A venture between Hackman Capital Partners and Square Mile Capital Management has agreed to pay more than $1.8 billion for the historic CBS Studio Center in Los Angeles, the latest deal in the red-hot studio sector.
Frequent Flier Programs
Status matters to travelers. The usefulness of loyalty programs for many road warriors isn’t the free trips with accumulated miles or points. It’s the perks that come from qualifying for elite tiers: better seat selection, early boarding, free checked bags, upgrades, priority for rebooking and standby seats, special phone numbers and priority queues at airports.
CONE
CyrusOne, a real-estate investment trust that designs, builds and operates data centers, is selling itself to investment company KKR & Co. and Global Infrastructure Partners LLC in an all-cash transaction valued at about $15 billion.
Pipeline Leaders
The franchise companies leading the U.S. construction pipeline with the greatest number of new construction projects are Marriott International with 1,286 hotels and 166,174 rooms, Hilton with 1,223 hotels and 139,742 rooms, and IHG Hotels & Resorts with 769 hotels and 77,558 rooms. These three franchise companies comprise 68 percent of the total construction pipeline projects.
Four Seasons Napa
Sunstone Hotel Investors Inc. has agreed to pay about $175 million for the 85-room Four Seasons Napa hotel. The price tag amounts to about $2.1 million per hotel room key. When the Four Seasons sale closes, it will be the second highest valued U.S. hotel deal ever,
CorePoint
Highgate and Cerberus will acquire all outstanding shares of CorePoint common stock in an all-cash transaction valued at approximately $1.5 billion based on the $15.65 per share consideration, which reflects the assumption of current net debt.
Inflation
U.S. inflation hit a three-decade high of 6.2% in October.
GE
General Electric plans to split into three public companies focused on aviation, healthcare and energy.
Hotel Pipeline
As of September, there were 1,364 hotels in construction in the U.S., representing 172,251 rooms. Additionally, there are 1,867 hotels with 205,829 rooms in the final planning phase and 2,217 hotels with 263,673 rooms in the planning phase.
Airbnb Rebound
Airbnb posted record revenue in the third quarter, punctuating its rebound from the collapse in bookings during the early days of the pandemic.