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AcquisitionsArizonaCompany NewsHospitalityTop StoriesWestern

Best Western Hotels & Resorts Acquires Luxury Hotel Collection WorldHotels

by David Cohen

PHOENIX— Best Western Hotels & Resorts has acquired global hotel brand WorldHotels from Associated Luxury Hotels for an undisclosed price. The brand consists of approximately 300 specialty hotels and resorts around the world and 31 in the United States.  WorldHotels will maintain its distinct personality while benefiting from Best Western’s e-commerce platform, partnerships, loyalty program and global distribution network. The acquisition marks another move by Best Western into soft-brand hotels, an affiliation in which a hotel relies primarily on its individual identity rather than that of the larger hotel chain. A number of global hotel chains have launched soft brands in recent years, including the Ascend Collection by Choice Hotels International and Marriott International’s Autograph Collection.  Best Western isn’t the only hotelier that recently purchased a luxury brand. InterContinental Hotels Group acquired Six Senses Hotels Resorts Spas for $300 million on Feb. 13.  “There is tremendous synergy between Best Western and WorldHotels,” says David Kong, CEO of Best Western Hotels & Resorts. “By joining forces in this new partnership, we will create competitive advantages for both companies.”  The acquisition of WorldHotels was completed last week. The move expands Best Western’s portfolio of offerings to include upscale and luxury segments.  Phoenix-based Best Western Hotels & …

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Company NewsMultifamilyNew JerseyNortheastOffice

Madison International Realty Acquires 5 Percent Stake in Mack-Cali Realty Corp.

by David Cohen

JERSEY CITY, N.J. — Madison International Realty has acquired a 5 percent ownership stake in Mack-Cali Realty Corp. The stake equates to approximately 4.5 million shares. Based in Jersey City, Mack-Cali is an owner, manager and developer of five million square feet of office space and 4,400 multifamily units on the New Jersey waterfront. Ronald Dickerman, president of Madison International Realty, said that the company is transitioning to a ‘focused play on prime office and multifamily residential properties on the New Jersey waterfront.’ Madison International Realty specializes in acquiring private ownership stakes, joint venture positions, and listed property shares in properties and portfolios in major markets in the U.S., U.K. and Western Europe. 

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BB&T-SunTrust
Company NewsGeorgiaNorth CarolinaSoutheastTop Stories

BB&T, SunTrust Agree to Merge in $66B Deal, Creating Sixth Largest U.S. Bank

by Taylor Williams

ATLANTA AND WINSTON-SALEM, N.C. — In a blockbuster deal, SunTrust Banks Inc. (NYSE: STI) and BB&T Corp. (NYSE: BBT) have entered into an all-stock merger agreement valued at approximately $66 billion. The marriage of these two iconic financial institutions in the Southeast will create the sixth-largest bank in the United States. Under terms of the agreement, SunTrust investors will receive 1.295 shares of BB&T for each SunTrust share they own. That equates to BB&T agreeing to pay $28.1 billion for SunTrust’s equity as of the closing price on Wednesday, Feb. 6. The combined company will operate under a new name and brand and be headquartered in Charlotte, N.C., while maintaining significant operations and investment in Winston-Salem, N.C., and Atlanta. The entity’s headquarters in Charlotte will also feature an innovation and technology center to aid with the transference of digital information. The deal, which is still subject to shareholder approval and other customary regulatory approvals, is expected to close in the fourth quarter of this year. A press release highlighting the agreement says the name of the new entity will be announced prior to the transaction closing. The agreement is being billed by both companies as a “merger of equals.” Shareholders of North …

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CaliforniaCompany NewsRetailWestern

Charlotte Russe Holdings Corp. Files for Chapter 11 Bankruptcy, Plans to Close 94 Stores in U.S.

