Month: March 2021

The Venetian and The Palazzo in Las Vegas. (Getty, The Venetian) Las Vegas Sands Corp. is leaving Las Vegas and aiming for Asia. The company that had been run by Sheldon Adelson until death in January has agreed to sell the Venetian casino and resort and two other Vegas properties for $6.25 billion. The buyer…

Gulf Islamic Investments Chairman H.E. Mohammed Rashed Alnasri with Paris’ Altais Towers. (GII, Reichen Et Robert & Associés) Gulf Islamic Investments has closed its biggest ever real estate transaction, paying $301 million for the Altais Towers in Paris. The firm bought the towers from a consortium of funds managed by Oaktree Capital Management. The United…

Theaters in some cities are opening with restrictions. (Getty, Photo Illustration by Alison Bushor for The Real Deal) Movie theaters in New York City and San Francisco have been dark for a year now, but that changes this weekend. Both big box-office markets are reopening, with some major restrictions. Theaters in both cities will be…

Hedge fund manager Robert Citrone (Getty) As an emerging markets specialist, hedge funder Robert Citrone is used to eyeing distant shores for his next investment. His bet on Compass — and by extension the U.S. housing market — hits a lot closer to home. Citrone’s Discovery Capital Management is Compass’ second-largest shareholder, with a 9.2…

Related Fund Mangement’s Managing Principal Justin E. Metz and a rendering of Cross Creek Ranch. (Jay Luchs, Related) Pacific Equity Properties has secured a $130 million construction loan for Cross Creek Ranch Malibu, a rare large-scale mixed-use development in Malibu. Related Companies subsidiary Related Fund Management provided the loan for the 112,000-square-foot project. Pacific Equity…

Restaurants and bars accounted for a majority of the gains in February (iStock) Leisure and hospitality may finally be on the road to recovery. The industry added 355,000 jobs in February, as coronavirus restrictions began easing in some parts of the country amid the rollout of a national vaccine campaign. The vaccine news is a…

Pamela Anderson and her house on Malibu Colony Road. (Coldwell Banker Realty, Getty) Pamela Anderson is moving to her native Canada, and has just listed her custom-built Malibu beach house. The 1990s-famous model and actress is asking $14.9 million for the three-bedroom home on Malibu Colony Road, according to the New York Post. The Wall…

(iStock) To address the housing crisis in Southern California, more than 1.3 million homes need to be built in the next decade. That’s according to municipal and county leaders who on Thursday approved an ambitious zoning plan that would allow for the surge in construction, according to the Los Angeles Daily News. The Southern California…

Zynga founder Mark Pincus, Hippo founders Assaf Wand and Eyal Navon, and LinkedIn co-founder Reid Hoffman (Getty, LinkedIn) Home insurance startup Hippo has scored the ultimate umbrella policy. The six-year-old company is set to go public by merging with a blank-check company backed by LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus, the Wall…

Opendoor CEO Eric Wu (Opendoor, iStock/Illustration by Alexis Manrodt for The Real Deal) In its first earnings as a public company, Opendoor reported a 45 percent drop in revenue attributed to its pause in home-buying in the early months of the pandemic. The iBuyer generated $2.6 billion in revenue last year, compared to $4.7 billion…