REAL ESTATE

Newport Beach-based Teachers Management & Investment Corp., which manages a $700-million real estate portfolio for 50,000 educators, has opened a $41-million hotel in Walnut Creek and purchased a $4-million office building in Seattle.

The 350-room Ramada Renaissance hotel in Walnut Creek in Northern California is the fourth hotel in the TMI portfolio. The company contracts with hotel operators such as Ramada to manage the properties.

The four-story, 48,000-square-foot Seattle office building is the first Washington property owned by TMI.