Real Estate

Valor Assumes Management of Dubai Hotels, French Cities Outside Paris Face Investment Turbulence, Canadian Farmland Transformed Into Luxury Spa

Atlanta-based developer and operator Valor Hospitality signed a deal with the state-owned Investment Corporation of Dubai to operate four hotels totaling more than 800 rooms in Dubai, United Arab Emirates.

Valor now operates a global portfolio of more than 85 hotels, with international travel demand on the rise. The latest deal, for an undisclosed price, expands the company’s considerable presence in the Middle East with five properties in Dubai.

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Lille, Lyon, Bordeaux, Toulouse and Marseille are among the French cities where the office rental and investment markets are likely to be in flux in coming weeks, with some regions facing uncertain economic conditions. according to a top France executive in the real estate division of financial services firm BNP Paribas.

“Our level of demand is slightly down compared to 2021, but remains at a good level,” said Deputy Managing Director Jean-Laurent de La Prade. “We also have significant projects in the pipeline, above 10,000 square meters in several major cities such as Lyon, Lille and Toulouse.”
Business Immo>>

Canadian hospitality operator Groupe Skyspa transformed a parcel of former farm acreage in Quebec into its fourth spa with international influences.

Förena Cité Thermale’s three buildings are inspired by the thermotherapy practices of three countries: Germany, Russia and Iceland. There is the Icelandic-inspired Piterak building, which includes the reception, the boutique, the massage rooms and the changing rooms; the Russian pavilion Buran, which includes a dry sauna, a steam room and a cold waterfall; and Foehn, the German-centric pavilion, which features an external cold basin, a dry sauna and a panoramic relaxation area.

CoStar News>>

Online retail giant Amazon announced plans to close three warehouses across the United Kingdom as part of a larger overhaul of its regional property network.

Sites in Hemel Hempstead, Doncaster and Gourock have been slated for closing, after Seattle-based Amazon recently boosted its plans for global layoffs from 10,000 to 18,000 amid slowing demand. But the retailer has also proposed new warehouses for two other United Kingdom sites.

CoStar News>>

Howard Hughes Corp. has closed $1.3 billion in financing deals as the real estate developer prepares to navigate economic challenges that could arise, with U.S. corporations anticipating higher interest rates in 2023.

The deals, wrapped up over the past few months, include refinancings, new loans and construction borrowing for office, retail and residential projects spanning the country. The moves boost Howard Hughes’ liquidity to more than $800 million with a balance sheet “well positioned heading into 2023,” the company said.

CoStar News>>

Office transaction volume in the Munich investment market declined about 45% from the prior year to just over 4 billion euros in 2022, according to reports from brokerages Colliers, BNPPRE and JLL.

In Munich, which is on average the most expensive German market, the difference between the purchase price expectations of sellers and buyers is particularly large, according to BNPPRE. Prime yields for office properties rose by 110 basis points to 3.75% over the year, according to Colliers.

Thomas Daily>>

This report was compiled from CoStar’s international news publications in the United States, United Kingdom, Canada, France and Germany.

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