new kids' clothing lines and launched a plus-size fashion brand dubbed Boutique Plus.
The Senate was unable to gather enough votes to move forward with a continuing resolution that would keep federal agencies running through Dec. 9, with the measure getting only 45 of the 60 votes necessary to limit debate. A major sticking point is the lack of funding to address the water crisis in Flint, Mich.
Individual Chinese investors have been steady acquirers of smaller-ticket US properties such as luxury condos, office and apartment buildings, along with such headline transactions like Anbang Insurance's $2 billion purchase of Manhattan's Waldorf-Astoria Hotel, writes Gary Bechtel, president of Money360. They also have been investing in real estate funds and REITs for diversification.
New York officials have selected a developer team of Vornado Realty, Related Cos. and Skanska for the $1.6 billion renovation of the historic James A. Farley Post Office, across the street from New York City's Pennsylvania Station. The post office renovation was first floated 20 years ago, but now Gov. Andrew Cuomo is trying to revive the project as part of part of the station's long-awaited expansion and a larger $100 billion transportation overhaul.
Northern Virginia has expanded its share of the US data-center market to 30% from 20% last year, according to JLL. All of the major data-center providers, including Equinix, CyrusOne, Coresite, Dupont Fabros, QTS, Digital Realty and AWS, have a presence in the state.
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