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New extended-stay hotel one of several developments announced in Norfolk

Living spaces, shopping places, and new hotels are going up in Norfolk with yet ANOTHER new building. This computerized artists rendering shows the planned Residence Inn by Marriott - a nine-story, 160-all suites extended stay hotel.
Ground-breaking is set for this fall in this area bordered by Brambleton Avenue, Duke, York, and Boush Streets. Mayor Paul Fraim says the project will compliment the city's skyline and bottom line - with a starting profit for Norfolk of more than 835-thousand dollars in taxes. He says that "over 10 years we should collect nearly 10 million dollars as those numbers grow in tax revenue."
As for the downtown project Norfolk subsidized with a 22 million dollar loan - Granby Tower should be on track for building.
With financing finalized construction is about to begin for what's expected to be Norfolk's tallest building. The ceremonial ground-breaking for Granby Tower was more than a month ago. But delays have kept the 180 million dollar spot at Brambleton and Granby... pretty much dead. Mayor Paul Fraim says that too is about to change.
"The notice to proceed which was given to the construction company which is Turner was given yesterday and so from here on out you'll see more activity on that site," Fraim said.
So prime real estate in downtown Norfolk will be even more readily available for those looking to 270-thousand or more for a condominium in downtown Norfolk.
Renters will also get living space. Last night city council members approved a rezoning for an all new high rise - high end apartment building near the YMCA.
And in the Spring of 2008, the Wachovia Center's 250-thousand square foot office tower with 50-thousand square feet of retail space, will also offer living space for rent.
According to Fraim, "It's going to have 176 apartment units and we hope that some of them, we will work with moderately priced for the workforce."
The mayor says the new buildings will "create the anticipation of arrival at someplace special."

Hotels and Serviced Apartment Reservations - Accommotel

Hotels and Serviced Apartment Reservations - Accommotel

Polar investing $10 million in Extended Stay Hotels
25.6.07 15:48 By Arik Mirovsky
Polar Investments (TASE: PLR) is joining a group of investors buying the American chain Extended Stay Hotels for $8 billion.
Extended Stay Hotels operates via five brand names. Its hotels are located in 44 states and in Canada as well.
It is considered to be the biggest moderately-priced extended-stay lodging hotels chain in the United States.
Polar Investments says that its investment will comprise 4.76% of the total $8 billion investment in the chain. Its portion will be at the lowest-risk level and will total about $10 million, the Israeli company said.
Shareholders of that rank will be entitled to dividends and 26.5% of profits.
The investment group buying Extended Stay Hotels is headed by LightStone Group, one of the biggest private equity property groups in the world. Another major investor is Arbor Commercial Mortgage.
Polar International's general manager, Dubi Weiss, who also represents controlling shareholder Ziel Feldman in Israel, commented that the new owner - Feldman - wants to expand Polar's international business with major investment banks in the U.S.

Hotels and Serviced Apartment Reservations - Accommotel