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1. OECD predicts effects of tariffs to hit US economy in 2026
The latest quarterly report from the Organization for Economic Cooperation and Development revised its growth predictions for the U.S. and global economies up slightly for 2025, the Wall Street Journal reports. It still forecasts a tougher environment in 2026 when it believes global economies will feel the full effects of U.S. tariffs.
The new report forecasts the U.S. economy will grow by 1.8% this year and 1.5% in 2026 as compared to its previous report of 1.6% and 1.5%, according to the article. The U.S. economy expanded by 2.8% in 2024.
The OECD estimates full effective U.S. tariff rate grew to 19.5% at the end of August from 15.4% in mid-May. It's also expecting inflation to rise to an average of 3% next year.
“The impacts of higher tariff rates are yet to be fully felt in the U.S. economy,” the OECD said. “This reflects a combination of factors, with firms making use of inventories and ample profit margins to avoid or absorb the initial impact of higher tariffs, lags between the announcement and imposition of higher tariff rates, and the exemption of goods already in transit from higher tariff rates.”
2. Las Vegas resorts offer discounts to boost tourism
To combat a decline in tourism, the Las Vegas Convention and Visitors Authority worked with area resorts to create a five-day "Fabulous Escape" sale this week, the Las Vegas Review-Journal reports. Resorts, restaurants and shows in the market have offered discounts and other deals to draw people in.
Caesars Entertainment has offered 50% off hotel stays at five of its properties, and MGM Resorts International has offered the same at nine of its resorts. The Fontainebleau, Treasure Island, Golden Nugget, Palms and the Strat have each eliminated their resort fees.
“Sales and discounts typically do a good job of attracting leisure guests,” said Amanda Belarmino, an assistant professor at UNLV’s William F. Harrah College of Hospitality. “More importantly, at this moment we are fighting a battle of public relations and perception. The fact of the matter is that we have yet to achieve pre-pandemic hotel occupancy, and this year is still far better than what we saw right after the pandemic yet no one was publicizing it at the time.”
3. Crestline CEO reflects on company's 25th anniversary
Crestline Hotels & Resorts celebrates its 25th anniversary this year, and the third-party management company's CEO spoke with CoStar News Hotels in a podcast interview about the firm's history and what it's doing now.
After all the changes the hotel industry and Crestline itself has seen since the company's founding, CEO and President James Carroll said hospitality is still a people business.
“We're trying to drive value for our owners in the products that they have entrusted us with,” he said. "But for us, it is people serving people, and that is what drives the business and what drives the revenues and return customers and guest scores.”
4. Spirit Airlines to furlough 1,800 flight attendants
Spirit Airlines will furlough one-third of its 5,200 flight attendants as the company tries to further cut expenses, the Wall Street Journal reports. Spirit filed for chapter 11 bankruptcy last month, the second time in less than a year.
Voluntary furloughs will begin Nov. 1 and can run six months or a year. Involuntary furloughs will start Dec. 1.
“We need to shift our focus to a complete rightsizing of the airline, which means volume-based adjustments to our Flight Attendant group, and across our teams,” Chief Operating Officer John Bendoraitis wrote to employees. “This is hard news, and we understand it affects not only you and your peers but also your families.”
5. Hong Kong bankers turn to luxury hotels during typhoon
Bankers and traders in Hong Kong are staying home or booking stays in luxury hotels to keep working as Super Typhoon Ragasa made its way toward the city, Bloomberg reports. The local weather bureau issued its highest storm warning, signaling hurricane-force winds.
The Hong Kong stock exchange introduced a change last year to keep trading open even during severe weather events, according to the article. With markets still open, firms needed to find centrally located hotel rooms for traders who didn't want to go home.
Bloomberg reported the Mandarin Oriental property across from HSBC's Hong Kong office was nearly fully booked on Tuesday with similar situations at the Four Seasons hotel and others connected to the Pacific Place shopping center near the central banking district.