Blackstone Inc. and Starwood Capital Group, two of the largest real-estate investors in the U.S., agreed to jointly purchase 111 extended-stay hotels under the WoodSpring Suites brand for about $1.5 billion.

STR forecasts the U.S. hotel industry should reach peak occupancy in 2023. In 2024, as group and business transient travel returns, the industry is expected to set a new occupancy record.

Many hotel owners and operators who put off projects amid a demand crisis at the height of the COVID-19 pandemic are now financially able to renovate their properties, but face the same challenges as developers of new projects: higher prices and less availability of materials and construction labor.

The focus on automating hotel operational processes intensified due to the industry labor crisis. Contactless check-in/check-out and automation of day-to-day room rate setting are two leading examples of technology that will be increasingly adopted and refined in response to the lack of staff to complete processes manually.

The Baird/STR Hotel Stock Index — comprising 20 of the largest hotel companies publicly traded on a U.S. stock exchange by market capitalization — was up 11.5% year to date as of Nov. 30. By comparison, the index finished 2020 down 13.2%.

Hard Rock International has agreed to buy the operations of the Mirage casino on the Las Vegas Strip from MGM Resorts International for nearly $1.1 billion with plans to build a giant guitar-shaped hotel on the glitzy boulevard.

Puerto Rico’s hotel occupancy during the first 10 months of the year increased to 63.2%, compared with 33.7% for the same period last year. That is barely down from 65.3% in the same period in 2019.

Through November, some $3.5 billion in appraised property value had been wiped off the books of hotels due to losses and impeded operations from the pandemic. Updated appraisals collectively equated to a 22% loss in the market value for those properties versus what was recorded prior to Covid-19.

President Biden will require travelers to the U.S. to provide a negative Covid test within a day of departure and will extend a mask mandate on airplanes and other public transportation beyond the planned January 18 expiration date.

Brands allowed owners to use their furniture, fixtures and equipment reserves for operating expenses during the pandemic and many hotels weren’t renovated before or during the pandemic. Now those hotels have experienced wear and tear from the increased leisure demand over the last 18 months and some owners do not have enough capital to invest in renovation upgrades.