If the proposed policy is passed, Los Angeles will be the first city in America to house the homeless and paying guests together in hotels. A poll indicated that 71% of Americans said they would be deterred from visiting Los Angeles for leisure or vacation if hotels were mandated to implement the policy.
The cold storage sector has long been a specialized corner in the $20 trillion commercial real-estate industry. But it is gaining traction with big property investors like Related and others, who believe that changes in the supply chain and the growing number of consumers who want more local food and diverse brands will boost this business. Cold storage inventory fell about 7% from peak to trough during the pandemic.
The tried-and-true 60-40 portfolio lost 17% last year, its worst performance since at least 1937. Even with a 14% gain in the S&P 500 helping the strategy recover in 2023, stocks and bonds have moved in tandem, more over the past three years than any time since 1997.
During the first nine months of 2023, more than 22% of flights to or from U.S. airports were delayed. That’s up from roughly 17% during the same period in 2019.
Choice Hotels made public a $7.8 billion offer for Wyndham Hotels & Resorts, saying Wyndham had disengaged in private discussions over a deal to combine two of the largest owners of budget hotels. Choice said it is offering to buy Wyndham for $90.00 a share, including $49.50 a share in cash, while the rest would come from stock. The offer marks a 30% premium over Wyndham’s closing stock price of $69.10 on Monday.
The highest mortgage rates in 23 years are dragging down home sales to their lowest levels since the subprime crisis period. Sales of previously owned homes in 2023 are expected to dwindle to around 4.1 million, which would mark the smallest number of sales since 2008.
IRS migration data found that California lost more than $340 million in 2021 IRS tax revenue due to residents moving. New York experienced the second-biggest drop losing just under $300 million from its yearly tax base.
The hospitality technology industry is growing rapidly through guest-facing tech. This industry has the potential to become a $6-billion category, highlighting the significance of apps from mobile check-in and keyless room entry to personalized recommendations based on guest data.
Industry estimates indicate that members of the S&P 500 will report earnings per share were 1.3% higher than a year earlier—a nice improvement from the second quarter’s decline of 2.8%.