Hotel Financing – Guide Global http://guideglobal.com/ Sat, 25 Sep 2021 12:23:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://guideglobal.com/wp-content/uploads/2021/05/default1.png Hotel Financing – Guide Global http://guideglobal.com/ 32 32 NBO offers financing options for buyers in St. Regis Al Mouj Muscat https://guideglobal.com/nbo-offers-financing-options-for-buyers-in-st-regis-al-mouj-muscat/ https://guideglobal.com/nbo-offers-financing-options-for-buyers-in-st-regis-al-mouj-muscat/#respond Sat, 25 Sep 2021 12:23:00 +0000 https://guideglobal.com/nbo-offers-financing-options-for-buyers-in-st-regis-al-mouj-muscat/ Muscat: The National Bank of Oman (NBO) has signed a strategic partnership with Alfardan Hotels and Resorts to provide financing facilities to buyers interested in purchasing a property within the residences of St. Regis Al Mouj Muscat. Buying a dream home in one of Muscat’s most luxurious destinations is now easier than ever with NBO’s […]]]>

Muscat: The National Bank of Oman (NBO) has signed a strategic partnership with Alfardan Hotels and Resorts to provide financing facilities to buyers interested in purchasing a property within the residences of St. Regis Al Mouj Muscat.

Buying a dream home in one of Muscat’s most luxurious destinations is now easier than ever with NBO’s unique home loan offers, with financing of up to 90% of the property’s value, including including registration fees, mortgage fees and insurance premium starting at just 4.99. percent pa reducing the equilibrium rate. With fast approvals and in-home service, it’s easier than ever to turn dreams into reality.

Tariq Atiq, Director of Retail and Digital Banking at NBO, said: “We are delighted to partner with Alfardan Hotels and Resorts, adding to our growing portfolio of international partnerships. These days, people are looking for homes in prime locations, and these highly sought-after properties offer many options for buyers. Whether it’s young couples, honeymooners or growing families, we’re here to support them every step of the way, while adding value to their overall banking experience.

A beachfront address along an incredible 360-meter-long coastline, The Residences at The St. Regis Al Mouj Muscat offers a range of luxury apartments, duplexes and townhouses. An ideal real estate investment opportunity in Oman, the project will entitle its residents to freehold title upon purchase.

KC Dalal, Deputy Managing Director of Alfardan Group, said: “We are delighted to partner with the National Bank of Oman to provide attractive financing options to potential buyers and residents wishing to purchase their luxury property in residences in the St. Regis Al Mouj Muscat. Oman is a fast growing and very lucrative real estate market that offers great potential for owners and investors.

Faisal Al Shanfari, Country Director of Alfardan Properties Development, said: “We are delighted to partner with the National Bank of Oman to further contribute to the development of the luxury real estate market in the country. The St. Regis Al Mouj Muscat Residences offer an extraordinary escape spanning 360 meters from the Al Mouj Muscat waterfront and offering buyers an exclusive investment opportunity.

In addition to access to the signature St. Regis lifestyle and first-class services ranging from private butler service, 24-hour concierge and a la carte offers, residents can enjoy exclusive access to a modern fitness center, deluxe wellness center and spa, spacious pools and kids’ club plus upscale meeting rooms, grand ballroom, and business center well adjusted. In addition, the project will be the destination of several specialty restaurants along the coast, providing unprecedented exciting experiences for potential buyers and visitors to the hotel.

NBO’s personal and home loans are part of the bank’s commitment to providing competitive, hassle-free financial solutions for everyone. Processed quickly and efficiently, the bank also offers borrowers a host of benefits, including flexible payment terms, additional financing and much more. Loan rates can vary depending on salary, length of employment and length of loan.


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Stonehill Provides $ 34 Million Refinancing for David Whitney Building in Detroit – Commercial Observer https://guideglobal.com/stonehill-provides-34-million-refinancing-for-david-whitney-building-in-detroit-commercial-observer/ https://guideglobal.com/stonehill-provides-34-million-refinancing-for-david-whitney-building-in-detroit-commercial-observer/#respond Fri, 24 Sep 2021 20:28:31 +0000 https://guideglobal.com/stonehill-provides-34-million-refinancing-for-david-whitney-building-in-detroit-commercial-observer/ Atlanta-based private lender Strategic capital of Stonehill, a credit division within Peachtree Hotel Group, contracted $ 34 million in debt to refinance and recapitalize the David Whitney Building in downtown Detroit, learned Commercial Observer. The three-year, interest-only and non-recourse funding was awarded to The Roxbury Group, a Detroit-based real estate investment and development firm that […]]]>

Atlanta-based private lender Strategic capital of Stonehill, a credit division within Peachtree Hotel Group, contracted $ 34 million in debt to refinance and recapitalize the David Whitney Building in downtown Detroit, learned Commercial Observer.

The three-year, interest-only and non-recourse funding was awarded to The Roxbury Group, a Detroit-based real estate investment and development firm that has partnered with Managing trans hostels years ago to restore and redevelop Detroit’s well-known asset into a $ 94 million mixed-use building with a in hot altitudeeI, 105 apartments, approximately 11,000 square feet of meeting and ballroom space, and downstairs shopping, according to the Roxbury website.

