Month: August 2020

Jose Huizar and Nury Martinez (Credit: Desiree Stone/Getty Images) In the wake of their colleague Jose Huizar’s corruption indictment, Los Angeles city councilmembers are mulling changes to the development and approval process. Council President Nury Martinez introduced three motions to “close loopholes that corrupt individuals might use to their advantage,” according to Commercial Observer. A…

(iStock) As travelers throughout the U.S. try to make the most of a surreal summer, hotel occupancy has slowly improved, and has finally hit the 50 percent mark for the first time since mid-March. While overall occupancy has risen for 17 of the last 18 weeks, growth in demand has slowed, according to the latest…

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Since the start of the coronavirus crisis, hundreds of CMBS loans — primarily in the lodging and retail sectors — have been transferred to special servicers as a result of serious cash flow problems. And hundreds of borrowers have had to get on the phone with special servicers to work out next steps. While the…

Justin Myers, Vice President of Atlas Hospitality A report on California hotel construction found there soon will be no hotel construction. “We are forecasting that the vast majority of hotel projects in planning will simply not get built,” concludes Atlas Hospitality Group in their survey of California hotel construction through the first six months of…

Mall of America and Triple Five Group chairman Nader Ghermezian (Mall of America by KEREM YUCEL/AFP via Getty Images and Raymond Boyd/Getty Images) The country’s biggest shopping mall is trying to stave off foreclosure after falling months behind on its $1.4 billion mortgage. Triple Five Group, which owns the Mall of America, has entered into…

Jonathan Kalikow and Leonard Tannenbaum AFC Gamma, a West Palm Beach-based real estate investment trust, now has $120 million in capital on hand to lend to cannabis operators. AFC Gamma, which stands for Advanced Flower Capital, announced it raised $80 million of equity from 20 family offices, completing the first round of its $200 million…

Glenn Kelman and Kerry Chandler (Redfin) Following a search aimed at bringing “a diverse perspective” to the company, Redfin has appointed Kerry Chandler, a human resources executive who is Black, to its board of directors. Chandler, who serves as chief human resources officer of Endeavor, an entertainment, sports and media conglomerate, is joining the national…

Airbnb’s Brian Chesky (Getty) Airbnb has confidentially filed to go public, following a dramatic dip in revenue as a result of the pandemic. The home-share startup announced the move in a statement on its website Wednesday, noting that the number of shares to be offered and the price range for the proposed offering are yet…