Editor's Note: Some linked articles may be behind subscription paywalls.
1. IMF predicts Iran crisis to slow global GDP growth
The International Monetary Fund projects that the crisis in the Middle East and its resultant pressure on energy costs will affect the world’s major economies. Excluding the U.S., the report called out Spain, Japan and the United Kingdom as three countries projected to show the largest percentage drops in gross domestic product for 2026 since IMF's previous predictions made in January before the conflict started.
The April edition of the IMF’s World Economic Outlook predicts full-year 2026 growth in Spain will fall from 2.8% to 2.1%; from 1.2% to 0.7% in Japan; and from 1.3% to instead 0.8% in the U.K.
In emerging countries, the IMF predicts India to be hit the hardest, with its new prediction being for growth of 6.5%, down from the January prediction of a 7.6% increase. No major advanced or emerging economy is predicted to show negative GDP.
2. Covivio, Invest spend €217 million on four hotels in Milan
Real estate investment trust Covivio and investment firm Invest Hospitality have acquired four unspecified hotels in Milan, Italy, for €217 million ($256 million), CoStar News Hotels reports. The portfolio consists of 900 rooms in Milan 1, the official designation of the city’s historical center, in the vicinities of Bicocca, Corso Buenos Aires, Piazzale Loreto and Scalo Farini. Covivio said its share of the acquisition price is €115 million.
Covivio added that the acquisition was finalized through a sale-and-leaseback transaction. Invest Hospitality will continue to operate the hotels. Each lease has a timespan of 21 years.
3. India hotel market expected to reach $31 billion by 2029
CBRE projects that the value of the Indian hotel market will reach $31 billion by 2029, up approximately 30% from the $24 billion seen in 2024, The Hindu Business Line reports. Indian hotel operators want to add 70,000 hotel rooms to the market by the end of 2030.
The newspaper added that 2025 domestic hotel bookings have increased 40% year over year to more than 4.1 billion.
Anshuman Magazine, CBRE’s chairman and CEO, India, South-East Asia, Middle East and Africa, said, "As the industry accelerates its transition towards experience-driven travel and captures institutionalized demand across spiritual and cultural centers, we anticipate robust and long-term expansion for the country's hospitality ecosystem."
4. Burj al Arab to close for 18-month renovation
The 197-room Jumeirah Burj al Arab in Dubai, one of the world’s most famous hotels, has shut its doors as it begins an 18-month renovation, according to a Jumeirah news release. It is the first time the hotel, known for its sail-shaped tower, has closed for major work since it opened in 1999.
French architect and designer Tristan Auer is the man tasked with the renovation. He said in the release that “being entrusted with the very first restoration of a property of this caliber in Dubai … is a profound privilege.”
5. China might punish foreign companies moving supply chains
A new law passed in China might punish foreign companies and employees who decide to move supply chains and other business lines out of China, the New York Times reports. The Chinese government is concerned that foreign governments are putting pressure on companies to lessen their dependence on China. The newspaper added that change is part of China’s “broader effort to counter what it sees as rising protectionism in the West.”
The law’s 18-point regulations permit regulators to “question employees and examine corporate records during investigations," the newspaper reports. "The regulations also allow the authorities to bar companies and individuals from leaving China if they are suspected of moving supply chains elsewhere under foreign pressure.”