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ATLANTA — The combination of a record number of international travelers to the United States, healthy growth in business investment and consumer spending and limited new room supply in most major markets means it’s a great time to be a hotel owner or operator. Mark Woodworth, president of PKF Hospitality Research, delivered the upbeat message about the state of the lodging industry to the National Association of Real Estate Editors (NAREE) on Thursday during its 47th annual journalism conference at the Hilton Atlanta. The projected number of international visitors to the U.S. in 2013 is 69.2 million, up from 56 million in 2007, according to the International Trade Administration. The number of international visitors is expected to grow to 80.5 million in 2017. “That’s good news and particularly relevant as we look at some key gateway cities around the U.S.,” says Woodworth. Meanwhile, Moody’s Analytics is forecasting attractive gains in business investment and consumer spending through the remainder of 2013 and 2014, which gives PKF confidence that outlook for the U.S. lodging industry “remains very, very solid,” says Woodworth. PKF forecasts the average annual net increase in room supply to be 1.9 percent through 2017 in the top 50 major …

RANCHO PALOS VERDES, CALIF. — A joint venture between Lowe Enterprises and JC Resorts has secured a $220 million first mortgage loan for the refinancing of Terranea Resort, a 582-room oceanfront hotel in Rancho Palos Verdes. The new loan, which was provided by a client of Cornerstone Real Estate Advisers, was secured before existing loans were due to mature and replaces all previous loans on the property. Eastdil Secured brokered the transaction. Terranea Resort is located on 102 acres of coastline, about 30 miles south of Los Angeles. Lowe Enterprises developed the property, which is owned by a joint venture of Lowe and JC Resorts. In addition to the 400-room hotel and oceanfront bungalows, Terranea offers ownership in 32 private ocean villas and 50 ocean casitas, ranging from 1,850 square feet to 2,800 square feet. “Terranea is truly a one-of-a-kind property that has become a favored destination for leisure and business travelers, groups and the local community,” says Robert Lowe Jr., co-president of Lowe Enterprises. “Cornerstone understands Terranea’s operating model and was able to be flexible in loan terms to allow us to optimize the resort’s performance.” “Terranea brought Cornerstone an opportunity to provide our client with a significant investment …

DALLAS — Affiliates of The Blackstone Group LP (NYSE: BX) have borrowed $581 million to refinance a 16-property, 4,798-room hotel portfolio and a golf course/tennis club. The properties are located across the U.S. The portfolio is composed of 12 full-service hotels, which include: Sheraton San Francisco Fisherman’s Wharf in San Francisco Hilton Irvine-Orange County Airport in Irvine, Calif. Marriott Irvine in Irvine, Calif. DoubleTree Austin in Austin, Texas DoubleTree Suites Indianapolis-Carmel in Carmel, Ind. Hilton Clearwater Beach Resort in Clearwater, Fla. South Seas Island Resort in Captiva Island, Fla. DoubleTree Orlando-Universal in Orlando, Fla. Hilton Cocoa Beach Oceanfront in Cocoa Beach, Fla. Hilton Key Largo Beach Resort in Key Largo, Fla. The Ritz-Carlton Pentagon City in Arlington, Va. Marriott Princeton-Forrestal in Princeton, N.J. The portfolio also includes four boutique hotels, known collectively as The Inns of Sanibel, and one golf course/tennis club called The Dunes Golf and Tennis Club in Sanibel Island, Fla. The HFF team representing the borrower was led by senior managing directors Trey Morsbach and Dan Peek and managing director John Bourret. The Blackstone Group’s stock price closed Tuesday at $21.05 per share, which is up from closing at $12.08 per share this time last year. — …

CLEVELAND, OHIO — Australian investment manager QIC and Forest City Enterprises Inc. (NYSE: FCEA and FCEB) have agreed to form a joint venture to recapitalize and invest in eight of Forest City's regional retail malls worth a combined $2.05 billion. Under the agreement, the Brisbane-based firm will pay AU$435.6 million (US$420.5 million) for 49 percent of the ventures. Forest City intends to use proceeds to pay down debt, fund expansion and new development. Sales at the eight malls currently average about $500 per square foot on a rolling 12-month basis. Upon closing of the transaction, Cleveland, Ohio-based Forest City expects to raise cash liquidity of $330 million, after transaction costs. The company plans to use a majority of the liquidity to reduce debt, but also expects to use a portion to fund expansion and reinvestment initiatives. Closing of the joint ventures is expected to occur before the end of the company's fiscal third quarter. Ownership of the individual properties, at closing, will vary based on existing partnerships currently in place at three of the malls. Forest City will be the managing member of the individual joint ventures and will continue to be responsible for leasing, operations, marketing, financing, development services …

MEMPHIS, TENN. — MAA (NYSE: MAA) and Colonial Properties Trust (NYSE: CLP) have entered into a definitive merger agreement that will create a powerhouse multifamily REIT focused on the Sunbelt. The combined company is expected to have a pro forma equity market capitalization of approximately $5.1 billion and a total market capitalization of $8.6 billion. Both the Board of Directors of MAA and Board of Trustees of Colonial Properties Trust have unanimously approved the merger, which is expected to close during the third quarter of this year. The deal brings together two multifamily portfolios that include approximately 85,000 multifamily units in 285 properties. The combined company's 10 largest markets will be Dallas/Ft. Worth, Atlanta, Austin, Raleigh, Charlotte, Nashville, Jacksonville, Tampa, Orlando and Houston. “The combination of MAA and Colonial Properties Trust will provide an enhanced competitive advantage across the Sunbelt region,” says H. Eric Bolton Jr., CEO of MAA. “The scale of the combined company will support accelerated growth and deployment of capital across our high-growth Sunbelt markets, driving superior value-creation opportunity for our shareholders. In addition, through capitalizing on the strengths gained from the combination of the two platforms, we will enhance our ability to serve residents across the …

