The hotel and lodging industry is making a $5 million commitment to reverse patterns of discrimination and exclusion. The five-year plan from the American Hotel & Lodging Foundation aims to increase diversity in the industry.
Buyout firms’ global real estate funds are now sitting on more than $300 billion of unspent cash.
Las Vegas Sands Corp. said it has agreed to sell its Las Vegas properties, including the Venetian Resort Las Vegas and the Sands Expo and Convention Center, for about $6.25 billion as it looks to reinvest in its core Asia operations.
It is estmated that 17% of renters are now behind on their payments—three times the typical rate. Unpaid rent exceeds $52 billion with the average delinquent household owing $5,586.
Mortgage lenders originated a record $3.69 trillion worth of mortgages last year. With the 30-year mortgage rate near 2.97%, between 15.2 million and 16.7 million Americans could lower their monthly mortgage payments through a refinancing.
The CDC order covers tenants who can’t pay their full rent due to a substantial loss of household income, loss of compensable hours of work, a layoff or extraordinary medical expenses. While the intent of the CDC moratorium was to prevent the spread of Covid, there is no requirement in the order that the income loss be due to Covid.
The Fed will continue to support the economy with near-zero interest rates and large-scale asset purchases until “substantial further progress has been made,” a standard that Mr. Powell said “is likely to take some time” to achieve.
Since February 2020, the leisure-and-hospitality sector has shed nearly four million jobs, roughly a quarter of its workforce. As of January 2021, 15.9% of the industry’s workers remained unemployed; more than any other industry.
