Thursday, February 19, 2009

Thursday Tidbits - 2/19/09 Edition

I'm under the weather and also under the gun on several projects (it never fails), so just a few quick thoughts for the day.

On the gloomy side:

In case you missed it, commercial and multifamily loan originations are in the tank.

Mezz lenders are getting slaughtered, too.

What is it with Chicago and luxury Asian hotels? First the Shangri-La has its problems, and now it looks like the Mandarin Oriental may not get off the ground, foreclosure and all that. The speculators say it is a matter of time, but my thought is that people will try to buy time until October for obvious reasons.

And even the Fed is talking about CRE problems, although the hope is that the problems will not be as bad as the early 1990s.

On the less gloomy side:

Rob Bagguley of Transwestern has a great post at CPN about the encouraging signs of the market. I have to be reminded that there are good things going on and I thank Rob for doing so. Anecdotally I am seeing a slight uptick and thinking that perhaps people are seeing opportunity and possible bargains. I still really honestly think there's money out there that wants to buy notes and distressed deals. Here is an example in the retail sector.

I like my office in Chicago, but the thought of being on the 84th floor of Sears Tower sounds very cool. Executive suite operator has inked a 30,000 sf deal for 100 offices, a bunch of workstations and a videoconferencing center.


limmul said...

I thought I would post this because it has a Chicago theme.

Santelli's Chicago Tea Party

Counting Sheep said...

That would be me who posted that.

Counting Sheep

I think I put in the word verification in error.

David Stejkowski said...

hehehe...thanks for the clarification!

Counting Sheep said...


I don't know if this is something worth you bloging about. But it does involve lawyers, and a little bit of Chicago since Geller's Strategic Hotels ownes 45% of the Del.

Akin Gump Sued by Famed San Diego Hotel Over Cancelled RetreatPosted by Drew Combs
The Hotel Del Coronado in San Diego has hosted a long list of dignitaries, including 11 U.S. presidents and royalty from at least ten countries. San Diego's "beacon of grandeur and refinement," a seaside resort and a National Historic Landmark, also was scheduled to welcome the partners of Akin Gump Strauss Hauer & Feld in April. But, given tough times, the firm canceled its partner retreat. Now, The Del is suing.

David Stejkowski said...

I did see that, mainly because I love the Hotel Del from my time in SD. I think you will see more of these filings as firms contract and cut expenses.

britney said...

You gave us clarifications thanks a lot!!
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