S&P: Hotel CMBS Delinquencies to Increase
The delinquency rate for securitized loans backed by hotel properties may nearly quadruple to 8 percent by year end and continue increasing until 2011, according to Standard & Poor's. With hotel operating metrics on the downward slide, high-priced hotels will be the most vulnerable in the months ahead as increased competition forces them to make the steepest price cuts. Read Full Story
$100M Mixed-Use Project for Knoxville, TN
A $100 million mixed-use project is being planned for downtown Knoxville, Tenn. Tentative plans for the Marble Alley complex call for about 500,000 square feet of office, retail and residential space and a four-acre parking lot. Read Full Story
Trade Decline Impacts L.A. Industrial Sector
Shipping container traffic at the Port of Los Angeles was down 6.2 percent in March from a year ago to about 278,000 containers. That's the slowest March in seven years. And at the Port of Long Beach, container traffic was down 18.3 percent to 186,450. The result is that demand for warehouse space in the two markets has fallen sharply. Read Full Story
General Growth Files for Bankruptcy
General Growth Properties Inc. and affiliates that own 158 shopping centers have filed for Chapter 11 bankruptcy protection. The company said it would work with its debtholders and other "constituencies to emerge from bankruptcy as quickly as possible while executing a plan of reorganization that preserves the company's integrated, national business operations." Read Full Story
