REAL ESTATE INVESTMENT
Hines | September 23, 2022
Hines, the global real estate investment, development, and property manager, today announced a partnership with Forbes Travel Guide to define five-star hospitality standards at Hines buildings, making it the first commercial real estate firm to work with Forbes Travel Guide on a global scale.
Hines and Forbes Travel Guide will co-develop custom service standards for the firm's 415 global office and multi-family properties, and emphasize how hospitality-inspired service can bring greater value to tenants and residents. As commercial real estate standards rapidly change, and people seek more collaborative, creative, and curated spaces, the partnership signifies Hines' commitment to creating a consistent customer experience that scales with the firm and brings the company's culture to life.
"Real estate owners and managers have typically prioritized asset value over experience. We're seeing the value in both ROI and ROE, or return on experience, and see it as the most important metric of tomorrow, Enhanced customer experience driven by five-star standards not only increases asset value, but helps people feel more valued, connected, and inspired in our spaces. We selected Forbes Travel Guide because they are the trusted partner of the world's leading hospitality brands and share our passion for creating meaningful experiences for clients."
-Whitney Burns, vice president of global client strategy at Hines
In addition to the co-created service standards, the partnership between Hines and Forbes Travel Guide will include a substantive training program encompassing both in-person training customized to the Hines portfolio and scalable online training. The new service standards will be implemented in 2023.
Creator of the original Five-Star rating system, Forbes Travel Guide is the only independent, global rating agency for the hospitality industry. With over 60 years in the hospitality sector, Forbes Travel Guide is the global authority on five-star service, providing world-class, professional development resources to many of the world's most beloved hospitality brands including the Mandarin Oriental Hotel Group, Marriott International, Hilton Worldwide Hotels & Resorts, as well as other organizations that make exceptional service a pillar of their business model.
Now, more than ever before, people are emphasizing the experience and purpose behind where they choose to spend their time. Our partnership with Hines is a testament to the firm's commitment to innovation and placemaking and signifies a new industry standard in the operation of commercial real estate, said Hermann Elger, Forbes Travel Guide CEO.
About Hines
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management totaling approximately $90.3 billion¹. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world.
About Forbes Travel Guide
Forbes Travel Guide, the global authority on genuine Five-Star service, provides world-class professional services to the hospitality industry and other service-oriented businesses such as luxury retail, residential, healthcare and private clubs through bespoke training solutions, evaluation services and custom service standards. Started as Mobil Travel Guide in 1958, the company created the first Five-Star rating system in the United States. Today, in addition to providing professional services, FTG is the only independent, global rating system for luxury hotels, restaurants and spas. FTG's prestigious annual Star Awards can only be earned through the company's objective, in-person inspection process.
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REAL ESTATE INVESTMENT
TPG Real Estate | July 08, 2022
TPG Real Estate Partners (“TREP”), the dedicated real estate equity investment platform of global alternative asset management firm TPG, and Taurus Investment Holdings, LLC (“Taurus”), a global private equity real estate firm, today announced a partnership for the development of a sustainable, 276-unit, garden style apartment complex within the Avian Pointe master planned community.
Located in the rapidly expanding Orlando metropolitan area, the project broke ground in May 2022. Upon completion, the community will be surrounded by dedicated conservation areas and include six residential buildings outfitted with an array of amenities, including a fitness center, outdoor pool, individual workspaces, fire pits and grilling patios. The partnership will work with EcoSmart Solution, a green energy services provider affiliated with Taurus, to incorporate innovative energy infrastructure into the development. Specifically, EcoSmart Solution will design and deliver geothermal heating and cooling technology, solar energy infrastructure and a comprehensive suite of low-carbon and energy efficiency resources to enhance the project.
“TREP is excited to be investing in a sustainable multifamily development that we believe should generate superior resident and investor demand while aligning with our focus on ESG,” said Tripp Johnson, Partner at TPG Real Estate. “We look forward to expanding this partnership with Taurus and EcoSmart Solution to build apartments that meet our collective investment objectives while leading the way in developing a more sustainable future.”
“EcoSmart Solution has already shown it’s a viable green energy service provider through its existing developments, but validation from an established firm like TPG further shows that there’s a need for its innovative geothermal infrastructure and impressive suite of advanced sustainable technology, Taurus has a longstanding commitment to creating environmentally conscious properties and TPG is a firm that shares our core values. We are excited to partner with them and take the first step in what will be a best-in-class, sustainable and healthy Central Florida community.”
Peter A. Merrigan, CEO of Taurus
Utilizing EcoSmart Solution’s GeoGrid™, a community-wide utility, similar to water, sewer and electric lines, the geothermal exchange system will power the initial multifamily development. The system is uniquely designed to take advantage of local ground conditions and will tap into the Floridan Aquifer to exchange heat with the subsurface body of water that continuously moves underground across the state of Florida. The program at Avian Pointe will also include energy efficient technology such as geothermal heat pumps, Solar PV systems, EV charging and advanced energy monitoring tools, resulting in an energy resilient and sustainable community.
