AUSTIN-The city's high-rolling economy is fueling good times for the hospitality industry. Occupancy, daily room rates and absorption are on the rise, but the key is a 19.4% jump in the revenue per available room, a leading indicator of a successful market.
DALLAS-Two Dallas-based operations - Homegate Hotels and Ameri-First Financial Group Inc. - will jointly acquire 100 hotels of varying brands in 17 states by year's end in a dual-pronged strategy that pumps hard assets into the financial service and cements the hotel operator's presence nationwide. About three hotels, with an average of 250 rooms each, are being bought each week, says Ameri-First's vice president.
HOUSTON-Single-family construction starts continue to keep pace with the hardy job growth rate. A new study shows a 27% increase for July in comparison to the previous July.
HOUSTON-A surge in downtown redevelopment projects is motivating residential brokerage firms to open offices in the city's Central Business District. The downtown market and its fringe neighborhoods encompass a combined 4,000 condominium and apartment units.
AUSTIN-Prodigy caps its relocation south from White Plains, NY, with a 110,000-sf lease at a cliff-top office complex. The relocation is expected to be completed by year's end.
AUSTIN-More than 50 employees of a CA-based PR firm will enjoy the benefits of added space in a relocation that will triple its workspace. The firm is moving to 3801 Capital of Texas Highway from 5000 Plaza on the Lake.
MCKINNEY, TX-Keystone Strategies is selling its largest fee simple holding in the metroplex - an 844,000-sf warehouse distribution center situated in a Dallas suburban community. Blockbuster will remain as the building's sole tenant.
HOUSTON-Owners of a four-building, 1.7 million-sf office complex signs a new leasing agent. The property is owned by a partnership led by L&B Realty Advisers.
CORSICANA, TX-The nation's largest privately owned retailer is abandoning its tornado-ravaged headquarters and distribution site in Ft. Worth for a lower-profile lifestyle in Corsicana, heading south of the big cities. Montgomery Ward has started its move although a building expansion to double its 350,086 sf isn't set to begin for two to three months.
FLOWER MOUND, TX-With two structures under way, the 345,000-sf Parker Square in Flower Mound is adding a third building to its ongoing development roster. Ground will break by year's end on a 35,000-sf Health and Fitness Center.
