The Wall Street Journal Commercial Real Estate
June 3, 2009 -- 11:00 a.m.
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For the past two years, Phoenix has wrestled with the fallout from the most severe housing bust in decades. Now comes the hotel bust.
http://online.wsj.com/article/SB124398327988479041.html#mod=djemRealEstate_Commercial
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As struggling landlords hand back their keys to lenders, firms like Barclays are being forced into the unappetizing business of real-estate development.
http://online.wsj.com/article/SB124398387229079079.html#mod=djemRealEstate_Commercial
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In the U.K., equity-rich buyers and those with good banking relationships are benefiting from the commercial real-estate market's woes, buying assets at prices below book value.
http://online.wsj.com/article/SB124397259546878323.html#mod=djemRealEstate_Commercial
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Melco's CEO said "the worst times in Macau are already over" as he launched the territory's newest casino and resort. - Photos: City of Dreams Opens
http://online.wsj.com/article/SB124384773768871741.html#mod=djemRealEstate_Commercial
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Money is flooding into Hong Kong, propelling property and stock prices even as the economy falters.
http://online.wsj.com/article/SB124336359968455353.html#mod=djemRealEstate_Commercial
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Michael Fascitelli is being promoted to CEO of Vornado Realty Trust during one of the toughest commercial-real-estate markets since World War II.
http://online.wsj.com/article/SB124338395661756651.html#mod=djemRealEstate_Commercial
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The S&P's warning that billions in top-rated bonds backed by commercial mortgages may face downgrades doused enthusiasm in the commercial-property market.
http://online.wsj.com/article/SB124338733410256999.html#mod=djemRealEstate_Commercial
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Glimcher Realty Trust, which owns 23 U.S. malls and carries $1.6 billion in debt, is selling its stakes in some of the best properties in its portfolio.
http://online.wsj.com/article/SB124338561102756821.html#mod=djemRealEstate_Commercial
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Traditional shopping malls are dwindling in number, with many struggling properties reduced to largely vacant shells. - Photos | Timeline - Readers React: 'Good riddance!'
http://online.wsj.com/article/SB124294047987244803.html#mod=djemRealEstate_Commercial
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MGM Mirage signed deals to brand and manage Bellagio and MGM Grand hotels in Asia and the Mideast.
http://online.wsj.com/article/SB124278607810237753.html#mod=djemRealEstate_Commercial
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Developer Larry Silverstein appears to have the upper hand in yet another round of negotiations with officials on the redevelopment of the World Trade Center site.
http://online.wsj.com/article/SB124277646578237023.html#mod=djemRealEstate_Commercial
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Commercial real-estate loans could generate losses of $100 billion by the end of next year at over 900 small and midsize U.S. banks if economic woes deepen, according to a Wall Street Journal analysis. - Graphic: Under Stress, Testing the Rest
http://online.wsj.com/article/SB124269114847832587.html#mod=djemRealEstate_Commercial
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Hang Lung Properties bought two parcels of land in mainland China, in a sign that commercial developers see value in the battered market.
http://online.wsj.com/article/SB124275695763835623.html#mod=djemRealEstate_Commercial
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Related is struggling to find financing for the $570 million second phase of its CityNorth project in Phoenix after Nordstrom tabled plans for a store there.
http://online.wsj.com/article/SB124277087935036521.html#mod=djemRealEstate_Commercial
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The Federal Reserve is broadening efforts to get credit flowing to the commercial real estate market, saying it will soon accept older bonds as collateral under TALF.
http://online.wsj.com/article/SB124276215269535843.html#mod=djemRealEstate_Commercial
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As occupancy rates and revenue plummet to 20-year lows, European hotel companies are looking for creative responses to the crisis.
http://online.wsj.com/article/SB124276195516635883.html#mod=djemRealEstate_Commercial
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Donald Trump provided under oath the secrets to how he values his wealth as part of a defamation suit against a writer. - Trump on Brand Value, Accounting, Email - Readers React: 'Nothing but hot air'
http://online.wsj.com/article/SB124261067783429043.html#mod=djemRealEstate_Commercial
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The Whitehall Street Global Real Estate Limited Partnership 2007 has told its investors to give it $1 billion in additional capital they had committed to the fund.
http://online.wsj.com/article/SB124235434122122561.html#mod=djemRealEstate_Commercial
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A construction-management consulting group is suing Fontainebleau Las Vegas, a $3 billion luxury resort under construction, for wrongful termination and breach of contract.
http://online.wsj.com/article/SB124234504312621655.html#mod=djemRealEstate_Commercial
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Goldman Sachs's multiple roles in its premier Whitehall real-estate funds is more of an issue for investors now as it restructures debt. - Developments: Whitehall's role in two buyouts
http://online.wsj.com/article/SB124217307257813061.html#mod=djemRealEstate_Commercial
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Corus's warning that it could be placed into receivership by regulators has set off a scramble among real-estate investors hoping to pick up its nonperforming loans.
http://online.wsj.com/article/SB124216836791112603.html#mod=djemRealEstate_Commercial
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Short interest in real-estate investment trusts dropped 1.1 percentage points during the last two weeks of April.
