Four NBA All-Stars are helping fund a new Harvard University real-estate development, joining more than 150 Black and Latino professionals in backing the roughly $1 billion project.
Hotel Development
Projections show roughly 0.5% supply growth compared to the long-term average of about 2%. The average time it takes the industry to grow from its low supply pace back to its long term average is about five years.
Air Travel
Corporate trips remain 70% or more below pre-pandemic levels, according to airlines.
Hospitality Jobs
Hospitality jobs are rising but are still lower than a year ago. On the job site Indeed, hospitality and tourism job postings were 6.7% lower as of May 14 than on Feb. 1, 2020.
Group Demand
Year to date, U.S. hotels have sold an average of 56,000 group rooms per night, compared to 246,000 group rooms per night in 2019.
DJIA Anniversary
One hundred twenty-five years ago, the Dow Jones Industrial Average made its debut. The index of 12 smokestack companies closed that first trading day, May 26, 1896, at 40.94.
Fed Balance Sheet
The Federal Reserve’s collection of bonds, cash and other holdings could reach $9 trillion by 2023, as compared to the currently level of $7.9 trillion and just over $4 trillion at the end of February last year before the coronavirus pandemic.
Recovery Rates
Visits to airports, hotels and theaters in less vaccinated states had recovered in April to 71.2% of pre-pandemic levels versus 52.7% in more vaccinated states.
Airbnb Length of Stay
At Airbnb, the length of stay is increasing. In 2019 at this period of time, 14% of bookings were longer than 28 days. Now, 24% of Airbnb nights are longer than 28 days.
U.S. Listed Deal Value
Year-to-date, $312 billion of registered equity offerings through IPOs, SPACs and follow-on deals came to market in the U.S. That figure exceeds the total annual average of $290 billion that came to market in the U.S. over the last decade.