Strayer University isn’t the only new lease at 1803 Research Boulevard, the landlord was able lure three additional tenants at the corporate office building being currently under renovations financed by Bethesda-based Eagle Bankcorp.
The entire first floor space of 1803 Research Boulevard has been snatched up by four new tenants. Each floor plate in the building is approximately 20,000 square feet.
A for-profit university offering post-secondary education services is expanding into a newly renovated building in Montgomery County’s largest office market in North Rockville.
With headquarters in a far-flung suburban area like Herndon, Va, Strayer University has attracted commuters with full-time jobs that require flexibility but also the possibility of earning a degree to boost their career and jobs prospects.
A site not seen in nearly 60 years: grassy fields and wide-open spaces in the foreground as highrise towers create a dramatic backdrop. This is the scene at the site of the first phase of the Blairs redevelopment in downtown Silver Spring.
Low-rise residential buildings built in 1959 have given way to what will become a pair of residential towers reaching 18 and 14 stories high.
LaSalle Hotel Properties (NYSE: LHO) President and CEO said it best “Second quarter performance excelled in the areas that matter most,” that included double digit growth in adjusted funds from operations increasing 11 percent to $102.6 million.
Bethesda-based RLJ Lodging Trust (NYSE: RLJ) is finding good hotel deals from Washington, D.C. to Washington State. The Lodging trust announced its purchased a property on K street in Washington, D.C. and is about to close on another property in Seattle, Washington.
Rockville, Md-based Choice Hotels International, Inc. (NYSE: CHH) celebrated the grand opening of the first New York City Cambria hotel and suites , with New York City being among the busiest and liveliest cities in the world, the introduction of the Cambria brand will give travelers an affordable lodging option in the heart of Manhattan.
Bethesda-based DiamondRock Hospitality Co (NYSE: DRH) Chairman of the Board filed with the SEC stock transactions that occurred the same day.
On July 14, 2015, William W. McCarten acquired 54 common stock shares of DiamondRock Hospitality. The transaction is part of additional deferred stock units awarded in connection with the reinvestment of a dividend as required by the terms of the deferred stock units.
The amount of shares held McCarten after the reported transaction is now 357,424.
The Wal-Mart (NYSE: WMT) located at the Woodyard Crossing (formerly Clinton Plaza) Shopping Center in Clinton, Maryland, could see its expansion plans come to a halt if the Prince George's planning department recommendation of disapproval are accepted by the planning board.
Wal-Mart wants to turn its existing 134,241 square-foot store into a 171,634 square-foot Wal-Mart Supercenter that would include a grocery section, general merchandise, and a garden center.
Next week the Montgomery County Planning Department will review several new additions proposed for the Milestone Businesses Park in Germantown. The developer Matan has big changes planned for surface parking and empty lots at the office complex.
Despite having major leasing success for the office buildings in the northern edges of Montgomery County, Matan wants to introduce new use types that would drastically change the environment.
In a increasingly competitive D.C. Area office market – for landlords, Bethesda-based, First Potomac Realty Trust (NYSE: FPO) (NYSE: FPO-PA) managed to sign four new small lease transactions totaling 19,073 square feet, all within Washington, D.C.
The truest and newest of Gaithersburg's “smart growth” developments is kicking it's retail component into high gear.
The Spectrum at Watkins Mill is adding two new food retail businesses adjacent to the project's Performers Park, an open space that includes a large circular fountain similar to that found in the Downtown Silver Spring shopping district.
The additions include Barking Mad, which aims to be the go-to coffee shop in the community, serving food and spirits. Opening is expected to happen in September 2015.
Quietly building along busy Colesville Road in downtown Silver Spring, Petrie Richardson Ventures is reinventing an urban indoor mall currently known as City Place. The six-level mall will be renamed to Ellsworth Place once construction is complete and the old signage removed.
If you are a young professional working in Washington, D.C., one thing you’ve probably noticed by now is that there is a fairly large gap between your monthly income and the city’s monthly rent requirements. Not everyone can afford the “luxury” apartments in Foggy Bottom, Georgetown, or Dupont Circle; so what’s a cash-strapped young professional to do?