“As investors, developers and homebuilders prioritize ESG-centric business initiatives, EcoSmart Solution offers an impactful solution for sustainable developments, which has become an urgent priority across the real estate sector,” said John Towle, CEO of EcoSmart Solution. “We’re tremendously appreciative of the opportunity to work with TPG to showcase our energy efficient technology that allows developers to meet increasingly aggressive energy efficiency standards.”
About TPG Real Estate Partners
TPG Real Estate Partners ("TREP") is the dedicated real estate equity investment platform of global alternative asset firm TPG. Today, TREP has $10.5 billion of assets under management. Since its inception in 2009, TREP has built a differentiated investment portfolio comprised primarily of real estate-rich platforms and portfolios located in the United States and Europe. TPG was founded in 1992 and now has approximately $120 billion of assets under management with investment and operational teams in 12 offices around the world.
About Taurus Investment Holdings, LLC
Established in 1976, Taurus is a global real estate private equity firm with over 45 years of experience as a general partner, investor, and operator. By empowering and combining the strength of in-house experts in the fields of multifamily, office, logistics, mixed-use, and renewable energy, the firm has created targeted, scalable investments into value-add, core-plus, and development opportunities.
Taurus is focused on using innovative energy efficient technologies to make the extensive infrastructure investments required to decarbonize residential and commercial buildings through its EcoSmart Solution and RENU Communities affiliates.
Throughout North America and Europe, Taurus is consistently recognized as one of the premier owners of both directly managed and joint venture commercial real estate. To date, Taurus has purchased and developed more than 69 million square feet of residential, office, industrial, retail and other commercial real estate assets throughout the world with a total acquisition value of over $10 billion.
About EcoSmart Solution
EcoSmart Solution, an affiliate of global real estate investment firm Taurus Investment Holdings (TIH) and a green energy services provider (Green ESP), is designing and delivering innovative geothermal infrastructure combined with a comprehensive suite of distributed energy resources; enabling developers and builders of large-scale new construction neighborhoods to create energy efficient communities and homes, providing new homeowners and tenants an affordable, comfortable, and sustainable living.
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BUYING/SELLING
Own Up and Realtor.com | September 01, 2022
Own Up, a digital mortgage shopping service, today announced a commercial relationship with Realtor.com, a real estate marketplace operated by News Corp’s subsidiary, Move, Inc. Own Up and Realtor.com are mission-aligned companies, both aiming to improve the home buying process for Americans looking to close on their dream homes.
Alongside this new collaboration, Own Up closed a $25M round of funding, led by Brand Foundry Ventures. Realtor.com is among the investors participating in the funding round, which also saw return participation from past investors, Link Ventures and Listen Ventures. The injection of capital will allow Own Up to continue to build out its innovative technology platform, expand its novel shopping experience and product offerings, and invest in the Company’s people and culture.
Own Up and Realtor.com’s relationship will give users direct access to Own Up’s mortgage shopping service, including personalized loan offers from its exclusive lender marketplace and real-time advice from the industry’s only mortgage shopping concierge. The integration with Realtor.com will allow homebuyers to gather detailed information about their home financing options as they search listings and find real estate agents.
The housing market has been increasingly challenging for buyers over the past 12 months, with low inventory, rising prices, higher mortgage interest rates, and high-stakes bidding wars. That has caused heightened stress and anxiety for hopeful buyers, an issue Own Up and Realtor.com hope to work together to address.
“From day one, our singular goal was to be a champion for the consumer and bring greater transparency to the home buying process. As the mortgage industry continues to see changes at a rapid clip, it’s crucial that consumers are armed with the right information to make the best financial decisions, Realtor.com plays an essential role in the home search process for so many Americans and now we’ll be able to provide mortgage education and tools to comparison shop, boosting buyer confidence as they move through the process.”
-Patrick Boyaggi, CEO and co-founder of Own Up
Own Up’s team brings deep mortgage expertise to the Realtor.com online experience, This relationship is a natural fit; together we’re able to expand upon our shared goal of helping Americans find and close on their dream homes,said Realtor.com CFO Bryan Charap.
The housing market is at an inflection point, marked by a lack of inventory and a historic rise in interest rates, and Own Up is uniquely positioned to help consumers navigate one of the most tumultuous components, This next phase of growth will further cement Own Up’s position as the mortgage shopping experts, ensuring no borrower overpays on their mortgage. At this time of inflation and a pending recession, cost-savings has never been more important,said Brian Spaly, General Partner at Brand Foundry Ventures.
About Own Up
Founded in 2016, Own Up is changing the way Americans shop for and secure mortgages, injecting transparency into an opaque process and empowering consumers to make smart financial decisions with the help of intelligent technology and real human advisors.
About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp subsidiary Move, Inc.
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