Hospitality

Louisville, Ky. — GBT Realty Corp. has closed on the purchase of approximately 32 acres along Shelbyville Road at I-265 for the development of Middletown Commons in Louisville, Ky. Plans call for the first tenants to open in late 2014.

The mixed-use power center will include more than 225,000 sq. ft. of retail space and six outparcels ranging from 0.6 acres to 1.88 acres. According to GBT Realty, total development costs will likely exceed $50 million.

The high school in Buena Vista, Colo., earned an annual award from athletic apparel manufacturer Russell Brands after it demonstrated courage and perseverance following a tragic event in September.

Dublin, Ohio — The Wendy's Company has sold 30 locations Austin, Texas and another 19 in the Sacramento, Calif.-area in separate transactions. With the completion of the transactions, the company has now either sold or announced sales agreements for a total of 282 restaurants in 2013 as part of its System Optimization initiative.

Lebanon, Tenn. — Cracker Barrel Old Country Store, Inc has considered and rejected a recent filing and statement from top shareholder Sardar Biglari demanding that the company commence a sale process. Cracker Barrel has determined that the continued execution of the company’s existing business strategy is currently the proper course of action for the long-term best interests of the company and its shareholders.

New York -- Due to the holiday rush and related closings, Chain Store Age has extended the deadline for its 32nd annual Retail Store of the Year Design Competition until Wednesday, January 8, 2014.

More than 20 competition categories are featured, including department stores, supermarkets, discounters, restaurants, convenience stores, specialty stores, service, sustainability and pop-up stores. This year, for the first time, the competition also includes the category of in-store digital innovation.

Glendale, Calif. — DineEquity, Inc., parent company of IHOP Restaurants, has opened the first IHOP restaurant in Saudi Arabia. The restaurant, located in “Le Mall,” is part of a seven-brand restaurant destination in Jeddah, which opened Dec. 14.

Atlanta -- An affiliate of Roark Capital Group has acquired a majority stake in CKE Restaurants Inc., owner of Carl's Jr., Hardee's and various other quick-serve restaurant chains.

Walnut Creek, Calif. — Transwestern has brokered leases on behalf of two retail tenants: 9Round Fitness & Kickboxing and Buon Vino Manufacturing.

9Round Fitness has taken a 1,300-sq.-ft. lease for five years in the Diablo Plaza in San Ramon, Calif.  Buon Vino signed a 1,635-sq.-ft. lease for three years at 1545 Locust St. in downtown Walnut Creek, Calif.