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Wynn Resorts executives have announced an agreement to sell the land and real estate assets for the Encore Boston Harbor to Realty Income for $1.7 billion. According to a news release from Wynn, the deal came in at a 5.9% cap rate. As part of the transaction, Wynn will enter into a triple-net lease with Realty Income, paying $100 million in annual rent initially with a 30-year term on the lease and an option to extend another 30 years.

CEO Craig Billings noted in the release that "the proceeds of the transaction also provide us with liquidity for several of our upcoming development projects and the potential to retire other debt.”

The deal is expected to close in the fourth quarter.

The pressures of the COVID-19 pandemic led to smaller weddings for practical reasons, but The Wall Street Journal reports weddings in 2022 will be much bigger — and much more expensive. Data from The Wedding Report notes there are likely to be 2.5 million weddings in 2022, the highest number since 1984.

"Wedding parties are booking hotel blocks at record rates for longer periods, hotel executives say," according to the newspaper. "Couples are holding events with larger guest lists, reverting to form after a wave of smaller pandemic gatherings, planners and venue managers say. Some are holding multiday events to make up for lost time with friends and family. Guests may want to start saving up now, thanks to both the number of weddings this year and the high lodging rates in many popular markets."

Wyndham Hotels & Resorts, Hilton and Choice Hotels International are the latest companies to report earnings results, including significant revenue growth.

Wyndham reported 58% year-over-year growth in revenue per available room, according to the company's earnings release, with adjusted earnings before interest, taxes, depreciation and amortization of $590 million for full-year 2021.

Hilton, meanwhile, reported a 104.2% increase in RevPAR for the quarter and 60.4% for the full year with a net income of $407 million for the year.

Choice officials noted a new record for net income, adjusted EBITDA and profit margins for the year. Net income for the year was $289 million.

The former home of Nelson Mandela in South Africa has been converted into a museum and inn, which is now accepting reservations, The New York Post reports.

"The ex-abode and current business venture is a living gallery in honor of the political leader who died at the age of 95 in 2013," according to the newspaper. "Sanctuary Mandela offers not only lodging but also features a restaurant with a Mandela-inspired menu and the walls throughout are decorated with memorabilia in tribute to South Africa’s first black head of state."

The nine-room home is offering rates between $260 and $1,000 a night.

Retail sales in the U.S. exceeded expectations in January by increasing 3.8%, which marked the largest jump since March 2020, according to Commerce Department data. Bloomberg reports those figures are not adjusted for inflation but do indicate "a steady appetite for merchandise including cars and furniture" even as COVID-19 cases surged due to the omicron variant.

"Eight of the 13 retail categories rose in the month," the news outlet reports. "Sales at non-store retailers surged 14.5% after plummeting in December. Motor vehicle sales rose 5.7% following a decline in the prior month. Home furnishing stores also posted a solid sales advance."

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