#opencomp

[paolobrand]

This place is as crazy as I am! It’s utterly AMAZING 🤩⛳️ From Carnival one day to iconic golf course the next. It’s quite the journey. But it wrecked me after 2 days raving hard! 🥊 These two worlds really don’t mix, it’s one or the other. So kids, don’t try do both like me! The holes, the quirk, the views. Straight into my Top 10, but damn she beat me up badly! Mark my words, if conditioning isn’t a key factor, this will be in the world top 100. One day… 😅 #ifyouknowyouknow #golf #golfclub #gower #swansea #golflife #threecliffsbay #gorse #cliffs #sanddunes #heather #worldtop100 #pennardgolfclub #opencomp carnival #carnaval #festa #festival #caribbean #soexcited #younevergetold #nottinghillcarnival #summer #nofilter (at Pennard GolfClub) https://www.instagram.com/p/Ch7gnRjD28d/?igshid=NGJjMDIxMWI=

[un-enfant-immature]

4 common mistakes startups make when setting pay for hybrid workers

Thanh Nguyen Contributor

Thanh Nguyen is the CEO and co-founder of OpenComp.

Leaders and senior management everywhere are grappling with how (or not) to bring employees back to the office. It’s a high-stakes decision: Fifty-eight percent of workers said they will look for new jobs if they can’t work remotely, according to a FlexJobs survey.

An often overlooked and/or cobbled-together piece of this puzzle is compensation. And inside the transition to hybrid work, compensation planning encapsulates a cacophony of nuances for founders, people leaders and compensation experts.

Here are just a few new questions this group needs to answer:

Do we adjust salaries for people who have moved to different regions?

Do we alter pay for employees performing the same role, with the same title, when one is remote and the other is in-office?

How can we educate geographies that aren’t as familiar with the value of equity as is, say, Silicon Valley?

As we’ve seen in recent weeks, the answers to these questions are different for us all. Google employees who work from home may experience a pay cut. Adobe workers can self-select what days they work remotely, up to 50% of the time, with no salary impact. Meanwhile, LinkedIn just loosened its policy, allowing employees to work from home permanently.

The first step in developing a compensation plan — regardless of your company’s stance on distributed work — is determining how your team’s pay compares with the market.

Regardless of your startup’s stance on the topic, having a consistent compensation philosophy that you apply to your evolving workplace has a unicorn-sized influence on important growth metrics: attracting and keeping top talent, as well as creating a culture of trust and performance.

As the CEO of a compensation intelligence company, I see four common mistakes that startups commit when compensation planning that hinder successful remote or hybrid workforces. Here are the ways to sidestep them.

1. Using subpar data for competitive analysis

The first step in developing a compensation plan — regardless of your company’s stance on distributed work — is determining how your team’s pay compares with the market. To understand market rates, you need one thing: data.

If you’re moving from a strictly office-based environment to a hybrid model, 2019 data won’t work. While it’s tempting to search for free data online or use survey data that your company has purchased in the past, both approaches have risks. Traditional compensation survey information is stale, limited and often not verified. And spreadsheets are hyperprone to error and security risks because they involve manual, and often super laborious, work.

In a world that’s still reacting to a pandemic, only fresh, real-time, accurate benchmarks and pay ranges are sufficient. Both must reflect aggregated information about what others in your segment are paying employees — by experience level, role, department, geography, industry and company size.

For example, technology startups need different data sources than global financial services organizations. Both need information geared toward companies of a similar size and stage. Software engineer salaries need to reflect those of similar roles, with nuances for those that specialize in machine learning, data science, etc.

You’d be shocked how often self-reported data on free websites is inaccurate and unverified. As you seek a credible intelligence source for your compensation data, a data source must:

[juditmiltz]

Brookfield under contract to buy PGA National Resort & Spa for $255M: report

PGA National Resort & Spa and managing partner at Walton Street Capital Neil G. Bluhm (Credit: PGA National Resort and Walton Street Capital)

Brookfield Asset Management is under contract to buy the PGA National Resort & Spa in Palm Beach Gardens for $255 million, the Palm Beach Post reported.

If the sale goes through, Brookfield would pay $85 million more than what PGA National’s current owner, Walton Street Capital, paid for the property in 2006. The $255 million sale price, reported by OpenComps, would equate to about $752,000 per hotel room. OpenComps tracks commercial real estate sales.

Walton Street Capital put the property on the market earlier this year with Hodges Ward Elliott of Atlanta.  Walton Street bought the resort in 2006 for $170 million from developer E. Llwyd Ecclestone Jr. It features 339 hotel rooms, a 40,000-square-foot spa, 42,000 square feet of meeting space and five 18-hole golf courses, and is also home to the Honda Classic Golf Tournament.