If you are a young professional working in Washington, D.C., one thing you’ve probably noticed by now is that there is a fairly large gap between your monthly income and the city’s monthly rent requirements. Not everyone can afford the “luxury” apartments in Foggy Bottom, Georgetown, or Dupont Circle; so what’s a cash-strapped young professional to do?
Demand for Class-C and Class-B office space is at near all-time lows and at the same time tenants are adamant about leasing Class-A office space. In some sub markets the demand is so great that Class-A office space available is now below 1 percent.
In the world of commercial office space, a market with a vacancy rate of 10 percent is considered stable; anything below that percentage is to be coveted. Logically, developers should flock to a market with a low office inventory, especially one with short supply of Class-A office space. After all, someone is leasing all that space right?
Can you believe that there are school-aged children that have no idea where tomatoes come from? Did you know that chicken doesn’t just “come from the store?” These questions were raised at a conference held last weekend at the Universities at Shady Grove in Rockville, MD.
After a brief hiatus, the renowned Washington, D.C. Green Festival returned to the nation’s capital during the last weekend of September. Thousands of visitors flocked to the Walter E. Washington Convention Center to see what they could learn about living sustainably, in a world where every action matters.
The nation's largest lodging REIT reported earnings and acquisitions for its second quarter of 2011.
The Bethesda-based Host Hotels & Resorts, Inc (NYSE: HST) said revenues totaled $1.37 billion and net income for the quarter of $83 million or $0.11 cents per diluted share, besting $64 million in the same quarter last year.
NAREIT Funds From Operations (“FFO”) per diluted share was $0.32 cents per share. The average analyst estimate was a penny higher at $0.33 per share on revenues of $1.36 billion.
Rockville-based, Washington Real Estate Investment Trust (WRIT) (NYSE: WRE) has purchased an office building in the Ballston-Rosslyn corridor of Arlington, Va.
The eight-story, Fairgate at Ballston was built in 1988 and contains 147,000 square feet. It provides three-levels of underground parking for tenants that have leased 82 percent of the useable space in the building.
Washington Real Estate Investment Trust paid $52.25 Million for the building at 1005 N. Glebe Road, in an all cash transaction.
Bethesda-based RLJ Lodging Trust (NYSE: RLJ) expanded its portfolio of hotel properties with the acquisition of the Residence Inn by Marriott Bethesda Hotel Downtown and the Courtyard New York Manhattan/Upper East Side.
Marriott Bethesda Hotel Downtown is located in the Bethesda central business district close to RLJ's corporate headquarters at 3 Bethesda Metro Center. The property has 187 guest-rooms and was purchased for $64.5 million or $345,000 per room-key.
Gaylord Entertainment Co. (NYSE: GET) and Marriott International, Inc. (NYSE: MAR) have come to an agreement over the management of Gaylord's self-branded hotels.
The Nashville-based company will hand over operation of its four large hotels to hospitality giant Marriott with headquarters in Bethesda. The company which also owns several brands including the Ritz Carlton, based in Chevy Chase; will add the Gaylord Hotels brand to its portfolio for $210 million.
Bethesda-based commercial real estate finance company Walker & Dunlop, Inc (NYSE: WD) Executive Vice President, Chief Financial Officer and treasurer made the following stock transactions on April 20, 2012.
Deborah A. Wilson disposed of 2,500 common stock shares at an average price of $13.00, totaling $32,500 under general transaction code S (Open market or private sale of non-derivative or derivative security). 114,386beneficially and directly owned shares remained after the transaction.
Bethesda-based LaSalle Hotel Properties (NYSE: LHO) reported first quarter results for the period ended March 31, 2012.
The lodging real estate investment trust brought in $172.3 million in revenues compared to $138.4 million in the same period last year. That reduced its net loss to $16.1 million from $19.3 million a year ago. Net loss to common shareholders per diluted share was $0.19 cents for the first quarter 2012 versus $0.26 cents.
