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Space to roam for orbiting hotel, Charles Koch buys distressed properties on Earth, Willy Walker talks SPAC, CDC ban block appealed, and Michaels to go private.
In Today's News
DailyMail.com reports from London that the world's first space hotel will begin construction in low Earth orbit in 2025 and will include restaurants, cinemas, and rooms for up to 400 guests.
The Millionacres takeaway: While ground has yet to be broken on this uber-ambitious project, its developers say it could be operational as early as 2027. No word on any zoning issues for this one, but the neighbors probably won't be an issue.
The Wall Street Journal says [subscription required] Koch Industries is emerging as a major real estate investor during the pandemic, using its robust cash reserves to buy properties at beaten-down prices and betting on a longer-term recovery.
The Millionacres takeaway: While Koch is moving in on projects too big and complicated for most investors, this is a reminder to strike while the iron is hot, regardless of the size of the potential deal.
Speaking of hot irons, the chairman and CEO of Walker & Dunlop (NYSE: WD) shares his insight with Commercial Property Executive on a trend he says is opening a new door for buyers and sellers.
The Millionacres takeaway: Every week, it seems like a new special purpose acquisition company (SPAC) announces an IPO. While they're not all in CRE, of course, a lot are, and Walker's experienced eye is worth looking through as he sheds some light on what he sees happening.
Today on Millionacres
The U.S. Justice Department has appealed a Texas federal judge's order that blocks the moratorium on evictions put in place last year by the U.S. Centers for Disease Control and Prevention (CDC).
The Millionacres takeaway: The CDC ban and similar state and federal protections help desperate tenants and homeowners but also put the hurt on landlords, many of them small operators themselves. The pressure and hopes for pandemic and economic relief from the vaccine rollout can only keep rising.
The Michaels Companies (NASDAQ: MIK) is being sold to and taken private by Apollo Global Management (NYSE: APO) in the wake of a spike in business for the nation's largest arts-and-crafts chain as people kept themselves busy during the pandemic.
The Millionacres takeaway: This news that Michaels is going private follows close on the heels of JOANN, a competitor who also has done well in these days of social distancing, going public. Different strategies that commercial real estate investors hope will result in the same thing: continued brick-and-mortar success in a climate where that's far from guaranteed.
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