In April, PGA National announced it would close its Champion course for four months over the summer to renovate all 18 of its greens. The course is expected to reopen in about a month.

Brookfield is a Toronto-based global asset manager with more than $285 billion in assets under management. In August, the firm secured an option to buy the land under 666 Fifth Avenue in New York City from Kushner Companies as part of a deal to lease the office tower for 99 years. That same month, Brookfield Property Partners completed a $15 billion acquisition of Chicago-based GGP.

Brookfield has also been active in South Florida. In June, it purchased the Hilton Fort Lauderdale Marina for $170.6 million from the Blackstone Group. It also owns the Diplomat Resort & Spa Hollywood. [Palm Beach Post] – Keith Larsen

from The Real Deal Miami https://therealdeal.com/miami/2018/09/24/brookfield-under-contract-to-buy-pga-national-resort-spa-for-255m-report/ via IFTTT

[alfredrserrano]

Brookfield under contract to buy PGA National Resort & Spa for $255M: report

PGA National Resort & Spa and managing partner at Walton Street Capital Neil G. Bluhm (Credit: PGA National Resort and Walton Street Capital)

Brookfield Asset Management is under contract to buy the PGA National Resort & Spa in Palm Beach Gardens for $255 million, the Palm Beach Post reported.

If the sale goes through, Brookfield would pay $85 million more than what PGA National’s current owner, Walton Street Capital, paid for the property in 2006. The $255 million sale price, reported by OpenComps, would equate to about $752,000 per hotel room. OpenComps tracks commercial real estate sales.

Walton Street Capital put the property on the market earlier this year with Hodges Ward Elliott of Atlanta.  Walton Street bought the resort in 2006 for $170 million from developer E. Llwyd Ecclestone Jr. It features 339 hotel rooms, a 40,000-square-foot spa, 42,000 square feet of meeting space and five 18-hole golf courses, and is also home to the Honda Classic Golf Tournament.

In April, PGA National announced it would close its Champion course for four months over the summer to renovate all 18 of its greens. The course is expected to reopen in about a month.

Brookfield is a Toronto-based global asset manager with more than $285 billion in assets under management. In August, the firm secured an option to buy the land under 666 Fifth Avenue in New York City from Kushner Companies as part of a deal to lease the office tower for 99 years. That same month, Brookfield Property Partners completed a $15 billion acquisition of Chicago-based GGP.

Brookfield has also been active in South Florida. In June, it purchased the Hilton Fort Lauderdale Marina for $170.6 million from the Blackstone Group. It also owns the Diplomat Resort & Spa Hollywood. [Palm Beach Post] – Keith Larsen

from The Real Deal Miami https://therealdeal.com/miami/2018/09/24/brookfield-under-contract-to-buy-pga-national-resort-spa-for-255m-report/ via IFTTT

[juditmiltz]

Michael Dell’s MSD Capital buying 1 Hotel South Beach for more than $500M

1 Hotel South Beach, Barry Sternlicht and Michael Dell

Billionaire Michael Dell’s MSD Capital is buying 1 Hotel South Beach for about $500 million, or more than $1 million per key.

Starwood Capital Group, led by Barry Sternlicht, is selling the beachfront 426-key hotel at 2341 Collins Avenue for about $1.2 million a room, according to the Commercial Observer. The deal, which is reportedly in contract, would set a record for hotel sales in Miami, beating out the $1 million per key (or $325 million sale) of the Ritz-Carlton Key Biscayne in 2015.

Hodges Ward Elliott is the listing broker, sources said. The “eco-luxury” hotel hit the market about two years ago along with Sternlicht’s 1 Hotel Central Park and 1 Hotel Brooklyn Bridge.  OpenComps, a website that tracks commercial real estate deals, reported the $500 million price of the Miami Beach property, citing the Commercial Observer.

The buyer, MSD Capital, is a private investment firm that manages Dell and his family’s assets. Dell, chairman and CEO of Dell Technologies, is worth about $28 billion, according to Forbes. Most of his fortune is in the investment firm, which has offices in West Palm Beach, New York and Santa Monica, Forbes reported.

Sternlicht redeveloped the former Gansevoort Hotel property into 1 Hotel & Homes with joint venture partner LeFrak. The hotel, which opened in 2015, features three restaurants, four outdoor swimming pools, 57 cabanas and daybeds and an 18,000-square-foot gym and spa. Property records show affiliates of Starwood, LeFrak and Invesco acquired the property in 2012.

Spokespersons for MSD Capital, Sternlicht and Hodges Ward Elliott declined to comment.

Other top hotel sales in South Florida in recent years include Thayer Lodging Group’s $460 million purchase of Hollywood’s Westin Diplomat Resort in 2014, which broke down to about $461,000 per room.