While the nation's capital continued its usual lead in office space construction, another surprise quarter occurred with the Maryland National Capital region leading the surrounding region.
According to March data from the Bethesda, Mid-Atlantic regional office of Transwestern and its research subsidiary, Alexandria-based Delta Associates, there was an estimated 7,204,726 square feet of office space under construction or reconstruction in the D.C. area.
Inside the boundaries of Alexandria's historic districts developers must comply with strict design rules for approval but outside those areas, apparently anything goes.
New townhomes by Prolandian Corp are planned for the northern section of the city at 101 and 103 East Reed Avenue. A dilapidated 15,287 square foot plot of land will be turned into five townhomes with architecture that's being coined as "contemporary urban chic".
Bethesda-based Walker & Dunlop, Inc. (NYSE: WD), through its subsidiary Walker & Dunlop, LLC, reported that it completed a financing deal for the Hunt Valley Towne Centre in north central Baltimore County.
The $90 million arrangement was made possible through a loan from American International Group, Inc (AIG). Terms of the loan include 8-years interest-only payments.
A planned residential and retail project by real estate developer JBG was met with mostly heavy opposition from community residents who live in the Twinbrook area of Rockville, where the project would be developed.
The site plan for 1800 Rockville Pike came before the City of Rockville planning board Wednesday night seeking approval from the commission. The approval of the site plan would have been the final step before permits are issued and construction starts for the urban style, low-rise project designed by architectural firm, Hord Coplan Macht.
McLean-based senior housing and services provider, Sunrise Senior Living Inc (NYSE: SRZ) Chief Executive Officer, Mark S. Ordan made the following stock transactions on March 23, 26 and 27, 2012 under a Right to Buy, Employee Stock Option plan.
Arlington-based apartment developer, AvalonBay Communities (NYSE:AVB), Executive Vice President of Operations, made the following stock transaction on February 13, 2012.
Leo S. Horey, III disposed of 12,614 shares of Common Stock at a par value $.01 per share. The shares had an average price of $135.2517, for a total of $1,706,064.94 under code S (Open market or private sale of non-derivative or derivative security). 65,718.7376direct and beneficially owned shares remained February 13, 2012.
Bethesda-based Host Hotels & Resorts, Inc. (NYSE: HST) announced fourth quarter and 2011 full year financial results today that met expectations of financial analysts.
The lodging real estate investment trust (REIT) increased total revenues and reversed to a net income in the fourth quarter 2011 from a net loss on a diluted earnings per share basis in the fourth quarter 2010. The jump in revenues was the result of 14 hotel property acquisitions since July 2010.
Annapolis-based Chesapeake Lodging Trust (NYSE: CHSP) plans to make its second hotel acquisition in New York City.
The Hotel Lodging real estate investment trust (REIT) has entered a definitive agreement to buy the Hyatt Place New York Midtown South. Located at 52-54 West 36th Street,New York, New York, the property is less than a mile from Madison Square Garden and Radio City Music Hall.
Chesapeake Lodging Trust is expected to purchase the 185-room Hyatt brand hotel for $76.5 million or $414,000 per room key.
The fifth Vida Fitness center will open its doors to customers Tuesday, January 24 at 12:30 p.m.
The high-end gym Located at 445 K Street, NW, is at the ground floor of the City Vista residential-retail project which includes apartments above and is anchored by a Safeway grocery store. The two-level space was formerly occupied by a Results Gym.
Developer of the North Bethesda Center and the U.S. Patent and Trademark Office, in Alexandria, was presented with five awards for Marketing and Advertising Excellence (MAE) at the 2011 annual Property Management Association event.
Adams Morgan has changed significantly over the last 50 years from the time it was commonly known as the upscale residential neighborhood, Lanier Heights. Today it's now taken on a new role as an up and coming neighborhood that's currently largely Hispanic immigrants but is quickly being gentrified by professionals.
