The REIT Weekly – Self Storage, Hospitality, & Office Related News
This week in REIT news features several announcements from the senior housing market, self-storage development, and office real estate industry. In addition, Hilton expands their brand with the opening of a new hotel chain in Washington.
For those interested in the field of self-storage development, ISS is holding an Online Self Storage Developers Conference on November 13, 2014. The conference will be held at 10 a.m. EST and features speakers including Rick Dodge, Neal Gussis, and Jim Ponti. These industry experts will provide information and guidance on multiple aspects of the business such as development strategies, construction planning, and financing.
Real estate developer Federal Realty Investment Trust announced the opening of Canopy by Hilton. Located in the Washington area, the latest edition to the hotel chain will feature flexible dining spaces, a mobile check in service, free wireless Internet, and local beer and wine tastings. “For our business and leisure travelers, a sense of place matters,” said president and chief executive of Hilton, Christopher J. Nassetta. With the latest addition to the Hilton chain, guests “will be just steps away from chef-driven restaurants, new and engaging music venues, health clubs, theaters and other attractive amenities,” he added.
According to The SeniorCare Investor, the senior housing mergers and acquisitions market has continued to grow and surpass previous expectations. In 2014, the number of acquisitions has risen 33% from the previous quarter with a record value of $16 billion in transactions.
Boston Properties Inc., a self managed REIT, has recently begun shifting their focus towards new office developments. As seen through their latest transactions for buildings at 601 Lexington Ave. in Manhattan and 100 Federal Street in Boston, the REIT is expecting greater growth potential alongside the increase in risk with these new projects. Jed Reagan, an analyst at Green Street Advisors Inc. states, “Most of the REITs are pivoting to development or heavy redevelopment as an investment strategy.”