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The Washington Commanders made the most noise at the NFL trade deadline, parting with starting defensive ends Montez Sweat and Chase Young, the No. 2 pick in the 2020 NFL Draft.

The Chicago Bears gave up a 2024 second-round draft pick for Sweat, and the San Francisco 49ers followed by trading a compensatory third-rounder for Young.

The two former first-round picks both will be free agents at the end of the league year.

Under the new ownership of Josh Harris — famed for green-lighting “the process” with the NBA’s Philadelphia 76ers — the 3-5 Commanders bid farewell to both Sweat and Young rather than trying to retain one or both on long-term deals. Tuesday’s trades will give Washington five picks in the first three rounds of the 2024 draft.

Young, 24, missed much of his second and third NFL seasons due to multiple injuries after winning Defensive Rookie of the Year in 2020. He had five sacks in seven appearances (six starts) in 2023 and has tallied 14 sacks and 26 quarterback hits in 34 career games.

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The 49ers (5-3), currently on a three-game losing streak, added Young to an imposing front seven that already features defensive end Nick Bosa, Young’s former Ohio State teammate and the reigning Defensive Player of the Year. Bosa was the No. 2 pick in the 2019 draft, one year before Washington drafted Young second overall.

Sweat, 27, has recorded 6.5 sacks in eight games this season and is one of seven players with at least 5.0 sacks in each of the past five seasons.

Part of the motive for the Commanders to make the trades was the cap crunch surrounding their haul of first-round picks at the position. Washington had previously signed defensive tackle Jonathan Allen to a four-year, $72 million extension and his interior linemate Daron Payne to a four-year, $90 million contract.

Other trades reported or officially announced Tuesday before the 4 p.m. ET deadline:

–The Minnesota Vikings acquired quarterback Josh Dobbs and a 2024 seventh-round pick from the Arizona Cardinals for a 2024 sixth-round draft choice.

The Vikings lost quarterback Kirk Cousins when he sustained a season-ending torn right Achilles injury on Sunday.

The Cleveland Browns had traded Dobbs to Arizona at the close of training camp as the Cardinals were forced to start the season without Kyler Murray, still recovering from ACL surgery.

Dobbs, 28, completed 62.8 percent of his passes for 1,569 yards with eight touchdowns and five interceptions in eight games for Arizona. He has thrown for 2,025 yards with 10 touchdowns and eight picks in 16 games with the Pittsburgh Steelers, Tennessee Titans and Cardinals.

–The Vikings also dealt left guard Ezra Cleveland to the AFC South-leading Jacksonville Jaguars in exchange for a sixth-round draft pick, per multiple reports.

Cleveland, 25, missed the past two weeks with a foot injury, and former Denver Broncos starter Dalton Risner has held down the position in Minnesota.

Cleveland was a second-round draft pick by the Vikings in 2020, and he started all 17 games in both 2021 and 2022. He has made 53 appearances (49 starts) in his three-plus years in the NFL.

–The Detroit Lions acquired wide receiver Donovan Peoples-Jones from the Browns in exchange for a sixth-round pick in 2025.

Peoples-Jones, 24, has eight catches for 97 yards in seven games this season for the Browns, who drafted him in the sixth round of the 2020 draft. He hails from Detroit and played his college football at Michigan.

“We feel like he fits our style,” Lions coach Dan Campbell told reporters. “He’s smart and he can play multiple positions. … We just felt like he’d be a good fit for the team and the room.”

In four seasons with Cleveland, Peoples-Jones has 117 catches for 1,837 yards and eight touchdowns. His best season was 2022, with 61 catches for 839 yards and three touchdowns.

–The Buffalo Bills acquired veteran cornerback Rasul Douglas and a fifth-round draft pick from the Green Bay Packers in exchange for a third-rounder on Tuesday, NFL Network and The Athletic reported.

Douglas, 29, heads to an AFC contender that lacked cornerback depth after Tre’Davious White suffered a torn Achilles and was lost for the season.

Douglas had one interception, one fumble recovery and 32 tackles in seven starts for the Packers (2-5) this season.

Green Bay is in rebuilding mode in Jordan Love’s first year at starting quarterback in place of Aaron Rodgers, while Buffalo (5-3) is in the thick of the AFC East race despite up-and-down performances.

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South San Francisco, CA April 17, 2023 Submitted by Peter Fong, SSFUSD PIO

The South San Francisco Unified School District (SSFUSD) could start selling general obligation bonds to investors as early as late April 2023.

That’s according to SSFUSD’s Assistant Superintendent of Business Services, Ted O, who broke the news to the school board during its March 23, 2023 meeting.

O said the district will sell bonds to investors in three separate series over the next few years as part of the “Measure T” bond program:

• $150 million in 2023;

• $150 million in 2026; And

• $136 million in 2029.

