CoStar World News for December 14

Big hotel brands continue to expand their representation in the Caribbean and Latin America region to meet growing consumer demand by exploring more upscale all-inclusive resorts and ultra-luxe hotels, as well as traditional luxury resorts with and without branded residences.

As part of the Caribbean Hotel Investment Conference, executives shared their plans for balancing the demand for high-end resorts with development and staffing challenges in the region. Boyan Coomer, vice president of development for the Caribbean and Latin America at Marriott International, said that 40 percent of all Marriott projects in the region over the past five years have been upscale, and of those, most have branded residences. Marriott continues to increase its presence in Caribbean regions, including the Dominican Republic.

Global investment giant BlackRock has raised 774 million euros ($844 million) from investors for its real estate fund in Europe, BlackRock Europe Property Fund VI. The company plans to use the capital to take advantage of demographics and other "mega forces" that it believes will drive the European economy and demand for real estate. BlackRock notes that the European real estate market has recently revalued faster than other regions and therefore presents attractive entry opportunities.

The number of unsold French real estate offers that have been taken off the market has been rising since mid-2022 due to conflict between sellers and potential buyers. According to Business Immo, the volume of these offers on the French market could reach around €15 billion by the end of 2023. This includes at least €10 billion in offices, €2.5 billion in retail real estate and about the same amount in logistics and light industrial real estate.

The investment and development company Signa has fired CEO Timo Herzberg after seven years with the company. Signa officials said the decision was made at an extraordinary meeting of the supervisory board and Herzberg is being charged with breach of executive duties.

Canadian children's toy retailer Mastermind GP Inc. has struck a deal to sell the bulk of its 66 stores after being placed under the administration of a court receiver last month. Toronto-based Unity, Canada's largest independent specialty retailer of children's toys and books, said it has entered into an asset purchase agreement with Unity Acquisitions Inc. owned by Canadian retail pioneers Joe Mimran, Frank Rocchetti and David Louie. The price of the deal was not announced.

Flexible office space provider WeWork said it is giving up about 70 leases after filing for bankruptcy last month, but hinted at locations where it plans to maintain a presence, including an expanse near Times Square in New York City. WeWork said it is keeping its existing lease at 1440 Broadway near West 40th Street after reaching an agreement to shorten the lease term and reduce rent. It is one of WeWork's largest spaces, covering 300,000 square feet across 10 floors, and WeWork plans to announce further locations where it plans to continue operating after bankruptcy.

This report was compiled from CoStar publications in the US, UK, Canada, France and Germany.