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1. People Inc. rescinds offer to buy MGM Resorts
People Inc. has pulled back its proposal to buy MGM Resorts, causing MGM Resorts' stock value to drop by 11% by the end of day Thursday, CNBC reports. People Inc. owns 26.1% of MGM Resorts, and on June 1 it announced it wanted to acquire all remaining shares for $48.30 a share.
CNBC reported that Barry Diller, owner of People Inc., said in a news release that “there are lots of ingredients that go into a proposal of this kind on its way to completion. We didn’t feel the mix was coming together in the way we had hoped and have decided not to pursue taking the company private at this time.”
Diller added that his company remains open to the possibility of a strategic transaction with MGM Resorts in the future.
2. KKR completes sale of Japanese Four Points Flex portfolio
Private equity firm KKR has completed the sale of 16 hotels in Japan operating under the Four Points Flex by Sheraton brand, according to a news release. KKR had acquired the 3,603-key portfolio in 2024 from Unizo Holdings for an undisclosed price, CoStar data shows, and then changed their flags to that of the Marriott International company.
K+ Hospitality Management, KKR’s operating division in Japan, will continue managing the properties. The name of the buyer was not announced.
3. US fall-foliage season increases in popularity and hotel offerings
It’s late September, and that only means one thing for those who live in or want to visit parts of North America: fall foliage.
CoStar News Hotels’ Natalie Harms reports that the influx of “leaf peepers” has increased due to social media. CoStar data showed that one popular destination, the North Vermont submarket, posted its highest average daily rate in October of last year.
Hoteliers expect much the same or more in 2026, and they're making sure they're providing guests with seasonal experiences.
“You're always going to have your s’mores kit. You’re always going to have your hot toddy. You’re always going to have a fall menu that has comfort food. ... Then there's the new stuff that we’re always layering in to mix it up,” said John Flannigan, founder and CEO of Wylder Hotels.
4. Dubai-Abu Dhabi rail link opens soon
Etihad Rail begins service Sept. 30 on its long-awaited rail line between the United Arab Emirates’ two largest cities, Dubai and Abu Dhabi, Travel Daily Media reports. No longer will travelers and hotel guests wishing to go from one to the other require a taxi or car to travel along the often crowded E11 motorway, also known as Sheikh Zayed Road.
The rail trip takes about 57 minutes, according to Etihad Rail. Fares are priced at 55 United Arab Emirates dirhams ($14.97) in Comfort class and 120 dirham in Premium. Travel Daily Media reports the transportation initiative has “implications for corporate travel, tourism, hotels and the country’s events industry” and added that other cities and destinations will soon be added to the country’s new rail network.
5. US mortgage rate climbs above 7%
The average mortgage rate for a 30-year mortgage in the U.S. has climbed to 7.03%, the first time rates have been above 7% in 20 months, the Wall Street Journal reports. The newspaper reports the “threshold doesn’t hold any particular economic significance, but it is psychologically important for buyers.”
The newspaper added that before 2022, the average mortgage interest rate had not reached 7% since 2001, making many Americans more used to much lower rates. Economists do not expect it to fall in the foreseeable future, with some buyers and sellers now “stomaching higher mortgage rates despite the economic cost simply because they can’t wait any longer to move.”