The Southwest Waterfront has experienced different periods of transition and is now in a new phase of development. The city’s smallest quadrant is bounded by the Southwest Freeway to the North, Fort McNair to the South, and South Capitol Street to the East.
Columbia-based Corporate Office Properties Trust (COPT) (NYSE: OFC), has sold several properties in the Baltimore areas of Woodlawn and White Marsh, both in Baltimore County.
Rutherford Business Center in Woodlawn was sold for $32.5 million; the flex office/industrial center consists of 13 buildings totaling 365,407 square feet. The oldest structure was built in 1972 and the remaining throughout the 80s. Rutherford is 79 percent leased to 29 tenants.
Times was running out for a major lease set to expire in 2013 at the Silver Spring Metro Center, but the anchor tenant -- the National Oceanic and Atmospheric Administration (NOAA) -- has decided to stay and renew its lease for another 15 years. The administration has called the urban high-rise office buildings home since 1990.
While developer Keating Project Development, Inc, plans to keep its residential component intact, it will eliminate almost all of the commercial space in its planned redevelopment located at 7001 Arlington Road in downtown Bethesda.
Columbia Heights has been an evolving and dramatically changing area since the start of the 20thcentury. The area is bounded by 16thstreet to the west, Georgia Avenue to the east, Florida Avenue to the south, and Spring Road to the north. In the early 1900s, Columbia Heights was a highly desirable residential area, and it even had several streetcar lines connecting it to the central business district of Washington, DC.
With a big help from the federal government, Maryland's "economic engine", Montgomery County, has managed to lead all jurisdictions outside the district in office space construction -- with nearly all of Montgomery County's primary office markets participating.
The latest data from Transwestern Mid-Atlantic with headquarters in Bethesda, shows office space construction in the county stands at nearly 2 million square feet, that puts it ahead of surrounding area jurisdictions including Fairfax and Arlington counties in Virginia.
Washington Property Company is moving forward with plans to redevelop a gas station purchased by the company and turn it into mid-rise luxury apartments.
The 0.58 acre site located at 7100 Wisconsin Avenue is on the southern end of the Bethesda central business district (CBD), the site is highly visible from Bethesda's main thoroughfare and will add to several residential projects already under construction or close to breaking ground within Bethesda's CBD.
Bethesda-based RLJ Lodging Trust (NYSE: RLJ) reported positive earnings after a loss of $2.57 Million or $-0.03 cents per basic and diluted common share reported in the second quarter of 2011.
The lodging real estate investment trust with more than 20,600 rooms posted a net income of $31.3 million in the third quarter ended September 30, 2011, as opposed to a net loss of $8.5 million in Q2 2010.
That beat the average analyst estimate of $0.15 cents per share.
Bethesda-based Walker & Dunlop, Inc. (NYSE: WD), generated $33.4 millionin revenue for the third quarter ended September 30, 2011, an increase of 50 percent from the third quarter of 2010 when revenue was $22.2 million.
Net income was $6.1 million, or $0.28 centsper diluted and basic share in Q3 2011. That was down compared to the $7.1 million or $0.48 cents per diluted and basic share made in the Q3 2010.
The commercial real estate financial firm said loan originations were up 104 percent to $906.7 Million.
Chevy Chase-based GEICO, one the largest insurance companies in the nation and with primary offices across the Maryland/D.C. border in Montgomery County is set to appear in front of the Montgomery County Planning Board on November 17, 2011 but for reasons not to the liking of either side.
The Planning Board is set to vote on the validity of an extension request for plans to redevelop GEICO's headquarters, and depending on which way the board votes could be a lose-lose situation for both parties.
The housing crisis has had ramifications not only for the overall economy, but the auto industry in particular was hit hard and has not recovered. It has yet to return to pre-recession levels. Where vehicles are the next-in-line purchase after real estate for most people, monthly vehicle sales—at one time during the recession—dropped to a level not seen since the early nineties. The hard hit American automakers left a trail of closed dealerships across the region as they cut back on their dealership networks.