“Depending on how quickly the projects are completed and the funds are used up, these years can also be adjusted,” said O.

SSFUSD Facilities Advisor Bill Savidge said the district will focus on the construction priorities outlined in its Facilities Master Plan.

This includes sewer lines, drainage and electrical systems, roofs, windows, lighting, floors and heating, ventilation and air conditioning (HVAC) systems.

Meanwhile, Facility Director Wazi Chowdhury said SSFUSD’s construction requirements have become increasingly complex over time due to years of delayed maintenance.

“Ironically, if you don’t touch a building, you don’t have to upgrade a building to the newer codes,” Chowdhury said, “so we’ve been living with inferior systems, so we have to be very clear and transparent when explaining to people, that we have things to do that might not just show up – they can be underground – they can be behind the walls, but they have to be done.”

Savidge added that the district would need to hire additional staff to oversee the new construction.

“To manage a program of this size. . .We need to increase internal staff as well as hire some consulting teams like program and project management and construction management firms to help us manage these programs.”

Passed by voters in the November 2022 midterm elections, Measure T allows SSFUSD to issue up to $436 million in general commitment bonds to fund repairs and renovations of schools and buildings across the district, improve security systems, and Build affordable housing for district workers.

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But foreclosures are far worse, including a complete wipe out of CMBS investors.

By Wolf Richter for WOLF STREET.

36% loss. Private equity firm Blackstone has sold two 13-story Class A office towers, the Griffin Towers, in Santa Ana, Orange County, California for $82 million to a joint venture between Barker Pacific Group and Kingsbarn Realty Capital . The towers erected in 1987 have a vacancy rate of 24%.

According to the Commercial Observer, Blackstone bought the towers in 2014 for $129 million. The selling price represents a loss of 36%. And Blackstone got lucky with this deal.

In 2007, at the height of the previous CRE bubble, the towers changed hands for $183.8 million. And in 2010 it sold again for $89.9 million. In Orange County, office vacancy hit a record 23.1% in the first quarter of 2023, according to Savills.

jingle mail. Blackstone has demolished other office towers, most notably a year ago when it abandoned the largely vacant 26-story, 621,000-square-foot 1950 building at 1740 Broadway in Midtown Manhattan to let lenders — CMBS holders — take the one that remained Loss.

It bought the property in 2014 for $605 million. It then borrowed $308 million for it. And by March 2022, the tower’s value had fallen so far below loan value ($308 million) that Blackstone was better off letting CMBS holders absorb the remaining loss, and it washed itself away from it.

47% loss. In Houston, Parkway Property sold the 960,000-square-foot San Felipe Plaza in Uptown to Sovereign Partners for $82.8 million in late March. The tower was built in 1984. Parkway Property finally got the tower when it acquired Thomas Properties, which bought the property in 2005 for $156.5 million. So that was a 47% loss.

The vacancy rate for Class A offices in Houston has been around 30% for years and has fallen to 32.3% in the first quarter of 2023, according to Savills. The vacancy rate had blown up first due to the oil crisis, which began in earnest in 2015, and then due to work from home and associated property shedding. According to the Houston Business Journal, the tower was last valued at $219 million.

37% loss and more? In Manhattan, the Chetrit Group sold the 617,000 sf tower at 850 Third Ave in March. to its lender HPS Investment Partners for $266 million after paying $422 million for it in 2019. That’s a 37% loss in three years after the property.

But this story is not over yet, and the outcome is still unclear. In October 2021, Chetrit refinanced the property with a $320 million loan from HPS, and HPS has now assumed the collateral, which only covers part of the loan’s value. The final loss of HPS becomes clear when the building is sold.

40% discount, 47% loss. Argentic Investment Management, a lender, brought the 1923 Barney’s New York Building to 115 Seventh Ave in March. for around 30 million dollars on the market. The seven-story building is empty. The lender had acquired the building in foreclosure proceedings initiated in September 2020. In March 2022, he took possession of the building for $49.5 million. The defaulted mortgage was $46.2 million at the time, plus costs and fees. If Argentic can actually sell the building for $30 million, that would be a 40% haircut.

The defaulting owner bought the building in 2014 for $57 million, and a sale price of $30 million would represent a discount of 47% from the 2014 price.

Office tower foreclosures are far worse.

88% loss and 82% loss. Finding a buyer for an office tower yields far better results than selling it at foreclosure. For example, in Houston’s Energy Corridor, two towers in Westlake Park were sold in foreclosure. The towers were collateral for CMBS, and investors took the losses on the debt.

Both towers had been built in the 1980s and renovated some time ago, but were losing tenants who moved into the newest and best office towers to hit the market in Houston — the flight to quality that older office towers have in high-vacancy markets sunk .

