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1. Deadly earthquakes hit Venezuela
Two earthquakes hit Venezuela in a span of 40 seconds on Wednesday, killing at least 164 people and injuring hundreds — potentially thousands — more, the New York Times reports.
The epicenter of the initial earthquake, which had a magnitude of 7.2, was near San Felipe. The second earthquake had a magnitude of 7.5, the highest one recorded in Venezuela since 1900.
The strongest tremors were felt in its northern states of Yaracuy, Carabobo, Aragua and La Guaira, some of Venezuela's most populous regions.
2. US inflation stat hits three-year high in May
U.S. consumer prices increased 4.1% year over year in May, the highest annual level since April 2023, the Associated Press reports. Inflation rose 0.4% last month on a monthly basis, the same rate as it was in April.
"The increase was largely driven by more expensive gas, as well as pricier semiconductors and other computer equipment that are in high demand for the AI buildout. Rising prices have caused the inflation-fighters at the Federal Reserve to keep their key rate unchanged this year, a reversal from January when they had penciled in two cuts. Some economists forecast the central bank could lift rates this year instead," the AP reports.
3. Luxury hotels key in on offerings
Especially post-pandemic, wealthy travelers heading to luxury hotels expect experiences on property to satisfy their wants. Hotel brands, owners and developers have had to keep up with these demands by fleshing out their offerings, such as food and beverage, CoStar News' Bryan Wroten reports.
“What's happened is that now we're at the point where that is at an all-time high, where now developers, hotel companies, whoever it may be, have now put a premium on the importance of the food and beverage,” said Jeff Zalaznick, managing partner at Major Food Group. “It all has to work together.”
4. Ryman Hospitality Properties mulls sale of Opry Entertainment Group
Nashville, Tennessee-based lodging and hospitality real estate investment trust Ryman Hospitality Properties is considering the sale of its 70% stake in Opry Entertainment Group, which owns the Grand Ole Opry House in Nashville, CoStar News' Andy Peters reports.
"The Grand Ole Opry is the longest-running radio broadcast in U.S. history, and some of the most popular acts in country music have performed on the show, such as Hank Williams, Johnny Cash, Dolly Parton and Luke Combs. The program started in Nashville in 1925 and has been broadcast from six venues in the Tennessee state capital," Peters reports.
Colin Reed, chairman of Ryman, said in a statement that the REIT expects "to play an integral role in the continued growth of [Opry Entertainment] irrespective of any strategic partnerships being considered.”
5. US jobless claims dip
Applications for unemployment benefits in the U.S. decreased by 12,000 to 215,000 in the week ending June 20, the Associated Press reports. Data firm FactSet projected there would be 225,000 new applicants.
The four-week moving average of claims increased by 750 to 224,250.