Roxbury and Trans Inns launched the redesigned David Whitney Building in 2014 – 15 years after it closed in 1999 – as Detroit aloft at David Whitney hotel, with plans to subsequently deliver the other aspects of the mixed-use property, which is located 1 Avenue du Parc in the heart of Detroit.

The development joint venture – called Whitney Partners – used historic federal and state tax credits, as well as the federal government’s New Business Tax Credit program, which was created in 2000 as a way to stimulate investment and development in communities in low income by offering non-refundable tax credits against federal income tax.

Restoration of the historic 19-story property has maintained it as one of the three remaining pieces of real estate in Detroit, originally designed by a renowned architectural firm. Daniel H. Burnham & Co. Originally built in 1915, the David Whitney Building now sports the Aloft Hotel as well as David Whitney residences, and the WXYZ bar.

The property is located next to the Grand Cirque Park light rail station in a thriving arts and entertainment district in downtown Detroit, near the United Artists Theater Building, the Detroit Opera House and a variety of shops and restaurants.

Roxbury officials did not respond to an investigation before the publication.

Mack Burke can be contacted at mburke@commercialobserver.com.


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How the 195 Innovation District became a complex of apartment buildings https://guideglobal.com/how-the-195-innovation-district-became-a-complex-of-apartment-buildings/ https://guideglobal.com/how-the-195-innovation-district-became-a-complex-of-apartment-buildings/#respond Fri, 24 Sep 2021 11:55:46 +0000 https://guideglobal.com/how-the-195-innovation-district-became-a-complex-of-apartment-buildings/ Friday, September 24, 2021 GoLocalProv sales team Enlarge + 195 Land – a promise to transform the RI economy with high income jobs, now a high end apartment strategy The relocation of Interstate-195 to Providence and the creation of the 195 Innovation District were designed to be a game-changer for Providence and the Rhode Island […]]]>

Friday, September 24, 2021

Enlarge +

195 Land – a promise to transform the RI economy with high income jobs, now a high end apartment strategy

The relocation of Interstate-195 to Providence and the creation of the 195 Innovation District were designed to be a game-changer for Providence and the Rhode Island economy.

The project, which began in the 1990s, was the second phase of Providence’s transformation. This was to build on the success of moving rivers and the creation of Waterplace Park.

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District 195 was to be the economic engine. He promised new ventures in key growth areas like tech and biotech, but now, decades later, development to date – and the most recent proposals – have been mostly high-end residential apartments – with average rents of $ 2,000 for a one-bedroom apartment.

The last proposal last week was more or less the same: retail on the first floor and tony apartments above.

The New York Times touted the impact of how the new land opportunity would transform Providence in 2009.

“The surplus plots are located between the city’s hospital district, its downtown and its educational institutions, and the vision is for a mix of uses that will foster a new ‘knowledge-based economy’ centered on educational and medical institutions in Providence.

The then mayor said Lot 195 was a game-changer for the future of Providence.

“’This is an extraordinary once in a lifetime opportunity for our city,” then Providence Mayor David Cicilline said in an interview with The Times.

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Exeter Property Group is developing Emblem 125, a mixed-use project on Plot 28 that includes 248 residential units and 22,700 square feet of retail space.

Cost and return

There is no official list of the costs of moving I-195, corrective measures, and creating the 195 Innovation District, but best estimates are between $ 800 billion and $ 1 billion.

Today, Project 195 looks more and more like a housing development – a mishmash of apartment buildings targeting students, primarily Brown, and commuters for jobs in the Boston market.

In 2011, when the Rhode Island State Senate confirmed the initial list of appointees to Commission 195, then Senate Majority Leader Dominick Ruggerio promoted the possibility of creating jobs in the innovative economy.

“The availability of this reclaimed land presents an exciting opportunity to attract new high-quality jobs and strengthen the economy of the city and state,” Ruggerio said in 2011. “This redevelopment district is an advantage key to our state. It bodes well for our ambitious goals that this collection of exceptional individuals guide the development of this vital neighborhood. “

In 2014, Commission 195 marketed the project as “The Link” and touted the business opportunities.

“Rhode Island is home to many internationally renowned industries including marine science, manufacturing, tourism and hospitality, has funding programs for businesses in all phases of development,” the website said.

“From microloans to incentives to taxable bonds, a wide range of corporate finance solutions are available to all organizations looking to relocate to The LINK,” was the promise.

“Life sciences, information technology and digital media are currently the fastest growing sectors in the state, with enormous potential for even more growth. Rhode Island offers business development assistance for these companies, including tax credits, as well as assistance with site selection, outsourcing and workforce training, “wrote” The Link “.

“The Slater Technology Fund and the Science and Technology Advisory Council fund technology companies, implement R&D support programs and promote collaboration between these innovative sectors,” the commission wrote.

And in 2014, frustration grew at the little land that had been developed. “They take forever, don’t they? Joe Paolino, former mayor of Providence and local real estate developer, told GoLocal. “My frustration is that they already have so many great developers who want to develop there. Why do they have to waste time?

