Wednesday, May 4, 2011

Cousins Reports Results for First Quarter of 2011

ATLANTA, GA -- Cousins Properties Incorporated (NYSE:CUZ):

Ø      Funds From Operations (FFO) before a non-cash impairment charge was $0.11 per share.
Ø      Finalized exit from residential condominium business.
Ø      Sold Jefferson Mill Business Park Building A.
Ø      Selected as the master developer for the multi-modal transit hub in Downtown Atlanta.
Ø      Continued progress on predevelopment of Emory Point mixed use project.
Ø      Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended March 31, 2011.

“The first quarter results demonstrate the continued success of our strategic efforts to lease vacant space and sell non-core assets as we simplify the platform,” said Larry Gellerstedt (top right photo), CEO of Cousins.

 “Our leasing pipeline remains solid, and we’re excited to be returning to an offensive mode as we move closer to starting our Emory Point project and continue to seek additional value creation opportunities.”

For a copy of the company’s news release and complete financials, please contact:

Gregg D. Adzema, 404-407-1116
Executive Vice President and Chief Financial Officer

Cameron Golden, 404-407-1984
Director of Investor Relations and Corporate Communications


Out-of-State Buyer Acquires $17.6 Million Prime Retail Asset in South Miami Beach

 Investors from all over the world bid on this single-tenant net-leased asset, which traded for $1,331 per SF

 MIAMI BEACH, FL,  May 4, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of a 13,624-square foot retail building leased to Victoria’s Secret (top left photo).

The sales price of $17.65 million represents $1,331 per square foot.

 Lori Schneider (lower right photo), a senior vice president investments in the firm’s Fort Lauderdale office, and Drew Kristol and Kirk Olson, both senior associates in Miami, represented the seller. Sean Shahar Ziv, a net-leased property investment specialist in San Diego, represented the buyer, a foreign entity with an office in New York City.

“There were multiple all-cash offers on this property from not only South Florida buyers but also the Northeast, Midwest, South America and Russia as well,” explains Schneider.

“With a lack of quality inventory in high-profile locations like Manhattan and Downtown Chicago, an increasing number of out-of-state and foreign investors are setting their sights on prime real estate in similar locations:

“Well-trafficked, pedestrian friendly corridors with high barriers to entry. Ultimately, the buyer of Victoria’s Secret hails from New York City, and has ties to foreign capital, demonstrating intense demand from overseas investors for Class A coastal real estate.”

The property is located at 745 Collins Ave. in the heart of South Beach (lower left photo). National retailers immediately surrounding the property include Ralph Lauren, Guess, Barneys New York, Armani Exchange, Club Monaco, Kenneth Cole, Steve Madden, Sephora and Dash.

 “This trophy asset was constructed in 1940 and extensively renovated in 2009,” says Kristol. “The location’s demographics are excellent with more than 164,000 people living within a five-mile radius and continued projected growth of nearly 12 percent.”

Victoria’s Secret has a 15-year double-net lease on the property with 14 years remaining on the base term and one 10-year option to renew. Annual 2.5 percent rent increases during the base term and the option period are built into the lease.

The building features 10,264 square feet of retail space on the first two floors and 3,000 square feet of office and storage space on the third level.

Victoria's Secret LLC’s annual gross revenue exceeds $5.4 billion.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

1,000 New Condo Units Still Unsold In Sunny Isles Beach, FL As Of Q1 2011

MIAMI, FL, May 4, 2011--More than 1,000 new condominium units - 37 percent in projects named after New York real estate developer and possible presidential candidate Donald Trump (middle right photo) - created or planned during the real estate boom remain unsold in the South Florida city of Sunny Isles Beach as of March 31, 2011, according to a new report from

The unsold inventory remains even after buyers purchased 69 units for nearly $68 million between January and March of 2011 -  the peak of South Florida's winter tourism season, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™.

As encouraging as the first quarter of 2011 new condo sales velocity appears for developers, the transaction pace is down compared to previous years despite little change in the price per square foot.

 In first quarter of 2010, buyers purchased 105 sales for $102 million. A year earlier during the same time span in 2009, buyers purchased 105 sales for $110 million, according to the report based on an analysis of Miami-Dade County records.

"Sunny Isles Beach is proving to be an anomaly when compared to other Miami-Dade County condo markets with an overhang of new inventory," said Peter Zalewski (lower left photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"In Greater Downtown Miami and the South Beach neighborhood of Miami Beach, the sales velocity is closely tied to the average transaction price per square foot. In Sunny Isles Beach, the average sales price per square foot has remained relatively steady yet the number of transactions has decreased by more than one-third."