Brookfield Asset Management is also reportedly under contract to buy the PGA National Resort & Spa in Palm Beach Gardens for $255 million, or about $752,000 per key. [CO] – Katherine Kallergis

from The Real Deal Miami https://therealdeal.com/miami/2018/09/25/michael-dells-msd-capital-buying-1-hotel-south-beach-for-more-than-500m/ via IFTTT

[juditmiltz]

Michael Dell’s MSD Capital buying 1 Hotel South Beach for more than $500M

1 Hotel South Beach, Barry Sternlicht and Michael Dell

Billionaire Michael Dell’s MSD Capital is buying 1 Hotel South Beach for about $500 million, or more than $1 million per key.

Starwood Capital Group, led by Barry Sternlicht, is selling the beachfront 426-key hotel at 2341 Collins Avenue for about $1.2 million a room, according to the Commercial Observer. The deal, which is reportedly in contract, would set a record for hotel sales in Miami, beating out the $1 million per key (or $325 million sale) of the Ritz-Carlton Key Biscayne in 2015.

Hodges Ward Elliott is the listing broker, sources said. The “eco-luxury” hotel hit the market about two years ago along with Sternlicht’s 1 Hotel Central Park and 1 Hotel Brooklyn Bridge.  OpenComps, a website that tracks commercial real estate deals, reported the $500 million price of the Miami Beach property, citing the Commercial Observer.

The buyer, MSD Capital, is a private investment firm that manages Dell and his family’s assets. Dell, chairman and CEO of Dell Technologies, is worth about $28 billion, according to Forbes. Most of his fortune is in the investment firm, which has offices in West Palm Beach, New York and Santa Monica, Forbes reported.

Sternlicht redeveloped the former Gansevoort Hotel property into 1 Hotel & Homes with joint venture partner LeFrak. The hotel, which opened in 2015, features three restaurants, four outdoor swimming pools, 57 cabanas and daybeds and an 18,000-square-foot gym and spa. Property records show affiliates of Starwood, LeFrak and Invesco acquired the property in 2012.

Spokespersons for MSD Capital, Sternlicht and Hodges Ward Elliott declined to comment.

Other top hotel sales in South Florida in recent years include Thayer Lodging Group’s $460 million purchase of Hollywood’s Westin Diplomat Resort in 2014, which broke down to about $461,000 per room.

Brookfield Asset Management is also reportedly under contract to buy the PGA National Resort & Spa in Palm Beach Gardens for $255 million, or about $752,000 per key. [CO] – Katherine Kallergis

from The Real Deal Miami https://therealdeal.com/miami/2018/09/25/michael-dells-msd-capital-buying-1-hotel-south-beach-for-more-than-500m/ via IFTTT

[alfredrserrano]

Brookfield under contract to buy PGA National Resort & Spa for $255M: report

PGA National Resort & Spa and managing partner at Walton Street Capital Neil G. Bluhm (Credit: PGA National Resort and Walton Street Capital)

Brookfield Asset Management is under contract to buy the PGA National Resort & Spa in Palm Beach Gardens for $255 million, the Palm Beach Post reported.

If the sale goes through, Brookfield would pay $85 million more than what PGA National’s current owner, Walton Street Capital, paid for the property in 2006. The $255 million sale price, reported by OpenComps, would equate to about $752,000 per hotel room. OpenComps tracks commercial real estate sales.

Walton Street Capital put the property on the market earlier this year with Hodges Ward Elliott of Atlanta.  Walton Street bought the resort in 2006 for $170 million from developer E. Llwyd Ecclestone Jr. It features 339 hotel rooms, a 40,000-square-foot spa, 42,000 square feet of meeting space and five 18-hole golf courses, and is also home to the Honda Classic Golf Tournament.

In April, PGA National announced it would close its Champion course for four months over the summer to renovate all 18 of its greens. The course is expected to reopen in about a month.

Brookfield is a Toronto-based global asset manager with more than $285 billion in assets under management. In August, the firm secured an option to buy the land under 666 Fifth Avenue in New York City from Kushner Companies as part of a deal to lease the office tower for 99 years. That same month, Brookfield Property Partners completed a $15 billion acquisition of Chicago-based GGP.

Brookfield has also been active in South Florida. In June, it purchased the Hilton Fort Lauderdale Marina for $170.6 million from the Blackstone Group. It also owns the Diplomat Resort & Spa Hollywood. [Palm Beach Post] – Keith Larsen

from The Real Deal Miami https://therealdeal.com/miami/2018/09/24/brookfield-under-contract-to-buy-pga-national-resort-spa-for-255m-report/ via IFTTT