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Real Estate Roundup 11.25.20

100 East 53rd Street (Credit: StreetEasy)


Real Estate Roundup:

National Acquisitions Roundup 

  • Sam Nazarian closed a deal to sell his remaining 50-percent stake in SBE Entertainment’s hotel brands to Accor in a deal that values the company at $650 million. At the same time, Nazarian said he was increasing his ownership of SBE’s restaurant and virtual kitchens business. Accor, which bought half of SBE in 2018, had previously planned to purchase Nazarian’s remaining 50-percent stake in the hotel operating business in 2022. (TRD)
  • In a separate deal, SBE sold the real estate for the Hudson Hotel in Manhattan and the Delano Hotel in South Beach Greenwich to Eldridge for an undisclosed amount. (SFBJ+TRD)
  • Raintree Partners has acquired a 551-unit multifamily portfolio in Los Angeles County from Jeffrey and Harry Root units for $142 million. This acquisition marks the third portfolio deal for Raintree in the last 18 months, as part of a large-scale acquisition strategy for this year and 2021. Last summer, the firm acquired a portfolio of seven multifamily properties in Glendale for $79 million. (CO)

Hospitality 

  • European hotel giant Accor said it has agreed to form a new venture in an all-share transaction with Ennismore, a London-based hotel operator, that will include more than 70 properties. It will feature a dozen lifestyle brands –– defined as hotel that derives at least 40% of its revenue from F&B + entertainment –– including Mama Shelter, SLS, and the 21c brands that operate hotels in the U.S. Under the proposed deal, the combined company would have about another 180 hotels either in the pipeline. (WSJ)

Legal Corner

  • In response to a lawsuit filed by Aby Rosen’s RFR Holding in late October about the luxury condo tower at 100 East 53rd Street, Vanke US has now filed a countersuit that seeks to remove RFR as the partnership’s managing member entirely. RFR accused Vanke of orchestrating “an irreconcilable and grossly improper conflict of interest” when its affiliate purchased a $115 million participation interest in the property’s construction debt and became a controlling party in the loan. Today, Vanke has a 93 percent stake and RFR a seven percent stake in the ownership company, named 610 Lexington Development LLC. (CO)

Other news

  • The U.K. risks losing its status as a premier shopping destination after a popular tourist tax break expires, posing a new threat to retail property owners already whipsawed by the pandemic and Brexit. Starting in January, foreign visitors will no longer be able to reclaim a sales tax of 20% for items bought in the U.K. for 30 British pounds –– equivalent to about $40 –– or more. (WSJ)
  • HFZ Capital Group has laid off and furloughed a number of employees. One source told TRD that it will affect an estimated 20 to 30 jobs. (TRD)

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