Beginning the week of April 18, the Condo Vultures® Market Intelligence Report™ began publishing a seven-part series every Wednesday analyzing new condo sales trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at

Chatham Lodging Trust to Double its Size

Company Acquires Five Premium Hotels; Invests in Joint Venture with Cerberus

PALM BEACH, FL, May 4, 2011 - Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium-branded select-service hotels, today announced that it was the successful bidder in two separate and distinct bankruptcy court auctions resulting in aggregate investments by Chatham of over $230 million, doubling Chatham’s current investments.

As announced yesterday, a joint venture formed by Cerberus Capital Management and Chatham was selected as the winning bidder in the bankruptcy court auction related to 64 of Innkeepers USA Trust (the Sellers) hotels.

Under the terms of the winning bid, Cerberus and Chatham will be the plan sponsors to acquire the hotels for a total purchase price of approximately $1.125 billion, including the assumption of debt through a plan of reorganization. Chatham will fund its investment in the joint venture with available cash and borrowings under Chatham’s secured revolving credit facility.

In a separate transaction, Chatham was selected yesterday as the winning bidder in a bankruptcy court auction related to five additional hotels owned by affiliates of Innkeepers. Chatham has executed a purchase agreement with the Sellers to acquire the following five hotels, comprising 764 rooms, for $195 million, or $255,000 per room:

Residence Inn Anaheim Garden Grove, CA, 200 rooms (top left photo);
Residence Inn San Diego Mission Valley, CA, 192 (top right photo)
Residence Inn Tysons Corner, VA, 121 (middle left photo)
Doubletree Guest Suites Washington D.C., 105 (middle right photo)
Homewood Suites San Antonio Riverwalk, TX, 146 (lower left photo)

The five-hotel acquisition will be funded through the assumption of five individual loans amounting to $134.2 million at a weighted average interest rate of 6 percent and a maturity date in 2016 with the remainder funded from borrowings under Chatham’s secured revolving credit facility.  

The five loans will amortize based on a 30-year amortization period, other than the loan related to the hotel in Garden Grove which will be interest only for the first two years after closing.

Including acquisitions under contract, Chatham’s portfolio will comprise 19 wholly owned hotels with 2,588 rooms/suites in 10 states, a 57 percent increase in room count over its existing portfolio.

“These top-tier branded hotels are great hotels, in prime markets and in excellent physical condition having been recently renovated, providing a solid foundation for future growth,” said Jeffrey H. Fisher (lower right photo), Chatham’s chief executive officer and president. “This is an incredible opportunity for us and gives us a strong presence in some of the best hotel markets in the country .”

All but one of the 69 hotels owned by the joint venture or Chatham will continue to be managed by Island Hospitality Management, a hotel management company 90 percent-owned by Fisher.

 Barclays Capital served as exclusive financial advisor and Wachtell, Lipton, Rosen & Katz served as exclusive legal advisor to Chatham for the transactions.

Completion of this transaction is pursuant to the Sellers' Plan of Reorganization for the five hotels and contingent upon satisfaction of certain conditions, including the entry of the Confirmation Order by the Bankruptcy Court with respect to such Plan.

 The Sellers will file a motion with the Bankruptcy Court seeking the approval of break-up fees and expense reimbursements totaling $2.5 million which would be payable to Chatham, if, among other reasons, the Sellers terminate the purchase agreement.

The Sellers have scheduled a hearing to approve the Plan of Reorganization for June 23, 2011, and assuming the Confirmation Order is entered into at such time, Chatham would expect to close shortly thereafter.

The company also announced that it successfully amended its $85 million revolving secured line of credit.

The amendment provides for an increase to the allowable consolidated leverage ratio to 60 percent through 2012, reducing to 55 percent in 2013; and a decrease to the consolidated fixed charge coverage ratio from 2.3x to 1.7x through March 2012, increasing to 1.75x through December 2012 and 2.0x in 2013.

Subject to certain conditions, the line of credit still has an accordion feature that provides the company with the ability to increase the facility to $110 million.

 Participating lenders for the secured line of credit include Barclays Capital, Regions Capital Markets, Credit Agricole Corporate and Investment Bank, UBS Securities and US Bank National Association.

 “We appreciate the continued support of our lenders and shareholders as we look to build Chatham into the premier owner of upscale extended-stay and premium branded select-service hotels,” said Dennis M. Craven, Chatham’s chief financial officer.

