The existing Interstate Hotels & Resorts portfolio, which has operated as Aimbridge’s international division since 2019, comprising some 114 properties (15,000 rooms) across the UK and Europe will be rebranded Aimbridge EMEA.
Dajia Sale
Dajia Insurance Group is putting up for sale the Montage in Laguna Beach, the Four Seasons resort in Jackson Hole and the Four Seasons in Scottsdale. The combined price tag is estimated at $1.3 billion.
Productivity
A large-scale survey revealed a wide gap between employees’ assessments of their own remote productivity and managers’ perceptions of how much gets done away from the office. Some 87% of the rank and file say they’re just as effective at home, but 80% of bosses disagree.
10-Year
The yield on 10-year U.S. government bonds briefly touched 4% for the first time in more than a decade Wednesday, the latest leg of a historically steep rise that has jolted financial markets this year.
Bear Market
Yesterday’s blue-chip index’s decline pushed the Dow Jones Industrial Average into a bear market - defined in Wall Street parlance as a drop of 20% or more from a recent high.
Apartment Rents
August apartment asking rents nationally fell 0.1% from July, the first monthly decline in rent since December 2020.
Group Bookings
The average daily room rate for group hotel bookings last month was $204, only 3.4% below the rate for same month in 2019.
Luxury Home Sales
For the three months ending Aug. 31, sales of luxury U.S. homes dropped 28.1%, from the same period last year. That marks the biggest decline since records began, and eclipses even the 23.2% decrease recorded during the onslaught of the pandemic in 2020.
Mobile Tipping
Wyndham Hotels & Resorts announced plans to offer a mobile-tipping option to the owners of more than 6,500 hotels.
Treasury Yields
Ten-year Treasury yields rose to 3.545%, the highest closing level since April 2011.