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1. US Private Sector Employment Sluggish
Economists at Morgan Stanley project employment at U.S. state and local governments will need another three years until full recovery from layoffs induced by the pandemic, Bloomberg reports.
"Despite saving almost $100 billion in the past 2.5 years from reduced payrolls, in addition to the $900 billion in pandemic-related relief from the federal government, state and local officials have had trouble luring workers," the news outlet writes.
2. Japan Could Further Relax Borders
Japan could soon waive tourist visa requirements from some countries and "scrap a daily cap on arrivals by October," local news outlets report, according to Reuters.
"Japan last week raised the daily ceiling of inbound travelers to 50,000 from 20,000 and eliminated a requirement for pre-departure COVID tests, easing what have been among the most restrictive border measures among major economies," the news outlet reports.
3. Madonna Inn's Unique Experiences
Since it opened in 1958, guests of the Madonna Inn in San Luis Obispo, California, have learned the hotel is nothing short of unique experiences thanks to the ownership group's vision, reports Hotel News Now's Stephanie Ricca.
“Our guest experience is not only unique, but it has to be fun and high-quality,” said Clint Pearce, president of Madonna Enterprises. “Our daily work is honoring and respecting the past, making sure we are doing everything we can to not dilute and diminish the original idea and vision and dream, but at the same time, make it relevant to today’s traveler. We’re not running a museum. But people expect to see and experience what they remember from 30 years ago, and while it may not be exactly the same, they feel it is.”
4. Tempo by Hilton To Debut in Times Square
Hilton plans to debut its first Tempo by Hilton boutique hotel in New York City next year as part of TSX Broadway, a $2.5 billion tower adjacent to Times Square's red bleachers and the TKTS discount-tickets booth, the Wall Street Journal reports.
The new 661-room hotel, aimed to "offer more Las Vegas-style attractions," signals the city's entertainment district is being revived. Construction on the project began in 2019.
"The tower is expected to host public events, such as product launches and concerts, on the building’s elevated outdoor stage and more intimate gatherings in the building’s supper club, where guests would have access to performers," the news outlet reports.
5. Shareholders Approve Watermark Deal
Real estate investment trust Watermark Lodging Trust announced Monday that stockholders have approved the proposed acquisition of Watermark Lodging Trust by private real estate funds managed by Brookfield Asset Management, according to a news release.
Watermark first announced in May 2022 its pending $3.8 billion sale, Hotel News Now's Bryan Wroten and CoStar News' Ryan Ori reported.
"WLT common stockholders will receive cash consideration of $6.768 per Class A share and $6.699 per Class T share. The transaction is anticipated to close on or about October 21, 2022; however, closing remains subject to the terms and conditions of the merger agreement and there can be no assurance as to the exact closing date," the news release said.