Commercial News for 10/9/15
WSJ.com: Commercial Real Estate
TPG Raises $2 Billion in Real-Estate Fund
Private-equity giant TPG has closed its first high-risk real-estate fund, raising more than $2 billion in commitments at a time when big investors? appetite for real-estate risk is increasing.
Nazarian to Sell Stake in SLS Las Vegas Hotel
Hotelier Sam Nazarian has agreed to sell his minority stake in the SLS Las Vegas hotel and for his company to give up management of the money-losing property on the Las Vegas Strip.
Moshe Silagi Sells 24-Property Portfolio For $224 Million
An Israeli immigrant who built a vast real-estate empire after moving to the U.S. in 1976 has sold a 24-property portfolio in 12 states to a venture of Northstar Commercial Partners and ALTO Real Estate funds for $224 million.
Plaza Hotel Sale Mired in Legal Battle
New York?s Plaza Hotel?with its illustrious history and a roster of previous owners that includes Conrad Hilton and Donald Trump?is on the block again. But this time, it isn?t business as usual, thanks to a jailed Indian owner and a five-year legal battle.
New Mortgages May be Delayed
Mortgage lenders and real-estate agents are bracing for the Oct. 3 implementation of a five-year-old law that has forced them to overhaul the way they process sales?and may prompt delays and frustration.
Airbnb Crimps Hotels' Power on Pricing
Hoteliers are seeing less-than-optimal results as many compete head on with home-rental company Airbnb on rare events that draw huge crowds like Pope Francis? visit to the U.S. last week.
NAMA Sells Dublin Real-Estate Loan Portfolio
The National Asset Management Agency said it sold a real-estate loan portfolio to U.K. property company Hammerson and the real estate arm of German insurer Allianz for $2.1 billion.