After all was said and done, including costs and foreclosure fees, CMBS holders had an 82% loss rate at Two Westlake Park in mid-2020 and an 88% loss rate at Three Westlake Park in early 2022. I have discussed this under the time.

Real estate is slow to develop: the entire process took about two years, from the disruption of the towers when the loans were sent into special administration to the actual foreclosure.

100% loss. That’s about as bad as office towers. The vacant, 46-story, 1.4 million square foot office tower, built in 1985 and formerly called One AT&T Center, in downtown St. Louis was sold in a foreclosure sale in April 2022 for $4.1 million .

In 2006, the property was purchased for $205 million and became collateral for a $112 million mortgage securitized with CMBS in December 2006. It made up 98.5% of the BSCMS 2007-T26. The first two letters “BS” stand for “Bearn Stearns,” which the CMBS issued in 2007, a year before Bear Stearns collapsed. At the time of the securitization, the property was valued at $207.3 million.

In 2017, after AT&T, the only tenant, moved out and the landlord stopped making mortgage payments, lenders — represented by US Bank’s Special Servicer Trustees — foreclosed on the building. The outstanding mortgage balance at the time was $107 million.

The specialist contractor eventually sold the tower to New York developer SomeraRoad in April 2022 for $4.1 million. However, according to Trepp, who is tracking CMBS, all proceeds from the sale were eaten up by special service fees and $4.25 million in liquidation costs. It was a classic 100% total wipeout for CMBS holders.

Sense of reality in San Francisco?

One of the worst major office markets in the US is San Francisco, with a record vacancy rate of nearly 33% in the first quarter and counting. In the years 2022 and 2023 there have not yet been any sales or foreclosures. The last sale was in 2021, PG&E sold its 1.6 million sf headquarters complex to developer Hines for $800 million.

But that was in 2021, when the Fed was still QEing and pushing interest rates close to 0%. Those were the crazy days of consensual hallucinations. Everything has changed since then.

So now there have been two massive defaults in San Francisco: PIMCO’s Columbia Property Trust has defaulted on the debt of the 201 California St. and 650 California St. office towers in the Financial District.

Lenders certainly don’t want to end up with these towers as there are already towers for sale within a few blocks on California Street.

Union Bank is trying to sell its headquarters at 350 California and lease back part of it. The tower originally went up for sale last year for $250 million. Union Bank subsequently delisted it and relisted it in February at a 52% discount to $120 million.

And Wells Fargo tried to sell its 550 California Tower in 2022 for $160 million. It withdrew the listing and will try again in 2023. This time it could market the tower at a 67% discount off the original list price, which would cost around $53 million, according to the San Francisco Business Times.

At this point nobody knows what anything is worth. There have been no transactions since the end of the free money era. But with Wells Fargo (-67%) and Union Bank (-52%) cutting prices on their towers, a sense of reality seems to be setting in.

The older towers, from around the 1980s, have the biggest problems.

Houston used to be the worst major office market in the US, with a vacancy rate hovering around 30% for years. Now San Francisco has shot past Houston in spectacular fashion.

And yet new towers were and are being built in both cities. And what ultimately happens is that when the lease expires, companies move out of their old quarters and into the newest and best building, while downsizing, lowering their rents, and leaving the old office towers vacant—the infamous “flight to quality.” “. “, which sinks old office towers. It’s the old office towers that get into trouble, not the new ones.

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The post What Are Older Workplace Towers Price When They Lastly Promote amid File Emptiness Charges? Not A lot. Enormous Losses All over the place appeared first on DAILY SAN FRANCISCO BAY NEWS.

It’s not only the tech giants that are shedding Bay Area office space.

The State Bar of California plans to sell its 250,000-square-foot San Francisco headquarters at 180 Howard St. as the organization transitions to a hybrid work model, as first reported by the San Francisco Business Times.

Employees will be able to work from home three days a week, according to a spokesperson, and the agency will seek space elsewhere in the Bay Area.

The arm of the California Supreme Court that licenses and regulates attorneys purchased the 13-story building in 1995 for $22.5 million, but no sale price has yet been released.

While the news is important when thinking about the future of San Francisco office space, the agency had reportedly been considering selling the building since 2014 and the pandemic sped up its plans. Office occupancy is currently just 35.5% of 2019 levels, data from real estate services firm JLL shared with the Business Times showed.

The organization also told the Business Times they struggled to lease out floors within the building and there were maintenance expenses it wouldn’t be able to handle due to the “way the agency is funded,” spokesperson Teresa Ruano said.

The State Bar did not return SFGATE’s request for comment.

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One of the most expensive homes listed in San Francisco features panoramic views of the North Bay, a seven-vehicle “motor court” and an elevator accessible on each of the mansion’s four floors.

