The fund, through its affiliated entities, plans to develop a 120-room hotel, operated under a nationally recognized brand, and a six-story, 144-unit apartment community at the site.
In addition, the REIT states that several planned portfolio sales will likely be delayed until later this year or next year due to the lack of financing available for hotel transactions.
Demand and price growth in satellite cities could actually outpace that of the core cities, according to Zumper, which identified major metros that retained popularity last year and what satellite cities stole the spotlight.
Sponsored by RealPage
- Exclusive discounts on ALM and GlobeSt events.
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.
Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.