Ohio real estate builder Paul Kiebler has agreed to choose the Peekand Peak golf and ski resort and is encouraging to make “significant” investments in Chautauqua County facility. Kiebler, through an entity called Kiebler Recreation LLC, has agreed upon an agreement to choose the resort and meeting middle in Findley Lake from Eugene and Norbert Cross, who have possessed the facility since 1988, Peek’n Peak officials said Tuesday.

The resort, which includes been for sale for greater than a 12 months, includes a couple of 18-hole golf programs, 27-ski slopes, 140 condominiums, and a conference focus on 1,100 acres. A Holiday Inn Express Hotel and Suites that opened in July 2001 will still be owned by the Cross family, said Tina Dzuricky, Peekand Peak’s sales and marketing director. Kiebler said in a statement. Kiebler’s main business is Kiebler Properties, a real property development and management company in Chardon, Ohio, about 25 miles northeast of Cleveland. Kiebler Properties is rolling out more than 2,000 multifamily residential units from Cranberry Township, Pa., to Clearwater, Fla.

R. Gordon Mathews, a Pittsburgh real property developer who has built more than 11,000 flats and other commercial projects throughout the national country, is a minority investor in Kiebler Recreation based on his development experience, Kiebler said. Peekat Peak, about 20 kilometers of Erie east, Pa., opened in 1964 with six trails and added a nine-hole golf course almost 10 years later. The holiday resort then got severe financial problems and dropped into receivership in 1975 until 1985, when the Cross brothers paid the debt. Norbert Cross, Peek’n Peek’s president, said in a statement.

The German DAX equities index sank 4.4% (up 12%). Spain’s IBEX 35 equities index was hit 2.7% (up 5.8%). Italy’s FTSE MIB index lost 1.9% (up 22.3%). Most EM equities marketplaces were under great pressure. 1.2 billion (from Lipper), the 3rd, direct week of significant negative moves. Freddie Mac 30-year fixed mortgage rates rose three up to 3.94% (up 7bps-y-t-d).

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1.639 TN, or 58%, within the last 143 weeks. 651bn, or 5.7%, over the past year. The U.S. money index dropped 1.0% to 96.57 (up 7.0% y-t-d). The Goldman Sachs Commodities Index slipped 0.1% to a new multi-year low (down 12.7% y-t-d). August 13 – Guardian (Larry Elliott and Jon Henley): “Greece’s European lenders have underlined the temporary nature of the country’s shock return to development by warning that they have ‘serious concerns’ about the spiraling money of the eurozone’s weakest member. August 11 – Financial Times (Michael Mackenzie and James Kynge): “China’s surprise devaluation of the renminbi has stunned markets and stands to escalate a local currency war.

Further, while a weaker currency is seen helping bolster China’s sagging economy, any macro-benefits must be weighed against costs. These mainly fall on those domestic companies and banks that have dollar-denominated debt and face the chance of paying them back via a weakening renminbi. Among the broader market implications looms further downward pressure on product prices and on blue-chip equities in the developed world, as multinational companies face the prospect of slowing demand from China and a firmer US buck.

A big and more immediate risk, however, is that traders and other emerging market countries will expect further weakness in China’s money. August 11 – Bloomberg (Tracy Alloway): “Many years of the Chinese yuan practically pegged to the U.S. Pocketing the passion between your two netted big returns, however the period of ‘peak’ China bring looks to be arriving to an end following China’s proceed to devalue its currency.