http://online.wsj.com/article/SB124217060811912709.html#mod=djemRealEstate_Commercial
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Corporate sale-and-lease-back deals came to a virtual halt in Europe in the first quarter as property investment dried up, but signs of life may be emerging.
http://online.wsj.com/article/SB124217251416512987.html#mod=djemRealEstate_Commercial
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General Growth surprised investors by taking 166 of its malls with it into bankruptcy last month, rattling the market for securities backed by commercial mortgages. - Timeline: Rise and Fall of General Growth
http://online.wsj.com/article/SB124163910180492861.html#mod=djemRealEstate_Commercial
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In the race to shed debt, several REITs have come up with a new approach: They are buying back their public bonds at steep discounts.
http://online.wsj.com/article/SB124156386485389263.html#mod=djemRealEstate_Commercial
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Pulte said its loss narrowed, though the builder warned that the housing market remained challenged. Centex also reported that its quarterly loss had narrowed.
http://online.wsj.com/article/SB124157206924790081.html#mod=djemRealEstate_Commercial
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Vornado Realty Trust felt the pinch from New York financial layoffs but benefited from exposure to the Washington office market.
http://online.wsj.com/article/SB124157167403190035.html#mod=djemRealEstate_Commercial
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A bond buyback by a struggling Chinese property developer is a sign that firms in China may be able to use domestic loans to pay off foreign debt holders.
http://online.wsj.com/article/SB124155359838788625.html#mod=djemRealEstate_Commercial
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European REITs have shored up their balance sheets, but now pressure is rising from corporate insolvencies, retail vacancies and declining rent.
http://online.wsj.com/article/SB124155288956288575.html#mod=djemRealEstate_Commercial
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Matters of the HeartBargain hunters are circling the Coeur Defense office-tower complex in Paris, looking to buy the property at a steep discount.
http://online.wsj.com/article/SB124157333124090245.html#mod=djemRealEstate_Commercial
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Stress-test results are also likely to highlight woes from commercial real-estate loans that are piling up at large and small banks alike.
http://online.wsj.com/article/SB124148130773284927.html#mod=djemRealEstate_Commercial
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The Shanghai government is trying to orchestrate the buyout of a twin-tower hotel project as its chief backer wavers about the cost of completing it. - China Journal: Shanghai Gears Up for Great Power Status
http://online.wsj.com/article/SB124096493442066287.html#mod=djemRealEstate_Commercial
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The Fed is preparing changes to TALF that would allow for five-year loans, aiding commercial real estate.
http://online.wsj.com/article/SB124113025286474905.html#mod=djemRealEstate_Commercial
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City Center, the $8 billion-plus resort under construction in Las Vegas, won a crucial victory when its lenders and owners struck a deal that guarantees the project will be finished.
http://online.wsj.com/article/SB124103970753870171.html#mod=djemRealEstate_Commercial
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Developers in Dubai are scrambling to prevent a wave of investor defaults as they struggle to survive the city-state's real-estate bust.
http://online.wsj.com/article/SB124087944317661793.html#mod=djemRealEstate_Commercial
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Dallas real-estate mogul Harlan Crow is backing an effort to prohibit city ownership of convention hotels.
http://online.wsj.com/article/SB124096965977966729.html#mod=djemRealEstate_Commercial
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Sentiment surrounding home-building companies in the options market is mixed, despite an embrace by traders on Friday.
http://online.wsj.com/article/SB124079442338757951.html#mod=djemRealEstate_Commercial
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As property prices in Singapore continue to tumble, one of the country's biggest developers posted disappointing earnings.
http://online.wsj.com/article/SB124078087953356969.html#mod=djemRealEstate_Commercial
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Fontainebleau Las Vegas is suing lenders over the cancellation of a key financing agreement for the development.
http://online.wsj.com/article/SB124053251540150809.html#mod=djemRealEstate_Commercial
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Given the huge commercial real estate exposures at banks, investors need to pay special attention to a critical benchmark used to value things like office buildings.
http://online.wsj.com/article/SB124051515422749193.html#mod=djemRealEstate_Commercial
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A one-mile stretch of Atlanta's upscale Buckhead neighborhood shows why commercial real estate is emerging as an obstacle to pulling the U.S. economy out of recession. - Interactive: A Building Problem
http://online.wsj.com/article/SB124035854512141263.html#mod=djemRealEstate_Commercial
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H. Ross Perot Jr.'s Hillwood Development is forfeiting its stake in a 75-acre development in downtown Dallas to its German equity partner.
http://online.wsj.com/article/SB124044863965846071.html#mod=djemRealEstate_Commercial
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For international shopping-center magnate Chaim Katzman, retail-property stocks have fallen enough that the time is ripe to buy, even if his targets aren't keen on selling.
http://online.wsj.com/article/SB124036494525941941.html#mod=djemRealEstate_Commercial
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General Growth entered bankruptcy protection partly because smaller creditors couldn't be placated.
http://online.wsj.com/article/SB123992387200827183.html#mod=djemRealEstate_Commercial
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