The former Dean of the Business School at the University of Rhode Island was even more critical of the Commission’s failures.

“The Commission is an example of the ‘creepy meatball theory’: bring together a group of individuals with little or no experience in economic development, give them a budget and some authority, let them come together for a few years and get little action other than what would have happened without them anyway, ”said Ed Mazze.

In 2014, then governor Lincoln Chafee championed the speed at which the 195 lands were moving towards development.

“The site is very active as we ensure the construction of good solid infrastructure – roads, utilities, sewers, drainage, among other preparatory works. Field 195 has been marked, the LINK, and the implementation of a marketing plan has begun. It was a thoughtful project and smart decisions were made by the members of the Commission, ”said Chafee.

And in 2016, another GoLocal review of the progress of the project’s development triggered a defensive response from the Commission.

“Five years after the establishment of Commission 195, jobs and construction so far have been limited to the new non-profit Johnson and Wales science building, the first and only project to date completed on the old one. land of the interstate highway. Current commission chair Joe Azrack, however, champions the speed of development and future prospects of the more than 26 acres of land in Providence, ”GoLocal reported in 2016.

“Whether it’s Providence or Boston, or any metropolitan area, when you talk about large-scale urban redevelopment – and 27 acres is large-scale redevelopment – it’s complicated,” said [then-195 Chair Joe] Azrack. “It takes a long time to do everything from the various legislative steps that need to happen at the state or city level, to the clean-up of the site, to the establishment of utilities and infrastructure, and then to the interest.””

Over the decade, senior management and the board of directors have been constantly evolving.

Enlarge +

Tech jobs were the promise. It is difficult to find new net growth in the field 195

Few jobs in technology or biotechnology

Now, seven years later, the Link has changed its name again, but hopes of attracting major life science, information or digital media companies seem to have bypassed Providence. Instead, the 195 lots are now mostly developed for apartments, a supermarket and a hotel.

Not on a plot in the 195 Innovation District, but next door was the state-subsidized building of the state nursing school. Boston-based developer CV Properties LLC converted the South Street Station (former powerhouse) for $ 220 million.

This week, Saul Kaplan, the founder of the Business Innovation Factory, tweeted after the approval of Amazon’s distribution warehouse in Johnston, Rhode Island, about the lack of progress in building an economy innovation in Rhode Island: “We wanted more of an innovation economy. we have an amazon customer fulfillment center. #RhodeIsland. “

To date, according to the Commission, four projects have been completed, three projects are under construction and two more are under development.

A parking garage, apartments at Chestnut Commons, a Johnson and Wales class building and the Wexford building which houses shared offices, Brown University and an office for Johnson and Johnson – around 100 jobs have been completed.

Under construction, a hotel, an apartment building on Emblem 125 and another apartment building with a grocery store on plot 6.

The two projects in progress are the Tour Fane (apartments and condos) and a project on plot 9 for 130 additional apartments.

Together, Commission 195 has approved over 1,000 new apartments and has not functionally developed any project that creates new jobs in the innovation economy. Johnson & Johnson jobs have been moved from another location in town.

Commission 195, state and city officials hired a high-level planning group to develop a master plan for the use of the land.

Enlarge +

195 Land developed for high-end accommodation and a supermarket

Chan Krieger Sieniewicz’s 168-page report presented a very different strategy for the 195 lands from what is being achieved today.

Almost all of the principles of the report’s recommendations have been abandoned. “Adjust the height in stories, rather than feet, to allow developers flexibility and variation in the skyline. This will also be beneficial for uses in research and development, a use which is encouraged on certain plots. Research and development facilities typically have higher floor-to-floor heights than office buildings, ”the report said in connection with the development of research space.

Committee 195 spokesperson Cara Cromwell repeatedly declined to answer questions about the strategic shift from an employment-focused strategy to a housing-focused one.

In this 2009 story, The Times reported, “The city has already claimed eight acres straddling the Providence River. It will become a new municipal park with a sculpture garden and a terraced amphitheater, among other design elements. Construction will begin in another year. or two. ”Twelve years later, there is little public art in the neighborhood, no public amphitheater, and the long-promised pedestrian bridge (now named the Michael Van Leesten Bridge) was completed years later. and at a budgetary cost of $ 22 million – over $ 18 million more than the original budget.

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This Jhunjhunwala-owned hotel park has grown 32% so far in September https://guideglobal.com/this-jhunjhunwala-owned-hotel-park-has-grown-32-so-far-in-september/ https://guideglobal.com/this-jhunjhunwala-owned-hotel-park-has-grown-32-so-far-in-september/#respond Thu, 23 Sep 2021 04:34:00 +0000 https://guideglobal.com/this-jhunjhunwala-owned-hotel-park-has-grown-32-so-far-in-september/ Shares of Indian Hotels Company (IHCL) hit a new high of Rs 185.05, up 7% on BSE in intraday trading on Wednesday, in hopes of a recovery in business after the unblocking of the economy and the resumption of travel. The stock is trading higher for the fourth day in a row, rising 24% during […]]]>

Shares of Indian Hotels Company (IHCL) hit a new high of Rs 185.05, up 7% on BSE in intraday trading on Wednesday, in hopes of a recovery in business after the unblocking of the economy and the resumption of travel. The stock is trading higher for the fourth day in a row, rising 24% during the period.

