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.
Half Way
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.
Air Travel
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.
STAY
Blackstone Group Inc. and Starwood Capital Group have agreed to acquire hotel owner and operator Extended Stay America Inc. for $6 billion.
Household Net Worth
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.
Cash-Out Refi
American homeowners cashed out $152.7 billion in home equity last year, a 42% increase from 2019 and the most since 2007.
Stock Index
The Baird-STR Hotel Stock Index grew by 22.4% in February, following an 8.2% month-over-month decline in January. By comparison, the S&P 500 index was up 2.6% in February.
Manhattan Multi
Reduced demand for Manhattan apartments during the pandemic sent median rental prices down more than 17% for the year ending in December. Building owners removed 1,814 apartment listings in Manhattan in February, three times the number of apartments landlords removed from the market in February of 2020.
Apollo Athene
Apollo Global Management Inc. agreed to acquire Athene Holding Ltd. in an all-stock deal that values the annuity business at about $11 billion. The deal is expected to close in January 2022.
Hotel Industry Diversity
The hotel and lodging industry is making a $5 million commitment to reverse patterns of discrimination and exclusion. The five-year plan from the American Hotel & Lodging Foundation aims to increase diversity in the industry.