A Virginia residential developer is proposing to tear down an existing office building on Key West Avenue in Rockville, and replace it with as much as 650 multi-family residential units that would most likely end up as apartments.
McLean-based Freddie Mac (OTC: FMCC) a key player in what led to a national housing crisis, reversed course as economist and general sentiment hoped for a recovery in the housing market.
The quasi-government agency in Tysons Corner, Va, posted a net loss of $4.4 billion. The company said the net interest income of $4.6 billion was more than offset by derivative losses of $4.8 billion and provision for credit losses of $3.6 billion.
Gaylord Entertainment Co. (NYSE: GET), the parent company of the Gaylord National flagship hotel at National Harbor in Prince George’s County, reported overall improved performance in its consolidated financial results today.
Columbia-based Corporate Office Properties Trust (COPT) (NYSE: OFC) reported earnings that fell well below analyst estimates and were down compared to a year ago quarter.
The average analyst estimate for earnings for the third quarter which ended September 30, 2011 was $0.30 cents per share. COPT actual earnings came in at $0.03 cents per share or $2.5 million which was even below the $4.8 million or $0.08 cents per share reported last year.
For the third time this month, Bethesda-based First Potomac Realty Trust (NYSE: FPO) has announced new leases signed at one of its recently acquired properties.
This time companies took space at Three Flint Hill. The property located 3201 Jermantown Road in Oakton, Va was vacant when First Potomac purchased it in April 2010 now three new tenants have taken up a total of 50,000 square feet of space.
Reston-based Access National Corporation (NASDAQ: ANCX) which is the parent to Access National Bank reported year-over-year increase of 27.8 percent in the third quarter ended September 30, 2011 net income, which amounted to $3.1 million in third quarter 2011 or $0.30 cents per diluted shareversus $2.4 million or $0.23 cents per diluted share. The nationally chartered bank posted a decline in total assets, amounting to $765.5 million compared to $831.8 million at the end of December 31, 2010.
With no opposition from residents, the development at 10914 Georgia Avenue won unanimous approval from the Montgomery County Planning Board Thursday.
The project will be the latest residential development from downtown Bethesda-based Washington Property Company, which is also building the residential high-rise at 1150 Ripley Street in downtown Silver Spring.
Bethesda-based First Potomac Realty Trust (NYSE: FPO) has signed its second large lease this month, this time at the Atlantic Corporate Park in Sterling, Virginia. The properties at 45600 & 45610 Woodland Road consist of two Class-A, 4-story office buildings built in 2008.
The development planned for the current main post office site in the Silver Spring Central Business District won approval from the Montgomery County Planning Board Thursday.
Leading the development of the site is Chevy Chase-based Nova-Habitat incorporated which has been joined by McLean-based Insight Property Group LLC to build what is being marketed as the Fenwick Station apartments.
Rockville-based Federal Realty Investment Trust (NYSE: FRT) is set to install solar panels at four of its New Jersey properties once it gets zoning approval.
Roof-mounted solar panels will be installed at the Brick Plaza and Troy Hills shopping centers. The Mercer Mall and Ellisburg Circle shopping centers will get both roof and ground mounted solar panels.
Salisbury-based Perdue Incorporated, the third largest poultry company in the United States, gathered with Maryland government officials to commemorate the completion of a 5,040-panel solar system at its corporate headquarters facility.
The solar panel system is the final phase of a nearly 12,000 solar panel installation on six acres. The system was constructed on site at the company's headquarters located in the county seat of Wicomico County.
Bethesda-based lodging REIT LaSalle Hotel Properties (NYSE: LHO) has purchased the historic San Francisco Hotel, Villa Florence for $67.2 Million in cash.
Located a block south of San Francisco's Union square at 225 Powell Street, the hotel features 182 guestrooms, including 23 suites, and 6,955 square feet of retail space. Restaurants onsite include Kuleto's Italian Restaurant and Bar Norcini.
Marriott International (NYSE:MAR) which has its headquarters in Bethesda, released its third quarter 2011 results ended September 9, 2011. While the hotel giant increased revenues the company swung to a reported net loss.