So far in September, the share of the Tata group company has climbed 32 percent, compared to a 3.2 percent rise for the S&P BSE Sensex. Leading investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala collectively held 2.1% stake in IHCL as of June 30, 2021.

IHCL is expected to post its largest monthly gain in over two decades. Earlier, in August 2021, the stock had risen 35.7% during the month. The previous record one-month gain was in August 1999, when the stock had climbed 52 percent in a single month.

On August 23, IHCL announced a plan to raise funds of Rs 3,000 crore through a rights issue to existing shareholders of the company. The aim of the issue is to meet the company’s financing needs for capital spending, growth plans and debt repayment and will be finalized in consultation with investment bankers, the company said. .

IHCL and its subsidiaries bring together a group of brands and companies that offer a fusion of warm Indian hospitality and world-class service. These include Taj – the iconic brand for the discerning traveler and the world’s strongest hotel brand and India’s strongest hotel brand according to Brand Finance 2021, SeleQtions, a named collection of hotels, Vivanta , sophisticated high-end hotels and Ginger, which is revolutionizing the lean luxury segment.

The Tata group owns 40.75 percent of the capital of IHCL through Tata Sons (38.09 percent of the capital) and other group companies. Tata Sons has demonstrated its financial support to IHCL over the years, endorsing various fundraising activities of the company and expects the same to continue as well, should the need arise. The company also benefits from considerable financial flexibility and lender / investor comfort thanks to the lineage of the Tata group.

Like other hotel players, rating agency ICRA expects the company’s revenue and profits to reach pre-Covid levels only in the medium term, although the financial year 22 should be significantly better than exercise 21.

The situation is still evolving and depends on the pace of vaccination, the effectiveness of vaccines, infection rates and the possibility of a third wave of Covid-19, or any other exogenous event. The proposed equity infusion and resulting debt reduction, aside from better accrued liabilities resulting from the resumption of operations, are likely to improve hedging measures in the future, ICRA said in the scoring justification.

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People and Property: real estate and construction news from around NH https://guideglobal.com/people-and-property-real-estate-and-construction-news-from-around-nh/ https://guideglobal.com/people-and-property-real-estate-and-construction-news-from-around-nh/#respond Wed, 22 Sep 2021 16:35:39 +0000 https://guideglobal.com/people-and-property-real-estate-and-construction-news-from-around-nh/ Jennifer Landon, Vice President of Education and Workforce Development at Associated Builders and Contractors of NH / VT, was recently sworn in as Vice President of the Granite State Chapter of National Women in Construction for the 2021-2022 mandate. NAWIC works to strengthen and amplify the success of women in the construction industry. They are […]]]>

Jennifer Landon, Vice President of Education and Workforce Development at Associated Builders and Contractors of NH / VT, was recently sworn in as Vice President of the Granite State Chapter of National Women in Construction for the 2021-2022 mandate. NAWIC works to strengthen and amplify the success of women in the construction industry. They are committed to standing up for women to have an impact on the direction of the construction industry.

The Community Development Funding Authority reports that it made 145 investments in community initiatives and organizations, injecting more than $ 20 million into community development, economic development and clean energy projects statewide in fiscal 2021 The investments were made in 53 different communities. According to the CDFA, the awards rehabilitated, preserved or created 152 dwellings; created or retained 1,076 jobs; supported 440 micro-enterprises; and resulted in estimated annual energy savings of 330,272 kilowatt hours.

Evernorth Rural Ventures, the northern New England nonprofit that makes affordable housing and community investments in Maine, New Hampshire and Vermont, recently received an allocation of $ 60 million in tax credits for new markets. Under the NMTC program, investors receive federal tax credits in return for their investments in eligible economic development projects. These commercial and real estate investments offer more favorable conditions than those generally offered by the market. With its new NMTC allocation award, Evernorth seeks to invest in job-generating regional manufacturing and providers of essential community goods and services to create paid jobs, improve access to health care, tackle insecurity food and revitalize low-income communities, said the co-chair. Nancy Owens. Potential NMTC projects should generally be located in qualified census tracts.

Another high bay warehouse distribution building was sold. Prolman Real Estate Inc. announced the sale of One Bon Terrain Drive, Nashua, to EIP Manager Corp. Mark Prolman represented the buyer and Rich Ruggiero of Newmark Knight represented the seller, FW Webb Company. The 400,000 square foot facility will be repositioned by EIP Manager Corp. to be rented to one or two tenants. According to the Hillsborough County Deed Register, the sale price was $ 24.0 million.

Some $ 3.4 million has been awarded through the US Department of Housing and Urban Development Homeless Youth Demonstration Program two the New Hampshire Balance of State Continuum of Care, which will receive $ 2.2 million, and the Manchester Continuum of Care, which will receive $ 1.2 million. Recipients can use the funding to support rapid relocation, permanent supportive housing and transitional housing, and to fund programs such as foster homes.

A 6,460 square foot mixed-use building located at 105-107 Market St. in downtown Portsmouth has been sold.

