According to government data, total hotel employment stands at roughly 1.92 million. This means there are 191,500 less workers in the industry than there were in February 2020, reflecting the scarcity of available employees since the onset of the pandemic.
Restaurants
Food services accounted for more than 19% of all retail leases last year, rising in recent years to the highest proportion for any category since tracking began in 2007. Total restaurant sales are on track to top $1.1 trillion this year, a 5.4% increase from 2023’s record-high level.
Government Debt
In 2008, the U.S. accounted for about a quarter of all outstanding debt issued by the governments of rich countries. Now it accounts for about half.
Airbnb Hosts
AirBNB hosts in the U.S. has grown to more than 790,000, an eightfold increase since 2014 and up 35% since the start of the pandemic.
Investment Income
Americans in the first quarter earned about $3.7 trillion from interest and dividends, up roughly $770 billion from four years earlier.
Apartment Starts
About half a million new apartments opened in 2023, the most in 40 years. Based on what is already under construction, analysts expect a similar number to be completed in 2024. However, developers are now launching fewer projects amid the financing crunch. Multifamily building starts fell to an annual rate of 322,000 units in April, the lowest April rate since 2020.
Turtle Bay
Host Hotels & Resorts has entered an agreement to acquire fee simple interest in the 450-room Turtle Bay Resort on the North Shore of Oahu, Hawaii. The price for the transaction, which includes a 49-acre land parcel entitled for development, is stated by Host Hotels as approximately $680m. Blackstone Real Estate acquired the hotel in 2018 for $332m. Host Hotels intends to transition management to Marriott and rebrand the resort under The Ritz-Carlton brand.
Private Lending
Goldman Sachs Asset Management’s alternative investment platform raised more than $20 billion for senior direct lending in its latest fund targeting private-equity-backed global businesses.
Chicago Office
Chicago’s office-vacancy rate has soared to 16.3% from 11.9% in early 2020, and it is notably higher than the U.S. average of 13.8%. Some downtown office buildings have sold for less than one-quarter of what they were valued at a few years ago.
Hampton Waffles
Hampton Inn travelers consume 30 million waffles at the hotel chain each year as part of its breakfast buffet.