Hotels

A roundup of the latest leases, sales and other transactions in the Northeast middle markets.

With 80% occupancy rates and strong room rates, hotels are holding their own in markets underappreciated by investors who may be not be familiar with the area, CBRE's Rod Apodaca tells GlobeSt.com.

The winning bid also calls for a new 435,000-square-foot retail and entertainment complex, a new 200-250 key, full-service hotel, nearly six acres of outdoor recreation space, up to 10,000 square feet of community space, as well as upgrades to the storied Belmont Park property.

Commercial owners usually have to complete repairs as quickly as possible, before the insurance claim is sorted out, but once the damage has been fixed, it becomes harder to prove the extent of the damage.

Investors and occupiers alike will need to be nimble to confront market challenges and take advantage of opportunities in the coming year, says CBRE.

Included in the deal is a $315-million sale-leaseback to Gaming and Leisure Properties Inc., the landlord for Penn National and Pinnacle under their respective master lease agreements.

A roundup of the latest leases, sales and other transactions in the Northeast middle markets.

NKF officials say Chicago and the Midwestern market are critical territories and a final pieces of the puzzle for its V&A platform.