David Choate and Andrew Ward of Necklaces ” The Portsmouth office represented the seller, 105-107 Market Street LLC, in the transaction. Tony jalbert, of Tate & Foss Sotheby’s International represented the buyer, 409 Franklin Pierce Highway LLC. According to the Rockingham County Deeds Register, the sale price was $ 2.5 million. The six-story waterfront mixed-use building consists of commercial space on Ceres and Market streets, office space and three apartments.

The sale of the 52-room, seven-apartment SureStay hotel in Presque Isle, Maine by Best Western to Sucha Dillon Estates LLC was announced by Wason Associates Real Estate Brokerage Group, Portsmouth. Jim doucette and Earle Wason were the brokers.

Janet Nickerson, who recently obtained his Associate Broker License, has been appointed Broker-Manager of Badger RealtyBerlin office.

President Biden appointed Michael swack, a professor at the University of New Hampshire, as a member of the Community Development Advisory Board. At UNH, Swack holds positions at the Carsey School of Public Policy and the Peter T. Paul College of Business and Economics. He also runs the Center for Impact Finance and the Masters Program in Community Development, a program designed for adult practitioners. At Carsey, he works on scale building in the community development finance sector, innovations in community development finance, microfinance and sustainable energy finance. He also heads the Financial Innovations Roundtable, a collaboration with the Federal Reserve Board of Governors.

Meredith Village Savings Bank recently purchased $ 10,000 in tax credits from Community Developers of the Lakes Region through the New Hampshire Community Development Finance Authority to support the Gale School redevelopment project at 60 Concord St. in Belmont.


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Downtown Knoxville’s void on Gay Street could be filled with a hotel https://guideglobal.com/downtown-knoxvilles-void-on-gay-street-could-be-filled-with-a-hotel/ https://guideglobal.com/downtown-knoxvilles-void-on-gay-street-could-be-filled-with-a-hotel/#respond Wed, 22 Sep 2021 02:00:21 +0000 https://guideglobal.com/downtown-knoxvilles-void-on-gay-street-could-be-filled-with-a-hotel/ Plans are underway to fill one of Gay Street’s major ‘missing teeth’, adding an essential to the heart of downtown Knoxville. If rezoning is approved by Knoxville City Council, hotel developer Shailesh Patel wants to build a mixed-use building at 350 S. Gay St. that would include an upscale hotel brand. Some call this lot […]]]>

Plans are underway to fill one of Gay Street’s major ‘missing teeth’, adding an essential to the heart of downtown Knoxville.

If rezoning is approved by Knoxville City Council, hotel developer Shailesh Patel wants to build a mixed-use building at 350 S. Gay St. that would include an upscale hotel brand.

Some call this lot “the notch,” a space on Gay Street between Chivo and the Mast General Store that descends about 20 feet below street level to a parking lot between the two buildings. Some know it as the old terminal house, which caught fire and was demolished in the 1970s. Some know it as the shortcut from Marble Alley Lofts to Market Square.

Everyone knows this as one of the most notable gaps in the downtown cityscape.

If approved by Knoxville City Council, longtime Knoxville hotel developer Shailesh Patel plans to build his second downtown Knoxville hotel at 350 S. Gay St.

Infill projects like this are “as important to the character of the downtown core as the perimeter projects,” said Joe Petre, executive vice president of Lawler-Wood and a consultant on the project. “Because we both have to develop ourselves, but we’ve worked really hard to get it into the core. “

As the city center adds more destination activities like Marble City Market Food Hall on Regas Square and the proposed $ 75.5 million base stadium and the $ 142 million mixed-use complex outside the Old Town, the developers hope that more tourists will stay more nights.

STADIUM:Developer offers $ 22 million Old City hotel – only if stadium is approved

DINING ROOM:What’s next for the local chefs joining the new downtown dining hall?

“I just feel like we’re another grain of sand on the beach in downtown Knoxville with what we’re doing,” Patel told Knox News.

The building design is preliminary

The hotel and commercial project would be developed on a vacant lot.

Patel, who began developing the downtown Hampton Inn & Suites in 2000 and opened it in 2006, was prompted to pursue his second downtown property due to the meteoric growth over the past decade.

Developers he admires have contributed to this growth with major hotel projects: Nick Cazana Tennessee, Rick Dover’s Hyatt Place, Alpsh Patel’s Embassy Suites and others.

Patel first became interested in the half-acre property about six years ago. He bought it for $ 5.9 million in June through the 350 Land company, according to property records.

The building design will not be finalized until City Council approves the rezoning Patel needs. But the project would include a hotel, shops and restaurants at street level, as well as a rooftop terrace with a restaurant, meeting space and bar.

The hotel’s branding would depend on the final design, but Patel said it would favor consumers and tourists alike.

The building could potentially feature condominiums and offices, Patel said, and would feature pedestrian-friendly elements and an aesthetic that matches Gay Street.



