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1. Trump Organization plans crypto-funded Maldives resort
The Trump Organization has partnered with Saudi-owned developer Dar Global to build a Trump-branded resort on an island in the Maldives, the Wall Street Journal reports. They plan to allow investors to buy a piece of the construction logged through a digital blockchain.
"The company didn’t say whether investors would receive a share in the profits of the project or some other financial benefit, only adding the tokenization would offer 'the opportunity to participate in a high-growth, premium real estate project from inception,'" the newspaper reports.
2. Brookfield buys Sheraton Phoenix Downtown
Brookfield Hotel Properties has acquired the 1,003-key Sheraton Phoenix Downtown from Blackstone for an undisclosed amount, CoStar data shows. The property last sold in 2020 for $268 million.
A news release from JLL, which represented Blackstone in the sale, states the property is the city's largest hotel and has 112,000 square feet of flexible meeting and event space, including the 27,200-square-foot Phoenix Ballroom and the 14,000-square-foot Valley of the Sun Ballroom. The property was built in 2008 and underwent a $45 million renovation that finished in 2020. The hotel sits two blocks from Phoenix Convention Center.
3. Hotel REIT execs say uncertainty holds back buyers
During their respective companies' third-quarter earnings calls, hotel real estate investment trust executives shared their assessments of the current transaction environment, CoStar News reports. Buyers are holding back some until more uncertainty clears, and owners aren't feeling overly pressured to sell due to steady-enough performance and the ability to refinance debt.
"So I think just as a general backdrop, the transaction market has kind of been gyrating between risk-on and risk-off all year," said Tom Fisher, co-president and chief investment officer at Pebblebrook Hotel Trust. "The one constant throughout the year, however, has been the debt markets. The debt markets have been improving. They're getting more competitive. There's more availability, there's better pricing. And in some instances, it's actually becoming an alternative to a sale for many sellers from that perspective. Because I think on the equity side, again, it's kind of more risk-on, risk-off."
4. FAA lifts US flight restrictions
The Federal Aviation Administration ended its flight-reduction order following the end of the government shutdown and the stabilization of staffing levels, NBC News reports. It had initially ordered Nov. 7 a 4% cutback in the number of flights at 40 major U.S. airports, later increasing that amount to 6% and then lowering it to 3%.
There were growing fears over the impact the reductions in flights would have on the upcoming Thanksgiving holiday.
AAA released its annual Thanksgiving travel projection, estimating 81.8 million will travel at least 50 miles for the holiday this year. Among those, it forecast 6 million will fly over the period of Nov. 25 to Dec. 1.
5. EU downgrades 2026 growth outlook
Though the European Union increased its economic expectations for this year, it lowered its outlook for 2026 due to the ongoing effects of U.S. tariffs, the Wall Street Journal reports. The European Commission's twice-a-year report said the total gross domestic product for the eurozone should rise 1.3% this year, up from a prior expectation of 0.9%, but reach 1.2% in 2026 instead of 1.4%.
“The global environment remains challenging, but a resilient labor market, improving purchasing power and favorable financing conditions are set to support moderate economic growth,” the executive branch of the EU said.