“Although this transaction increases our overall leverage higher than our targeted 35 percent, we are comfortable with temporarily increasing our leverage at this early stage of the lodging cycle recovery to take advantage of these opportunities.”

Jerry Daly, Carol McCune, (Media)  Daly Gray Public Relations, (703) 435-6293
Dennis Craven, (Company) Chief Financial Officer, (561) 227-1386               

Summit Hotel Properties, Inc. Announces Dividend

SIOUX FALLS, SD, May 4, 2011—Summit Hotel Properties, Inc. (NYSE: INN),  a real estate investment trust (REIT) specializing in the ownership of premium-branded hotels in the upscale and upper midscale segments, today announced that its Board of Directors declared a cash dividend of $0.05625 per common share for the first quarter ending March 31, 2011.  The dividend is payable May 23, 2011 to holders of record as of May 13, 2011.

The dividend of $.05625 represents a dividend payment for the fractional portion of the first quarter of 2011 since the settlement of the company’s Initial Public Offering of February, 14, 2011.  The company’s annualized dividend is $0.45 per common share. This fractional quarterly dividend and the annualized dividend represent a current yield of 4.09% based on the May 3, 2011 closing price of $11.00 per share.

Summit Hotel Properties, Inc. is a self-advised real estate investment trust focused on acquiring and owning premium-branded select-service hotels in the upscale and upper midscale segments.  As of May 3, 2011, the company’s hotel portfolio consisted of 68 hotels with a total of 6,888 guestrooms located in 19 states.

 Additional information about Summit may be found at the company’s website,
(Media, Jerry Daly, Carol McCune, Daly Gray Public Relations, (703) 435-6293,
(Investors) Dan Boyum, Summit Hotel Properties, Inc.,(605) 361-9566 ext 4015

Crossman & Co. Completes Three New Leases at Hampton Lakes Commercial Center in Tampa

 TAMPA, FL--- Crossman & Company, one of the largest property management and leasing firms in the Southeast, recently completed three new lease agreements totaling 3,065 square feet at the Hampton Lakes mixed-use commercial center located at 13016 Race Track Road in Tampa.

Leasing Associate Tracy Harrison (top right photo) negotiated all three transactions representing the landlord Hampton Lakes.      

 T-Mobile is the new tenant who leased 1,300 square feet of retail space for five years.   Sneak-a-Peek 4D Baby Boutique signed a five-year lease for 1,100 square feet and Classic Concepts signed a two-year office lease for 665 square feet.   

For more information, please contact:
Tracy Harrison, Leasing Associate, Crossman & Company, 407-423-5400 
John Crossman, CCIM, President, Crossman & Company, 407-581-6218,
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142,

Lease Agreements for nearly 25,000 Square feet of Retail Space Completed  in Casselberry, College Park and Clermont

 ORLANDO, FL--- Crossman & Company, one of the largest retail leasing and management firms in the Southeast, recently closed three new long-term lease agreements for retail space totaling 24,914 square feet in Casselberry, College Park and Clermont.

 Courtney Kowalchuk (middle left photo), vice president of leasing at Crossman & Company negotiated the transactions and she represented the landlords at the retail facilities.

 Kowalchuk represented Greater Properties Inc. in a seven-year renewal agreement with Planet Fitness for 18,900 square feet in Greater Marketplace II  at Sausalito Blvd. and S.R. 436 in Casselberry.  

In College Park, Citation 35, LLC d/b/a iStudio Salons leased 4,740 square feet for 10 years at 2211 Edgewater Drive.  Kowalchuk represented Princeton Center, LLC. and Scott Corbin of Colliers Arnold represented the tenant.

Titan Enterprise, LLC d/b/a Clarity Salon and Day Spa is the new tenant who leased 5,304 square feet for five years at 15701 SR 50 in the Gateway Center in Clermont.  The tenant was represented by Karen Wentzell of Schmid Properties.

For more information,  contact
Courtney Kowalchuk, Vice President of Leasing Crossman & Company, 407-581-6232;
John Crossman, CCIM, President, Crossman & Company, 407-581-6218,;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142,

Stirling Sotheby’s International Realty Forms Alliance with to Offer Directory of Home Owner Services

ORLANDO, FL --- Stirling Sotheby’s International Realty has formed an alliance with, a web-based directory of home owner goods and services that provides a highly detailed, localized one stop resource for home owners searching for everything from landscaping to interior décor to roofing solutions.

Roger Soderstrom (top right photo), founder and owner of Stirling Sotheby’s International Realty, said is a production of Biz Simplistics, Inc. headquartered in Orlando and Birmingham, Ala.