With a listing price of $25.8 million, the 118-year-old corner mansion at 2698 Pacific Ave., that sits a block away from the city’s Billionaires’ Row, has only been home to fewer than a half-dozen families since it was originally built in 1904. It first belonged to a wealthy oil magnate. Decades later, the property one block north of Alta Plaza Park came into the hands of the doctor who founded orthomolecular medicine.

The mansion’s extravagant visuals — from the second-floor “green room” that features gold ceiling accents and a chandelier to the third-floor bathroom with pearl ceramic sinks — make it an “Instagram dream,” Herman Chan, the owner’s agent, said. “Every room is a different backdrop.”

The portico entrance’s ornate overhead is encrusted with detailing.

Samantha Laurey/The Chronicle

No corner of the mansion is spared from lavishness — even the dog wash in its fourth-floor laundry room is coated with navy blue marble tiles.

Yet, the nearly 11,000-square-foot mansion has been on the market since December 2019, according to Zillow. The prolonged listing shows the complexities around how the pandemic has affected the sales of high-end, luxury homes.

Throughout the nation, sales of these lavish properties increased during the pandemic, with listings site Redfin showing a 60% increase in luxury home sales from 2020 to 2021. The jump in those sales is largely attributed to people wanting more space or privacy during a pandemic , but it also illustrated how the wealthy were still spending at a time of economic uncertainty for many Americans.

Yet, in San Francisco the sale of luxury homes (defined by listings of $4.5 million or more) increased by “only” 31% during that same time frame. Meanwhile, the median sale price for luxury homes in San Francisco decreased by 3.2%, the only city among the nation’s 49 most populous with a decline in that category. (New York City was excluded in the data.)

“There has been a little bit of a reticence” from buyers, Chan said. “A lot of that can be attributed to the pandemic. For the past year, I think people who are ultra, ultra high net worth are exploring other cities.”

The grand staircase is a soaring, stately feature suitable for making a grand entrance.

Samantha Laurey/The Chronicle

Through the market fluctuations, the mansion at 2698 Pacific Ave. remained unsold — though not for lack of attention.

A video tour of the mansion by a popular real estate YouTuber has more than 1 million views with thousands of comments from viewers who admired its “breathtaking” interior designs.

The owner’s agents regularly field booking requests. Influencers drawn to the mansion’s exorbitant backdrops want it to be the site of their next photo shoot. Couples looking to celebrate their nuptials in grand fashion want to walk down the mansion’s third-floor grand staircase. Startup companies hoping for a big fundraising haul want to court donors with its palatial excess.

Most requests are turned down politely, Chan said, though a movie production company of a “major Hollywood star” is tentatively scheduled to film a scene at the mansion this summer.

About a dozen members of that film’s production crew recently toured what was once called the “Mack Mansion” — named after Julius Mack, the oil magnate and financier whom the estate was initially built for by the famed father-son team Newsom & Newsom. The film crew became enamored with the home’s top-floor views of the bay, Chan said.

The view from the roof patio of the penthouse suite at 2698 Pacific Avenue is one of the selling points of the $25.8 million mansion.

Samantha Laurey/The Chronicle

Much of the mansion’s recent fanfare came after it hosted the prestigious Decorator Showcase in the spring of 2017. A team of 28 elite interior decorators descended on the mansion, each picking a room in the home to renovate. A second-floor bathroom now features all-black walls with turquoise tiling and a marble sink with gold faucets. The library room across from the mansion’s green room includes modern, orbital-like light fixtures with a wood-beam ceiling.

The interior designs, much of which remain in place, wooed the current owners, who no longer live in the home. They purchased the mansion for $16 million in fall 2017 after attending the Decorator Showcase earlier that year.

Now, they’re asking $25.8 million for the next owner, a price Chan said is in line with another luxury mansion on the market that hosted the 2019 showcase.

A bathroom in the penthouse features a panoply of designer touches.

Samantha Laurey/The Chronicle

The Mack Mansion and its elegant backdrops have drawn a following on social media over the years. The property, however, has been on the market since before San Francisco’s first shelter-in-place orders.

Though there’s no single answer as to why, Chan said the pandemic likely has played a prominent role.

But, Chan said, “there’s still an appetite for beautiful, beautiful properties, especially for legacy families in the Bay Area.”

Ricardo Cano is a San Francisco Chronicle staff writer. Email: ricardo.cano@sfchronicle.com Twitter: @ByRicardoCano

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The Westfield San Francisco Centre, the flagship mall in downtown San Francisco, could change hands very soon.

Its owners, the Paris-based Unibail-Rodamco-Westfield, announced in an investor meeting late March that it will seek the “radical reduction of financial exposure” in the United States. In doing so, it will sell off most of its American malls to reorient the company toward a “European pure play … in the continent’s wealthiest cities and catchment areas.”

