Morgans Hotel Group shareholders OK purchase by SBE

Shareholders voted to approve SBE Entertainment Group’s acquisition of Morgans Hotel Group on Wednesday, in a deal valued at about $800 million. Sam Nazarian’s SBE, a Los Angeles-based hospitality group will acquire Morgans’ 20-hotel portfolio, which includes the Hudson Hotel on Columbus Circle, and is set to close on the deal later this year, the […]

China’s richest man warns the country is facing a RE bubble

Wang Jianlin — who built a massive fortune developing real estate in China — says the market is now facing the “biggest bubble in history.” Jianlin, who is the country’s richest man, says the problem is that prices are continuing to rise in cities like Shanghai, but are dropping in thousands of smaller cities where […]

LA hotel backers are beginning to worry about oversupply

From the Southern California Market Report: The Los Angeles hotel market isn’t huge by comparison with that of New York or Chicago, but developers appear to be intent on rectifying that. With nearly 100 hotels planned, many of them for the city’s central business district, some market watchers are starting to talk about oversupply. Yet […]

De Blasio appointee on MTA board skeptical of cost for Cuomo’s Penn Station plan

An appointee of Mayor Bill de Blasio to the Metropolitan Transportation Authority’s board raised concerns Wednesday about the funding for New York Governor Andrew Cuomo’s grand plans for the new Penn Station. Earlier this week, Cuomo named the Related Companies and Vornado Realty Trust the developers of the project that would turn the James A. […]

Prana buys five-building Bronx portfolio for $36M

Prana Investments sunk its teeth into a five-building West Bronx multifamily portfolio for $35.8 million, or about $184 per square foot, sources told The Real Deal. The portfolio consists of three five-story walk-ups and two six-story elevator buildings, largely concentrated in the Fordham neighborhoods. The buildings have a total of 214 apartments and span about […]

Hamptons Cheat Sheet: Big firms team up on new MLS, “Erin Brockovich” contaminant found in Suffolk water … & more

Five brokerage giants team up on new East End listing platform Think fast, OREX — there’s a new contender in town. The five biggest brokerages in the South Fork — Saunders & Associates, the Corcoran Group, Douglas Elliman, Brown Harris Stevens and Sotheby’s International Realty — are teaming up on a new listing exchange they say will boast richer […]