NEW YORK CITY-While analysts said it could take four months to close, the deal, first announced in early April, is done. Each share of Trendwest common stock will be exchangeable for 1.3 Cendant common shares.

NEW YORK CITY-In a joint venture with ARC Properties, Long Island-based REIT Cedar Income Fund Ltd. completes its acquisition of a controlling interest in Philadelphia's Red Lion Shopping Center.

NEW YORK CITY-Lance T. Shaner has given up his quest to acquire a 51% stake in Interstate Hotels, thereby leaving one less obstacle in the path toward a merger between Interstate and MeriStar Hotels & Resorts.

NEW YORK CITY-At a REBNY breakfast meeting yesterday, Senator Hillary Rodham Clinton touched on several Lower Manhattan redevelopment issues including the creation of a WTC research institute and a new high school.

NEW YORK CITY-Lance T. Shaner has given up his quest to acquire a 51% stake in Interstate Hotels, thereby leaving one less obstacle in the path toward a merger between Interstate and MeriStar Hotels & Resorts.

BOSTON-The Boston Redevelopment Authority approves the re-zoning of the Chestnut Hill Waterworks site that will allow up to 156,000 sf of development. The new zoning designation will allow for residential, office, hotel and retail uses for the site.

NEW YORK CITY-GV Moving Systems, which has rented the city-owned property for five years, buys the 30,000-sf building and 12,000-sf parking lot. Renovation and expansion plans are in the works.

NEW YORK CITY-The Long Island-based REIT converts one of six buildings it bought in 1998 from industrial to office space in a $3-million-plus overhaul. The long-vacant structure will house the pharma firm's IT group.