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1. Asia-Pacific Hotel Investments Rebound
Data from JLL shows hotel investments in the Asia-Pacific during the first two quarters of 2022 have rebounded since the start of the pandemic, spurred forward by sales of distressed assets, Forbes reports.
Investments during the first half of the year in the Asia-Pacific region grew by 33% to $6.8 billion in comparison to 2021. Compared to 2019, investments grew by 11.9%.
According to JLL, “The increase in deal activity was influenced by a spike in portfolio transactions as institutional investors sitting on dry powder seek to deploy their capital more efficiently,” the news outlet reports, noting "Japan ($1.8 billion), Korea ($1.7 billion), and Greater China ($1.6 billion), received the most capital in the first half of 2022."
2. Wages Increase for Most US Workers Changing Jobs
A recent Pew Research Center analysis of U.S. government data shows the majority of workers who left their job and began working with a different employer are achieving an increase in their real earnings.
"From April 2021 to March 2022, a period in which quit rates reached post-pandemic highs, the majority of workers switching jobs (60%) saw an increase in their real earnings over the same month the previous year. This happened despite a surge in the rate of inflation that has eroded real earnings for many others. Among workers who remained with the same employer, fewer than half (47%) experienced an increase in real earnings," the research center reports.
3. Wyndham CEO Shares Why Company Didn't Acquire Radisson
Wyndham Hotels & Resorts executives over the past year have expressed their appetite for deals, but CEO Geoff Ballotti said any acquisition to grow the company's portfolio would have to be a strategic fit, HNN's Robert McCune reports.
In June, Choice Hotels International announced it would buy Radisson Hotel Group's Americas portfolio. Ballotti said during Wyndham's second quarter earnings call that Radisson's portfolio didn't meet his company's criteria.
"Our teams stay very close to everything that's out there, both domestically and internationally, including Radisson, which we've looked at multiple times over the years. It's just never been for us," he said.
4. Office Building Owners Take Inspiration From Hotel Industry
Owners of office buildings who are looking to increase occupancy are pulling ideas from the hospitality industry in terms of how to improve the consumer's arrival experience and on-property amenities, Forbes reports.
For example, the 22 Bishopsgate commercial skyscraper in London is incorporating the feel of a high-end hotel by having hosts greet visitors in the lobby, which has a signature scent and ambient music.
"According to JLL research, by 2025, properties that incorporate a diverse roster of amenities will experience 12% higher demand from tenants versus their plain commodity counterparts," the news outlet reports.
5. Southwest Flight Credits Will No Longer Have Expiration Date
Southwest Airlines announced Thursday a move that it deems a "first-of-its kind policy and value among major U.S. airlines," where flight credits will no longer expire, the Washington Post reports.
"The low-cost carrier said all credits that are unexpired as of Thursday — and any created on or after that day — would not have expiration dates. Previously, flight credits expired a year after the booking was made, though the carrier said it repeatedly extended that deadline during the pandemic," the news outlet reports.