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Bridgeton Launches Technology-Driven Lending Platform, Targeting $ 350 Million In Funding In Year One https://guideglobal.com/bridgeton-launches-technology-driven-lending-platform-targeting-350-million-in-funding-in-year-one/ https://guideglobal.com/bridgeton-launches-technology-driven-lending-platform-targeting-350-million-in-funding-in-year-one/#respond Tue, 21 Sep 2021 12:01:00 +0000 https://guideglobal.com/bridgeton-launches-technology-driven-lending-platform-targeting-350-million-in-funding-in-year-one/ Hospitality real estate developer calls on fellow operators as loan demand continues to skyrocket in the wake of COVID-19 Developer and Operator Launches New Technology-Driven Lending Platform for the Hospitality Industry NEW YORK, September 21, 2021 / PRNewswire / – Private investment firm and development group Bridgeton Holdings LLC launches its non-bank lending platform Capital […]]]>

Hospitality real estate developer calls on fellow operators as loan demand continues to skyrocket in the wake of COVID-19

Developer and Operator Launches New Technology-Driven Lending Platform for the Hospitality Industry

NEW YORK, September 21, 2021 / PRNewswire / – Private investment firm and development group Bridgeton Holdings LLC launches its non-bank lending platform Capital Bridgeton, specializing in nationwide commercial mortgages for the hospitality industry, multi-family developments, offices, industrial projects, self-storage and construction in new York, as well as key secondary and tertiary markets such as Charleston and Louisville.

Solomon Garber, Partner, Bridgeton Capital

As the owner and operator of award-winning properties like Walker Hotels and the new one Marram MontaukBridgeton has witnessed the difficulties properties have in securing proper financing – particularly in the aftermath of COVID-19 – and plans to fill a void in debt capital markets. With strong investor demand, Bridgeton Capital is targeting $ 350 million financing over the first 12 months, expecting rapid expansion in the following months.

“Now is the time to leverage our expertise in commercial real estate and our experience as venture capitalists in proptech,” said Atit Jariwala, founder and CEO of Bridgeton. “There are countless properties with the potential for success; they just need the resources. “

Salomon Garber joins Bridgeton Capital as a partner alongside an advisory board made up of top Silicon Valley tech talent. Garber previously served as the Managing Director of Northeast Bank, responsible for National Origins. David room will serve as the general manager of the platform focused on assemblies and operations. Hall was previously COO of Bridge Funding and Managing Director of CV Capital.

Under the leadership of Jariwala, Garber and Hall, Bridgeton Capital will offer senior secured and non-recourse loans, from $ 1 million To $ 75 million, with a loan-to-value ratio (LTV) of up to 85%. Fixed and floating rates start at 5%. Vacant properties with no cash flow may be eligible.

By modernizing commercial real estate lending and ensuring efficient processes, Bridgeton Capital is a lender with technology. The platform uses data algorithms, artificial intelligence and machine learning to automate investor and broker workflows and to enter deals with greater speed and precision.

To learn more about Bridgeton Capital, please visit www.Bridgeton.com.

About Bridgeton
Bridgeton Holdings is a private investment firm that creates value by leveraging and leveraging its expertise in operations, capital improvement and development. The company, led by the CEO and founder Atit Jariwala, is dedicated to innovation in office, residential and hotel projects through extraordinary experiences, exceptional service and expressive design. Bridgeton creates spaces focused on improving the individual customer experience – rather than prescribing a lifestyle, the company embraces the lives of customers. The portfolio spans the city and the sea: Walker Hotel Greenwich Village and Walker Hotel Tribeca in New York City and Marram in Montauk. Each property is made up of thoughtful gestures that create warm and welcoming environments for all. For more information: bridgeton.com.

Contact:
Gizem Ozcelik
gizem@go-pr.com

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Lied Place Residences developers plead for additional TIF dollars | Local government https://guideglobal.com/lied-place-residences-developers-plead-for-additional-tif-dollars-local-government/ https://guideglobal.com/lied-place-residences-developers-plead-for-additional-tif-dollars-local-government/#respond Tue, 21 Sep 2021 00:15:00 +0000 https://guideglobal.com/lied-place-residences-developers-plead-for-additional-tif-dollars-local-government/ Work on the 20-story Lied Place residences was completed in early August. The first tenants could move in during January. FRANCIS GARDLER, Journal Star archive photo Developers of the Lied Place residences and city officials pleaded with city council on Monday for providing additional funding of $ 716,000 in tax increases for what will be […]]]>





Work on the 20-story Lied Place residences was completed in early August. The first tenants could move in during January.


FRANCIS GARDLER, Journal Star archive photo


Developers of the Lied Place residences and city officials pleaded with city council on Monday for providing additional funding of $ 716,000 in tax increases for what will be the city’s second tallest building.

The Lincoln-Lancaster County Planning Commission recommended an amendment to the redevelopment agreement for the 20-story condo at 11th and Q streets that would increase TIF dollars from $ 5 million to $ 5.7 million .

The city council listened to the proposal on Monday and will vote on it next week. No board member expressed any objection to the change.

Tax increase funding allows developers to use the additional property taxes generated by a project to pay for certain items, such as site acquisition, demolition, relocation of utilities, and increased land use. ‘energetic efficiency.

