Today’s News 9-24-2025

The region’s leading luxury retail center, Scottsdale Fashion Square, is taking new steps to enhance its shopper experience. Today Macerich (NYSE: MAC)—one of the nation’s leading owners, operators and developers of one-of-a-kind retail and mixed-use properties in top markets—announced a new enhancement project that will elevate the central gathering space known as the Palm Court.The Palm Court is the hub of activity within the…»

Multifamily cap rates appear to have stabilized, ending a two-year cycle of steady increases and raising the prospect that the sector could be at the edge of an upswing, according to CoStar’s National Director of Capital Markets Analytics, Chad Littell. While most investors remain focused on the impact of interest rates, it is actually rent growth that has provided the most reliable signal for shifts in cap rates throughout recent cycles—a key theme echoed…»

Vandelay Hospitality, a Dallas-based restaurant and bar company, is preparing to debut its Drake’s Hollywood eatery in Old Town Scottsdale. The Scottsdale location will be the fourth Drake’s Hollywood, following Dallas, West Hollywood, California and Houston. The concept plays off the glamour of 1930s–1940s New York and Los Angeles and has become a hangout for celebrities. The Old Town Scottsdale location will be opening in an…»

Through July 2025, the U.S. hospitality sector is defined by pronounced divergence in market performance. Out of 172 markets tracked by STR, 87 have posted year-over-year declines in occupancy, highlighting a landscape where larger U.S. economic volatility and local dynamics are shaping outcomes more than ever. Across the 172 U.S. hospitality markets tracked by STR, average year-over-year occupancy remains virtually unchanged…»

Spoiler: It’s not going to happen this year. VAI Resort, which promises an 11,000-capacity concert amphitheater, artificial beaches and restaurants including a celebrity chef’s first concept in Arizona, was scheduled to open in 2025. The opening was pushed back from 2024, after resort staff cited “delays in our timeline.” Now, it no longer lists an opening date. The new destination resort is highly anticipated because it aims to redefine tourism in the…»