U.S. hotel gross operating profit per available room reached its highest level since November 2019. The GOPPAR of $83.81 was less than $10 shy of reaching the pre-pandemic comparable from March 2019.
The project is aiming to finish before the end of next year, though work may continue into 2024, with costs now are expected to run to more than $2 billion. That means the total acquisition and conversion costs will approach or potentially exceed $4 billion, making it one of the largest, most intricate and most expensive condo conversion and hotel rebuild projects undertaken.
Stocks skidded Friday, with the Dow falling more than 900 points. An April tech rout pushed the Nasdaq down 13% for the month, its worst since 2008.
U.S. equity fund allocations to real estate, a guide for sentiment among professional money managers, have fallen to 2.4%, from 3.1% before the pandemic. Meanwhile, inflows into listed real-estate funds, a better proxy for attitudes among retail investors, are increasing.
Blackstone said it has reached a deal to buy PS Business for about $7.6 billion, including debt. PSB, a real-estate investment trust, owns and operates industrial and low-rise suburban offices and business parks, mostly in California, Miami, Texas and Northern Virginia. As of March 30, the company owned 96 properties with 4,900 tenants. The company’s portfolio also includes 800 residential units.
Miami investment fund, CGI Merchant Group is paying $375 million to buy Trumps’ Washington Hotel lease and will begin the process of rebranding the property as a Waldorf Astoria.
Warehouse rental rates increased 15.2% annually across the U.S. in Q1 of 2022.
Blackstone’s assets under management rose to $915.5 billion, up from $880.9 billion in the prior quarter and $648.8 billion a year earlier. The firm raised nearly $50 billion during the quarter, pushing it closer to its goal of reaching $1 trillion in assets by 2026.
