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Authority To Build $400M Chicago Hotel


Ashford Completes $200M Refinancing of Two Hilton Hotels

shford Hospitality Trust Inc. refinanced its sole remaining 2013 debt maturity, which was set to mature in August. The prior $142 million loan has been refinanced with a new $200 million loan that matures in February of 2018. The new loan provides for a floating interest rate of LIBOR + 3.50 percent, with no LIBOR floor.

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  • Pension Funds, Endowments Hunger for Real Estate Assets
  • Private Equity Investors Play the “Yield Compression Game"
  • Rental, For-Sale Markets Buck Odds, Rise Together
  • New Canadian REIT Acquires Lodging Enterprises for $127M
  • Essex Buys Top Floors at Fox Plaza for $135M
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The new loan continues to be secured by the Capital Hilton in Washington, D.C., and the Hilton La Jolla Torrey Pines in La Jolla, Calif. Ashford has a 75 percent ownership interest in the properties, with Hilton holding the remaining 25 percent.
The excess loan proceeds above typical closing costs and reserves were distributed to the partners on a pro rata basis. Ashford's share of the excess loan proceeds was approximately $40 million, which will be added to the company's unrestricted cash balance. As a result, this refinancing was neutral to the company on a net debt basis.
"We are very pleased to announce this successful refinancing of our only remaining debt maturity in 2013, which is consistent with our practice of proactively managing our debt maturity schedule" Ashford Chairman and CEO Monty J. Bennett said in a statement. "Through this refinancing, we were able to take out significant cash proceeds, strengthen our liquidity position while continuing to further extend our debt maturities. We continue to actively seek opportunities to maximize shareholder value."

U.S. Bank, Howard Hughes Corp. Close on $95M Loan for Houston Resort Redevelopment

U.S. Bank and The Howard Hughes Corp. closed on a $95 million loan to finance the expansion and redevelopment of The Woodlands Resort & Conference Center, a 440-room luxury resort with 60,000 sq. ft. of meeting and event space in Houston.

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Latest News

  • Pension Funds, Endowments Hunger for Real Estate Assets
  • Private Equity Investors Play the “Yield Compression Game"
  • Rental, For-Sale Markets Buck Odds, Rise Together
  • New Canadian REIT Acquires Lodging Enterprises for $127M
  • Essex Buys Top Floors at Fox Plaza for $135M
More Latest News
The project will include the construction of 184 new guestrooms and the renovation of the existing 222 guestrooms, an expanded arrival area, a new 1,000-foot long “lazy river,” 60,000 sq. ft. of revitalized meeting and event space, an updated spa and a new 120-seat steakhouse restaurant.
Construction on The Woodlands Resort & Conference Center is scheduled to start this spring and be completed in late 2014. The property will remain open for business through the redevelopment period.
“We are thrilled to expand our relationship with The Howard Hughes Corporation by partnering with them on this project,” said Kent Howard, Texas market manager for U.S. Bank Commercial Real Estate, in a statement. “The redevelopment of The Woodlands Resort is one of the most notable projects in Houston this year and will have a lasting impact on the local economy. This deal underscores U.S. Bank’s commitment to the Texas commercial real estate market.”

New Canadian REIT Acquires Lodging Enterprises for $127M

WICHITA, KS—American Hotel Income Properties REIT LP, based in Vancouver, has acquired locally based Lodging Enterprises LLC and its portfolio of 54 hotels and diners for $127.5 million as its first U.S. purchase.
Jones Lang LaSalle’s Hotels & Hospitality Group arranged the sale, which includes 32 proprietary branded hotels in 19 states and 24 proprietary branded diners and also owns the Oak Tree Inn and Penny’s Diners brands. The sale also includes a large development pipeline of hotels under construction and long-term guaranteed room night contracts with three of the largest Class I U.S. freight railroad companies.
Managing Directors Al Calhoun and Mark Fair led the JLL team on this transaction. Fair says the limited service hotel market remains a top target for both domestic and international investors that are seeking flexibility, resiliency and strong returns in their portfolios. “We expect a robust select service transaction market in the year ahead, as cap rates continue to trend downward and buy sentiment remains high,” he says in a statement.

