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Recent Articles from Katherine Schulte
CV International subsidiary acquires Ga. shipping company
Norfolk-based CV International Inc. subsidiary Capes Shipping Agencies announced Wednesday that it had acquired Savannah, Georgia-based Ryan Ship Services LLC. Financial terms of the transaction were not disclosed. “This merger will be a great fit for both of our companies, and the timing was perfect,” CVI President and CEO Mike Coleman said in a statement. […]
Digging in
As the largest highway construction project in state history, the $3.8 billion Hampton Roads Bridge-Tunnel expansion is without question the most notable road project currently underway in Virginia. Construction began in October 2020, and workers made a lot of progress last year, remaining on track to reach the Virginia Department of Transportation’s goal of a […]
Harder, better, faster, stronger
On March 20, 1922, the U.S. Navy commissioned its first aircraft carrier: the USS Langley. A century later, the Navy is hosting centennial events around the country, including in Norfolk, where the USS Langley was converted into the Navy’s first carrier from the USS Jupiter, the Navy’s first electrically propelled ship. The Jupiter was decommissioned […]
March NoVa home sales down 4.9% from 2021
Northern Virginia saw fewer home sales last month compared with March 2021 due to low inventory and higher rates, according to a Northern Virginia Association of Realtors report published Friday. The market saw a 4.9% decline in home sales over March 2021, not far off from the 4.5% drop nationwide. “I expect that rapid price […]
Fairfax County retail portfolio sells for $200M
A portfolio of retail buildings in Fairfax County’s Kingstowne community has sold for $200 million, Avison Young’s Capital Markets Group announced Thursday. The portfolio has 410,398 combined square feet of retail space anchored by Safeway and Giant supermarkets and includes part of Kingstowne Towne Center and of Kingstowne Shopping Center. It has 61 tenants, and […]
Bon Secours Richmond president leaving for Pa. health system
Bon Secours Mercy Health Richmond President Faraaz Yousef will be leaving the health system to become chief operating officer and an executive vice president for Pennsylvania-based WellSpan Health. He will end his tenure at Bon Secours on April 29 and the health system is conducting a national search for his successor. “Faraaz has led the […]
Fifth District economy growth is moderate, Fed says
The Federal Reserve’s Fifth District (including Virginia, North Carolina, South Carolina, West Virginia and Maryland) continued to grow moderately despite supply chain issues, labor shortages and rising prices, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. The Beige Book is published eight times per year and is based on anecdotal information [...]
Hilb Group acquires Vt. insurance agency
Henrico County-based insurance company the Hilb Group LLC announced Thursday it has acquired Vermont-based Paige & Campbell Inc. and its subsidiary the Taylor-Palmer Agency. Financial terms of the transaction were not disclosed. “Paige & Campbell brings a long-standing history of expertise, a reputation of outstanding service and extensive relationships that represent a terrific matc[...]
Va. hotels expect 28% drop in 2022 biz travel revenue
Virginia hotel revenue from business travel this year is projected to be down 28.3% from pre-pandemic levels, or about $674 million less than the $2.39 billion the lodging industry took in during 2019, according to a report released Tuesday by the American Hotel & Lodging Association and Kalibri Labs. Nationally, the associations forecasts a 23% […]
Booz Allen to sell Middle East/N. Africa biz
New York-based management consulting firm Oliver Wyman announced last week that it has entered an agreement to acquire McLean-based Fortune 500 global management consultant Booz Allen Hamilton Inc.’s business serving the Middle East and North Africa (MENA) region. Financial terms of the transaction, which is expected to close this year, were not disclosed. Oliver Wyman […]
