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1. Kensico Properties refinances Manhattan hotel
CBRE advised Kensico Properties on a $106 million refinancing of the 74-room luxury The Lowell Hotel in Manhattan. Blue Owl Capital provided the senior loan which replaces the existing debt and positions.
"The Lowell represents one of the most storied and irreplaceable luxury hospitality assets in the United States," Matthew Klauer, senior vice president at CBRE, said in a news release. "The hotel's unmatched reputation, superior market position, and experienced ownership group made this an exceptional lending opportunity."
2. Judge approves settlement from 2019 Hard Rock New Orleans collapse
A judge approved a $106 million settlement over the 2019 collapse of the Hard Rock Hotel New Orleans that killed three people and damaged nearby property, ABC News reports. The hotel was under construction at the time of the collapse.
"The various lawsuits were consolidated into one case that includes a total of 490 plaintiffs, such as injured workers and businesses affected by the collapse, against 21 defendants, according to Mark Glago, co-lead counsel for the plaintiffs," ABC reports.
3. Recap from first day of Hotel Data Conference
Hoteliers speaking on the first day of the Hotel Data Conference in Nashville expressed optimism in some key indicators for the second half of 2026, CoStar News reports.
Jan Freitag, national director of hospitality market analytics at CoStar Group, said the number of households in the U.S. with a combined income of $200,000 is increasing and accounts for 36% of lodging spending.
CoStar and Tourism Economics provided an update to their U.S. hotel forecast. In 2026, average daily rate and revenue per available room are projected to see increases of 3.1% and 4.4%, respectively.
4. First Hospitality assumes management of five hotels
Chicago-based First Hospitality has assumed management of five new hotels, including: Sky Rock Sedona, a Tribute Portfolio Hotel in Arizona; The Steward Santa Barbara, a Tribute Portfolio Hotel in California; Hotel Northland, Autograph Collection in Green Bay, Wisconsin; Hotel Elkhart, Tapestry Collection by Hilton in Indiana; and Le Méridien St. Louis Downtown.
"These additions mark an important milestone as First Hospitality expands into five new markets and continues to grow its presence in high-demand leisure and lifestyle destinations. Each hotel has a strong connection to its local community and sense of place, and we look forward to building on that foundation while delivering the level of service and operational excellence that defines each properties experience," David Duncan, president and CEO of First Hospitality, said in a news release.
5. US employers cut 23,000 jobs in July
The U.S. Labor Department reports employers cut 23,000 positions in July, due in part to "renewed tariffs and higher costs driven by the war in the Middle East," the New York Times reports. The unemployment rate dropped to 4.1% in the month.
"The lower-than-expected reading comes after what had appeared to be a surge in job creation earlier in the year, born out of optimism around tax cuts, a respite from new tariffs, easing interest rates and lower inflation. But those numbers were also revised down by 103,000 jobs total," the newspaper reports.