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1. Ascendant Capital acquires eight-property hotel portfolio
Coastal Hospitality Associates has sold eight hotels to Ascendant Capital Partners for an undisclosed amount. The assets include mostly beachfront hotels consisting of 965 rooms in Virginia and North Carolina, according to a news release.
The select-service hotels acquired are all affiliated with either Marriott International or IHG Hotels & Resorts and were acquired over decades by the late Thomas J. Lyons, Jr., founder of Coastal Hospitality. Six of the hotels are along the coast of Virginia Beach and the other two are in the Outer Banks of North Carolina.
“This transaction reflects the continued execution of our differentiated hospitality strategy, which is focused on high-quality assets in dynamic, supply-constrained markets with resilient demand drivers,” said Ascendant Co-Founder and Chief Investment Officer Alex Halpern. “The portfolio offers a unique concentration of beachfront properties in established Southeastern destinations, supported by a diverse mix of tourism, government and corporate demand."
2. China's economy flounders despite tech exports
Despite its continued success when it comes to technology exports, China's economy is growing at its slowest pace in years, The New York Times reports. According to data released Wednesday by the National Bureau of Statistics, the Chinese economy expanded by 4.3% in the second quarter compared to a year ago. It's less than the 5% pace in the first quarter and lower than expectations from economists.
On Tuesday, the Chinese government revealed that China’s exports surged by 27% in June compared to June 2025.
"Although China’s factories are churning out chips and electric cars to supply a global boom in artificial intelligence and energy-saving products, many Chinese people are feeling squeezed at home," the New York Times reports. "A long-running property crisis has no end in sight, with steep declines in construction dragging down economic growth. Jobs outside of factories are hard to come by and paychecks are not growing."
3. Hyatt hotel headlines London entertainment venue
Olympia, a London exhibition center and arts and entertainment venue dating back to 1886, is in the process of a £1.3 billion ($1.74 billion) renovation expected to be completed in 2027, CoStar News' Terence Baker reports. The center will feature its hospitality anchor, the 204-room Hyatt Regency London Olympia, which opened July 7.
The hotel "is a conversion of the Art Deco, nationally listed Maclise Road Car Park, which was built in 1937 by Joseph Emberton and was the first multi-story car park in the United Kingdom, a revolutionary space with room for 2,000 vehicles," Baker writes.
Elements of the car park were not changed when it became a hotel, which will retain pieces of the site's history in its new era, said Georges Moura, general manager of the Hyatt Regency London Olympia.
4. United to sell tickets with no middle seat in the row
Later this year, United Airlines will begin selling seats in a row without a middle seat. Instead, passengers in the aisle and window seats will have a shared tray table between them, according to an article from CNBC.
The intention is to implement the new seating arrangement in the Airbus A321XLR, long-range narrow-body aircraft, but the airline reported it could also expand to other aircraft.
United hasn't yet revealed pricing plans for the new seats, which will be in the extra legroom section and are already more expensive than other economy tickets.
5. Spire Hospitality names new CEO
Richard Sandoval will take the top executive position at AWH Partners-owned hotel management company Spire Hospitality. As CEO, Sandoval, who originally joined the company in 2014, will continue to grow the company's efforts of focusing on data-powered decisions, operational performance and implementing artificial intelligence technology, according to a news release.
“I am honored to lead Spire into its next chapter. This is a company with talented people, strong owner relationships and a clear opportunity for growth,” Sandoval said. “As technology and AI reshape the hospitality industry, we will continue to look for ways to use data and innovation to improve performance and support our teams. We have a strong foundation and a significant opportunity ahead, and I’m excited to steer the business through its next phase.”
Sandoval succeeds Chris Russell, who held the CEO position for eight years. Spire has $2 billion assets in management totaling almost 6,000 hotel keys.