“ offers Central Florida home owners instant access to detailed information about providers of goods and services every home owner needs at some time, from plumbing and electrical to emergency restoration in the event of a disaster,” Soderstrom said.

Soderstrom said Stirling Sotheby’s new alliance with the Biz Simplistics offers Stirling Sotheby’s clients powerful new web resources that will save them many hours of time researching providers, pricing and credentials.

“Today, home owners are smarter, more discerning and more demanding,” Soderstrom said. “The yellow pages just don’t provide the sort of information the average home owner wants to know before contacting a service or provider,” he explained.

For more information,  contact
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890 
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 

ORION Property Partners, Inc. Represents Surterre Properties, Inc.,in 19,592-SF Lease Modification at 1400 Newport Center Drive, Newport Beach, CA

IRVINE, CA,  May 4, 2011, -- ORION Property Partners, Inc., has announced the completion of the restructure, modification, and extension of Surterre Properties, Inc.’s 19,592-square-foot lease at 1400 Newport Center Drive in Newport Beach, Calif.

Surterre Properties is a full-service residential real estate solution encompassing more than 250 top-ranked real estate professionals. The firm sells more residential real estate from its Newport Beach headquarters than any other single office in Orange County.

ORION Property Partners, Orange County’s leading commercial real estate brokerage firm, represented the tenant, Surterre Properties, in the transaction. The Irvine Company, the building owner, represented itself in the six-year lease valued at approximately $4.5 million.

The real estate firm hired Jay Carnahan and Troy Leland of ORION Property Partners because of their deep market knowledge, longstanding relationships with the Irvine Company, and their unique insight on restructuring win-win lease transactions.
1400 Newport Center is part of the Irvine Company’s Corporate Plaza (top left photo), a collection of low-rise, class A steel framed office buildings in close proximity to Fashion Island and Corona Del Mar Plaza.

 For more information, visit ORION at

 Contact:  Darcie Giacchetto, Spaulding Thompson & Associates, Inc., 949-278-6224

May 2011 - The Real Estate Capital Scoreboard issued by the Real Estate Capital Institute

 CHICAGO, IL,, May 4, 2011 - Real estate finance fundamentals are favorably gravitating towards borrowing as the triple play of lower treasury rates, compressing mortgage spreads and higher leverage levels fall into place. 

During the past month, five and ten-year treasuries dropped by more
than 15 basis points, while lenders slightly tighten spreads to remain
competitive as more capital floods the markets.  Also, with values
stabilizing for most types of income properties, funding sources are willing
to offer additional proceeds.  Current highlights include:

Overall rates - With mortgages rates at historically low levels ranging in
the 4% to 5.5% for longer term debt, borrowers prefer fixed-rate debt as pricing differential is barely significant vs. floating-rate formats.  That said, many lenders are removing floating-rate "floors" to remain competitive.

Hospitality is on a rebound with business travel on the rise.  Office and industrial demand is up, although at cautious levels.  Lastly, retail rebounds as slowly rising consumer leads to
better store sales and expansion plans for retailers.   Investors are noticing these trends as evidenced by bidding activities increasing substantially from last year and, in fact, approaching pre-recession levels for well leased properties.

As profitability returns and workouts are successfully addressed, banks are back seeking new business as well.  In general, lenders are more creative in looking at stabilizing assets, willing to bid earlier in the process to capture loans.  However, funding projects with ongoing leasing issues is still a challenge.

The Real Estate Capital Institute's Jeanne Peck (top right photo), suggests "expect more
liberal underwriting standards as lenders scramble for a limited supply of
quality loans." 

She also believes, "capital sources are certainly lowering  yield expectations, but sooner or later, more risks will have to be taken as
well; this may include higher leverage levels and lower debt coverage."

The Institute posts daily and historical benchmark rates including treasuries, bank prime and LIBOR.  Call the Real Estate Capital RateLine at
7RE-CAPITAL (773-227-4825) for hourly rate updates.

The   Real Estate Capital Institute(r)
3517 West Arthington Street
Chicago, Illinois USA 60624
Contact: Jeanne Peck, Research Director
Toll Free 800-994-RECI (7324)

Thailand’s Newest Hotspot is The WOOBAR® at W Retreat Koh Samui

KOH SAMUI, THAILAND (May 4, 2011) – Koh Samui has a new destination hotspot, WOOBAR® at the W Retreat Koh Samui (top left and bottom right photos), the first W in Thailand.

 Looking out over the Koh Samui northern coastline and surrounding islands, WOOBAR® features colorful W cocktails like Wowtinis and Moo-Hee-Toes, live spins each night from the retreat’s resident DJ, and tantalizing tapas in a stylish, casual lounge setting.