Marriott was able to increase its revenues for the third quarter 2011 to $2.87 Billion compared to $2.65 Billion in the same time last year.
With a potential 1,500 new jobs on the way, Montgomery County Government sought it fit to ensure a successful launch of a new 93-bed Holy Cross Hospital proposed for the Germantown area of the County.
Montgomery County Executive Isiah Leggett announced that the planned Holy Cross Hospital is the first Strategic Economic Development Project. To make it official Leggett signed Executive Order 173-11, Designation of Strategic Economic Development Projects.
Bethesda-based First Potomac Realty Trust (NYSE: FPO) continues to be one of the most active real estate investment trusts in the region conducting large transactions from in the past several months from the NoMa district in D.C. to Sourthern Virginia and now in the Baltimore area.
The office and industrial focused company said it has completed a lease transaction with a large chunk of space in Hanover, Md.
Annapolis-based Chesapeake Lodging Trust (NYSE: CHSP) has finalized its acquisition of the 613-room Denver Marriott City Center from Walton TCC Hotel Investors V LLC. The Denver Marriott City Center is located in downtown Denver, Colorado. The final purchase price is approximately $194,000 per key at a grand total of $119 million.
Silver Spring-based Choice Hotels International, Inc. (NYSE: CHH) business minded brand is en-route for its first location in D.C. proper.
Choice Hotels, Concord Hospitality and Roadside Development have come together to build-out a significant piece of the $300 Million CityMarket at O mixed-use development with the selection of a Cambria Suites brand hotel.
Rockville-based Washington Real Estate Investment Trust (WRIT) (NYSE: WRE), which recently purchased an office park in Alexandria on September 15th, announced the purchase of another Virginia property in the Tysons Corner area.
The John Marshall II was purchased for $73.5 million and is 100% leased to anchor tenant, Booz Allen Hamilton Inc which is also headquartered in the McLean / Tysons Corner area.
National Harbor, the mixed-use development that became an overnight success continues to diversify and expand with the addition of a brand-new apartment project.
The Bozzuto Group and The Peterson Companies teamed up to announce in late 2010, plans to develop an apartment building at the $4 Billion National Harbor along the Potomac River in Prince George's county. Now more details of the project have surfaced.
Rockville-Based Washington Real Estate Investment (WRIT) (NYSE: WRE), which announced plans to dump industrial properties as well as some outside the beltway, has purchased an office complex on the north side of Old Towne Alexandria.
Built in 1985, Braddock Place office park contains 345,000 square feet and is adjacent to the Braddock Road Metro Station. Washington Real Estate Investment paid $101 million in cash for the four building property at 1310, 1320, 1330 and 1340 Braddock Place.
A long-anticipated grocery store will open at the Rockville Town Square in spring 2012.
After several attempts to lure such an anchor to the mixed-use development, Rockville-based Federal Realty Investment Trust (NYSE: FRT) announced yesterday that Ellwood Thompson's has finalized its lease for a grocery store with organic offerings.
Bethesda-based commercial real estate and financial firm Walker & Dunlop, Inc. (NYSE: WD), announced that it has provided a loan to a primarily luxury residential apartment development in D.C. through its subsidiary Walker & Dunlop, LLC.
Vaughan Place at McLean Gardens was refinanced through a $93 Million Life Company Refinance Loan which closed on August 12, 2011. Terms of the loan include a 10-year tenure with 1-year interest only and 30-year amortization.
Rockville Town Center is continuing to take shape with a much needed office project breaking ground in Montgomery County's seat of operations.
Choice Hotels International (NYSE:CHH) will move 400 employees from 10750 Columbia Pike in Silver Spring to Rockville Metro Plaza II at 121 Rockville Pike, under a 15 year lease. The project is being developed, managed and owned by Foulger-Pratt.
Sodexo Inc (PINK:SDXAY), with North American headquarters in Gaithersburg has partnered with the National Aquarium to open a new dining experience at the renowned aquatic center in Baltimore.
