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1. Biden To Meet With Lawmakers on Debt Ceiling
U.S. President Joe Biden will meet with top lawmakers from both parties Tuesday in an attempt to raise the debt ceiling, Reuters reports. The absence of a deal could lead to a default as soon as the end of the month, which forecasters have warned could lead to a deep recession.
The Republican-led House of Representatives passed a bill in April that would increase the debt ceiling while also including $4.8 trillion in spending cuts, the news outlet reports. Biden said talks on the debt ceiling should be unrelated to budget talks.
"The two are totally unrelated," he said. "They're two separate issues, two. Let's get it straight."
2. US To Propose Airline Delay Rule
Airlines may be required to compensate passengers due to flight delays or cancellations that are within the carriers’ control, the Wall Street Journal reports. The Biden administration is expected to propose the rule today.
The rule would require airlines to provide cash compensation and cover expenses such as overnight hotel accommodations and transportation, the news outlet reports.
“When an airline causes a flight cancellation or delay, passengers should not foot the bill,” Transportation Secretary Pete Buttigieg said.
3. Hotel Execs Back Brand Proliferation
Hotel executives speaking at the 2023 Meet the Money national hotel finance and investment conference said adding new brands increases value for both guests and owners, HNN reports.
Ben Cary, vice president of development at Accor, said the evolution of the hotel industry over the past 15 to 20 years is proof that new brands are warranted.
“It seems like in the old days that there wasn’t a lot of innovation; things were cookie-cutter,” he said. “You hear the thing about people don’t want surprises at hotels; well, that’s no longer true. It’s just impressive the amount of innovation and quality hotels that are being developed today.”
4. New York Plans to Send Migrants to Hotels in Suburbs
New York City Mayor Eric Adams announced Friday that the city plans to pay for shelter for migrants seeking asylum at two hotels in suburban locations, the New York Times reports. The plan would send about 300 men to properties in Rockland and Orange counties, and would provide four months of shelter, food and medical services.
Ed Day, Rockland County executive, issued a state of emergency to attempt to block the plan.
“Whatever we need to do to stop this, we will do,” he said. “They’re basically dumping them into a county where we’re not prepared for them.”
5. DiamondRock, Sunstone, Expedia Report Earnings
DiamondRock Hospitality Company, Sunstone Hotel Investors and Expedia Group all reported first-quarter earnings results Friday.
DiamondRock’s comparable total revenue was $243.6 million, a 23.8% year-over-year increase over the first quarter of 2022.
Sunstone’s comparable revenue per available room increased 32% year over year in the first quarter to $218.82, with average daily rate of $313.94 and occupancy at 69.7%.
Expedia achieved revenue of $2.7 billion, an increase of 18% in comparison to the first quarter of 2022.