ORANGE COUNTY, CA-Mexico continues its efforts to attract North American tourists, as officials from Mexico City announced today that hotel rates there will be dramatically discounted during the upcoming holiday season. This stepped-up approach to tourism will create stiffer competition for Southern California hoteliers.

FRANKFURT-Commerzbank, Deutsche Bank and Dresdner Bank have agreed to merge their mortgage bank subsidiaries, Deutsche Hyp, Eurohypo, and Rheinhyp. The new bank will trade under the banner of Eurohypo and will aim to challenge the ascendancy of HVB in the European property lending market.

PHOENIX-Barnes & Noble signs a 10-year deal with options for 30,000 sf of inline space in the third phase of Kierland Commons. Corritore Co.'s broker says the push now is to get things in order for a fall 2002 opening for the project's final leg.

BLOOMFIELD HILLS, MI-The mega-mall REIT enters into new mortgages and credit facilities to better position its bottom line. Taubman Centers' average annualized rent rises 3.4% to $40.92 per sf.