The Chicago-based media company failed owing to the $13bn of debt loaded onto its balance sheet when it was acquired by billionaire real estate investor Sam Zell last year. The company said in its bankruptcy filing it had just $7.6bn of assets. Zell invested $315m in the deal.
2 min read · 22 January 2013
The Lightstone-backed hospitality chain is in discussions to turn over the company to its lenders, according to a report. New Jersey-based private real estate company Lightstone acquired Extended Stay from Blackstone last year for $8bn.
2 min read · 22 January 2013
San Diego-based Pacifica Equity Partners looks to distressed residential deals and senior housing in US sunbelt states.
2 min read · 22 January 2013
Harmony Development, an affiliate of Starwood Capital, has signed a memorandum of understanding with Florida University to build an energy R&D complex in the green community of Harmony, Florida, one of only 10 official eco-communities in the sunshine state.
2 min read · 22 January 2013
Voting has begun for the 2008 Global PERE Awards. Which firm and deal will be the most notable of 2008 – and who will be industry figure of the year?
2 min read · 22 January 2013
Governments will increasingly rely on defining performance standards for PPP contracts using the social outcomes they produce, such as safety, instead of ‘micromanaging’ how those outcomes are arrived at, according to Michael Gerrard, deputy chief executive officer of Partnerships UK.
2 min read · 22 January 2013
Former REIT veterans Robert Solmson and Ed Ansbro have teamed up Georgica Advisors founder Richard Reiss to launch private equity real estate firm, Fairwood Capital. The first fund will target hospitality in US metropolitan areas.
1 min read · 22 January 2013
The private equity real estate firm is to develop a large shopping centre in a region south of Bratislava. The investment is being in part through Quinlan's €400m European Strategic Real Estate Fund. The centre will cover up to 90 hectares.
1 min read · 22 January 2013
President-elect Barack Obama's choice for transportation secretary could determine the level of private sector participation in public infrastructure financing, according to a presentation by David Gribbin at the California Infrastructure Summit.
2 min read · 22 January 2013
The listed buyout firm is will eliminate 100 jobs, mostly in back-office functions such as human resources and marketing.
2 min read · 22 January 2013
