Hotels Step Up Offerings To Entice Guests Who Travel With Their Pets
Hotels are increasingly offering a range of amenities and services to pamper pet owners and their pet companions. These services go beyond the traditional water bowls and plush beds, with offerings such as nutritious, fresh dog food in hotel restaurants, “Yappy” hours, play areas, dog mini poolside cabanas, and even doggie turn-down service. Some hotels have specific pet packages, including access to telehealth appointments for pets and dedicated pet concierges, catering to both traditional and non-typical emotional support animals and exotic pets. These pet-friendly amenities aim to enhance the guest experience for pet owners and their beloved animals while contributing to a more comfortable environment for all guests.
Luxury Community Breaks Ground As Land Scarcity Challenges Development in Florida
13th Floor Homes has initiated the construction of Marina Landings, a luxury gated community in Fort Lauderdale, Florida, featuring 34 single-family homes. The project addresses the challenge of scarce available land in South Florida by repurposing infill sites. The development, located near the airport and downtown, offers homes starting in the low 1-millions, with various floor plans, and is expected to be completed in 2024. The demand for single-family homes in the region has led the company to expand its presence into various Florida submarkets.
Largest US Single-Family Rental Owner Says It Too Is Having Trouble Finding Houses To Buy
Invitation Homes, the largest owner of single-family rentals in the US with around 85,000 properties, is facing challenges in finding properties to purchase. Despite a strong demand for rental homes, the company struggles to acquire suitable properties, often getting outbid when they do find something that fits their criteria. They are turning to homebuilders to strengthen their portfolio and have formed partnerships with them to build new homes. Invitation Homes reported revenues of $618 million in the third quarter, with a robust leasing market and rents returning to historical norms. They are also selling older, non-core properties to fund new acquisitions, with a construction pipeline of 1,931 homes in partnership with third-party builders. The company is well-positioned with ample liquidity for potential merger and acquisition deals in the future.
Rite Aid Files for Bankruptcy Protection, Plans Store Closings
Rite Aid, a pharmacy chain, has filed for Chapter 11 bankruptcy protection due to significant debt and opioid-related litigation. The company received a commitment of $3.45 billion from creditors and lenders to support its operations and financial restructuring. The bankruptcy is expected to result in the closure of hundreds of Rite Aid stores. The filing will address the opioid-related lawsuits and help the company optimize its store footprint, with plans to close underperforming stores. Jeffrey Stein has been appointed as the new CEO and chief restructuring officer. Rite Aid has been struggling financially, with ongoing losses and a substantial debt burden.
Investment Sales Volume Remains Consistent in Sarasota and Fort Myers
In 2023, the real estate markets in Sarasota and Fort Myers have shown resilience with minimal drops in sales volume. The region achieved approximately $735 million in total sales volume in the third quarter, surpassing pre-pandemic levels. Sarasota accounted for the majority of investment volume at $1.3 billion year-to-date. The multifamily sector performed well but didn’t reach the peak recorded in the second quarter of 2022. Office transactions declined, and industrial investments have remained consistent, with a strong third quarter. The retail sector fluctuated, with the third quarter being the weakest in five years. Private buyers and owner-users continue to dominate the market, contributing to a steady flow of deals, especially in the industrial and multifamily sectors.