No trauma signs on body of Canadian woman found in L.A. hotel water tank

LOS ANGELES (Reuters) - The autopsy of a 21-year-old Canadian student found dead in a water tank atop a historic Los Angeles hotel turned up no fatal wounds, offering no clear answers to her puzzling last days and death, coroner's officials said on Friday.
The inconclusive finding means that further tests must be conducted to determine a cause of death for Elisa Lam, who went missing from the Cecil Hotel in downtown Los Angeles under suspicious circumstances in late January.
Lam's body was found floating in one of four large water tanks on the hotel's roof on Tuesday after guests complained of low water pressure in their rooms. Health officials have issued a do-not-drink order for hotel water until it is tested.
Police have said that detectives had been hoping the autopsy would help determine if her death was the result of an accident or foul play.
"They didn't find any bullet holes, they didn't find any stab wounds to my knowledge. So then you've got to go to the next step," Los Angeles County Coroner's spokesman Ed Winter said.
He said coroner's investigators would conduct toxicology tests to establish if Lam was on any medication at the time of her death and if it was at therapeutic levels. Her organs will also be studied to determine if she suffered from any medical issues.
"You see if in fact there were any heart issues, did she die of hypothermia, did she drown," said Winter. "Were her lungs filled with water?"
Lam, a college student from Vancouver, British Columbia, was last seen by staff at the hotel on January 31 and detectives had characterized her disappearance as suspicious. She had been traveling alone but in regular contact with her family in Canada.
Police say the reason for Lam's visit to Southern California was unclear but that her final destination was expected to have been Santa Cruz in central California.
Security video taken in an elevator of the hotel and released by police last week showed her acting strangely, hiding in a corner, pushing multiple buttons and repeatedly peering around the elevator doors into a hallway.
Her body was discovered in one of the four large, cylindrical tanks supplying water to guest rooms at the art deco hotel, which was built in the 1920s and is considered a local landmark.
Local public radio KPCC reported that the hotel has had dark chapters in its long history, including murders in the '20s and '30s and a woman who leapt from a window in the 1960s.
The radio station said that two serial killers were known to have stayed there in the 1980s: Richard Ramirez, known as the "Night Stalker," and Austrian murderer Jack Unterweger.
Firefighters removed the remains by cutting through the side of the tank under a canopy that shielded them from news helicopters overhead.

Travel News from Rick My High-Brow Journey

Watching my newest TV special, I wondered for a moment — who's that guy in the fancy suit and tie? Oh, it's me.

My mom always told me it's worth dressing up for a special occasion, and this one certainly fit the bill: sharing the stage with a symphony orchestra and its suave conductor, introducing America to Europe's most soul-stirring, heartbeat-quickening, patriotic music.

This month's Travel News features a preview of my most unusual

Five Must-See Shows This Week Top Five Must-See Shows in Phoenix This Week

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Kishi Bashi is scheduled to perform Monday, March 4, at Crescent Ballroom.
First, a "dumb drummer" joke: How do you get a drummer off of your porch? Pay him 10 bucks for the pizza. Now, our Top Five Must-See Shows in Phoenix This Week.
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Monday, March 4: Kishi Bashi @ Crescent Ballroom How do you figure a song called "I Am the Antichrist to You" should turn out? Awfully metal, right? Well, in the hands of Kaoru Ishibashi (who records and tours as Kishi Bashi), the track materializes as a fleet-footed, cloud-soft slice of folky chamber-pop -- practically the mathematical opposite of what its subversive title hints.
Ishibashi specializes in creating distorted, fantastical tunes -- the kind that would flawlessly soundtrack an indie-friendly adaptation of Alice in Wonderland -- through an unusual cluster of tricks. When he's not putting some three decades of training as a classical violinist to use (as he does most of the time), he's singing English lyrics in a distinctive falsetto -- weaving in passages sung in Japanese -- beatboxing, utilizing synths and guitars, or pulling some other trick out of nowhere. Ishibashi slipped "Antichrist" into 2012's 151a (a title connected to a Japanese phrase meaning "one time, one place"), the debut record from the Seattle-born, Norfolk, Virginia-based musician and former Regina Spektor and Of Montreal collaborator. If the one-man-band trope ever needed to remind the world of its rare magic -- just how does a single person do so much so well? -- Kishi Bashi serves as a fine delegate. -- Reyan Ali

Downtown Phoenix's First Friday and Art Detour 25: An Illustrated Guide to March 1, 2, and 3

Downtown Phoenix's Third Friday and Art Detour combined make a weekend full of local artwork. The 25-year-old event, officially organized by Artlink, will take over galleries and studios on Grand Avenue, Roosevelt Row, and 16th Street (and a few in between).

Here's a peek at our Field Guide for Art Detour this weekend ...

