Quote:
Originally Posted by The ATX
It's still featured as a development opportunity on Karlin's website. The Loopnet listing that I mentioned in a few posts back in June seems to have ended. The Railyard condos are now an Onyx Hotel called the Railyard Oasis.
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This makes perfect sense.
Karlin spent over $100 million for that site and they can't have it sitting idle until they figure out exactly what to do with it. Receiving income from a hotel is a really good idea. This way they are not dealing with buying more people out of a condo or an apartment lease. They simply put an end to the hotel offering.
Having said that, I am curious about the deal with Onyx. How long does their management contract last and what kind of provisions are in there for earlier than expected termination?