Good morning. Welcome to CREalts! Every day, we cover the top stories in alternative CRE sectors. Today, we learn about the ever-growing importance of property managers and a data center SPAC that’s been linked to a cocaine bust in the Mediterranean.
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HUMAN TOUCH: Why AI could make property managers more valuable than ever. PLAYER: Daniel French. Read more here.
SNOW BUSINESS: How data center SPAC got linked to massive Spanish cocaine smuggling bust. Read more here.
C-SUITE SHAKEUP: CoStar CFO to step down as company faces investor pressure. Read more here.
PULLED PLUG: NY Governor signs executive order halting data center construction for one year. Read more here.
TRENDS: RevPAR up over 10% thanks to World Cup and July 4. Read more here.
BOUTIQUE: Ascendant Capital Partners buys portfolio of 8 beach hotels in Virginia and North Carolina. Read more here.
LUXURY: Aspen One launches Nell Hotels, expanding Little Nell brand beyond ski resorts. Read more here.
EXTENDED STAY: Northern Virginia’s Arlington Courts sells for $35M, will be converted to apartments. PLAYERS: Rawles Wilcox, Justin Shay, Dutch Seitz, Mark Morris, Scott Stephens. Read more here.
EXTENDED STAY: Shaner Hotels opens TownePlace Suites by Marriott in Central Pennsylvania. PLAYER: Elias Thompson. Read more here.
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STADIUM: Oakland, CA, restructures $125M Coliseum sale around arena spinoff. Read more here.
STADIUM: NFL looks to domed stadiums to expand revenue to concerts and other entertainment. Read more here.
RV PARK: Dolly Parton-owned pirate business, city council pull out of acquisition of RV park in Orange Beach, AL. Read more here.
GOLF COURSE: 3 Arizona golf courses sell to Walden Group for $57M. PLAYER: Ryan Thompson. Read more here.
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Disclaimer: The authors of CREalts are not finance or tax experts. This email is for educational use and not financial advice. Do your own research and consult with professionals before making financial decisions. Our content, which may contain affiliate links and sponsor posts, is subjective and not to be used as the only basis for such decisions. We are not responsible for any losses from relying on this information. Past performance of any asset is not indicative of future results.