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illustration by Claire Lawton
click on the image (or right here) for a full-sized version or find one in a few of the galleries and coffee shops in downtown Phoenix.
See also:
- Art Detour 24: Sure, it Was Better Than Last Year, But Artlink Still Needs to Rethink Its Relevance After 24 Years

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Melissa Sheena
Hints:
- Art Detour is a weekend of gallery openings and studio tours. Grab a map at the venues listed above (or print your own) and buy some local art! - Traditional hours are Friday from 6 to 9 p.m., Saturday 11 a.m. to 5 p.m., and Sunday 11 a.m. to 5 p.m., but you might want to check gallery websites and Facebook pages for specifics.
- Parking can be found on Grand Avenue, around Roosevelt Row, at the Heard Museum and Phoenix Art museum, and at the Arizona Center.
- While you're out, check out the murals and public art (marked with stars).
- Check out our latest limited-edition Jackalope Ranch sticker, by artist Melissa Sheena. Grab one at one of the galleries on our map.
- Lucky for you, most of these places are open every First Friday, Third Friday, and during the week. If you want to see more, come back!
Here are just a couple shows you can't miss:

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"wicked witch of the southwest" and "welcome to Arizona" by Eric Cox

"The Joe and Jan Show" @ 335 W. McDowell
"The Joe and Jan Show" is an homage to Sheriff Joe Arpaio and Governor Jan Brewer and was slated to open during the First Friday of February at Willo North. But three days before the opening, the show was canceled at the last minute by gallery owner Kristin Shears. Shears declined to comment and Pela noted that though he didn't think the cancellation was due to the show's political theme, he would find it another venue for March's First Friday and Art Detour. And that's where Ashley Harder came in. "I'm super-excited to be working with Robrt to get the Joe and Jan show seen during Art Detour weekend and the month of March," says Harder, who owns and operates 335 Commons, a gallery/retail space at 335 West McDowell Road.
The show was inspired by a portrait of Sheriff Joe Arpaio painted by Eric Cox (which you might have spotted at this year's Chaos Theory at Legend City Studios). Pela says he began to notice artwork created by local artists in a variety of media that reflected the two infamous characters and their antics.
Pela commissioned pieces by 11 artists, including Jeff Falk, Chris Swanberg, Annie Lopez, Irma Sanchez, Kristin Bauer, Peter Bugg, Paul Wilson, Eric Cox, Melissa McGurgan, and Cuban painter Chary Castro. Pela writes that French comic artist Vincent LaRue created six color-drenched drawings, inspired by American rock concert posters of the 1960s, depicting Arpaio and Brewer in various sexual positions and Phoenix artist Todd Daniel Grossman knitted a flattering textile portrait of Brewer.
"Participating in the show just reflects my sincere desire to support and promote downtown's arts community," says Harder. "As for the political nature of the show I'll be anxious to see if Sheriff Arpaio or Governor Brewer visit the exhibit themselves."

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Combine Studios
Art + Science=Innovation @ Combine Studios
Student work from Maricopa Community Colleges will be on view tonight at Combine Studios. According to gallery staff, "Science is one of those words that gets thrown around a lot, like "art", but is such a broad topic that each person can have a unique interpretation of what it means to them personally. This exhibit provides visual representations of how students view science in their own lives."

Another Stupid-Sheriff Story Joe Arpaio, Self-Proclaimed Tough Guy, Still Hospitalized With Broken Arm After 24 Hours

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Sheriff Joe Arpaio
Sheriff Joe Arpaio, the self-proclaimed "toughest" sheriff in America, has now been hospitalized for more than 24 hours with a purported broken arm.

Between the super-weird videos of the 80-year-old sheriff in his hospital bed and the fact that he stayed in that hospital overnight for a broken arm, it sounds like he's totally fine.

See also:
-Joe Arpaio, 80-Year-Old Sheriff, Broke His Arm After Tripping and Falling
-Joe Arpaio Featured in Videos From Hospital Bed, Does Himself No Favors

Here's the update from MCSO, from Sergeant Brandon Jones, which hit our e-mail inbox at 3:07 p.m. today:

Maricopa County Sheriff Joe Arpaio has not been released yet from St. Joseph's Hospital. The sheriff remains in good spirits despite being held over. He is very pleased with the level of care he is receiving from the medical staff there and wishes to thank all those who have called in or sent messages hoping for his speedy recovery. The sheriff anticipates a return to the office soon.

The Republic's J.J. Hensley reported yesterday at 1:42 p.m. that Arpaio was getting X-rays at the hospital, so time's-a-tickin' on this stay for a broken arm.

There's also the following post on Arpaio's Twitter account, which we'll present without commentary.

Tempe Police Trying to Identify Body Found in Canal

A bicyclist spotted a body floating in a Tempe canal earlier this week, and police haven't been able to identify the body.

The bicyclist called police on Sunday afternoon after spotting the body floating in a canal just east of Priest Drive, according to Tempe PD.

See also:
-Jeff Ahlers' Death Ruled Suicide -- Eight Months Later

Tempe police cite an ongoing investigation but say there are no signs of foul play.

The body was recovered without any form of ID, and even after a trip to the Medical Examiner's Office, he's still a John Doe.

