Dublin’s Big Deal
Dublin’s largest hotel was sold out
of receivership for €67 million, or about $87 million, to the Blackstone Group,
which owns the Hilton brand, among others. The Burlington Hotel sold for about
one-fifth of what developer Bernard McNamara paid for it in 2007 — €288
million. Despite the bargain price, the sale was Ireland’s biggest hotel deal
since its economy collapsed in 2008, according to the Irish Independent, and seen as a sign of its recovering tourist market.
Blackstone plans to spend $20 million refurbishing the 500-room hotel and
branding it as a Doubletree.
Markets to Watch
- With a young population expanding the workforce, Latin America’s consumer demand is growing and
driving retail growth. A burgeoning middle class makes up 60 percent of the
population commanding 40 percent of the region’s total purchasing power,
according to CBRE. Almost 33 million sf of shopping center development is underway,
as grocery, luxury, and fashion brands target this area. On average, Latin
American countries have less than 1 sf of retail space per person, compared
with the U.S., which has 23 sf per person.
- While cautious developers kept Poland’s 2012 supply of new retail space
recording the lowest deliveries since 2004, nearly twice as much space is
expected to come online this year, according to Jones Lang LaSalle. Sixteen new
shopping centers opened last year with 25 planned for this year. Two new formats, convenience centers and outlet malls, expanded
into the Polish market last year.