Xceligent’s disappointing expansion
Xceligent, the real estate data firm, is eager for expansion despite lawsuit with CoStar. Daily Mail and General Trust have done a review of their subsidiary’s expansion into New York and found disappointing results. DMGT has taken on an impairment charge of $56 M to make up for the loss-making business.
Black Friday falls flat
Black Friday shoppers did not increase consumer spending like2 stores expected. Regardless of the crazy in-store deals, more shoppers participated in Cyber Monday than Black Friday. Roughly 66 million made the trip to malls Thursday and Friday while 81 million shopped from their couch on Monday.
TripAdvisor under possible investigation
Democratic Senator Tammy Baldwin calls for investigation of TripAdvisor by Federal Trade Commission. The investigation is being prompted by the popular travel sites removal of comments by customers claiming to have been sexually assaulted at Mexican resorts. It is still unclear whether or not the FTC will take on the case.
Summit Hotel Properties gains 652 new rooms
Summit Hotel Properties acquires four new hotels valued at $164 million. Hotels included in the acquisition are the 207-guestroom Courtyard New Haven at Yale, the 148-guestroom Hilton Garden Inn Boston/Waltham, the 175-guestroom Residence Inn Cleveland Downtown, and the 122-guest room Homewood Suites by Hilton Tucson/ St. Philip’s Plaza University. All hotels are in prime locations either near universities or in downtowns making them even more valuable.
RioCan sells $200 million in assets
Canada’s largest REIT, RioCan, plans to sell $2 billion in assets. The first sale being to Canada Tire for $200 million. A majority of the malls that are part of this sale will close in December of 2017 with net proceeds going to pay off debt.