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1. Waldorf Astoria New York will take bookings soon
The Waldorf Astoria New York will begin accepting reservations Dec. 10 for stays in 2025 after a multi-year renovation during which the property was closed, according to a news release. The 375-key hotel is expected to open in the spring.
“Waldorf Astoria New York has always been the place to be in New York City, and whether you are a visitor or a New Yorker, we know so many around the globe have their own fond stories with our hotel,” said Luigi Romaniello, managing director at Waldorf Astoria New York, in the news release.
While there are changes to the building, including 375 private residences, the renovation project restored many historical parts of the building, including the Grand Ballroom and the Waldorf Astoria clock in the lobby.
2. Blackstone may lose Club Quarters Hotels portfolio
Blackstone faces the foreclosure of its $275 million portfolio of its four Club Quarters Hotels, the Real Deal reports. The loan for these hotels entered special servicing in 2020, and Blackstone did not pay off the balance when it matured.
Citing commentary from MorningStar Credit, the Real Deal reports Blackstone and special servicer CW Capital Management were unable to settle on a workout agreement before the loan matured.
3. Caribbean hotel owners turn to third-party management
Hotel owners in the Caribbean have been increasingly using third-party management to help them mitigate risks from local labor laws, cultural differences and other factors, reports HNN's Stephanie Ricca from the recent Caribbean Hotel Investment Conference and Operations Summit.
“You have to look at what island you’re on first,” said Michael Register, managing director with Trust Hospitality. “Do you need permits? Are there requirements to hire locals? Are there requirements to build workforce housing? Logistics are challenging. And you have to be attuned to the cultural differences on each island.”
4. Greykite buys vacant Munich hotel for student housing
Greykite European Real Estate Fund will buy an 8,000-square-meter vacant hotel in Munich as part of a €250 million student accommodation strategy with Equilibria Group, reports CoStar News' Bert Erik ten Cate. The seller is owner and operator NH Hotels.
The new owner's plan is to convert the hotel into student housing with 190 rooms for the 2026 to 2027 academic year.
The joint venture will invest more than €250 million ($263.2 million) into the high-growth but supply-constrained purpose built student accommodation sector in Germany.
5. US economists expect at least one more rate cut
Recent economic data and potential policy announcements are leading some to question whether the Federal Reserve will cut rates again in a few weeks. Economists speaking to the Wall Street Journal, however, believe the Fed will cut rates at least once more.
Core inflation came in at 2.8% in October, and the U.S. Department of Commerce's latest estimate of third-quarter gross domestic product confirmed its 2.8% annualized growth rate. The November jobs report will come out on Friday, and expectations are for a cooling labor market.
The data from last week “probably do not change things significantly,” said Stephen Stanley, chief U.S. economist at Santander U.S. Capital Markets. “The November [Federal Open Market Committee] minutes suggested to me that the Fed is on track to cut again in December unless the data surprise to the upside.”