More than half of the additional TIF money will go to the city for the improvement of the streetscape and the improvement of the attached parking lot, which, according to the director of urban development, Dan Marvin, will include the replacement of the elevator. and some work possible in the halls.

The developers will receive an additional $ 250,000 to pay for the increased costs of the building facade.

Lied Place Residences, approximately 250 feet high, has 35 condos and will also include offices and a restaurant on the first floor.


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BBVA will provide preferential financing to Meliá franchise hotels https://guideglobal.com/bbva-will-provide-preferential-financing-to-melia-franchise-hotels/ https://guideglobal.com/bbva-will-provide-preferential-financing-to-melia-franchise-hotels/#respond Mon, 20 Sep 2021 13:43:16 +0000 https://guideglobal.com/bbva-will-provide-preferential-financing-to-melia-franchise-hotels/ As part of the franchise strategy, Meliá has entered into an agreement with BBVA bank to offer potential Meliá franchisees access to preferential financing terms to meet their cash flow needs, as well as a wide range of complementary financial products. Gabriel Escarrer Jaume, Vice President and CEO of Meli Hotels International, and Carlos Rodrguez […]]]>

As part of the franchise strategy, Meliá has entered into an agreement with BBVA bank to offer potential Meliá franchisees access to preferential financing terms to meet their cash flow needs, as well as a wide range of complementary financial products.

Gabriel Escarrer Jaume, Vice President and CEO of Meli Hotels International, and Carlos Rodrguez Escudero, Eastern Regional Director at BBVA

Meliá Hotels;

As part of the franchise strategy, Meliá has entered into an agreement with BBVA bank to offer potential Meliá franchisees access to preferential financing terms to meet their cash flow needs, as well as a wide range of complementary financial products.

For Gabriel Escarrer, Vice President and CEO of Meliá, “the agreement is based on the high degree of confidence that Meliá and its strong sales and marketing platform inspire in financial companies as they form the basis of our support for all independent hotels that join the company’s franchise network. ”An alliance with Meliá is a further guarantee for financial companies and has encouraged BBVA to offer favorable terms, which for many hoteliers is a fundamental requirement to face investments in the renovation or repositioning of their hotels or operational investments that will allow them to improve their competitiveness in the new post-Covid commercial environment.

Escarrer stressed today when signing the agreement with the BBVA that “our objective is to increase the advantages and the attractiveness of our franchise system to offer much more than simple profitability to the hotels that join our portfolio. We aim to cover all their needs as far as possible and open up new avenues for improvement “.

Carlos Rodríguez Escudero, Eastern Regional Director at BBVA, stressed that “this agreement reaffirms BBVA’s commitment to the franchise sector in Spain, allowing Meliá franchisees to access all the products and advice necessary for the implementation of their projects ”.

The Meliá franchise model allows independent hotels to join the Meliá group, keeping control of their operations, but also having access to Meliá’s sales and distribution platform and its 14 million loyal customers, as well as ‘a wide range of optional hotel management services. The relationship with Meliá may be based on the hotel adopting one of the Meliá brands (depending on the nature of the hotel, its positioning and its operating standards) or retaining its own name and identity under the aegis “Affiliated by Meliá”.

The company already has a portfolio of 50 franchised hotels worldwide and 7 more hotels are expected to join in the near future. As Meliá’s Director of Expansion, María Zarraluqui explained, “It’s a really attractive model, especially for hotels that rely heavily on tour operators and are not at the cutting edge of digital technology, many of which have a lot of suffered during the pandemic, and who will find in Meliá the ideal partner to increase their income and be part of the hospitality industry of the future “.

The logos, names of products and companies mentioned are the property of their respective owners.

© 2021 Hotel News Resource


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The world awaits the verdict in the trial of Rwandan hotel hero Paul Rusesabagina https://guideglobal.com/the-world-awaits-the-verdict-in-the-trial-of-rwandan-hotel-hero-paul-rusesabagina/ https://guideglobal.com/the-world-awaits-the-verdict-in-the-trial-of-rwandan-hotel-hero-paul-rusesabagina/#respond Sun, 19 Sep 2021 13:19:29 +0000 https://guideglobal.com/the-world-awaits-the-verdict-in-the-trial-of-rwandan-hotel-hero-paul-rusesabagina/ LONDON – After spending more than a year behind bars, the man who inspired the acclaimed 2004 film “Hotel Rwanda” must know his fate. A Rwandan judge is due to deliver a verdict on Monday in the closely watched trial of former hotelier Paul Rusesabagina and 20 co-defendants, who are charged with terrorism-related offenses. A […]]]>

LONDON – After spending more than a year behind bars, the man who inspired the acclaimed 2004 film “Hotel Rwanda” must know his fate.

A Rwandan judge is due to deliver a verdict on Monday in the closely watched trial of former hotelier Paul Rusesabagina and 20 co-defendants, who are charged with terrorism-related offenses. A decision in the high-profile case was expected a month ago but has been postponed, with no reason given for the delay.

Rusesabagina, who has been tried on a number of charges including murder and terrorist financing, could face 25 years in life in prison if convicted. He proclaimed his innocence, while his family and lawyers condemned the trial as a “sham”.

