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The Wall Street Journal reports that despite swirling economic headwinds — led by high inflation — relatively high levels of disposable income are propping up U.S. consumers, who are in turn continuing to prop up the broad economy.

"Moreover, slowing inflation, pay raises negotiated last year, cost-of-living adjustments for retirees and state tax cuts have lined up to lift consumer purchasing power, fortifying spending and economic growth at a time when many analysts were predicting a slowdown or even recession," the newspaper reports. "This marks a turnabout for households that were squeezed last year by high inflation, climbing interest rates and the end of COVID-related federal relief programs."

CoStar News' Jack Witthaus reports the former Standard Hotel in West Hollywood, California, has sold for $112.5 million or roughly $809,300 per key, according to public records, which marks the highest price paid this year for a commercial property in Los Angeles.

"The West Hollywood sale comes after a new hotel, called The Delphi, revealed Wednesday it was opening in a shuttered Standard hotel in downtown Los Angeles at 550 S. Flower St.," Witthaus reports. "That Standard hotel officially closed its doors in January 2022 citing restrictions 'imposed by the California state and city authorities and the safety of our guests and staff.'"

During the company's fourth-quarter and full-year 2022 earnings call, Host Hotels & Resorts President and CEO Jim Risoleo said his company is waiting for better market conditions to do deals, but when those conditions arrive, the company is well positioned to hit the ground running, HNN's Dan Kubacki reports.

"I'll just point out that the Four Seasons Jackson Hole [acquisition] was roughly a 30-day process for us, which puts us in a really strong position because we are the only player out there that can can really do a meaningful transaction all-cash," he said.

Negotiations are close but not quite done on a revision to trade rules between the U.K. and Northern Ireland intended to avoid a hard border following the U.K.'s departure from the European Union, Reuters reports.

"The two sides have already reached agreement on data-sharing and, in a bid to reduce checks at Northern Ireland ports, the European Commission has said it was open to the idea of 'express lanes' to separate goods bound only for Northern Ireland from products heading into Ireland or elsewhere in the EU," the news agency reports.

"Hard work continues," European Commission Vice-President Maroš Šefčovič tweeted.

Swedish hotel investment and operations firm Pandox AB has announced the purchase of the 232-room Queens Hotel in Leeds, England, for 53 million pounds sterling — or $64 million — HNN's Terence Baker reports.

The hotel was sold by London-based Aprirose.

Pandox officials said the deal "will initially be financed by existing liquid funds and credit facilities."

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