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CoStar World News for June 22

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In recent decades, India’s strong, asset-light hotel management companies have delivered consistent revenue and growth without the need for large capital expenditures, but there are signs that real estate investment will pick up if valuations work.

Basant Sabu, vice president of business development for The Fern Hotels & Resorts, said his brand had been asset-light since its inception in 2009, but that changed in 2020 and 2021 when the company seized an opportunity and invested in Fern at the 108-room Hotel Bhanu, Jambughoda, Gujarat, India. “We have a management contract and it’s a property under construction,” Sabu said. “It fits our investment criteria strategically and the valuation criteria are right.”

Hotel News Now >>

Developers associated Argent and the Barney District Planning Commission have signed an agreement to build Europe’s first and largest indoor baseball and softball arena at Brent Cross Town, a major mixed-use development in north London project.

Plans call for the 40,000-square-foot baseball center, dubbed The 108, to open this fall with a practice facility for pro and youth teams, as well as other teams, for recreational batting practice or social games. Around 20,000 people in the UK play baseball and softball, but year-round facility usage is a barrier to growth.

Kexing News>>

More redevelopment is underway on a former military barracks estate in France’s Lyon business district, with developers hoping to emphasize environmental considerations.

The firm is planning the next phase of development on the former military base, which has undergone other mixed-use redevelopments, including retail and housing, over the past 60 years. “We are entering a world of environmental transformation, where nature and cities merge,” said Florent Sainte Fare Garnot, managing director of development firm SPL Lyon Part-Dieu, who also referred to an “image revolution”.

Commercial Anti-theft>>

American contract logistics company GXO is looking to significantly expand its presence in the German market, starting with plans to operate a 36,000-square-meter logistics center in Dormagen near Düsseldorf.

It will be a new building by British investment company Tritax, which has signed an agreement with GXO to pay an annual rent of 3 million euros. The location is planned to be the starting point for the company’s expansion following GXO’s acquisition of Clipper Logistics last year, with the company’s former European head Stefan Van Hoof now expected to manage further development in Germany.

Thomas Daily >>

Toronto voters will cast their ballots for a new mayor in a special election scheduled for June 26, with an Ipsos poll citing housing affordability in Canada’s largest city as a top campaign issue.

The election follows the resignation of two-term Mayor John Tory in February after he admitted to having an affair with a staff member. Leading candidate Olivia Chow has made renters, the homeless and owner-occupied housing a key part of her campaign platform, promising to crack down on upgrade-focused “renovations” that lead to Some tenants lost their housing.

Kexing News>>

Loss-making electric truck maker Rivian may be cutting costs, but it’s accelerating in one area: opening brick-and-mortar retail showrooms as part of its growth plans.

The company is looking to transform its sales locations into family-friendly destinations, and has opened a retail and experiential center called Space in New York City’s Meatpacking District, directly under Manhattan’s popular High Line elevated park . It’s the first venue to open on the East Coast following a previous opening in Los Angeles, and Irvine, California-based Rivian plans to open a series of temporary and permanent showrooms across the country.

Kexing News>>

This report is compiled from CoStar’s press publications in the US, UK, Canada, France and Germany.

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