Tag Archives: prospective

Starwood Selling 3 Westin Hotels in Prospective $525 Million Deal

Hotels in Ottawa, Calgary and Edmonton on Block With Sellers Searching For $475 Million to $525 Million From Sale

Imagined: The Westin Ottawa, among 3 hotels being noted by Starwood Capital Group.Starwood Capital Group is offering its Westin-branded hotels in Ottawa, Calgary and Edmonton in a deal anticipated to bring $ 475 million to $525 million.

Cushman & & Wakefield is managing the sale of what is being branded as the Westin Hotels Portfolio Canada, but the residential or commercial properties may be sold separately, Curtis Gallagher, vice president of hotel financial investments, said in an interview.

” These are 3 excellent hotels in great cities,” said Gallagher, about the properties, noting Starwood, which has partners, is the lead investor in the portfolio, which was acquired in 2005.
” We will offer them together, or we will offer them individually.”

Marriott International, which now owns Starwood Hotels and Resorts, is the operator at all hotels and no changes to the names of the hotels are expected.

The Westin Ottawa is a 492-suite hotel directly linked to the newly built Shaw Convention Centre in the city and its largest mall, CF Rideau Centre. The Westin Calgary has 522 suites while the Westin Edmonton has 416.

” It’s just a capital recycle,” stated Gallagher, about factors behind the sale. “Ottawa is doing extremely well and has actually been for the last couple of years. Edmonton and Calgary, those markets are beginning to turn the corner and still carry out well now. There is upside there for the next owners or owners of these hotels.”

The Calgary website has some extra density readily available on it, however it’s a worth added component and development is not the chauffeur of the deal, said Gallagher. “You are purchasing into the turn-around story in Alberta, the consistency in Ottawa and some extra advantage with some tactical capital investment in the properties.”

In its newest report from November 2017, hospitality company HVS reported the occupancy rate in Calgary was 73.3% in the 3rd quarter, up from 69.5% a year earlier. Profits per available space leapt from $113.92 to $116.39 during the duration for the city.

Ottawa revealed strong growth with tenancy levels reaching 85.3% in the third of 2017, up from 79.6% a year previously. RevPar leapt from $131.76 to $155.09 in the nation’s capital during the duration, HVS said.

Gallagher anticipates buyers for the 3 residential or commercial properties might emerge locally, but he likewise states American and overseas buyers could be drawn in too.

” They are all in significant cities, and you take a look at the scale of the portfolio, and it can get you critical mass,” he stated. “It’s early days of marketing, however we see interest from all over the location.”

Garry Marr, Toronto Market Press Reporter CoStar Group.

Prospective in Time of Crisis

In 2009, when the property odds were stacked against him and the product he established was deemed worthless, Chip Johnson searched in the mirror. He looked around and paid attention to the stories of damaged people losing wealth and hope. He did his share of soul browsing, too. There were lessons to be learned. Less debt, more money would be the new typical. However even with all the heartache, when he looked out his office window, he saw a city that was down but not out.

The founder of Property Solutions Group in Las Vegas relocated to the valley at the age of 5 when his father took a job as a carpenter at the Nevada Test Website. He saw the city’s rise, welcomed it, and couldn’t wait to make his living in property. Like many others, Johnson, ’71 BS Company Administration, prospered handsomely.

” Realty is an industry I’ve always thought in. It resembles air and water. You have to have it. And at the end you’re buried in it. It’s something that has real value,” he stated.

When the real estate market cratered, Johnson needed to tap into the ephemeral– past UNLV friendships and his undeviating belief in Southern Nevada– to find his way back to success.

Losing It and Getting It Back.

As a UNLV student in the late 1960s, Johnson earned money photographing homes and properties for the several listing service (MLS) book. Thrifty and ambitious, he soon started investing. One site was throughout the street from today’s Carnival Hotel-Casino in North Las Vegas. It had a studio apartment complex that he later on tore it down to construct a retail structure.

” In a town of about 100,000 individuals, I had my specific niche. … It assisted me to type of develop a scope and understanding of property,” he stated.

With the Great Economic crisis’s realty collapse, Johnson faced his hardest life obstacles. Long time banking buddies now sat across the table for heated negotiations. He even lost some of his early holdings, consisting of that parcel near the Fiesta.

” It was the first time in my life I seemed like whatever I had actually was thrown away,” he remembered. “It was our inmost dissatisfaction. … We ended up returning a variety of things to the bank. … But we got it all behind us. There were no difficult feelings.”

Johnson persevered by relying on past investment clients, some of whom were long time friends from his days at UNLV.” I took notice of the favorable. I started knocking on doors of past financiers and stated, ‘If you only have 10 dollars, give me a dollar,'” he remembered. “Essentially, we headed out and bought up the market again when it was absolutely at the bottom.”

Now, the long time property professional views that down time as an opportunity of a lifetime. “I was very fortunate in many ways,” he said. “Despite the fact that realty gave me a whipping at one point, it ended up taking care of me once again.”

Those relationships that assisted him through crisis were supported by decades of UNLV alumni event participation.

He credits the late Fred Albrecht, a longtime administrator who produced UNLV’s alumni relations program, as essential to keeping him associated with the university. “He was constantly such a champion of the university … It’s one of the greatest decisions I have actually made, to be involved with that group,” Johnson said.

He belongs to UNLV Foundation Board of Trustees and chairs its realty committee. He likewise acts as president of the Commercial Development and Management Corp., which oversees UNLV’s Harry Reid Research study and Innovation Park in addition to all university realty assets.

He and his other half, Helen, commissioned the bronze “Hey Reb!” statue in front of the Richard Tam Alumni Center, and they were the drivers behind the Jerry Tarkanian statue outside the Thomas & & Mack Center.

Teamsters renew push for prospective pilot strike at Allegiant


David Becker/ AP

In this Thursday, May 9, 2013, file photo, 2 Allegiant Air jets taxi at McCarran International Airport in Las Vegas.

Released Thursday, Oct. 15, 2015|1:12 p.m.

Upgraded 7 hours, 20 minutes ago

WASHINGTON– The Teamsters union is making a brand-new push to end agreement arrangements with Allegiant Air and move more detailed to a strike by pilots.

That doesn’t indicate a strike is imminent, nevertheless.

The union stated Thursday it asked the National Mediation Board to release it from talks involving a federal conciliator. If granted, that could begin a 30-day countdown to a strike, but conciliators have not acted upon a similar Teamsters request lodged in January.

Airline unions cannot legitimately strike unless conciliators agree that more arrangements are pointless, and strikes at U.S. providers are uncommon. Allegiant pilots threatened to strike previously this year but were obstructed by a court order.

Teamsters Resident 1224 stated Allegiant’s pilots are overworked and underpaid.

The Las Vegas-based airline, part of Allegiant Travel Co., stated there has been development in contract talks. In a letter to workers, primary operating officer Steve Harfst stated the business wishes to give pilots higher salaries, much better retirement plans and a union-sponsored health insurance.

Settlements are scheduled to resume Oct. 26.