Real Estate Investment Trusts

Short sellers are starting to build up wagers against CMBX 9, which has outsized exposure to hotel debt.

Amazon is opening the first location of its Fresh Store in Los Angeles, reports CNBC. Two banks merge to form the nation’s largest Black-controlled federally insured commercial lender, according to The New York Times. These are among today’s must reads from around the commercial real estate industry.

Year-to-date through July, hotel prices fell 4.4 percent, retail prices 2.8 percent office prices 0.9 percent, according to Real Capital Analytics.

Mutual funds took hundreds of millions of dollars in losses this spring on the American Dream project, reports the Wall Street Journal. Las Vegas strip casino revenue decreased 39 percent in July from a year ago, according to Bloomberg. These are among today’s must reads from around the commercial real estate industry.

Unibail-Rodamco-Westfield, Simon, Brookfield and the Segerstrom family among mall owners trying this approach in locked-down states.

New York’s rate of positive Covid-19 tests fell to the lowest since the pandemic began last week. Yet tourism is down, crime is up and as many as a third of the city’s small businesses may never reopen.

Led by loans backed by hotel and retail properties, $54.3 billion in CMBS debt has been transferred to workout specialist since March.

Retail landlords are beginning to include pandemic language in new leases, reports the Wall Street Journal. The depressed U.S. economy could help make Airbnb IPO successful, as people choose to vacation at homes instead of hotels, according to Business Insider. These are among today’s must reads from around the commercial real estate industry.

The hedge fund wants to sublet about 30,000 sq. ft. of its 50,000-sq.-ft. offices at the NYC skyscraper.

The REIT plans to transfer the branding and management of the 103 hotels to Sonesta International Hotels Corp. by December.