Hotels

Lalezarian Properties buys 2 acres in downtown Miami for $43 million.

The combination of DBRS with Morningstar Credit Ratings' U.S. business will expand Morningstar's global asset class coverage and provide an enhanced platform that will provide investors with leading fixed-income analysis and research, the company states.

Commercial real estate finance and investment firm Virtua Credit reports that it facilitated a $14-million bridge loan for the hotel that was built in 1999 and renovated in 2017.

Since its founding, Bedrock and its affiliates have invested and committed more than $5.6 billion to acquiring and developing more than 100 properties, including new construction of ground up developments in Downtown Detroit and Cleveland, totaling more than 18 million square feet.

“Since Borgata arrived in the market more than 15 years ago, we have maintained a steadfast dedication to property growth and development, and we believe our new concepts confirm our position,” says Marcus Glover, resident and COO for Borgata Hotel Casino & Spa.

The expansion, which will boost Hyatt's luxury portfolio in the Asia Pacific region by 25%, will be comprised of seven new Park Hyatt branded properties and six hotels each under the Grand Hyatt and Andaz brands, as well as two Alila branded resort properties.

The long-awaited development responds to the city's long-time goal to revitalize the Morgan Hill downtown area with hotel use and boost tourism with more restaurants and entertainment venues.

Honoring military members and their families, Fisher House Foundation provides free lodging for families of veterans treated in VA hospitals.