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Texas Firm Newbond Holdings Buys Boca Hotel for $38M

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Newbond Holdings has purchased a waterfront hotel in Boca Raton, Fla., for almost double the price it sold for a decade ago.

The Dallas-based investor dropped $37.9 million for the 139-key Waterstone Resort & Marina Boca Raton, property records show. The sale equates to $272,700 per key. 

Located at 999 E Camino Real, the hotel sits at the tip of a barrier island near the South Inlet Park. A decade ago, the seller, hotel manager Spire Hospitality, acquired the property for $20.2 million, per records. 

Built in 1976, the one-building resort includes 8,000 square feet of event space, two restaurants, and, as its name suggests, a marina, per records. A room rents for upwards of $250 a night during the high season. 

“We were drawn to Boca Raton, and South Florida in general, by the unabated flow of families and businesses relocating to this market,” Neil Luthra, a co-founder of Newbond Holdings, said in a statement. 

The Boca Raton sale marks the second hotel acquisition for Newbond Holdings in the Sunshine State. Up north, it purchased the 309-room Westin Tampa Waterside hotel for $67.5 million in September, together with private equity giant Apollo Global Management, the Tampa Bay Times reported

South Florida also has seen its own share of resort deals this year as travel has picked thanks to the vaccine rollout. 

Last week, Key International and Wexford Real Estate Investors purchased a Pompano Beach oceanfront hotel for $54 million. Pebblebrook Hotel Trust said it purchased the Margaritaville Hollywood Beach Resort for $270 million in September. The following month, Swire Properties sold the EAST hotel in Brickell for $174 million.

Julia Echikson can be reached at jechikson@commercialobserver.com.

Original Article: commercialobserver.com

Finance

Ford, ADT App to Signal Vehicle Owners of Break-ins

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DETROIT, Michigan: Ford Motor Co. and ADT, through a new joint venture called Canopy, are introducing two new vehicle security packages, with the first being for truck and van owners who use their vehicles for business, and the second for SUV and car owners.

The antitheft technology will first enter the market early next year as an accessory sold through Ford, Amazon.com, big box stores and other retailers. It

Original Article: bignewsnetwork.com

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Finance

Biden: Federal Reserve Should ‘Recalibrate’ Policy As Prices Rise

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WASHINGTON – U.S. President Joe Biden on Wednesday said it was appropriate for the Federal Reserve to recalibrate the support it provides to the U.S. economy, in light of fast-rising prices and the strength of recovery.

‘Given the strength of our economy and recent price increases, it’s appropriate, as … Fed Chairman [Jerome] Powell has indicated, to recalibrate the support that is now necessary,’ Biden told a

Source: bignewsnetwork.com

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Finance

Sinema, Manchin Prove There’s Still a Long Way to Go

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The Black community owes a debt of gratitude to United States Senators Kyrsten Sinema and Joe Manchin. The dynamic duo have managed, by supporting the filibuster and crippling two major voting rights bills, to remind any of us who had any doubts or historic contextual misunderstandings that Martin Luther King Jr. Day is a day …

Original Source: azcapitoltimes.com

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