Live From ICSC Las Vegas
Commercial Observer
Connecting and informing industry leaders of trends and individuals defining the global commercial real estate landscape
The biggest retail conference in North America is underway in Las Vegas, and Commercial Observer is there talking to real estate players in the space. Top of mind so far? Whether the rebound in brick-and-mortar retail will continue. Also for today: A more than $700 million acquisition package for a hotel in the Southwest.
— Tom Acitelli, Deputy Editor
Imminent Retail Renaissance Could be Curtailed by Weak Consumer Spending, Brokers Say
A booming outlook for retail leasing across the country still has its sour points. Brokers at the ICSC conference in Las Vegas fear that lackluster consumer spending will kill growth for retailers while landlords once again lord over lease negotiations after a few rocky years in which tenants were calling all the shots. “There’s a real sense that we’re not necessarily having a consumer recession, but there’s all these headwinds that they’re really starting to feel,” Naveen Jaggi, president of the Americas for JLL, said during a breakfast briefing on the second day of the conference. “Inflation has cooled except for housing, food and fuel. … If the cost of labor goes up 10 or 20 percent, there’s a direct pass to the consumer.”
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Morgan Stanley, JP Morgan, Deutsche Bank Finance $705M Acquisition of Arizona Hotel
A joint venture between private equity firm Henderson Park and Pyramid Global Hospitality has acquired the 39-acre Arizona Biltmore hotel and resort in Phoenix from Blackstone Real Estate for $705 million, Blackstone announced Monday. Morgan Stanley led a $460 million acquisition loan for the deal, with Deutsche Bank and J.P. Morgan also participating. Additional financing on the deal came in the form of equity managed by Henderson Park, as well as commitments from Western & Southern Finance Group and Eagle Realty. Eastdil Secured advised Blackstone on the transaction, while Jones Day advised Henderson Park.
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