Sodexo will operate the Harbor Market Kitchen, the result of a newly renovated space at the Aquarium's primary eating room where over 1.4 Million visitors a year have patronized the café since its opening in 2005.
Annapolis-based Chesapeake Lodging Trust (NYSE: CHSP) has made another core hotel property purchase in a major city.
One of the many lodging real estate investment trusts based in Maryland has entered into a definitive agreement to acquire the Denver Marriott City Center in downtown Denver, Colorado from WTCC City Center Investors V, L.L.C.
Forest City Washington, a subsidiary of Cleveland-based Forest City Enterprises Inc., (NYSE:FECA and FCEB) recently announced the pre-leasing for the Foundry Lofts — part of The Yards in Washington DC master development, near Nationals Park and Navy Yard Metro.
First Potomac Realty Trust (NYSE:FPO)with headquarters in Bethesda, Maryland has made two significant lease transactions as it extends its reach from the Washington area to Southern Virginia.
Carrier Enterprises LLC leased 63,012 square-feet at Crossways Commerce Center on a seven-year term. Another lease was signed by Serco Inc for 54,054 square-feet at Diamond Hill Distribution Center on a five-year. Total combined leased space was 115,000 square-feet.
The industrial properties are located in Chesapeake, Va.
Bethesda-based First Potomac Realty Trust (NYSE:FPO) announced that it has completed a lease transaction with DRS Defense Solutions, LLC to take space at Redland Corporate Center II in Rockville.
DRS, a technology defense contractor, will occupy 23,033 square feet, taking the entire ninth floor of the 210,862 square-foot Redland Corporate Center II. The company is anticipated to move in from its Bethesda office by March 2012 on a five-year term lease.
Fresh off an approval of Benlysta by the European Commission (EC) to sell the first Lupus drug in 56 years— Human Genome Sciences (NASDAQ: HGSI) next strategy is to make sure they can meet projected worldwide demand that could soar to revenues as high as $6 Billion annually.
Sunrise Senior Living, Inc. (NYSE: SRZ), with headquarters in Tysons Corner, continued the trend of fluctuating quarterly results. Operating revenue was reduced to $322.0 Million in the quarter versus $348.1 Million in the same period last year.
The senior community operator managed to post a net income of $1.8 Million ($0.02 cents per diluted share) but that was down drastically from the $46.3 Million ($0.81 cents per diluted share) profit delivered in the second quarter ended June 30, 2010.
Annapolis, Md., based Chesapeake Lodging Trust (NYSE:CHSP), announced that in the second quarter of 2011 it has doubled the number of properties in its holdings. The lodging real estate investment trust (REIT) is also in the process of acquiring a hotel under construction in midtown Manhattan, New York, New York, the company has already committed $52.2 Million to the property.
Revenue for the second quarter ended June 30, 2011 totaled $29.8 Million, a big jump from last year's period when $8.7 Million in revenue was reported.
Gaylord Entertainment Company(NYSE: GET),the owner of the center piece development, Gaylord National at the $4 Billion National Harbor project in Prince George's County, Maryland reported positive earnings today.
Pebblebrook Hotel Trust (NYSE: PEB) said it will acquire an equity interest of 49% in six Manhattan properties including the Affinia Manhattan, Affinia Shelburne, Affinia Dumont, Affinia 50, Affinia Gardens and The Benjamin, in exchange for a $153.6 million equity investment.
The aggregate number of rooms for all properties will be 1,730 once a renovation of the Affinia Manhattan is complete. Affinia is a boutique hotel brand with locations in Washington, D.C. and Chicago, in addition to New York City.
Washington Real Estate Investment Trust (WRIT) (NYSE: WRE), is shifting focus from what it labels as suburban properties (outside the beltway) and into holding urban properties inside the beltway. The exception to the rule will be Tysons Corner and those areas close to existing Metro stations beyond the interstate highway boundary.
Total revenues reported by Bethesda based First Potomac Realty Trust (NYSE: FPO) for the second quarter of 2011 ended June 30, 2011, amounted to $42.8 Million.
