In the second quarter of 2021, $13 billion in hotel transactions have taken place — the highest ever and twice the amount of transactions as happened in 2019.

While extended stay hotel occupancy dipped in January 2021 amid a second wave of COVID-19 and a slow start to the U.S. vaccination rollout, the segment maintained its occupancy premium over other types of hotels, averaging occupancy 20 points higher than non-extended stay hotels.

Fifty-four U.S. hotel markets (33%) entered the “recovery” category, up from 30% the prior week, but 20 markets remained in the “recession” category, with RevPAR between 50% and 80% of 2019 levels.

MGM Resorts International formally proposed building a $9 billion casino resort in Osaka, reinvigorating its push to open Japan’s first casino gambling facility after pandemic-related delays.

The share of U.S. restaurant and hotel workers leaving their jobs hit a two-decade high in May at 5.7%. Though the latest jobs report shows restaurants and bars added 194,000 jobs in June, employment at such establishments remains down by 1.3 million jobs since the pandemic began.

MGM Resorts entered into a definitive agreement to purchase Infinity World Development’s 50% interest in the massive mixed-used CityCenter complex for $2.1 billion, a price that represents an implied valuation of $5.8 billion based on net debt of $1.5 billion. MGM Resorts then plans to sell the properties to affiliates of Blackstone Real Estate Income Trust for $3.89 billion in cash, which represents a multiple of 18.1 times rent. Following the acquisition, both properties are to be leased back to MGM Resorts for initial annual rent of $215 million.

The Baird-STR Hotel Stock Index declined by 3% in June, underperforming both the S&P 500 and RMZ indexes, which were both up 2.2% for the month.

CMBS hotel loans weigh on industry recovery as delinquencies decline but more borrowers are seeking workouts for their debt.

Including temporarily closed hotels, weekly U.S. hotel occupancy was 63%, the highest since the start of the pandemic in March 2020, and weekend occupancy also set a pandemic-era record at 75%.

Shareholders approve Extended Stay America sale to Blackstone and Starwood Capital for $20.50 per paired share. The transaction includes the Extended Stay America brand, management operations and its owned hotel portfolio, which at the close of 2020 comprised 563 properties. The deal is scheduled to close on June 16.