by Jeff Shaw

SAN DIEGO — Charlotte Russe Holdings Corp. has filed for Chapter 11 bankruptcy in Delaware. The San Diego-based retailer announced Monday that it plans to close 94 of its more than 500 locations in the United States, while continuing to pursue a going-concern sale of the business and assets. Charlotte Russe said it will provide details of the closings at a later date.  Charlotte Russe offers fast-fashion clothing, shoes and accessories for young women in the contiguous 48 states, Hawaii and Puerto Rico. In the meantime, all locations, web services and the 10 Peek Kids locations, which Charlotte Russe Holdings acquired in 2016, will remain available to customers.  An undisclosed debtor has committed a maximum of $50 million to Charlotte Russe Holdings. If approved by the court, the financing will support Charlotte Russe Holdings’ operations and administration during the Chapter 11 proceedings. According to court documents, the company could begin liquidating the business entirely if a buyer ultimately doesn’t emerge. Although the company didn’t identify the stores that will be closing, USA Today has complied a full list. Cooley LLP is serving as Charlotte Russe Holdings’ legal counsel, Berkeley Research Group is serving as its financial adviser and Guggenheim Securities LLC is …

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CaliforniaCompany NewsWestern

Rick Gallitto Joins PLUM as President, Head of Real Estate

by John Nelson

SAN FRANCISCO — PLUM Inc., a national financial technology firm headquartered in San Francisco, has added industry veteran Rick Gallitto as president and head of real estate. Gallitto will work to grow PLUM’s commercial real estate lending platform and drive new loan production. He assumed his new role on Jan. 15, 2019. “[Rick] has a track record of building and scaling real estate lending platforms and deep expertise in originating and structuring first mortgage and mezzanine loans, preferred equity and joint venture investments,” says Bill Fisher, founder and CEO of PLUM. “I am excited to have Rick lead the commercial real estate team.” PLUM is a data-driven lender backed by equity investors such as Elliott Management, a $35 billion hedge fund manager based in New York. Other investors in PLUM include RenRen, a Chinese social networking platform, and Nomura Holdings, a financial services company based in Japan. “PLUM has been able to combine market data intelligence with an approach to lending that will lead the future for commercial real estate owners,” says Gallitto about how the company will compete in the commercial real estate lending space. “We are well positioned to build and expand lending opportunities for commercial real estate investors …

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CaliforniaCompany NewsLeasing ActivityTop StoriesWestern

Facebook Signs Lease for 803,000 SF Office Campus Near San Francisco

by David Cohen

BURLINGAME, CALIF. — Tech giant Facebook has signed a lease to fully occupy Burlingame Point, an 803,000-square-foot office campus currently under construction in Burlingame. Located on more than 18 acres at the edge of the San Francisco Bay, Burlingame Point is being developed by Kylli, a subsidiary of China-based Genzon Investment Group Co. The campus is 16 miles south of San Francisco. Mike Moran and Clarke Funkhouser of Cushman & Wakefield represented Kylli in the transaction. Facebook was represented by JLL. “We couldn’t be more excited that one of the world’s leading technology firms has selected Burlingame Point to expand its Northern California footprint, says Moran. “This is a testament that strong design elements do make a difference to the discerning tenant.” In addition to four new Class A office buildings with bay views, the project will include public amenities that include an improved Bay Trail, a pedestrian promenade and an improved roadway for cyclists and motorists. Facebook first announced the lease was in negotiations in August and the lease was fully executed in the fourth quarter of 2018. Burlingame Point is expected to open in 2020. The project is the first Class A office campus developed by Kylli in the …

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Company NewsGeorgiaSoutheast

Stuart Shapiro Joins Associated Agencies as Account Executive

by John Nelson

ATLANTA — Stuart Shapiro has joined Associated Agencies Inc. as an account executive on the sales team. Shapiro will be in Atlanta to expand the firm’s presence in the Southeast. Shapiro has spent the past five years as vice president of leasing for Phillips Edison & Co. in Atlanta, where he managed a team of commercial leasing agents. Shapiro received his bachelor’s degree in business administration from the University of Florida. He resides in Atlanta with his wife, Stacey, and two children, Avery, 7, and Ethan, 5. Associated Agencies is an independent insurance brokerage founded in 1980 and headquartered in Rolling Meadows, Ill. The privately held firm manages property and casualty, employee benefits and personal lines for business and individuals.

