The 85-room Four Seasons Resort in Napa is expected to sell for $170 million, a near-record of $2 million per key. Demand for the adjoining 21 residences for sale was also strong and all units are in contract.
Households’ expected level of spending a year from now surged to 4.2%, the best reading since June 2015 and predict their future incomes would rise by 2.4%, a 0.2 percentage point increase from the prior month and the highest reading since February 2020.
Raising the federal minimum wage to $15 an hour by 2025 could lift 900,000 Americans above the poverty threshold—but the policy would cost 1.4 million Americans their jobs over the next four years, according to a study released by the nonpartisan Congressional Budget.
The leisure and hospitality sector lost 61,000 jobs in January, following a steep decline of 536,000 in December.
The percentage of U.S. online hotel bookings through hotel websites rose one percentage point last year to 49%, while OTA share fell to 51%.
Research from Moody’s Analytics and the Urban Institute estimates 9.4 million U.S. renter households owed an average of $5,586 in back rent, utilities and related late fees as of January, for a total burden of $52.6 billion.
The total active pipeline count is decelerating and is now below where it was a year ago, down 3% as compared to Q4 2019.
Real-estate co-working startup Knotel Inc. filed for chapter 11 bankruptcy, agreeing for the company to be taken over by real-estate services firm Newmark Group Inc. Newmark is providing Knotel with $20 million in debtor-in-possession financing. New York-based Knotel, founded in 2016, raised hundreds of millions of dollars from investors and in August 2019, Knotel said it had reached a valuation of more than $1 billion.
Households collectively saved $1.4 trillion in the first nine months of last year, about twice as much as what they saved in the same period a year earlier
