Coastal Commission Chair Dayna Bochco and the Shore Hotel The developer of Santa Monica’s Shore Hotel had agreed to build a moderately-priced property, in line with the two it would replace. But what ended up rising at 1515 Ocean Avenue was a high-end hotel that would price out a large number of potential guests. Now, […]
Starwood earnings down 30% as REIT writes off losses from regional malls
Barry Sternlicht Barry Sternlicht’s Starwood Property Trust saw earnings fall by nearly a third at the start of the year as the company wrote down losses from struggling malls. The real estate investment trust, an affiliate of Miami Beach-based Starwood Capital, reported a year-over-year drop in net income of nearly 30 percent, down to $70.4 […]
Michael Shvo partnership pays $130M for Beverly Hills development site
Bilgili Development’s Serdar Biligil and Michael Shvo with a rendering of 9200 Wilshire Boulevard (Credit: Facebook and Getty Images) Michael Shvo’s buying spree continues. For the latest, the New York developer and his partners paid $130 million for a Beverly Hills development site. The team is planning a 300,000 square foot residential and retail complex […]
Auto dealer that may have ties to ousted Nissan chairman buys Carson dealership
Nasser Watar and Kia of Carson A Southern California auto dealership with possible ties to the scandal surrounding former Nissan chairman Carlos Ghosn is still making real estate moves. Glendale-based Trophy Automotive Dealer Group has purchased a Kia dealership at 22020 Recreation Road in Carson for $29 million, property records show. The deal has been […]
Movers & Shakers: The Agency’s Eric Lavey joins Sotheby’s, 2 brokers exit JLL & more
From left: Eric Lavey, Paul Park, and Hayden Eaves UPDATED, May 7, 12:30 p.m.: Eric Lavey has left the Agency for Sotheby’s International Realty, the latest defection from the boutique real estate firm. Once a talent agent, Lavey has served as the Agency’s partner and managing director since 2014. Previously, he worked at Teles Properties. […]
Startups and hospitality giants are embracing “apartment hotels”
Lyric founders Andrew Kitchell and Joe Fraiman and a Lyric-managed unit in Houston The lines between home-sharing and traditional hospitality lodgings are blurring. Startups like Domio and major hospitality companies including Marriott International are ramping up professionally managed “apartment hotel” operations in residential and commercial buildings, according to the Wall Street Journal. It’s an attempt […]