Commercial Real Estate & Business News – November 3, 2015

CMBS Loan Defaults Decline in Q3

Fewer defaults and strong new issuance levels drove a decline in CMBS cumulative loan default rate during the third quarter, Fitch Ratings said Friday. The default rate ticked downward to 13.2% from 13.3% at the end of Q2. New defaults were off sharply from the year-ago period in terms of both number of loans and dollar volume. Q3?s total of Fitch-rated loans going into default was 38 loans totaling $779.1 million, compared to dollar volume of $1.1 billion from 77 defaults in Q3 2014… Read more »

Plans for Paradise Valley Ritz-Carlton Move Forward

A Ritz-Carlton in Paradise Valley is moving forward another step after the town’s planning commission approved changes requested for future construction. The commission voted 5-2 last month, with members Thomas Campbell and Richard Mahrle as the dissenting votes. The resort plan originally was proposed in 2008, and residents approved the project by an overwhelming 2-1 margin. Paradise Valley Community Development Director Eva Cutro said deliberation had stalled the project… Read more »

Chinese Firms Vie to Buy Starwood Hotels

At least three big Chinese companies are competing to win Beijing?s approval to bid for Starwood Hotels & Resorts Worldwide Inc., according to people with knowledge of the discussions, setting the stage for what could be the largest-ever Chinese takeover of a U.S. company. Lodging giant Shanghai Jin Jiang International Hotels (Group) Co., along with HNA Group, parent of Hainan Airlines Co. and sovereign-wealth fund China Investment Corp., each has presented… Read more »

Purchase Prompts Upgrades Inside and Out

Bayside at The Islands, a 272-unit apartment lakeside community located at 1300 W. Warner Rd., has been acquired by P.B. Bell. The seller was Duluth, MN-based Mercury Investment Co. with a purchase price of $33.5 million or $123,000 per unit. Moving forward, the community will be known as Alcove at The Islands. The purchase becomes the third acquisition this year for P.B. Bell, which continues to search for additional acquisition opportunities in the Phoenix area… Read more »

Will Scottsdale’s Pinnacle Peak Patio Return? Plan Clears Hurdle

Plans to bring a specialty restaurant, gas station and other services to north Scottsdale have passed a hurdle, with support from the Scottsdale Planning Commission. Developer R.L. Miller says his commercial project, the Outpost, would include a mix of rural services on 10 acres of vacant desert northwest of Pima Road and Dynamite Boulevard. Plans call for a restaurant, a general store, a park and an energy station, which would have gas and electric-recharge stations… Read more »