STAMFORD, CONN., AND BETHESDA, MD.— Stockholders from Marriott International (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide (NYSE: HOT) have approved Marriott’s acquisition of Starwood. The new entity will be the world’s largest hotel company with 30 brands, approximately 5,700 hotels and 1.1 million hotel rooms. The shareholder vote conducted at each company on April 8 passed easily with 97 percent of Marriott’s shareholders approving the transaction and 95 percent of Starwood’s shareholders approving the deal. “There is no doubt that this transaction puts our company on the best path forward,” says Thomas Mangas, Starwood’s CEO. “We remain excited about the opportunity this combination will create for our stockholders, associates, owners and guests.” At closing, Starwood stockholders will receive 0.8 shares of Marriott common stock, plus $21 in cash for each share of Starwood common stock. The transaction is on target to close by the middle of this year.
PORT CHESTER, N.Y., AND NEW HAVEN, CONN. — Marcus & Millichap has brokered the sale of a two-property, 2,000-unit self-storage portfolio for $16 million, or $139 per square foot. The properties are the 937-unit Byram Self Storage in Port Chester and the 1,063-unit New Haven Self Storage in New Haven. Kevin Menendez, Michael Mele and J.D. Parker of Marcus & Millichap represented the seller, a Delaware-based limited liability company, and procured the buyer, a Santa Monica, Calif.-based company, in the transaction.
NEW BRITAIN, CONN., AND POUGHKEEPSIE, N.Y. — Cronheim Mortgage has arranged two loans totaling $9.5 million for two retail properties in New Britain and Poughkeepsie. Andrew Stewart and Dev Morris of Cronheim secured both 10-year loans, which feature a 4.22 percent fixed rate and 25-year amortization schedule. The loans were placed with Fidelity & Guaranty Life Insurance Co. In New Britain, an undisclosed borrower received $3.5 million in financing for Brittany West Plaza, a 39,438-square-foot retail property. The property is currently 100 percent leased to a variety of national and regional tenants, including Subway, TD Bank, Hair Cuttery, Gloria’s Nails and Arthur Murray Dance Studio. In Poughkeepsie, an undisclosed borrower received $6 million in financing for Poughkeepsie Plaza, a 170,966-square-foot community shopping center. Originally constructed in 1958, the property was partially enclosed in 1978, with various additions from 1983 to 2004.
NEWTOWN, CONN. — Goodfellow Real Estate has brokered the sale of Highland Plaza, a retail center located at 123 S. Main St. in Newtown. Newtown Highland LLC acquired the property from Highland HC LLC for $3.7 million. The property features three retail buildings. Bob Cascella of Goodfellow Real Estate represented both parties in the transaction.
STAMFORD, CONN. — Anbang Insurance Group and Marriott International Inc. (NASDAQ: MAR) entered a ceasefire yesterday. The bidding war between the two companies to purchase Starwood Hotels & Resorts Worldwide (NYSE: HOT) has ended, as Anbang has rescinded its latest offer. A consortium consisting of Anbang, J.C. Flowers & Co. and Primavera Capital Limited upped its offer to $14 billion on March 26, outbidding Marriott’s previous offer of $13.6 billion, but Anbang is now withdrawing its offer due to “market considerations.” It isn’t clear why Anbang retracted its latest bid or if Marriott had been planning to counteroffer. Both Starwood’s and Marriott’s shares fell over 4 percent in Thursday’s after-hours trading. Starwood’s stock price closed on March 31 at $83.43 per share and opened April 1 at $79.81. Marriott’s stock price closed at $71.18 and opened at $67.48 per share. Starwood’s board of directors continues to unanimously support the existing merger with Marriott, which will create the largest hospitality company in the world. “Throughout this process, we have been focused on maximizing stockholder value now and in the future,” says Bruce Duncan, chairman of Starwood’s board. “We continue to be very excited about the combination of our two companies and …
TRUMBELL, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of eaves Trumbull, a gated multifamily community located at 100 Avalon Gates in Trumbull. Elmsford, N.Y.-based Paredim Partners acquired the 340-unit property from Gates Financing LLC for $70.2 million, or more than $206,000 per unit. The property features a mix of one-, two- and three-bedroom apartments in nine floor plans. Community amenities include a heated outdoor swimming pool, indoor and outdoor basketball courts and a racquet court, as well as private garages and covered parking. Victor Nolletti, Steve Witten, Still Hunter, Adam Mancinone and Blake Barbarisi of IPA represented the seller, while Nolletti and Witten procured the buyer in the transaction.