While most of its property holdings in California are located in the Los Angeles and San Diego areas, as the Real Deal reported, the planned sell-off may also affect its malls in the Bay Area — most notably the Westfield San Francisco Center in downtown San Francisco. The proposal to reduce Westfield’s US footprint has been in the works since 2021, but is set to be “executed” in 2022 and 2023, a company press release said. It’s a rapid reversal from just five years ago, when the French real estate firm bought the entire chain of Westfield malls for nearly $16 billion.

But unlike many other Westfield properties in Unibail’s portfolio, the high-end San Francisco mall — which houses key department stores like Nordstrom and Bloomingdale’s as well as San Francisco State University’s downtown campus — is co-owned by the New York-based retail estate firm Brookfield Properties. (A spokesperson for Brookfield did not respond to multiple requests for comment from SFGATE.)

David Greensfelder, a San Francisco-based retail real estate planner and consultant, told SFGATE that the mall will not suffer the fate of many other malls in the country, though changes to the mall will likely be inevitable.

“San Francisco Center is this incredibly unique piece of property that anchors the other end of Powell Street,” he said. “It is extremely high-profile. It’s got excellent tenants in it. It’s it’s in the path of travel, which I think is very important. And so, I don’t see San Francisco Center being at risk, but I do think that whoever buys it is going to have probably a greater opportunity to be able to put their fingerprints on the property more quickly.”

With the pandemic hitting San Francisco’s retail industry harder than in most places due to the pandemic and its effects on tourism and commerce, he said, it could be a while before Westfield San Francisco Center — and Union Square at large — recovers back to its former glory. New ownership mall, he added, could result in a different slate of retail tenants, or even an expansion of its hospitality or residential components.

Another Westfield property, the Westfield Valley Fair in Santa Clara, is solely owned by Unibail-Rodamco-Westfield, and will likely be affected by this proposal. But Greensfelder says that the mall, which is the highest-grossing mall in Northern California, is arguably an easy sell for a prospective “blue-chip mall owner.”

With its recent $1 billion expansion and slew of tenants moving in during the pandemic, the mall is a hot commodity.

“The pandemic has had a much greater impact on the retail ecosystem in San Francisco than it has, for example, on Valley Fair, which, while it hasn’t been business as usual, has not seen its customer base really undermined in the same way,” Greensfelder said.

(The Metreon, i.e. in downtown San Francisco, is managed but not owned by Unibail-Rodamco-Westfield.)

Already, Unibail-Rodamco-Westfield has sold off a Woodland Hills mall for $150 million to Los Angeles Rams owner Stan Kroenke. That mall, the Promenade, could be turned into a practice facility, the Los Angeles Times reported.

But San Francisco Center or Valley Fair, which are both malls sitting on “absolutely irreplaceable” real estate, will survive — even if the retail industry continues to shrink, Greensfelder says, due to the pandemic and the growth of online and subscription sales.

A spokesperson for Unibail-Rodamco-Westfield, Westfield’s parent company, declined to comment on SFGATE.

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BETHESDA, Md.–(GESCHÄFTSDRAHT)–Pebblebrook Hotel Trust (NYSE: PEB) (das „Unternehmen“) gab heute den Erwerb des Jekyll Island Club Resort für 94,0 Millionen US-Dollar bekannt. Das 200-Zimmer-Resort ist im National Register of Historic Places aufgeführt und liegt im Herzen von Jekyll Island, einer der renommierten Golden Isles vor der Küste von Georgia. Das Unternehmen hat Noble House Hotels & Resorts („Noble House“) mit der Verwaltung des Resorts beauftragt.

Das Jekyll Island Club Resort umfasst den Jekyll Island Club am East River, der 159 Gästezimmer und Suiten bietet, die vom Charme und Dekor des späten 19. Jahrhunderts in vier denkmalgeschützten Gebäuden inspiriert sind, jedes mit einem individuellen Design und Layout, darunter drei einzigartige viktorianische Stile private Villen. Das Resort verfügt auch über den Jekyll Ocean Club, eine 2017 eröffnete Oase am Meer mit 41 Zimmern, darunter 40 geräumige Suiten, mit atemberaubendem Meerblick und Zugang zum Atlantischen Ozean. Das Jekyll Island Club Resort bietet über 14.000 Quadratmeter einzigartige Indoor-Meetingfläche, 5 Restaurants und Lounges, darunter den gefeierten Grand Dining Room, das äußerst beliebte Wharf Restaurant und die Eighty Ocean Kitchen und Bar im Freien, 2 Außenpools, zahlreiche Außenveranden und dramatische Veranstaltungsrasen, Zugang zu unberührten Stränden und ein typischer Krocketrasen im Stil des 19. Jahrhunderts.