He's described as "a black male, late 20s to late 30s, medium build, wearing a black T-shirt, blue jeans and white tennis shoes with black designs and no tattoos."

The Tempe PD provided the following sketch, so if you know this guy, call the cops at 480-350-8311.

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Sports? ASU Police File Sex-Abuse Case Against Swim Coach Now at University of Utah

The University of Utah's head swimming coach is accused of sexually abusing a teenage girl while he was the coach of an elite swim team that practices at Arizona State University.

Maricopa County Attorney's Office spokesman Jerry Cobb confirms to New Times that the ASU Police Department has filed a report recommending two sexual-abuse charges against Greg Winslow, who has been accused of abusing a swimmer he was coaching in Tempe several years ago.

The story was broken by writers for a website called Concussion Inc., and the report details allegations of Winslow kissing and fondling a girl from 2006 to 2007, starting when the girl was 15 years old. Winslow was the coach of the Sun Devil Aquatic Club, which isn't an affiliate of ASU but does use ASU's swimming facility.

"The [victim's] father stated that the abuse suffered by his daughter led to a continually more troubled personal life and a spiral of self-destructive behavior," Concussion Inc.'s report says. "A descent into substance abuse culminated with a suicide attempt."

Although the identity of the alleged victim hasn't been released due to the nature of the allegations, we're aware of the victim's identity.

Now 22, the alleged victim also followed Winslow to Utah for swimming but ended up transferring to a different university.

Scottsdale Police Department logs show that she's been arrested three times since November 2011, starting with an arrest for driving on a suspended license, followed by charges of marijuana possession and possession of drug paraphernalia in February 2012, and a July 2012 arrest for aggravated DUI.

In recent months, she'd posted on Facebook that she went to rehab and had posted a few milestones of sobriety, but she appears to have deleted her profile recently.

The allegation of sexual abuse apparently only came out after the woman's failed suicide attempt.

The first news outlets to obtain the report are saying that a confrontation call between Winslow and the victim are included in the report, although Winslow denied to police that he admitted anything in that call.

No charges have been filed against Winslow at this time, but Cobb tells us that most cases usually take about 30 days with the County Attorney's Office before a determination is made on charges.

Laugh Track Senate Democrat Suggests Trying to Keep the State Legislature Off the Daily Show

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Democratic Senator Steve Gallardo
Democratic state Senator Steve Gallardo seems to get it -- every year, legislators make asses of themselves by passing, or even just by proposing, ridiculous laws.

We've seen all kinds of pleas from the few legislators who don't want to play along with the "meth lab of democracy," but we like Gallardo's plea before the Senate yesterday, as some of the ultra-right-wingers were proposing to let regular Arizonans decide whether they think the federal government's doing something unconstitutional -- this is how we all end up looking like asses on national television.

See also:
-Arizona's Top 10 Appearances on the Daily Show with Jon Stewart

"If we want to get away from the Daily Show and all the national-type television shows that keep mocking Arizona, we must put an end to the stuff like this," Gallardo said, which was first reported by Capitol Media Services.

Get Microsoft Silverlight

As we noted when we picked out the top 10 Arizona-related Daily Show segments, we had 152 segments to choose from, almost all of them mocking the state in one way or anoth

Spotted: Quick PHX, Our 2013 Pocket Guide to Downtown Phoenix

If you're headed out for a few shows, or if you're just looking for some pretty cool things to buy/see/eat/drink in downtown Phoenix we've got you covered.
Introducing Quick PHX.
You'll spot our paper guide on newsstands, counter tops, and coffee tables starting today and if you're lucky, throughout the year, as the info packed into our hand-held guide is enough to keep you busy for quite a while.

Nicole Wooten, Phoenix P.E. Teacher, Admits to "Sexual Relationship" With 12-Year-Old Girl

A physical education teacher at a Phoenix elementary school admitted that she had a "sexual relationship" with a female student who was 12 years old at the time, police say.

According to court documents obtained by New Times, the alleged victim, who's now 19 years old, just recently came forward with the allegation against Nicole Wooten, a 36-year-old P.E. teacher at Herrera School for the Fine Arts and Dual Language in Phoenix.

The woman told police that she was in eighth grade at the time, during the 2005-06 school year.

She alleged three different occasions in which Wooten made sexual contact with her at Wooten's home in Mesa, including "digital penetrat[ion]" of her vagina, according to the documents.

The documents say the victim confronted Wooten on Wednesday about the things that happened that year, and Wooten admitted to making sexual contact with the girl while she was underage.

Wooten, now a Tempe resident, admitted to police on Wednesday that the sexual contact occurred but said that the girl was 14 years old at the time, which is kind of a tomato/to-mah-to situation.

Wooten was booked on three counts of sexual conduct with a minor. She's being held without bond.
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