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CoStar World News for June 29

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The boom in global tourism has prompted Sonesta International and its development partners to further expand Sonesta’s growing Latin American hotel portfolio, which already includes seven properties in Colombia and five in Peru.

Brian Quinn, Sonesta’s Chief Development Officer, said the strategy is being implemented through the renewal of an existing franchise relationship with GHL Hoteles in Bogotá, Colombia, and the hiring of three lodging development leaders with extensive experience in Latin America. “That really sets the stage for us to develop our Americas strategy,” Quinn said, noting that the company is also well positioned for growth in regions like Canada, Mexico and the Caribbean.

Hotel News Now >>

A recently completed £207m tram extension in Edinburgh, Scotland, could encourage business and help breathe new life into the region’s economy, government and business leaders say.

The 2.9-mile, eight-stop route took more than three years to complete and has been delayed by various challenges, including a 13-week suspension due to strict COVID-19 protections. Steve Jackson of project management firm Turner & Townsend said the expected benefits of the trams would include increasing Edinburgh’s transport capacity and enabling the city’s half a million people to use greener modes of transport.

Kexing News>>

Factors such as high inflation and interest rates are expected to bring about a sharp depreciation of French office buildings in the coming months, analysts said.

“As you have seen recently, all the indicators are in the red, although the nuance depends on the asset type,” Philippe Guillam, president of the French Association of Real Estate Professionals, told a recent investment conference. He and others cite surging construction costs, rising interest rates and new ways of working as disruptive factors for those involved in evaluating office properties.

Commercial Anti-theft>>

Police have launched a massive raid on the German-run offices of development and investment firm Adler Group, investigating alleged accounting fraud, market manipulation and embezzlement.

The Frankfurt prosecutor’s office and Germany’s Federal Criminal Police Office said they searched 21 properties in three cities on June 28, including offices, apartments and a law firm. The Adler Group has denied the allegations and has been charged with allegedly inflating property values ​​as a result of events at a real estate subsidiary between 2019 and 2020, authorities said.

Thomas Daily >>

Global home goods retailer IKEA is spending $400 million on projects aimed at expanding its fulfillment capabilities in Canada, including plans to build a new distribution center in Hamilton, Ontario, a suburb of Toronto.

The Swedish retailer, which has 389 stores in 32 countries, including 14 in Canada, is also planning to upgrade its distribution operations in the Vancouver area to minimize delivery times for popular products nationwide. Construction on the new distribution center in Hamilton will begin in 2025 to support IKEA’s expansion plans in southwestern Ontario, with plans to upgrade existing facilities in Etobicoke and Vaughan in the Toronto area.

Kexing News>>

Some immigrants from seven countries will no longer be allowed to buy real estate in Florida, including homes and condos in some cases, under new laws that will go into effect July 1.

The law prohibits foreign nationals from China, Cuba, Iran, North Korea, Russia, Syria, and Venezuela from owning agricultural land in Florida near military installations or critical infrastructure such as airports, refineries, power plants, and chemical manufacturing facilities real estate. . Republican Gov. Ron DeSantis signed the bill into law on May 8, making Florida the first state to enact such a measure, and other states are considering similar moves. Opponents, including some Chinese citizens, civil rights groups and real estate brokers, say the legislation is discriminatory.

Kexing News>>

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

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