DENVER-The combined hospitality investment banking and brokerage services firm will operate as HREC Investment Advisors. Neptune founder Mike Armstrong is now an equal partner in the firm.

CLEARWATER, FL-The 25,279-square-foot building is headquarters of TUI Marine.

FORT LAUDERDALE, FL-Greg Matus and Bryn Merrey are given added management duties.

In the current economy, merchants are reducing lot sizes as they attempt to balance costs and profits.