For April, U.S. hotel average daily rate was up 35% compared to April 2020, marking 12 consecutive months of double-digit, year-over-year improvement in the metric.
Market Declines
The Dow Jones Industrial Average closed Wednesday down 1164.52 points, or 3.6%, and the S&P 500 dropped 4%, or 165.17 points. The Dow and S&P recorded their worst percentage declines since June 11, 2020.
SPAC Update
An exchange-traded fund tracking companies that have merged with SPACs is down about 30% for the year, a much sharper drop than the broader market.
SEC Climate-Change Rule
The Securities and Exchange Commission estimates the plan will raise the cost to businesses to comply with its disclosure rules from $3.9 billion to $10.2 billion. The leap in expense equates to an ongoing additional cost of $420,000 a year on average for a publicly listed small company and $530,000 a year for a bigger firm, the SEC said.
Hotel Housekeeping
A union representing hotel housekeepers is asking guests to request daily room cleaning as a way to secure housekeepers’ jobs and ease strain.
Crypto
Traders’ flight from risky investments has halved the price of bitcoin and other cryptocurrencies, wiping out more than $1 trillion worth of digital money since November. Bitcoin and Ethereum are down 60% from their highs.
Brookfield Watermark
Brookfield is set to acquire Watermark Lodging Trust in a $3.8-billion all-cash transaction, which includes 25 properties, including five Ritz-Carlton hotels.
Inflation Rate
U.S. consumer inflation eased in April to an 8.3% annual rate marked the first decline in eight months, down from an 8.5% annual rate in March.
Miami Apartments
Apartment rents have soared 58% in the Miami area over the past two years.
IRS Interest Payments
In fiscal year 2021, the IRS paid $3.3 billion in interest to tax filers, more than triple what it paid in 2015. For the fiscal year that started in October, refund interest payments through March are down 11% but still well above 2019 levels.