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1. Eurozone inflation exceeds target
Energy costs pushed inflation in the Eurozone to 2.5% in March, well past the European Central Bank's target of 2% and February's 1.9% figure, CNBC reports.
That figure was slightly better than economists' expectations, with a Reuters poll projecting a 2.6% increase.
"Eurostat said the energy component of the inflation data was expected to have risen to 4.9% in March, compared with -3.1% in February," CNBC reports. "Inflation was also driven by services (3.2%, compared with 3.4% in February), and food, alcohol and tobacco (2.4%, compared with 2.5% last month)."
2. Discounts airlines challenged by fuel costs
This is shaping up to be a difficult travel season for cost-conscious consumers, and CNBC reports discount airlines are likely to be heavily challenged by increasing fuel costs.
This is particularly true in Asia, with executives at the Aviation Festival Asia conference in Singapore saying airfares and routes are likely to change due to increasing costs.
″[We have to] adjust the fares, and at the same time, stimulate the demand,” said Vissoth Nam, CEO at AirAsia Cambodia. “Otherwise, we don’t have travelers.”
In related news, U.S. gas prices averaged more than $4 a gallon for the first time in four years, the Associated Press reports.
3. European hotel execs see shift in traveler behavior
International travelers, particularly Americans headed to Europe, are more interested in taking in local culture and cuisine than previously. Brand executives based in that region say they've had to shift their focus to push more local experiences.
"The biggest behavioral shift that you've seen in the last 20 years — particularly with Americans as they are still the largest population of wealthy travelers in the world — they have really shifted from a place where wherever they were going in the world, they wanted to really shield themselves a little bit from the local community and the local food and flavor," said Barbara Muckermann, group CEO of Kempinski Hotels, at the recent International Hospitality Investment Forum EMEA in Berlin. "This is what really started all the great brands you know that were really showing this shelter around the world. Now today, customers at every demographic level, from boomers down to Gen Z, want to throw themselves inside the destination. You now have guests that will try street food in Singapore, which 20 years ago was unheard of."
4. Dallas Omni hotel separated from convention center as demolition moves forward
Demolition work is underway at the Kay Bailey Hutchison Convention Center in Dallas, and that included separating the structure from the neighboring Omni Dallas Hotel, KDFW reports.
The convention center is undergoing a $3.5 billion renovation with half of the halls already demolished and the remaining three slated to be used as the International Broadcast Center for the FIFA World Cup this summer.
5. Blackstone picks up Napa Valley resort in foreclosure deal
Blackstone is the new owner of the Stanly Ranch in Napa, California via a foreclosure sale, The San Francisco Chronicle reports.
The 700-acre luxury resort property was in default on a $220 million loan and was purchased in an auction Friday. It is part of the Auberge Resorts Collection.