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1. Fed Keeps Interest Rates Unchanged
The Federal Reserve left interest rates unchanged for a third consecutive time at its meeting Wednesday. Officials have also indicated they will make three quarter-point cuts to the benchmark rate in 2024, AP News reports.
“Inflation keeps coming down, the labor market keeps getting back into balance, and it’s so far, so good,” Federal Reserve Chair Jerome Powell said after the Fed’s policy committee ended its latest meeting.
Powell also expressed optimism that inflation is approaching the Fed's 2% target. Inflation has eased in goods, housing and services.
2. China's Domestic Tourism Strengthens
China's tourism rebound has primarily been driven by a surge in domestic demand as native tourists took enough trips to lift 2023 revenue back in line with 2019, the South China Morning Post reports.
Hotel bookings have already increased more than fivefold in the week leading up the 2024 New Year's Day holiday. But experts question whether this demand will carry through 2024.
“Domestic tourism recovered significantly better than market expectations, but this was largely driven by a rebound in demand suppressed by a three-year pandemic policy,” Lin Huanjie, dean of the Institute for Theme Park Studies in China, told the news outlet. “It is hard to sustain this growth into next year. China’s domestic tourism will recover, at most, to a similar level as 2019 next year.”
3. The Future of Resort Fee Transparency
The state of Pennsylvania has reached separate settlement agreements with hotel brands Omni Hotels & Resorts and Choice Hotels International in recent months and with Marriott International in 2021 over fee transparency, reports HNN's Bryan Wroten.
Though these are just centered on hotels operating in Pennsylvania, Mark Adams, partner at law firm Jeffer Mangels Butler & Mitchell, said in a podcast interview that these companies will look to expand their transparency practices across their portfolios.
"I am confident that those will find their way to [President Biden's] desk, and he will sign them," Adams said. "And once he signs them, there will be much publication about it, and I think state legislatures will follow up."
4. Opulent Office Parties Dwindle
The Wall Street Journal reports that office holiday parties will look much different going forward as firms continue to climb out of the effects of inflation and layoffs that occurred in early 2023.
"Gone are many of the hotel-ballroom celebrations, the roast-beef carving stations and the DJs. Some firms that used to fly in comedians or other talent to entertain the troops at opulent dinner parties are opting for low-key office potlucks, in part, because employees have said they won’t show up to anything outside of work hours," the news outlet reports.
A LinkedIn survey shows that 55% of the more than 6,000 people polled have no plans to attend their company's holiday party this year.
5. Super 8 Co-Founder Ron Rivett Dies
Ron Rivett, co-founder and chairman of My Place Hotels of America and co-founder of Super 8 Motels, has died.
According to a news release, Ron Rivett co-founded Super 8 Motels with his friend Dennis Brown in 1974. Under Ron Rivett's helm, Super 8 reached a milestone of 1,000 locations across the globe by 1993. He then sold the brand to Hospitality Franchise Systems. In 2012, he along with his grandson, Ryan Rivett, launched My Place Hotels of America.
His 50-year legacy in the industry is defined by a motto he lived by: "It's all about the people."
"Quick-witted, charming, intelligent, and fiercely loyal, it’s difficult to know what Ron would say if he were here today,” Ryan Rivett said in the news release. “He loved his country, home, family, and business out loud and unapologetically. His memory and legacy will continue, providing value for generations, and we will miss him dearly."