Bruce Mosler Brett White Mark Rose
The recession, a virtual constant since GlobeSt.com launched, continued making its presence felt in the industry and would continue to do so, especially for the office market, through most of the first half. An early January report on sales volume in the hotel sector—-hardest hit by the recession and Sept. 11—-was indicative of our halting, quirky recovery.
The ground-floor opportunity that hotels had become was underscored in April with Marriott's announced plans to acquire $1 billion in CTF Holdings assets. The deal would close in June.
On the retail front, Macerich made its own big-ticket deal, snapping up mall owner Wilmorite Properties for a cool $2 billion. But that was far overshadowed by two $11-billion marriages: Kmart with Sears and Federated with May. But they were all lost in the buzz of the surprise merger of the year in any market category: Catellus and ProLogis.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