STAMFORD, CONN. — A consortium consisting of Anbang Insurance Group Co., J.C. Flowers & Co. and Primavera Capital Limited has increased its bid to acquire Starwood Hotels & Resorts Worldwide (NYSE: HOT) to $82.75 in cash per share of Starwood common stock from the previous non-binding proposal of $81 per share bid, which was made on March 26. Starwood’s board of directors has concluded that this revised, non-binding proposal from the consortium is a superior proposal as defined in Starwood’s merger agreement with Marriott International Inc. (NASDAQ: MAR), according to a press release issued Monday by Starwood. The new proposal is valued at $14 billion versus Marriott’s previous offer of $13.6 billion. The Starwood board, in consultation with its legal and financial advisors, will carefully consider the outcome of the discussion with the consortium in order to determine the course of action that is in the best interest of Starwood and its stockholders, the news release stated. Under the terms of the consortium’s current revised proposal, the consortium will acquire all the outstanding shares of common stock of Starwood for $82.75 per share in cash, an increase of $4.75 per share from its initial binding proposal of $78 per share …
KILLINGLY, CONN. — CBRE/New England has secured $7.8 million in permanent financing for affiliates of The Grossman Companies for an industrial building located at 349 Lake Road in Killingly. The long-term, fixed-rate loan was provided by HarborOne Bank. Situated on 20.7 acres, the 207,878-square-foot industrial facility is fully leased to C&M Corp. and Superwinch with a long-term parking lease to Rite Aid. Kyle Juszczyszyn and Chris Coutts of CBRE/NE arranged the financing for the borrower.
NORWALK, CONN. — Marcus & Millichap has brokered the sale of Affordable Self Storage, a self-storage facility located at 162 Bouton St. in Norwalk. The 77,760 net-rentable-square-foot facility sold for $19 million, or $242 per square foot. Situated on 3.9 acres and built in 1989, the property features 879 units, 477 of which are climate controlled. The units range in size from 25 square feet to 500 square feet, and on-site amenities include drive-up access to ground-level units, individual door alarms, complete fire protection and easy-to-use lifts. Brett Hatcher, Joseph Holloway and J.D. Parker of Marcus & Millichap represented the seller, Paul Hertz and John Hertz, and procured the undisclosed buyer in the transaction.
STAMFORD, CONN. — Starwood Hotels & Resorts Worldwide Inc. is considering terminating its planned acquisition by Marriott in light of a new offer from a Chinese-led joint venture. Beijing-based Anbang Insurance Group is leading the new offer of $13.2 billion, which includes investment from J.C. Flowers & Co. and Primavera Capital Limited. The joint venture is collectively known as Anbang Consortium. Starwood, which is based in Stamford, said that the Anbang bid is a superior proposal to the price tag that Marriott agreed to pay in November. Marriott’s cash-and-stock proposal was valued at $68.06 per share, or $13.06 billion as of Thursday’s closing price, according to The Wall Street Journal. Anbang Consortium would pay $78 per share, an increase from the $76 per share proposal it made on March 10. Click here to read the details on the initial Marriott offer. Marriott has until March 28 to make a counter offer to Starwood, and has stated that it “continues to believe that a combination of Marriott and Starwood is the best course for both companies and offers the best value to Starwood shareholders.” Under the terms of the original merger agreement, Starwood, which owns the Westin, St. Regis, Sheraton and W hotel …