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1. US jobless claims trend downward
U.S. jobless claims for the week ending July 4 came in lower than the prior week and lower than economists' projections, The Wall Street Journal reports.
"The number of people who filed for unemployment benefits was 215,000 in the week through July 4, lower than the upwardly revised 217,000 reported a week earlier, the Labor Department said Thursday," the newspaper reported. "Economists surveyed by The Wall Street Journal were expecting to see 218,000 new claims."
The current labor market was described as having "cooled but remains steady."
2. W South Beach slated for Waldorf Astoria conversion
Hilton and ownership group Reuben Brothers have announced the current W South Beach property in Miami Beach will undergo a comprehensive renovation and convert to the luxury Waldorf Astoria brand, CoStar News' Joshua Andino reports.
"Every room will feature a private balcony and sea view, while the public spaces will offer exceptional dining and elegant event venues,” said Kim Phoebus, chief operating officer of U.S. hotels for Reuben Brothers, in a statement.
Renovation work is expected to be completed by late 2027.
3. Profitability pressures increase at hotels
Commercial strategy teams at hotels are increasingly focused on maintaining profits as costs pressures grow, CoStar News' Natalie Harms reports.
Dury Kim, senior vice president of commercial at InnVentures, said there's been a shift in what performance metrics are top of mind for owners.
"Every owner at the end of the day really cares about is how much they're receiving at the end," she said at the recent Hospitality Sales and Marketing Association International Commercial Strategy Conference. "They don't care about where your RevPAR is, they don't care about how much gross revenue you're bring in. They care about how much is lying in their pockets at the end of the day — no matter what owner type they are."
4. Singapore-based SC Capital buys Tokyo hotel
The 206-room Citadines Central Shinjuku Tokyo in Japan has traded for the second time in less than a year, with CoStar News' Terence Baker reporting the property's new owner is Singapore-based SC Capital Partners.
No price was disclosed in the latest deal, but the hotel sold to Mizuho Leasing in October for 25 billion Japanese yen ($154 million) from CapitaLand Ascott Trust.
Recent reports have noted that Japan remains the hottest market in the Asia-Pacific region for international hotel investment.
5. Norway soccer team forced to move hotels
After complaints over noise from nearby construction and various inconveniences, Norway's team in the FIFA World Cup has moved from their previous hotel — The Dalmar in Fort Lauderdale — ahead of their quarterfinal matchup with England, The Mirror reports.
Norway's logistic manager Truls Daehli said the move came at the request of players.
"It is brutal having to move, but we are satisfied with the new place and everyone is happy now," he said. "Some people might fear that this will affect the players, but it was the players who wanted this more than anyone else.
"We have strong people in our support team and managed to move in two-and-a-half hours. The process of changing hotel is not ideal, but we wanted to take action as soon as possible. Having a good atmosphere is most important."