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1. Historic Tahoe Biltmore sells for $153,000 at auction
The Tahoe Biltmore Lodge and Casino, opened in 1946, sold at a foreclosure auction for $153,000 after predictions priced the property at more than $100 million, SF Gate reports. The hotel closed in 2022 after years of declining performance.
After the hotel closed, EKN Development proposed demolishing it and building a Waldorf Astoria hotel, according to the article. The company ran into financial trouble, including defaulting on $82 million in March 2024 and then again in February.
The buyer of the property, a Utah-based limited liability company, is Lake Tahoe Partners. It was also the original lender on KEN Development's project and named as the beneficiary of the $82 million loan.
2. Corporations bear brunt of tariff costs
While companies tend to pass on additional costs to consumers, U.S. corporations so far have mostly absorbed the increased prices caused by new tariffs, the Wall Street Journal reports. The government has collected an additional $55 billion in tariffs so far this year.
"In a competitive market, a company that hikes prices could lose market share to a rival that keeps its prices steady," the newspaper reports. "Many are reluctant to raise prices until they absolutely must, and until they know the ever-changing tariffs are sticking around. In some cases companies have said they plan to raise prices in the months to come."
3. Startup Landingplace Hotels focuses on maximizing flexibility
The newly launched hotel brand company Landingplace Hotels is focused on creating more flexibility in its franchising model, reports CoStar News' Sean McCracken. The company is coming out of the gate with two conversion-focused midscale brands: Landingplace Select, a select-service brand; and Landingplace Suites, modeled to bridge the gap between extended-stay hotels and furnished apartments.
"We've really built these with our team to address some of the friction points and things that slow down operators and address some of the areas where sometimes legacy systems struggle to evolve in today's fast-moving business climate," Landingplace co-founder and CEO Jeremy Bratcher said in an exclusive interview. "We've got some cutting-edge, innovative approaches that I think are addressing areas that the industry is turning toward but isn't moving as fast as we're able to."
4. Airlines test streamlined customs process with London flights
American Airlines and Delta Air Lines are testing a new customs process for passengers making connecting flights on certain routes from London, the New York Times reports. One Stop Security will allow them to bypass customs and extra security checks.
The pilot program will include limited American Airlines flights from Heathrow Airport to Dallas-Fort Worth International Airport and Delta flights from Heathrow to Hartsfield-Jackson Atlanta International Airport. Both will have dedicated customs areas for these flights but have different security screening processes.
Travelers on the American flights will stay at gate level and proceed through a passport control area before heading to their next gate without having to claim their bags, recheck them or move through additional security screening. The process will differ in Atlanta depending on whether the traveler has Global Entry or the Mobile Passport Control app, which will allow them to bypass additional Transportation Security Administration screening.
5. US initial weekly jobless claims drop by 4,000
The U.S. Department of Labor reported that 217,000 people filed for unemployment benefits for the week ending July 19, down from 221,000 the week before, according to the Wall Street Journal. The number of continuing claims rose to 1.96 million in the week through July 12, up from 1.95 million the week prior.
"A rise in initial-claims filings this spring has reversed course over the past several weeks, calming fears that the labor market has weakened dramatically," the newspaper reports. "But evidence from recent monthly job reports show that hiring has shifted into a lower gear. Facing an uncertain path forward as trade policy swings, many companies say they are postponing major decisions about hiring and investment."