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1. Iran and US sign interim deal
Iran President Masoud Pezeshkian and U.S. President Donald Trump signed a 60-day deal that allows for the reopening of the Strait of Hormuz and paves the way toward negotiating final terms to wind down the war. According to The New York Times, the initial deal language does not include much detail about Iran’s nuclear program, which remains the U.S.’s largest concern about the Middle Eastern country. Markets responded to the news, with the price of gasoline in the U.S. falling below the $4 mark, the first time since the crisis started. The text of the memorandum of understanding, as printed in the New York Times, states hostilities in Lebanon must cease.
2. US employees still working from home in large numbers
More than one-quarter of paid, full working days in the U.S. are still generated from employees working from home, despite many companies over the last few years returning to the office, according to The Wall Street Journal.
The article reports that in May, 26% of paid, full days were not from those working in an office, a percentage that has dropped by only 1% in the last two years. According to research from economists Jose Maria Barrero, Nicholas Bloom and Steven Davis, the work-from-home rate in 2022 was 30%.
3. US, UK maintain interest rates
Interest rates in the U.S. and U.K. are staying where they are for now.
The U.S. Federal Reserve held the federal funds rate between 3.5% to 3.75% Wednesday, citing solid economic expansion despite the war in Iran.
“We recognize that inflation has been running well ahead of the Fed’s long-stated inflation goal of 2%,” said new Federal Reserve Chair Kevin Warsh. “That’s been going on for more than five years. Persistently high prices are a burden for the American people, but the recent past need not be prologue."
The Bank of England similarly held United Kingdom interest rates at 3.75%, a decision widely expected. The BBC stated that the “U.K. inflation rate remains above target but has not risen as high as many had feared given the upheaval caused to economies across the world by the U.S.-Israel war with Iran."
This means lending for hotel projects will continue at high cost — an environment hoteliers are getting used to, reports CoStar News' Bryan Wroten.
4. Knicks championship is slam dunk for New York City hotels
U.S. hotel performance for the week ending June 13 in year-over-year terms saw a full sweep of increases across the three major metrics, with occupancy rising 1.9% to 69.9%, average daily rate rising 4.9% to $172.04 and revenue per available room rising 7% to $120.34, according to CoStar data. Luxury hotel ADR increased 9.7% to $440.66 and RevPAR jumped 11.7% to $318.38, despite occupancy increasing by only 1.8% to 72.2%.
The best-performing market in the period in ADR and RevPAR was New York City, buoyed the New York Knicks' NBA Finals games and a FIFA World Cup 2026 match. In the week ending June 13, New York City hotel ADR increased 17.1% to $399.15 and its RevPAR increased 18.9% to $358, despite occupancy increasing by only 1.5%.
5. Whitbread posts 2% sales growth in first quarter
Executives at Whitbread PLC, owner of the United Kingdom’s Premier Inn brand, said in its first-quarter 2026 earnings report that total revenue increased by 2% in year-on-year terms to £727 million. In Germany, Whitbread and Premier Inn's second largest market, revenue increased 13% in the same period. The firm’s hotels continue to outperform its competitive economy-budget set, officials said.
“Strong leisure bookings mean that [Whitbread’s] forward booked position is ahead of last year, and we remain confident in the full-year outlook,” CEO Dominic Paul said. “Whilst we expect the impact of business rates to remain in line with our previous full-year 2027 guidance, we are continuing to press the U.K. government for changes to [business rates in] full-year 2028 and full-year 2029.”