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1. Hundreds of Las Vegas hotel workers begin strike
About 700 hotel workers at the Virgin Hotels Las Vegas went on strike early Friday, marking the first open-ended strike in 22 years for the Culinary Workers Union — the largest labor union in Nevada, the Associated Press reports.
“@VirginHotelsLV casino is ON STRIKE! Virgin hotel workers are walking out RIGHT NOW at Virgin Las Vegas for a fair contract! Stand with the workers, DO NOT CROSS THE STRIKE LINE!” the union posted on X.
This comes a year after casinos and hotels on the Strip threatened a strike before agreements were reached that gave workers a 32% salary increase over the life of the contract, including a 10% increase in pay for the first year, the AP reports. A spokesperson for the union said Virgin Hotels is the "final holdout."
2. Wyndham provides access to capital funding for diverse hoteliers
Wyndham Hotels & Resorts is partnering with investment firm Lafayette Square to provide up to $100 million in capital funding for Wyndham's Black Owners and Lodging Developers and Women Own the Room initiatives, according to a news release.
Wyndham will vet applicants and directly connect those who qualify with Lafayette Square.
"Inequities still exist within hospitality, especially when it comes to financing," Galen Barrett, vice president of strategic franchise initiatives at Wyndham, said in the news release. "There are deserving, credible hoteliers that continue to face roadblocks, and we're committed to using our network to not only give the keys to hotel ownership to more diverse owners, but ultimately help give them the access to tools, resources and partners they need to succeed."
3. Hotel REIT execs anticipate transaction market opening up
The hotel transaction market has been slowly opening up, and hotel-focused real estate investment trust executives foresee further improvements in the near future, HNN's Bryan Wroten reports.
Jim Risoleo, president and CEO of Host Hotels & Resorts, said during his company's third-quarter earnings call that many buyers and sellers were on the sidelines until about 90 days ago. With the U.S. presidential election over and debt capital markets becoming more conducive to transacting, he said he sees the market opening up.
"From Host's perspective, we're likely to test the market ourselves with some of our noncore assets to really understand pricing, assets that likely will need heavy [capital expenditure] investments that we just don't see — good hotels but not a long-term fit for the portfolio given the direction that we have moved in over the last seven or eight years in terms of the types of assets we own and really with our focus being on free cash-flow generation as a differentiator going forward," he said.
4. December Fed cut still up in the air
In its past two meetings, the U.S. Federal Reserve lowered interest rates, with the expectation of more cuts to come. Boston Fed President Susan Collins said a cut in December when the Fed meets Dec. 17-18 is "certainly on the table, but it's not a done deal," the Wall Street Journal reports.
Fed Chair Jerome Powell said Thursday that it will cut the key interest rate slowly in the coming months as inflationary pressures linger above the Fed's goal of 2%, the Associated Press reports.
“The economy is not sending any signals that we need to be in a hurry to lower rates,” Powell said. “The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully.”
5. Asheville Omni reopens after Hurricane Helene damage
The Omni Grove Park Inn in Asheville, North Carolina, reopened its Main Inn on Friday after closing temporarily due to the effects of Hurricane Helene. The property's full reopening is still in progress.
"Western North Carolina has displayed remarkable strength, and as Asheville reopens, we're honored to welcome visitors back to our beautiful Blue Ridge Mountains," said Gary Froeba, managing director at The Omni Grove Park Inn. "We are grateful to be reopening, especially in time for the holidays, as this is a meaningful step in our shared journey of recovery, one that brings hope and support to our community."