“We are happy that the masquerade of the trial is over,” the Rusesabagina family told ABC News in a statement ahead of the verdict. “We assume that they will end the sham by convicting him on Monday. We have been telling the whole world that there is no fair trial in Rwanda, and the past few months have shown it. there is no independent judiciary, and we won’t be doing justice to our father. All we can do now is make it clear to everyone: a dictator will jail a humanitarian . “

Rusesabagina, 67, married with six children, was the manager of the Hôtel des Mille Collines in Kigali during the Rwandan genocide of 1994, when divisions between the two main ethnic groups in the East African nation came to a head . The Rwandan government, controlled by extremist members of the Hutu ethnic majority, launched a systemic campaign with its allied Hutu militias to eliminate the Tutsi ethnic minority, massacring more than 800,000 people in 100 days, mostly Tutsis and moderate Hutus who tried to protect them, according to United Nations estimates.

More than 1,200 people took refuge at the Hôtel des Mille Collines during what is often described as the darkest chapter in Rwandan history. Rusesabagina, who is of both Hutu and Tutsi descent, said he used his work and connections with the Hutu elite to protect hotel guests from the massacre. The events were then immortalized in “Hotel Rwanda”, with the portrayal of Rusesabagina by American actor Don Cheadle who won an Academy Award nomination for Best Actor in 2005.

After the film’s release, Rusesabagina rose to fame and was hailed as a hero. He has also become a prominent and outspoken critic of Rwandan President Paul Kagame, in office for two decades. Some genocide survivors who stayed at the Hôtel des Mille Collines have since accused Rusesabagina of exaggerating her role to save them or even to profit from it.

Rusesabagina, who fled Rwanda with his family in 1996 and is now a Belgian citizen and permanent resident of the United States, traveled to Dubai on August 27, 2020 to meet with a Burundi-born pastor who Rusesabagina said had invited to speak in churches. in Burundi about his experience during the Rwandan genocide. Later that night, the couple hopped on a private jet that Rusesabagina said would take them to the capital of Burundi, according to Rusesabagina’s international legal team.

Rusesabagina was unaware that the pastor was working as an informant for the Rwanda Investigation Bureau (RIB) and had tricked him into boarding a chartered flight to Kigali.

Rwandan prosecutors allege that Rusesabagina wanted to travel to Burundi to coordinate with rebel groups based there and in neighboring Democratic Republic of Congo.

The charges against Rusesabagina stem from his leadership of an opposition coalition in exile called the Rwandan Movement for Democratic Change, known by its French acronym MRCD. In 2018, there was a series of deadly attacks on villages in southern Rwanda, near the country’s border with Burundi, and Rwandan authorities indicted the National Liberation Front, or FLN, which is the branch. MRCD army. In a video statement released later in the year, Rusesabagina pledged his “wholehearted support” to the FLN, said Kagame’s government was “the enemy of the Rwandan people” and called for “all possible means to bring about change “.

Rusesabagina admitted that the MRCD had an armed wing but denied its involvement. The 20 other defendants at the trial are accused of being organizers and fighters of the FLN.

Rusesabagina’s whereabouts were unknown for several days until the Rwandan authorities paraded him in handcuffs during a press conference at the RIB headquarters in Kigali on August 31, 2020. Rusesabagina alleges that he was bound and in his eyes bandaged by RIB agents who took him from the plane to an undisclosed location. place where he was gagged and tortured before being imprisoned, according to an affidavit which includes a commemoration of a conversation between Rusesabagina and one of his Rwandan lawyers. The RIB has denied the allegations.

Since then, Rusesabagina has been held in a prison in the Rwandan capital, including more than eight months in solitary confinement, according to his international legal team. The UN Nelson Mandela Rules state that keeping someone in solitary confinement for more than 15 consecutive days is torture.

Rusesabagina’s family and legal representatives accused the Rwandan authorities of kidnapping and illegally bringing him to the country. The Rwandan government admitted paying for the plane that took Rusesabagina to Kigali, but Kagame said there was no fault because he was “brought here on the basis of what he believed and wanted to do “.

Rusesabagina’s trial in her home country has captured the world’s attention since it began in February, with her family and lawyers calling on the international community to intervene. They said his privileged documents were routinely confiscated in prison and that he was denied access to his international legal team, including his senior lawyer, Kate Gibson, who has previously represented Rwandan defendants in criminal courts. United Nations Internationals for Rwanda.

“Paul Rusesabagina’s inevitable conviction is the end of a script that was written even before his kidnapping in August 2020,” Gibson told ABC News in a statement ahead of Monday’s verdict. “The only thing that has been surprising watching this horror show unfold over the past year has been the boldness and openness with which the Rwandan authorities have been willing to systematically violate all rights to one. fair trial to which Paul was entitled. “

“Rwandans have had every opportunity to present their judicial system and organize the fairest trials,” she added. “They did the opposite.”

Rusesabagina’s family and lawyers have also expressed concern over his health and treatment behind bars. They said he is a cancer survivor who suffers from high blood pressure and cardiovascular disease, and has been denied his prescribed medication.

“If the international community does not intervene,” the family said, “he will likely be in prison for the rest of his life.”


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