NASHVILLE, TENN. — Carey Watermark Investors Inc. (CWI) has acquired Hutton Hotel, a four-star luxury hotel in downtown Nashville, for $73.6 million, or roughly $300,000 a key. Before the sale of Hutton Hotel, the biggest sale price per key in downtown Nashville was $219,933. Apple REIT Nine Inc. paid that price in 2010 for the 194-unit Hilton Garden Inn at 1713 Broadway, according to New York-based Real Capital Analytics. Beyond the purchase price, CWI plans to spend $3.7 million on capital improvements to the 247-room hotel and other acquisition-related costs. Amerimar Enterprises Inc. will continue to manage the hotel. Hutton Hotel is located at 1808 W. End Ave. in the West End neighborhood of Nashville and is close to Music Row, Vanderbilt University, the Grand Ole Opry, Country Music Hall of Fame and the new 1.2 million-square-foot Music City Convention Center. Michael Medzigian, CEO of CWI, says that the non-traded REIT considers the luxury hotel, which is in a growing and diverse market, an attractive addition to its portfolio that’s consistent with generating strong cash flow and future value for its investors. “Given the opening of the new convention center and other existing attractions, the Nashville hotel market is expected …

JACKSONVILLE, FLA. — Fidelity National Financial has entered into a definitive agreement to acquire Lender Processor Services Inc., a provider of integrated technology, services, data and analytics to the mortgage and real estate industries, for $2.9 billion, or $33.25 per common share. William Foley, chairman of Fidelity, says his title insurance company has “significant experience and familiarity” with Lender Processor from its previous ownership of these businesses. He expects the combination of the two Jacksonville-based companies to create a larger, broader, more diversified and recurring revenue base for Fidelity. “We believe there are meaningful synergies that can be generated through the similar businesses in centralized refinance and default-related products, elimination of some corporate and public company costs and the shared corporate campus,” says Foley. “We have set a target of $100 million for cost synergies and are confident that we can meet or exceed that goal.” Under terms of the agreement, Fidelity will pay 50 percent of the consideration for the Lender Processor shares in cash and 50 percent in shares of Fidelity stock. The purchase price represents a 19 percent and 25 percent premium, respectively, to the prior 30-day and 60-day average closing prices for Lender Processor’s stock through …

NEW YORK CITY — American Realty Capital Properties Inc. (NASDAQ: ARCP) has signed a definitive merger agreement with CapLease Inc. (NYSE: LSE) to acquire all of the outstanding shares of CapLease in a deal valued at $2.2 billion. The board of directors for both American Realty Capital and CapLease unanimously approved the agreement. “The combination of ARCP with CapLease allows us to expand and further diversify our property portfolio, fortify our credit quality, reduce our tenant concentration and enhance our management team,” says Nicholas Schorsch, chairman and CEO of ARCP. The parties expect the transaction to close in the third quarter. The merger will make ARCP the third largest net lease REIT in the U.S., based on total pro forma equity market capitalization. ARCP will pay $8.50 per share in cash for each outstanding share of CapLease common stock. “We believe that the structure of this transaction creates the greatest value for all stockholders over both the near and long term,” says Paul McDowell, chairman of the board of directors and CEO of CapLease. “My management team looks forward to the opportunities of continuing to build out the high-quality assets of the company.” ARCP intends to assume approximately $580 million …

ATLANTA — Colonial Properties Trust (NYSE: CLP) has sold Three Ravinia, an 813,748-square-foot office property in Atlanta, for $144 million. CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, acquired the 31-story, Class A asset. As of March 31, Three Ravinia was 92.1 percent occupied. Sales proceeds were used to repay a portion of the outstanding balance on the company’s unsecured credit facility. “The disposition of Three Ravinia is a significant step in the execution of our multifamily-focused strategy and strengthens the company’s balance sheet,” says Thomas Lowder, chairman and CEO of Birmingham, Ala.-based Colonial Properties Trust. “Following the disposition, 95 percent of the company’s net operating income will be generated from our multifamily portfolio.” The property is strategically located in Atlanta’s Central Perimeter submarket, which provided an attractive opportunity for the buyer. The Central Perimeter submarket contains the largest concentration of office space in the Southeastern U.S., according to CBRE Global Investors. According to a first-quarter office report from Jones Lang LaSalle, the Central Perimeter submarket includes more than 22 million square feet of office space. Of that inventory, 17.3 million is Class A office space. “The Perimeter submarket experienced significant net office absorption in …

WASHINGTON, D.C. — Liberty Property Trust (NYSE: LRY) has acquired 2100 M Street N.W., a 290,762-square foot, eight-story office building in Washington, D.C., for $133.5 million. The seller was Hines Interests LLP. Currently 77 percent occupied with 66,366 square feet available for lease, the property is located at the prominent intersection of M Street N.W. and 21st Street N.W. The building is situated in a prime location, according to Liberty Property Trust officials, surrounded by a strong amenity base with dining, convenience retail and hotels all within a three-block radius. The property is four blocks from both the Red and Orange/Blue Metro rail lines and also provides access to residential communities north and west of the downtown district. The Class B+ multi-tenant property was developed in 1969 and renovated from 2007-2010. The property has earned the Energy Star certification, delivering energy cost savings of an average of 30 percent that are passed directly to the tenants. According to the Washington Business Journal, Hines retained Eastdil Secured LLC earlier this year to market 2100 M Street N.W. The building was among a handful of value-add properties to hit the market. Others included Washington Harbour, One Metro Center and the Bond building …