The Trump International Hotel Waikiki, in Honolulu, Hawaii, is set to rebrand under Hilton’s luxury LXR Hotels & Resorts brand. The hotel will be renamed Wākea Waikiki Beach and managed by Hilton beginning in February 2024, after the property owner Irongate and Trump Hotels came to a “mutual agreement” to sever ties after a “significant buyout of the hotel management and license agreements.”
Home Sales & Prices
With mortgage rates near 8% and average home prices hitting record highs, sales of existing homes were down 15.4% year-over-year in September.
Signature Loan Auction
Regulators closed Signature Bank in March after a run on its deposits, marking the fourth-largest bank failure in U.S. history. Now, the Federal Deposit Insurance Corp. is auctioning off thousands of Signature loans backed by apartment buildings and other commercial properties primarily in the New York region. Bids are due Thursday on what is the biggest and most closely watched commercial-property sale of the year. Loans are expected to sell on average 15% to 40% below their original face amount.
WeWork Leases
Through bankruptcy, WeWork filed a motion to reject approximately 69 active leases, 40 of which are in New York. The company also said it is in active negotiations with more than 400 landlords to amend existing leases.
Bain Guidehouse
Bain Capital is close to acquiring Guidehouse, a consulting firm that advises government organizations and businesses, in a deal valuing it at $5.3 billion including debt.
China Trade
China passed a significant milestone last fall: For the first time since its economic opening more than four decades ago, it traded more with developing countries than the U.S., Europe and Japan combined.
SIX FUN
Six Flags (SIX) and Cedar Fair (FUN) are joining forces in a roughly $2 billion all-stock deal to form a powerhouse in the regional theme-park industry. Six Flags shareholders will receive 0.58 share of common stock in the new company for each share they own and Cedar Fair unit holders will receive one share for each unit they own. The company is structured as a master limited partnership.
WeWork Bankruptcy
WeWork is planning to file for bankruptcy as early as next week in what would mark a stunning reversal for the flexible-office-space venture that was once valued at $47 billion.
Commercial Lending
The entire commercial property debt market—including banks, commercial mortgage securities and nonbank lenders and others—increased less than 1% in the second quarter. That was the lowest quarterly rise since the first quarter of 2014.
Paid Time Off
Employers offer 80% of workers paid sick leave, up from 67% a decade ago. Paid vacation expanded to 77% of the workforce from 74%. And paid family leave, with the most dramatic jump, increased to 27% from 12%.