„Wir freuen uns sehr, dieses ikonische Resort auf der historischen Jekyll Island zu erwerben“, sagte Jon E. Bortz, Chairman, President und Chief Executive Officer von Pebblebrook Hotel Trust. „Dieser regionale Rückzugsort ist das beliebteste Reiseziel der Insel und liegt strategisch günstig im Zentrum des historischen Jekyll Island National Landmark District. Es gibt viele Möglichkeiten im Resort, die finanzielle Leistung des Anwesens durch operative Verbesserungen und physische Verbesserungen zu steigern, einschließlich der Verbesserung des gesamten Gästeerlebnisses, der Erweiterung des Restaurant- und Barangebots, der Neugestaltung des Merchandising und der Qualität der Einzelhandelsflächen und der Schaffung vieler weiterer Einnahmen. Veranstaltungsorte zu generieren. Unsere Sanierungsexpertise in Kombination mit unseren Asset-Management-Initiativen sollte in diesem traditionsreichen Resort eine enorme Wertschöpfung generieren.“

Bei seiner Gründung im Jahr 1888 war das Jekyll Island Club Resort ein exklusiver Rückzugsort und Spielplatz für die reichsten Familien des Landes, darunter die Vanderbilts, Morgans, Pulitzers und Rockefellers, die die viktorianischen Villen des Resorts gebaut haben. Das Jekyll Island Club Resort ist seit mehr als 100 Jahren für sein elegantes Design, seine unvergleichliche Umgebung, seine Inselverantwortung und seine ökologische Nachhaltigkeit bekannt.

Jekyll Island ist Teil der Golden Isles, einer Gruppe von vier vorgelagerten Inseln vor der Küste von Georgia, zu denen St. Simons Island, Sea Island und Little St. Simons Island gehören. Jekyll Island ist ein beliebtes und dennoch intimes Urlaubsziel mit kilometerlangen Outdoor-Annehmlichkeiten, darunter ausgedehnte Rad- und Wanderwege, Naturparadiese am Meer, Kutschenfahrten und mehrere gut ausgestattete öffentliche Golfplätze. Die Insel ist stolz auf ihren Fokus auf ökologische Nachhaltigkeit. Die gesamte Entwicklung wird von der Jekyll Island Authority kontrolliert, einer selbsttragenden staatlichen Einrichtung, die für die Gesamtverwaltung, Erhaltung und Verwaltung von Jekyll Island verantwortlich ist.

Noble House wurde von Pebblebrook ausgewählt, um das Jekyll Island Club Resort zu verwalten. Nach der Übernahme des Jekyll Island Club Resort verwaltet Noble House nun sechs der Immobilien von Pebblebrook.

„Wir freuen uns, mit Noble House bei einem weiteren prestigeträchtigen Resort zusammenzuarbeiten“, fuhr Bortz fort. „Noble House verfügt über umfangreiche Erfahrung in der Transformation und dem kreativen Betrieb hochwertiger, ikonischer Resorts, darunter unser LaPlaya Beach Resort & Club in Naples, Florida, unser neu entwickeltes San Diego Mission Bay Resort und unser kürzlich renoviertes L’Auberge Del Mar in Südkalifornien. Wir freuen uns darauf, das Jekyll Island Club Resort mit Noble House in unsere wachsende Resort-Kollektion aufzunehmen.“

„Wir fühlen uns geehrt, diese einmalige Gelegenheit zu haben, dieses ikonische Resort zu verwalten und seine geschichtsträchtige Geschichte und natürliche Schönheit zu feiern“, sagte Sean Mullen, President, Acquisitions, Sales & Revenue Management bei Noble House Hotels & Resorts. „Dieses einzigartige Resort bietet den schönsten Sonnenuntergang und Meerblick der Insel, geräumige Veranden und Rasenflächen, Vordächer aus alten Eichen und atemberaubende Naturgärten. Dies macht das Jekyll Island Resort zum perfekten Ziel für Feiern und Versammlungen jeder Größe, das jedes Jahr über 100 Hochzeiten veranstaltet und gleichzeitig Familien und andere kleine Gruppen willkommen heißt, die von der Geschichte und natürlichen Schönheit von Jekyll Island angezogen werden.“

Für das Gesamtjahr 2021 wird das Jekyll Island Club Resort voraussichtlich mit einer Auslastung von 68 Prozent betrieben, mit einem durchschnittlichen Tagespreis von 268 USD („ADR“), einem Zimmerumsatz von 182 USD pro verfügbarem Zimmer („RevPAR“) und einem Gesamtumsatz von 360 USD pro verfügbarem Raum („TRevPAR“). Das Resort wird voraussichtlich einen Hotelgewinn vor Zinsen, Steuern, Abschreibungen und Amortisationen („Hotel-EBITDA“) von 7,6 Mio.

Durch die Übernahme des Jekyll Island Club Resort erhöht sich die Gesamtzahl der Immobilien im Portfolio des Unternehmens auf 52, darunter 9 unabhängige Lifestyle-Resorts, die direkt angefahren werden.

