Nice profit on Colorado, however Desert Passage and Hollywood-Highland-Kodak are removed from the "For Sale" list. Even at write-down prices it seems that no one wants them. The moral is "Don't go on ego trips".
With new mall being built by Rouse in LV that will be bigger than the Mall of America in MN.... with SPG/CPG JV to build large outlet mall in LV. Desert Passage is a dead meat center in the wrong location. It will sell for much lower and TRZ wants to avoid another writedown to be sure. Hollywood Highland is a tribute to Munk's incredible ego.
$24M profit on a $90M investment in a little over a year since Paseo Colorado opened is very nice indeed. Paydown debt tied to Paseo of around $73M and have almost $40M cash for debt reduction. Unfortunately, pales to the $239M writedowns of the other 2 retail centers mentioned above.