Hard Rock International has agreed to buy the operations of the Mirage casino on the Las Vegas Strip from MGM Resorts International for nearly $1.1 billion with plans to build a giant guitar-shaped hotel on the glitzy boulevard.
Lithium Prices
An index of lithium prices doubled between May and November and is up some 240% for the year. The index is at its highest level in data going back five years.
Inflation
U.S. inflation hit a 39-year high of 6.8% last month. Consumer demand and supply shortages continue to pressure prices.
Job Openings
U.S. employers posted 11 million open jobs in October, nearly matching a record high reached in July.
Puerto Rico Occupancy
Puerto Rico’s hotel occupancy during the first 10 months of the year increased to 63.2%, compared with 33.7% for the same period last year. That is barely down from 65.3% in the same period in 2019.
Last Mile Facilities
More than half of U.S. industrial leasing in the third quarter involved users looking for space of less than 100,000 square feet, often a mark of a last-mile facility.
IPO Activity
Nasdaq is poised to beat the New York Stock Exchange in initial public offerings this year, far outpacing its crosstown rival during a record year for capital raised in U.S. public markets. IPOs at Nasdaq have raised $191 billion this year through Friday, compared with $109 billion for new listings at the NYSE.
Hotel Values
Through November, some $3.5 billion in appraised property value had been wiped off the books of hotels due to losses and impeded operations from the pandemic. Updated appraisals collectively equated to a 22% loss in the market value for those properties versus what was recorded prior to Covid-19.
Travel Policy
President Biden will require travelers to the U.S. to provide a negative Covid test within a day of departure and will extend a mask mandate on airplanes and other public transportation beyond the planned January 18 expiration date.
Angel Investing
The number of angel-investment rounds totaled 1,783 in the first nine months of 2021, translating to 2,377 for the full year, which would be up from 1,942 last year and 2,147 in 2019. This pace would produce a 2021 total of $3.6 billion, up from $2.5 billion last year and $2.7 billion in the pre-pandemic year of 2019.