From the desks of the Hotel News Now editorial staff:
- Chinese investors less interested in luxury hotels
- Merlin Properties to sell portfolio to Foncière des Murs
- The impact of uncertainty on investment in 2017
- Real estate industry prepared for tax changes
- Houston hotel with Texas-shaped lazy river opens
Chinese investors less interested in luxury hotels: Chinese investors have been buying up luxury hotels in the U.S. in recent years, but now they’re more interested in less flashy real estate purchases that cater to the middle class, The Wall Street Journal reports.
Investors are now buying student housing, senior living facilities and nursing homes, and they’re buying outside of New York, Los Angeles and San Francisco.
Foreign investors are now thinking more strategically when it comes to what they’re buying in the U.S. because “voracious buying in recent years pushed up prices of high-profile assets to record levels,” according to the Journal story.
Merlin Properties to sell portfolio to Foncière des Murs: Madrid-based Merlin Properties is negotiating to sell a portfolio of 20 hotels in Spain to French company Fonciére des Murs, according to a news release.
Merlin’s hotels are currently valued at €670 million ($697 million). The release states “the company thus opted for the sale to deconsolidate its hotel business.”
The sale will also result in Fonciére des Murs’s entry into Spain.
The impact of uncertainty on investment in 2017: Hotel News Now’s second end-of-year roundtable focuses on how uncertainty could shape hotel investment going into 2017.
Hoteliers told HNN’s Sean McCracken how they’re looking at the development and transactions landscape going into 2017.
“When considering to build or buy, many of our clients end up limited by, and therefor focused on, the availability of debt and equity financing,” said Robert Stiles, principal and managing director at RobertDouglas.
Real estate industry prepared for tax changes: Experts in the real estate industry are expecting tax code changes as a result of Donald Trump’s presidency, The Wall Street Journal reports.
A blueprint for changing the U.S. tax law was proposed by House Republicans in June, and those in the real estate industry believe these changes have a better chance of going through with Trump in office.
Officials in the real estate industry said the proposal is “radical,” and they “are concerned that, if not handled right, changes in tax law could warp the economics behind real estate, creating upheaval in the industry,” according to the Journal story.
Hotel with Texas-shaped rooftop opens: The 1,000-room Marriott Marquis Houston in Houston, Texas, opened this week with a rooftop Texas-shaped lazy river, KPRC 2 news reports.
The lazy river is said to be the largest Texas-shaped lazy river in the world. The hotel opened in time for the Super Bowl in February.
“This hotel in and of itself literally transforms downtown and makes the city of Houston competitive with any other city in America. Dallas doesn’t have it, Austin doesn’t have it, not San Antonio, and even New York, LA, San Francisco. (The) list goes on, and on, and on,” Houston Mayor Sylvester Turner said.
Complied by Danielle Hess.