SoTHERLY Hotel's rebrand earlier this year has gone very well, reports Drew Sims, chairman and CEO. The company is a Virginia-based lodging REIT formerly known as MHI Hospitality.
"The reception from the investment community has been very positive," he says.
Starwood Property Trust and Starwood Capital Group have finalized their $1.06 billion acquisition of LNR Property LLC. The Starwood companies have acquired LNR Property in order to diversify revenue sources.
REITs and REIT shareholders will see dramatic changes in financial reports with the eventual convergence and possible adoption of international accounting standards, says George Yungmann, senior vice president of financial standards at NAREIT. "The biggest impact would be the choice of reporting an investment property at fair value," he says. Most international companies who report under the International Financial Reporting Standards opt for fair value over cost, he says. The industry is facing a long march to convergence with political and conceptual differences still to be settled.