Hotel giant Marriott’s second-quarter worldwide revenue per available room grew 13.5% from a year earlier, led by another quarter of significant business recovery in China.

Marriott CEO Tony Capuano said improvements in China came less than two quarters after pandemic travel restrictions were lifted. Per-room revenue in that country grew nearly 125% from a year earlier to surpass 2019 levels, primarily due to a surge in domestic demand.

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Landlords and tenants at millions of square feet of space operated globally by WeWork, including 50 locations in the London area, will be reviewing worst-case scenarios after the coworking giant warned “substantial doubt exists” about its ability to continue as a going concern.

In its second-quarter earnings report, New York-based WeWork said demand for desk space among individuals and companies has dropped in the face of increased competition and “macroeconomic volatility.” Jonathan Price, an authority on finance and flexible offices who built a £60 million portfolio of business centers for Close Brothers, said WeWork’s cash crunch and potential collapse would make high vacancy rates in several regions, particularly in North America, “even more painful for landlords.”

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Canadian asset manager Slate is buying 188 grocery stores spread across Germany from Frankfurt-based investor X+Bricks, with the properties valued at just over €1 billion.

The transaction is expected to be executed in two phases, as Slate adds to its current German portfolio of 220 shopping centers. The Canadian company has been present in Europe since 2016 with grocery stores, healthcare properties and warehouses, and the closing of the latest grocery deal will bring its European assets under management to more than €2 billion. 

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French investment firm Uxco Group has acquired two student housing projects underway in southern France for nearly €50 million.

The developments in Toulouse and Saint-Étienne total 424 beds and are being built in a joint venture between Océanis Promotion and Uxco’s development arm. Uxco Group is majority-owned by a private fund of Toronto-based Brookfield, which already has a total of three student housing properties in Toulouse and Saint-Étienne that are expected to be nearly fully occupied by the start of the 2023 academic year. 

Business Immo>>

Aquilini Properties, whose founder Francesco Aquilini is best known as the owner of the NHL’s Vancouver Canucks, is seeking to build above the height limit for a proposed Montreal residential development that has provided plenty of high-stakes drama over the past two decades.

Aquilini is asking Montreal government officials for special permission to raise the height limit on a part of the property known as the Voyageur block by 30 feet from the current limit of 52 feet, which would likely represent three extra floors. The developer completed a 10-story residential project on a portion of the block in 2017 and is seeking to finish the Voyageur development by building structures taller than current height limits, as the city looks to boost affordable housing. 

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Trucking company Yellow Corp. filed for Chapter 11 bankruptcy, setting the stage for the potential sale of hundreds of truck terminals and leases across the United States and Canada in a move that could let rivals take new business from Yellow customers such as Walmart and Home Depot.

Yellow and 23 of its affiliates made the filings in the U.S. Bankruptcy Court for the District of Delaware as the company prepares to wind down operations after recent financial woes. Yellow announced plans to shut all its locations and permanently lay off 22,000 employees represented by the International Brotherhood of Teamsters union at the end of July.

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This report was compiled from CoStar’s news publications in the United States, United Kingdom, Canada, France and Germany.