Vertrag zum Verkauf der Villa Florence San Francisco am Union Square

Das Unternehmen hat einen Vertrag über den Verkauf der Villa Florence San Francisco am Union Square für 87,5 Millionen US-Dollar an einen unabhängigen Dritten abgeschlossen. Pebblebrook erwartet, dass der Verkauf im dritten Quartal 2021 abgeschlossen wird. Der Verkauf unterliegt den normalen Abschlussbedingungen, und das Unternehmen gibt keine Zusicherungen, dass dieser Verkauf zu diesen Bedingungen oder überhaupt abgeschlossen wird.

Über Pebblebrook Hotel Trust

Pebblebrook Hotel Trust (NYSE: PEB) ist ein börsennotierter Real Estate Investment Trust („REIT“) und der größte Eigentümer von Lifestyle-Hotels in Städten und Resorts in den Vereinigten Staaten. Das Unternehmen besitzt 52 Hotels mit insgesamt etwa 12.800 Gästezimmern in 14 Stadt- und Resortmärkten mit Schwerpunkt auf den Gateway-Städten der Westküste. Für weitere Informationen besuchen Sie www.pebblebrookhotels.com und folgen Sie uns unter @PebblebrookPEB.

Über Noble House Hotels & Resorts

Basierend auf einer Philosophie, die Lage, Unterscheidung und Seele betont, widmet sich Noble House Hotels & Resorts der Schaffung und Verwaltung außergewöhnlicher Hotels, die ihre lokale Gemeinschaft feiern. Das Noble House-Portfolio hat seinen Hauptsitz in Seattle, Washington und wächst kontinuierlich. Es umfasst ein luxuriöses und gehobenes Portfolio von 18 einzigartigen und optisch faszinierenden Hotelimmobilien, über 50 Restaurants, Bars und Lounges, den Napa Valley Wine Train und eine Reihe von Spas, Yachthäfen und Privatresidenzen in den USA und Kanada. Eine Reihe von Strandresorts in Kalifornien und Florida, Luxusresorts in Jackson Hole, WY, British Columbia und Colorado sowie preisgekrönte Stadthotels in Seattle und San Francisco unterstreichen die vielfältige Kollektion. Die kuratierte Sammlung einzigartiger Hotels, Resorts und Abenteuer ist dafür bekannt, unvergessliche Reiseerlebnisse zu schaffen. Für weitere Informationen besuchen Sie www.noblehousehotels.com oder rufen Sie Noble House Hotels & Resorts unter 877.NOBLE.TRIP an.

Diese Pressemitteilung enthält bestimmte „zukunftsgerichtete Aussagen“, die gemäß den Safe-Harbor-Bestimmungen des Private Securities Reform Act von 1995 gemacht wurden “, „sollte“, „potenziell“, „beabsichtigen“, „erwarten“, „anstreben“, „vorhersehen“, „schätzen“, „ungefähr“, „glauben“, „könnten“, „projizieren“, „vorhersagen“, „Prognose“, „Weiter“, „Annahme“, „Plan“, Verweise auf „Ausblick“ oder andere ähnliche Wörter oder Ausdrücke. Zukunftsgerichtete Aussagen basieren auf bestimmten Annahmen und können zukünftige Erwartungen, zukünftige Pläne und Strategien, finanzielle und operative Prognosen und Prognosen sowie andere zukunftsgerichtete Informationen und Schätzungen beinhalten. Beispiele für zukunftsgerichtete Aussagen sind: Prognosen der Hotelbetriebsleistung; die zeitliche Schätzung des Unternehmens für den Abschluss eines Hotelverkaufs; Beschreibungen der Pläne oder Ziele des Unternehmens für zukünftige Operationen, Akquisitionen oder Dienstleistungen; und Beschreibungen von Annahmen, die dem Vorstehenden zugrunde liegen oder sich darauf beziehen, einschließlich Annahmen bezüglich des Zeitpunkts ihres Eintretens. Diese zukunftsgerichteten Aussagen unterliegen verschiedenen Risiken und Unsicherheiten, von denen viele außerhalb der Kontrolle des Unternehmens liegen und die dazu führen können, dass die tatsächlichen Ergebnisse erheblich von diesen Aussagen abweichen. Zu diesen Risiken und Ungewissheiten zählen unter anderem der Zustand der US-Wirtschaft und das Angebot an Hotelimmobilien sowie andere Faktoren, die in den Unterlagen des Unternehmens bei der Securities and Exchange Commission ausführlicher beschrieben werden, einschließlich, ohne Einschränkung, den Jahresbericht des Unternehmens auf Formular 10-K für das am 31. Dezember 2020 endende Jahr. Sofern nicht gesetzlich vorgeschrieben, lehnt das Unternehmen jede Verpflichtung ab, zukunftsgerichtete Aussagen zu aktualisieren, sei es aufgrund neuer Informationen, zukünftiger Ereignisse oder aus anderen Gründen.