Since its opening late last year, W Retreat Koh Samui has become one of the most popular places to see and be seen at on Samui Island. The resort is a modern paradise of vibrant foliage, unspoiled golden sand, warm island breezes and exciting nightlife.

  At W Retreat Koh Samui, the day is dedicated to individual moments of relaxation and detox that will inspire guests for a night of energy and celebration.

The focal point of the resort’s hip scene is W’s signature WOOBAR®, a breathtaking open-air venue perched on the corner of a hillside with 270-degree views of the Gulf of Thailand and the surrounding hills. With plush lounges and patio furniture that doubles as art, WOOBAR® is an ideal daytime spot to chill out with an espresso or a Wowgarita.

For the nocturnal by nature, WOOBAR® is a whole new concept of island nightlife for W guests and island elites alike.  From his booth perched high from a commanding point on the mezzanine level, W’s resident DJ transforms WOOBAR® from day to night.

 Relaxing while sipping whimsical W cocktails, guests will surrender their worries and inhibitions as they revel in WOOBAR®’s overall atmosphere of luxurious seclusion and island indulgence.
For reservations and more information, please visit

Hwee Peng Yeo
Director of Asian Markets
Glodow Nead Communications – Asia
Level 21, Centennial Tower
3 Temasek Avenue
Singapore 039190
Tel : 65 9768.6087
Glodow Nead Communications • San Francisco • New York • Singapore • FB: GlodowNead


$98.25 million loan sale secured by the leasehold interest of 1140 Avenue of the Americas in New York closed by HFF

NEW YORK, NY –HFF announced it has closed the loan sale secured by the leasehold interest of 1140 Avenue of the Americas (top left photo), a 236,000-square-foot, Class A office property in Manhattan.

HFF marketed the senior loan and mezzanine loan on behalf of the seller, a bank group led by Landesbank Baden-Württemberg (LBBW).  Affiliates of the Blackstone Group purchased the loans for $98.25 million.

1140 Avenue of the Americas is located within Midtown Manhattan close to Grand Central Station, Times Square, Bryant Park and Rockefeller Plaza on the corner of West 44th Street and 6th Avenue.  Originally built in 1926, the property was recently renovated and features 22 stories of office space. 

The HFF team representing the seller included senior managing directors Andrew Scandalios (middle right photo) and Whitney Wilcox and director Jeffrey Julien.

Landesbank Baden-Württemberg (LBBW) is a universal bank and an international commercial bank.

Blackstone is one of the world’s leading investment and advisory firms.  The firm’s alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-oriented funds and closed-end mutual funds. 

The Blackstone Group also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services.

 Further information is available at
Andrew G. Scandalios, HFF Senior Managing Director, (212) 245-2425
 Whitney H. Wilcox, HFF Senior Managing Director, (212) 245-2425
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

Marcus & Millichap Sells 59-Room Hotel in Ft. Pierce, FL for $850,000

FT. PIERCE, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the former Days Inn (top left photo), a 59-room exterior corridor hotel located in Ft. Pierce, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $850,000.

Jonathan S. Ruprai, a hospitality specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a financial institution.  The buyer, a limited liability company, was secured and represented by Ruprai.

The former Days Inn was built in 1986 and is located at 6651 Okeechobee Road, directly off Interstate 95.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa
(813) 387-4700

Cambridge Reports Upbeat First Quarter with 10 Senior Housing/Healthcare Transactions Totaling $103 Million

 CHICAGO, IL--In an upbeat report, Cambridge Realty Capital Companies says it closed 10 senior housing/healthcare transactions totaling $103 million during the first quarter of 2011.

Loans were closed in Illinois, Ohio and California, Chairman Jeffrey A. Davis (top right photo) said.

Writing in the company’s PulsePoints blog, which posts on the website, Davis said the number of the deal submissions, HUD refinancings and acquisition opportunities initiated during the first quarter “seemed more like a year’s worth of activity, not just three months.

“It was an amazing first quarter as it relates to HUD deals. And we have a great pipeline of pending transactions,” he noted.

During the first quarter, the company also reports processing 54 loan origination requests totaling $976.1 million for HUD refinancing, conventional refinancing, acquisitions and new construction.

“HUD remains extremely active, with exceptionally competitive interest rates. Conventional transactions are challenging, but we’re beginning to see better acquisition opportunities and have several offers out on high quality projects,” he said.

Evan Washington
Phone: (312) 521-7604
Fax: (312) 357-1611