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Geneva, Switzerland-based Stoneweg Hospitality has acquired two hotels in Spain from Globalia Business Corp., operating under the Be Live Hotels brand, for a combined 83 million euros ($91.6 million).
Using the company’s discretionary funds, the deal expanded Stoneweg’s hotel portfolio from 1,281 rooms to 1,691 rooms, an increase of about 25%, as the company looks to capitalize on Spain’s growing tourism industry. More than 60 percent of the rooms in Stoneweg’s seven hotels are located in Spain’s two most popular holiday island destinations, the Balearic and Canary Islands.
Twitter has appointed JLL to advise on the relocation of its London offices following a high-profile dispute with King Charles-led landlord Crown Estates over unpaid rent, CoStar News has revealed.
The social media giant is marketing 84,000 square feet of potential sublease space on the first, third and sixth floors of 20 Air St. It is understood there has been strong interest in the space, and Twitter may keep around 20,000 square feet or relocate entirely elsewhere in London, according to London office brokers.
German residential property owner Vonovia is selling almost 30 percent of its Südewo portfolio to Apollo Global Management for around 1 billion euros as it looks to manage its debt amid rising interest rates.
The deal values ​​a portfolio of 21,000 residential units in Baden-Württemberg at 3.3 billion euros, excluding debt and cash, meaning a discount to value of less than 5% by the end of 2022. Last year, Vonovia said it was looking for a joint venture partner in a sub-portfolio as it became apparent it could no longer finance and grow as it had in the past due to rising interest rates.
Credit Suisse asset manager and investment firm Balzac REIM have leased a joint office property in Paris to financial services firm Eurazeo, and under the terms of the 10-year lease, the company is making the most of the space to restructure all of its staff in the region.
Frederic Maman, managing director of Eurazeo, said the company would build a new central location at 64-66 Rue Pierre-Charron, renting the entire 8,500 square meters of the property, which was acquired by Credit Suisse and Balzac in 2020 and currently Under renovation. Credit Suisse is currently in the process of being acquired by rival financial services firm UBS.
A massive federal workers strike with broad implications for the health of the Canadian economy and the office market has been resolved after 12 days for a group of key workers, with no apparent victory for those seeking the right to work from home more frequently.
The 120,000 Treasury Board federal workers it represents will immediately return to work, while the 35,000 Canada Revenue Agency workers will remain on the picket lines, the Canadian Union Public Service Federation announced it has reached a tentative agreement. The union initially sought a concession to allow its members to work from home for fewer hours than the two to three days a week currently required under work standards, but eventually agreed to leave the issue to a joint union-employer sector remote work group.
The national condo owner is now looking to capitalize on steady demand in the Sun Belt to expand its reach, having previously focused on other areas that have been less volatile but not to the same extent, executives with AvalonBay Communities said.
The company’s properties are primarily located in suburban coastal markets. Chief executive Ben Schall said the company was now scouting for land opportunities in its expansion markets, where contracts for prime sites were expiring, with several transactions at lower prices than nine months ago 30% to 35%.
This report is compiled from CoStar’s news publications in the US, UK, Canada, France and Germany.
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