Market News

A union representing hotel housekeepers is asking guests to request daily room cleaning as a way to secure housekeepers’ jobs and ease strain.

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 is set to acquire Watermark Lodging Trust in a $3.8-billion all-cash transaction, which includes 25 properties, including five Ritz-Carlton hotels.

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.

Apartment rents have soared 58% in the Miami area over the past two years.

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.

The sale of nonfungible tokens fell to a daily average of about 19,000 this week, a 92% decline from a peak of about 225,000 in September. The number of active wallets in the NFT market fell 88% to about 14,000 last week from a high of 119,000 in November.

The project is aiming to finish before the end of next year, though work may continue into 2024, with costs now are expected to run to more than $2 billion. That means the total acquisition and conversion costs will approach or potentially exceed $4 billion, making it one of the largest, most intricate and most expensive condo conversion and hotel rebuild projects undertaken.

Stocks skidded Friday, with the Dow falling more than 900 points. An April tech rout pushed the Nasdaq down 13% for the month, its worst since 2008.

U.S. equity fund allocations to real estate, a guide for sentiment among professional money managers, have fallen to 2.4%, from 3.1% before the pandemic, according to data from Emerging Portfolio Fund Research. Global allocations have also dipped. Meanwhile, inflows into listed real-estate funds, a better proxy for attitudes among retail investors, are increasing.