Market News

According to pipeline data as at December 2019, there were 3,867 hotels and 603,037 rooms set to open in 2020. Of these, 322,561 rooms were completed, equating to a 53% completion rate. This is a substantial drop compared to 2019 when completed hotel projects totaled 77% of the pipeline.

Hudson Group, which runs the eponymous convenience shops in U.S. airports and temporarily closed more than 700 of its more than 1,000 stores during the pandemic, has reopened 635 of them.

While not cruising, Carnival Corp. told investors that it expected to burn through an average of $600 million in cash a month just to keep vessels maintained, sustain corporate operations and invest in preparations to return to sea.

The federal eviction moratorium doesn’t guarantee renters the right to renew their leases. When leases expire, that is when many landlords weigh the government’s offered rent assistance payments against the chance to remove a tenant the owner no longer wants in the building.

Alphabet Inc. said it would spend $7 billion this year expanding its footprint of offices and data centers across the U.S., including pouring $1 billion into its home state of California.

For the week of Feb. 28 to March 6, 2021, U.S. hotel revenue per available room was slightly more than half of what it was in 2019, $48.13 compared to $87.75.

Passenger volumes are 40% to 50% below pre-pandemic levels, but nearly 1.36 million people passed through U.S. airport-security checkpoints on Friday, the most in about a year.

Blackstone Group Inc. and Starwood Capital Group have agreed to acquire hotel owner and operator Extended Stay America Inc. for $6 billion.

The Federal Reserve reported that household net worth swelled to $122.9 trillion in the fourth quarter from $116.2 trillion in the third quarter and $111.4 trillion at the end of 2019.

American homeowners cashed out $152.7 billion in home equity last year, a 42% increase from 2019 and the most since 2007.