Hyatt to open fifth hotel in South Korea
Hyatt Hotels Corp. plans to open its fifth hotel in South Korea. The Chicago-based hotel chain said Thursday it will manage a new 268-room Park Hyatt in the port city of Busan that is expected to open next year as part of a larger mixed-use project. Hyatt’s partner in the hotel is Seoul-based developer Hyundai Development Co. Hyatt also operates South Korean hotels in Seoul, Incheon, and on the island of Jeju. The company’s high-end Park Hyatt chain encompasses 27 hotels and 5,399 rooms.
Services for William Purcell set for Friday
A memorial service for former real estate developer William F. Purcell Jr. will begin at 11 a.m. Friday at Christ Church of Oak Brook, 501 Oak Brook Road, according to Countryside-based Hallowell & James Funeral Home. Mr. Purcell, a principal at Chicago-based Ascend Real Estate Group LLC, died Monday at his west suburban home, the funeral home said. Mr. Purcell oversaw more than $1.6 billion in real estate across all sectors throughout his 25-year career, previously working in leadership roles at Kimball Hill Homes, the Fordham Co. and Jones Lang LaSalle Inc., according to the Ascend website. Mr. Purcell also was a board member for Lyons Township High School District 204 in La Grange. He was 48.
Inland venture buys two Twin Cities-area shopping centers
A joint venture led by Inland Real Estate Corp. paid $46.6 million for two shopping centers in the Minneapolis-St. Paul area. The Oak Brook-based real estate investment trust said Thursday that the venture with PGGM, a Dutch pension fund administrator, acquired Silver Lake Village, a property in St. Anthony, Minn., that includes 159,000 square feet of retail space plus a 144,000-square-foot Wal-Mart store on a ground lease. The property is 94 percent leased. The Inland joint venture is also taking over Woodbury Commons, a 116,200-square-foot shopping center in Woodbury, Minn., that will be fully leased after the addition of a new unidentified anchor tenant that has signed a lease there. Inland did not identify the sellers of the properties.
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