Blackstone has about $25 billion invested in U.S. hospitality assets, excluding its gaming business and plans to be more active this year, buying between $4 billion and $5 billion worth of hotel acquisitions in 2024. Blackstone is also focused on reinvesting about $2 billion into its existing hotel portfolio, including the Hotel Del Coronado and Grand Wailea Resort.
Office Delinquency
The office delinquency rate on mortgages that have been converted into securities has soared to 6.63%, more than triple the 1.87% rate in January 2020.
McDonalds Krispy Kreme
McDonald’s will start rolling out Krispy Kreme donuts in the second half of this year, and they will be available all over the country by the end of 2026.
CA Minimum Wage
A California state law is set to raise fast-food workers’ wages in April to $20 an hour. Some restaurants there are already laying off staff, halted hiring or are scaling back workers’ hours as they try to cut costs.
Compass Settlement
Real-estate firm Compass increase; green up pointing triangle said it reached a $57.5 million settlement over allegations that it was part of a conspiracy to keep real-estate commissions high, the first big brokerage to reach such an agreement since the National Association of Realtors’ landmark settlement last week.
Vitruvian Sale
Vitruvian Partners, an investment firm with $17.5 billion of assets under management, is exploring options including the sale of a minority stake. The firm has held discussions about a potential transaction with investors including Blue Owl Capital and Blackstone.
Hotel REIT Outlook
Executives of publicly traded hotel real estate investment trusts say they're actively engaging in opportunities to both buy and sell, and the second half of 2024 could bring increased competition for assets as investors have more conviction to participate in the market.
Retail Location Data
Pings and GPS signals from shoppers’ cellphones tell retailers not only how many people visit a mall or strip center a day, but also what time they go, how long they stay, where they shop and how many times a year they are likely to come back.
Austin Peak
Home prices and apartment rents in Austin, Texas, have fallen more than anywhere else in the country, after a period of overbuilding and a slowdown in job and population growth. Rents are down 7% while more home buyers searching sales listings are looking to move away from the Austin area than looking to move to it.
NYC Rentals
Median rents in Manhattan, Brooklyn and Northwest Queens hit record highs in February as New Yorkers grapple with an ongoing affordability crisis. New lease signings also climbed, setting year-over-year records in Manhattan and Queens and the second-highest record for Brooklyn.