The real estate investment trust declared a much larger net income than the three months quarter ended June 30, 2010 but still below the million dollar level. Net income came to $752,000 versus $33,000 in 2010. Including noncontrolling interests First Potomac Realty Trust's profit was $817,000.
First Potomac Realty Trust (NYSE: FPO), based in downtown Bethesda announced that CareFirst BlueCross BlueShield will extend its lease of 204,000 square-feet for its D.C. headquarters.
The 12 story building is located at 840 First Street, NE in the NoMa (North of Massachusetts Avenue) district. The largest health care insurer in the Mid-Atlantic region will continue to be the anchor tenant.
Bethesda, Md based DiamondRock Hospitality Company (NYSE: DRH), a lodging real estate investment trust (REIT) reported a net loss of $556,000 for the second quarter ended June 17, 2011 versus a net income of $839,000 in the same period of 2010.
The report was released after market hours.
Total revenue for the quarter was $169.5 Million, up from $151.1 Million in the second quarter of 2010. For the past two quarters ended June 17, 2011, revenue totaled $291.8 Million.
Still recovering from a saturated residential market, NVR, Inc (NYSE: NVR) reported declining financial results.
Net Income dived 46% from $71.3 Million in 2010 to $38.4 Million for the three month period ended June 30, 2011. Net income per diluted share was $6.48, down 42%. Revenues totaled $695.8 Million, a decrease of 28% from the $964.5 Million made in the second quarter of 2010.
LaSalle Hotel Properties (NYSE: LHO), one of the many Lodging Real Estate Investment Trusts (REITs) based in Maryland reported a big jump in revenues as well as more than doubling its net income in the second quarter ended June 30, 2011.
Total revenue was $202.6 Million compared to $165.7 Million in the quarter ended June 30, 2010, an increase of $36.9 Million.
The number one global hospitality company is blaming its home market for lackluster second quarter sales that it says could have been better if it wasn't for disagreements in congress and predicts the same dismal environment for the next quarter.
Bethesda based Marriott International is holding "a shorter Congressional calendar and concerns regarding government budgets" responsible for the weak hotel room demand in the Washington, D.C. metro area compared to other major markets in North America.
Bethesda based hospitality giant reported its' second quarter 2011 results after hours and posted a profit totaling $135 Million.
The world's largest hotel management company measured by market value said net income increased 13% compared to $119 Million profit for the 2010 second quarter . Diluted earnings equated to $0.37 per share, a 19% increase on 369.4 Million shares outstanding compared to 377.4 Million shares for the same time last year. Basic earnings per share for Q2 2011 were $0.38 per share compared to $0.33 per share for Q2 2010.
More details have come to surface on Silver Spring based Choice Hotels International, Inc (NYSE:CHH) new headquarters in Rockville. The agreement is between Choice Hotels and Foulger.Pratt. Rockville II Limited Partnership.
Choice Hotels International, Inc (NYSE:CHH) has completed a lease agreement to move its global corporate headquarters to Rockville.
The popular hotel management company will take up an entire building to be constructed at 121 Rockville Pike. The 130,000 square foot Class A office building is expected to break ground shortly, for a projected spring 2013 move in.
Annapolis Based Chesapeake Lodging Trust (NYSE: CHSP) has purchased its tenth hotel with the acquisition of Hotel Adagio in San Francisco, California.
The 171 room hotel cost $247,000 per room or $42.25 million. Built in 1929 the 16 story historic building located at 550 Geary Street, has a 24 hour fitness and business center, 2,000 sq/ft meeting space, food service at Bar Adagio and average room space of over 400 sq/ft.
Two Cranes have risen at the site of a new mixed-use development in Northern Rockville.
The Gables Upper Rock is the next phase in the Upper Rock master planned community.
A joint venture between USAA Real Estate Company and Gables Residential, the two have teamed up to complete the Class A multi-family apartment project which will consist of 281 units in eight stories. Of those units, six will be live and work spaces.