Ashford Hospitality Trust's CEO is heading for the exit as the publicly traded hotel owner prepares to be delisted and sell off massive chunks of its portfolio. Ashford CEO and President Rob Hays is parting ways with the company, the Dallas-based REIT announced Thursday evening. Stephen Zsigray, Ashford's current senior vice president of corporate finance and strategy, will take Hays’ place as CEO. “We are incredibly grateful to Rob for his immense dedication and commitment to our organization,” Ashford Hospitality Trust Chairman Monty Bennett said in a statement. “Although we're disappoi ..read more

Once the site of the hottest tech hub in Midtown South, 225 and 233 Park Ave. S. have rapidly fallen from grace and are now teetering on the edge ..read more

The site once slated for the tallest residential tower in the Southeast is on the path to new ownership with a prominent developer ..read more

The Department of Housing and Urban Development has revised its policies, allowing insurance for multifamily properties financed through Federal Housing Administration-backed mortgages to have higher deductibles. Starting now, HUD will allow a wind or named storm insurance deductible to be as much as the greater of $50K or 5% of the insurable value per property, with a cap of $475K per event. Previously, deductibles could be the greater of $50K or 1% of a property's insurable value, with a cap of $250K. “Raising the deductible amount provides important flexibility for lenders and pro ..read more

A brand-new 110-unit apartment building in D.C.’s booming Union Market neighborhood is heading to a foreclosure auction.  ..read more

Blackstone sees a recovery in the commercial real estate market coming and is acting accordingly, making major investments in the sector, most notably in multifamily rentals. But the shift in outlook about when interest rates might begin to come down has somewhat tempered spending of the firm’s $191B of dry powder.   “The recovery will not be a straight line, but we're not waiting for the all-clear sign to invest,” Blackstone President and Chief Operating Officer Jon Gray said in the company’s Thursday earnings call. Blackstone deployed nearly $25B in the first quarter and has committed a ..read more

Thanks for reading the Bisnow Weekender, my personally curated roundup of the most impactful news, notable quotes, binge-worthy show recommendations and other colorful highlights from the Bisnow world of commercial real estate and beyond.  We're zeroing in on how real estate is weathering the high interest rate storm.  “Unfortunately, what our industry is experiencing right now is a hangover, right? The hangover is going to last a little bit longer than we all wanted it to. But in reality, it's not as if that means that the industry is completely in a state of comatose. It will have ..read more

SL Green Realty Corp. CEO Marc Holliday thinks a tidal wave of residential conversions is about to cleanse New York City's office market ..read more

Micron Technologies is set to receive $6.1B in CHIPS Act funding, joining the winner's circle of companies looking to boost domestic semiconductor production with the program, Bloomberg reported.  While not yet finalized, the award is expected to be announced next week during President Joe Biden's trip to Syracuse, New York. The memory chipmaker is planning a massive manufacturing complex there with up to four buildings, Sen. Chuck Schumer told Syracuse.com. An Idaho plant is also in the works. Micron originally considered Central Texas for the project, but ultimately went with New York b ..read more

Google will eliminate positions within its U.S. real estate department, part of a second round of layoffs since January 2023 as the tech giant continues to cut costs and redirect funding ..read more