Luxury hotels under construction in Cuba, Gymboree on the verge of bankruptcy, and more CRE News

Gymboree is one step closer to bankruptcy

The children’s clothing retail chain is on the verge of filing for bankruptcy as they had opted out to not pay for an interest of $171 million, which had to be completed by Thursday. Although Gymboree has been consulting investment banks and advisors to fix their balance sheet, they have 30 more days to officially file for bankruptcy. Like many other retailers, Gymboree has faced the downfall of mall traffic trends and customer preferences, largely due to the ecommerce sector.

Trump Organization to Go Budget Friendly With ‘American Idea’ Hotel Chain

By the idea of putting America First, the Trump organization plans to only enter deals which are within the United States. By doing so, they are starting off with creating a three-star hotel chain called “American Idea” where it’ll be of patriotic ambience. The hotels will be initially launched in small towns in Mississippi, with a local family-hotel owner.

Empty storefronts plague Westfield’s WTC mall nearly 1 year after grand opening

Even though it’s been almost a year since the World Trade Center mall has opened, approximately 20% of the store spaces are still vacant. There are mixed reviews regarding this outcome, some retail experts believe that this is a failure, while others think that it takes time to get the right set of retail stores in place.

‘Madoff of landlords’ heads to jail after pleading guilty to fraud

Steven Croman aka the “Madoff of landlords” is being sent to jail for year after being found guilty for mortgage fraud. This has occurred due to registering fake paper work to retrieve $45 million, thus buying out residential buildings with the intention of converting them into high rate apartments.

Luxury hotels arrive in Cuba despite fears Trump may hurt tourism boom

Although there is apprehension that Trump could potentially have more rigid ties with Cuba, Havana is introducing its first luxury hotel. Tourism is a positive aspect of Cuba’s economy; the Minister of Tourism has announced that 4.2 million tourists are predicted to visit this year.

 

This post was written by our communications intern Sahiti Bonam!