Market News

Host Hotels & Resorts has sold the 1,780-room Sheraton New York Times Square Hotel for $373 million.

Blackstone Inc. agreed to buy student-housing owner American Campus Communities Inc. in a deal valuing the company at about $12.8 billion, including debt, a bet that rents will continue to rise as more college students return to campus.

Home Owner Associations are blocking companies from buying single-family homes, rewriting homeownership rulebooks to thwart investor purchases of suburban housing as rental properties.

Interest on the average 30-year fixed-rate mortgage climbed from 4.72% a week ago to over 5%, its highest level since early 2011. Fifteen months ago, mortgage rates were at all-time lows.

Office building landlords are bracing for a record amount of U.S. office space that is hitting the market this year with leases for 243 million square feet of U.S. office space set to expire in 2022, a 40% increase since 2018.

Airlines are passing higher costs on with domestic ticket prices in March 20% higher than 2019 levels, and up 15% from February,

U.S. inflation accelerated to 8.5% in March, a new four-decade high, as surging energy prices and higher food costs hit consumers.

Economists put the probability of the economy being in recession sometime in the next 12 months at 28%, up from 18% in January and just 13% a year ago.

Compared to pre-pandemic levels, hotel development costs have increased between 15% and 23%.

Europe’s largest mall operator Unibail-Rodamco-Westfield SE wants to shed most of its U.S. properties by the end of 2023, bracing for a potentially sizable loss after it paid about $14 billion four years ago for some of the country’s top-performing malls.