Year-to-date, rising interest rates, historic inflation and geopolitical volatility have so far had limited negative impact on the U.S. lodging industry’s performance, evidenced by YTD RevPAR surpassing 2019 levels by 6.4%.
Endowment Returns
The median result for endowments and foundations in the fiscal year ended June 30 was a 7.8% loss—the worst showing since 2009.
Fed Losses
Higher interest rates at the Federal Reserve are causing the central bank to now pay out more in interest expenses than it earns in interest income.
PE Real Estate
Real-estate funds managed by private-equity firms have raised $112.8 billion from pension funds and other institutional investors as of Oct. 20. That's down from $157.9 billion in the same period last year.
Health Insurance Costs
For 2022, annual premiums for an employer-provided family plan were $22,463 with employees paying $6,106 of the total. The average cost of an employer health plan for an individual for 2022 was $7,911.
Muni Private Lending
During the three months ended in May 2020, the amount of municipal debt sold privately spiked to 13.4%, the highest share in 13 years on record. It has since retreated to about 8%, or around $36 billion—up from 4% in 2012.
Apartment Demand
Apartment demand in the third quarter was the lowest since 2009, when the U.S. was feeling the effects of the subprime crisis. Measured quarterly, the drop in demand was the worst of any third quarter—normally prime leasing season—in the more than 30 years.
Kushner Veris
Kushner Cos. is making an unsolicited bid for Veris Residential Inc. (formerly known as Mack-Cali Realty Corp) that would value Veris at about $4.3 billion including debt. Kushner offered $16 a share for the real-estate investment trust.
Day Traders
As the stock market swoons, individual investors are placing fewer trades, slowing to 2020 volume.
Ritz Carlton Yachts
Marriott announced the debut of The Ritz-Carlton Yacht Collection, making its foray into the luxury yachting space.