Editor's Note: Some linked articles may be behind subscription paywalls.
1. Marriott expands portfolio with Series collection brand
Marriott International has expanded its offerings with the creation of Series by Marriott, a new collection brand for midscale and upscale hotels, CoStar News Hotels' Terence Baker reports. The brand company has partnered with Concept Hospitality in India through which Concept Hospitality's flagship brands will affiliate with Series by Marriott on an exclusive basis.
"Series by Marriott furthers Marriott's commitment to delivering lodging offerings in the right place at the right price with basics done well," Marriott President and CEO Tony Capuano said in a news release. "Creating a new, regional collection brand will further Marriott's reach among value-conscious travelers, provide additional choice for our existing Marriott Bonvoy members and guests, and offer more affiliation opportunities for local owners."
2. Airlines struggle to keep up with travel demand
As summer approaches, airlines are trying to keep up with the demand, but many have to contend with delivery delays for new commercial jets from Boeing and Airbus, CNBC reports.
"The main capacity constraints are around airline deliveries, with both Airbus and Boeing not meeting their original delivery schedules and therefore all airlines receiving their aircraft later. And that’s why we only see kind of [a] 1%, 2%, 3% increase in capacity this summer,” said EasyJet CEO Kenton Jarvis on CNBC's "Squawk Box Europe."
“We can see that there is more demand in the market and yet the supply from the airlines will be more modest this year," Jarvis added.
3. Hotel deals possible even in current environment
During a panel discussion on capital markets at the Hospitality Law Conference, hotel industry experts spoke about the factors affecting the transaction environment and that, while not ideal, deals are still possible, CoStar News Hotels reports.
Capital is widely available, but conditions have changed over the years, said Jonathan Falik, founder and CEO of JF Capital Advisors.
“It’s just much higher covenants, much tougher underwriting and way more costly than it had been for 15 years or so prior,” he said.
4. US House passes major tax bill
Members of the U.S. House passed the proposed major tax bill 215 to 214 after several last-minute changes to garner support, the Wall Street Journal reports. The bill will go to the Senate, where it could undergo further changes.
The bill would extend tax cuts set to expire for all income groups, and it would add new tax cuts, such as a larger standard deduction, a larger child tax credit and "versions of Trump's campaign-trail promises to eliminate taxes on tips, overtime pay and Social Security benefits." It also provides new funding for border security, national defense and support to farmers.
To cover some of these tax cuts and new funding, the bill would also reduce spending on Medicaid and nutrition assistance while also placing new and higher work requirements, more frequent eligibility checks and shift more costs to the states. Before the new changes, the bill was expected to add $2.7 trillion to the deficit over the next 10 years.
5. US weekly initial jobless claims dip by 2,000
The U.S. Department of Labor reported initial jobless claims decreased by 2,000 to 227,000 for the week ending May 17, according to a news release. The four-week moving average, which helps account for volatility, increased by 1,000 to 230,500.
The advance number for seasonally adjusted insured unemployment for the week ending May 10 increased by 36,000 to 1,903,000 compared to the week before. The four-week moving average was 1,887,500, an increase of 17,500, the highest level since Nov. 27, 2021, when it was 1,923,500.