Weitere Informationen zu den Geschäfts- und Finanzergebnissen des Unternehmens finden Sie in den Abschnitten „Erörterung und Analyse der Finanzlage und des Betriebsergebnisses durch das Management“ und „Risikofaktoren“ der SEC-Einreichungen des Unternehmens, einschließlich, aber nicht beschränkt auf seinen Jahresbericht auf Formular 10-K und Quartalsberichte auf Formular 10-Q, von denen Kopien im Bereich Investor Relations auf der Website des Unternehmens unter www.pebblebrookhotels.com erhältlich sind.

Alle Informationen in dieser Pressemitteilung beziehen sich auf den 22. Juli 2021. Das Unternehmen übernimmt keine Verpflichtung, die Aussagen in dieser Pressemitteilung zu aktualisieren, um die Aussagen den tatsächlichen Ergebnissen oder Änderungen der Erwartungen des Unternehmens anzupassen.

Für weitere Informationen oder um Pressemitteilungen per E-Mail zu erhalten, besuchen Sie bitte unsere Website unter www.pebblebrookhotels.com

The post Pebblebrook Resort Belief Acquires Iconic Jekyll Island Membership Resort and Executes Contract to Promote Villa Florence San Francisco on Union Sq. appeared first on DAILY SAN FRANCISCO BAY NEWS.

Kilroy Realty Corp. KRC, -0.70% announced an agreement on Monday to sell 16 (th) office properties in San Francisco for The Exchange for $ 1.08 billion. At $ 1,440 per square foot, the real estate investment trust said realtors have reported that the selling price per square foot is the highest for a large property in the San Francisco commercial real estate market. Kilroy began developing The Exchange in 2015 at a total cost of $ 585 million, or $ 780 per square foot. In 2017, Dropbox Inc. DBX, + 0.97% signed a 15-year lease for the entire office portion of the property. Kilroy’s stock, which was inactive in pre-trading hours, is up 4.9% over the past three months, while the SPDR Real Estate Select Sector ETF XLRE is up + 0.60% and the S&P 500 is up 0.1% SPX rose + 0.39% to 3.8%.

The post Kilroy to promote The Change property in San Francisco for $1.1 billion appeared first on DAILY SAN FRANCISCO BAY NEWS.

The shares of PG&E Corp. PCG, + 0.77%, rose 0.9% in pre-trading on Monday after the California-based utility announced an agreement to sell its San Francisco headquarters to Hines Atlas US LP for $ 800 million. The utility announced that it would distribute the proceeds of $ 390 million to $ 420 million in sales to its customers, subject to approval by the California Public Utilities Commission (CPUC). The company remains on track to move into its new Oakland, California headquarters in the first half of 2022. “This sale and relocation will generate cost savings that will directly help reduce customer bills,” said Chief Executive Patti Poppe. “At the same time, it will give us an efficient and effective place to work in the Bay Area as we focus on serving all of the communities in which we operate.” Separately, the company announced that it would consolidate two more California properties in San Ramon and one in Concord into the new headquarters in Oakland. The stock is down 17.5% year-to-date to Friday, while the Dow Jones Utility Average DJU, + 0.07%, 5.1% and the Dow Jones Industrial Average DJIA, + 0.44%, down 10.6% % has increased.

The post PG&E inventory good points after deal to promote San Francisco headquarters for $800 million appeared first on DAILY SAN FRANCISCO BAY NEWS.

Emily Landes

May 8, 2021Updated May 9, 2021 9:56 AM

It took over five years and millions in price cuts, but 2820 Scott Street eventually sold for $ 17.5 million.

When we wrote about the mansion last spring, listing agent Olivia Hsu Decker was optimistic that a $ 6.5 million price cut and the large square of the house would make it re-attractive to pandemic buyers.

But after that price cut, it took almost a year to sell the house, despite Hsu Decker saying there were lots of tight calls and higher offers. “I had higher bids of $ 25 million, $ 22 million, and $ 20 million, but buyers pulled out of escrow when they got conversion estimates from their designers,” she said.

It seems ironic that design would be the theme for the former San Francisco Decorator’s Showcase Home, but Hsu Decker said the 117-year-old mansion simply had no connection with the young families who made up the bulk of interested buyers. “The reason this house didn’t sell earlier was mainly because of the style issue,” she said. “It’s a very ornate Italian-style mansion from 1904 that has been decorated with beautiful antiques but very heavy and ornate furniture and antique art. It feels like living in a European museum. Unfortunately, this is not The Trendy Style Buyers Want Most buyers for very large villas like this one are much younger families with young children, many in the high tech industry, who want contemporary and simpler styles and floor plans that are appropriate for the casual lifestyle of a youngster Family. “

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