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Sears
Company NewsRetailTop Stories

Reports: Sears Reaches Temporary Deal to Avoid Liquidation, Will Keep 425 Stores Open

by Taylor Williams

Editor’s Note: This story has been updated to reflect new developments.  HOFFMAN ESTATES, ILL. — Sears Holdings Corp. (NASDAQ: SHLDQ) has reached a temporary deal to avoid liquidation and keep 425 of its stores open, according to media sources. After it was widely speculated that Sears Chairman Eddie Lampert’s $4.4 billion bid to save the company would be rejected, representatives of Sears agreed Tuesday to a revised bid from Lampert’s hedge fund, ESL Investments, that gives the 126-year-old company another small shot at survival. Liquidation remains a possibility for Sears. According to USA Today, ESL Investments has until 4 p.m. Wednesday to come up with a $120 million deposit to keep the deal alive. In addition, the company’s assets will be auctioned off on Monday, Jan. 14. The original bid by Lampert, the man behind the retailer’s merge with Kmart in the 2000s, would have theoretically saved 50,000 of the retail chain’s 68,000 jobs nationwide, per the network. CNBC reported that Hoffman Estates-based Sears considered the bid by Lampert’s hedge fund, ESL Investments, to be insufficient, particularly with regard to covering fees and payments owed to vendors. In October 2018, Sears filed for Chapter 11 bankruptcy after it failed to …

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AcquisitionsCompany NewsHealthcareMarylandMultifamilyNew YorkNortheastSeniors HousingSoutheastTennesseeTop Stories

Omega Healthcare Investors Agrees to Acquire MedEquities Realty Trust for $600M

by David Cohen

HUNT VALLEY, MD. AND NASHVILLE, TENN. — Real estate investment trust Omega Healthcare Advisors (NYSE: OHI) has agreed to acquire MedEquities Realty Trust  (NYSE: MRT) in a cash and stock transaction valued at $600 million. As part of the transaction, Omega will acquire the fee simple interest in 34 facilities operated by 11 operators in seven states. Omega will also acquire approximately $34 million in mortgage loans. Under the terms of the transaction, MRT shareholders will receive $2 in cash and 0.235 OHI shares for each MRT share owned, which represents $10.26 per share based on Monday’s closing price for OHI. The boards of directors for both companies have unanimously approved the transaction. “This acquisition reinforces our commitment to the skilled nursing and senior housing industry, while adding new asset types to our portfolio furthering our strategic objectives,” says Taylor Pickett, CEO of Hunt Valley-based Omega. “MedEquities has built a high-quality diversified portfolio, which should provide Omega with meaningful future growth opportunities.” Omega is a real estate investment trust that invests in the long-term healthcare industry, primarily in skilled nursing and assisted living facilities. As of Sept. 30, 2018, Omega’s total portfolio consisted of 917 facilities spread across 41 states and the United Kingdom. …

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CaliforniaCompany NewsOfficeWestern

ECP Commercial Merges with SVN/Vanguard’s San Diego Office

by Amy Works

SAN DIEGO — ECP Commercial, a commercial real estate firm, has joined SVN International, merging offices with SVN/Vanguard’s San Diego professionals. ECP has provided sales, leasing, property management and maintenance services to commercial real estate owners throughout San Diego County for 34 years, since its establishment in 1984 as East County Properties. The existing SVN/Vanguard multifamily team will move from its downtown office into the ECP offices at 4455 Murphy Canyon Road in San Diego. The merged SVN Vanguard/San Diego team will provide the full spectrum of real estate services to the local market. The team currently consists of 14 broker advisors and a combined staff of 25. Managing directors Joe Bonin and Pat Millay, as well as Jorge Jimenez and Dennis Leslie of the current SVN/Vanguard office, will led the new team. SVN/Vanguard is a franchise of SVN International with offices in Orange and San Diego counties.

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