Knotel plans to expand, Alexander & Baldwin convert to investment trust, and Columbia pairs up with Allianz

WeWork Competitor Knotel to Triple NYC Space by End of Year

Knotel Inc., a shared-office startup has revealed its plans of expanding their spaces throughout New York by the end of the year, to be on par with WeWork. Knotel’s market are those companies who have 50-200 employees and don’t wish to sign rigid leases. Currently, Knotel has 14 office spaces and anticipate on having 50 spaces. This makes Knotel the third in line for temporary shared-offices.

Alexander & Baldwin to convert to a REIT, hires new CFO

One of the biggest commercial real estate company’s in Hawaii, Alexander & Baldwin, has decided to become a real estate investment trust. A new CFO has been hired in Honolulu. Appraising the transition has been in progress since fall and the board have all voted for the conversion on Monday.

Columbia Teams with Allianz Real Estate in New JV to Acquire Class-A Office Property

Columbia Property Trust now has a joint venture with Allianz Real Estate in order to gain more office properties in significant markets. Their combined gross value is now $1.26 billion. Allianz intends to raise its ownership interest at two of Columbia’s properties, University Circle and 333 Market.

Red Lion Files Lawsuit Against Hard Rock International

On Wednesday RLH corporation made plans to file a laqsuit against Hard Rock Cafe International public. According to the suit, RLH claims Hard Rock explicitly copied trade dress for its Hotel RL brand. RLH’s President and CEO Greg Mount called the imitation “particularly troubling,” seeing as the trade dress is protected by federal trade dress law.

Market Tightening for Eclipse Hotel Rooms

Casper, Wyomming is experience hotel bookings at an all time high due to the expected August 21 eclipse. The town has a total of 2,791 hotel rooms, many of which are booked for the big event. Hotels such as Super 8, Ramkota, Ramada Plaza, the Courtyard by Marriott, and Holiday Inn Express are totally full. La Quinta has a few open rooms averaging $500/night and one room studios in The Sterling are going for $900 – $1,100/night.