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1. Remington names Ben Perelmuter CEO
Remington Hospitality has appointed Ben Perelmuter as its new CEO starting June 2, reports CoStar News' Trevor Simpson. Perelmuter currently serves as president and chief operating officer at TPG Hotels & Resorts.
“Ben’s energy, passion for hospitality, and focus on performance align perfectly with our vision for the future," said Monty Bennett, CEO and chairman of Ashford Inc., the parent company of Remington Hospitality, in a news release. "I’m confident in his ability to build on our momentum and lead the company forward with a focus on people, purpose and profits.”
Perelmuter will work with Sloan Dean, Remington's current president and CEO, to ensure a smooth leadership transition. Dean had announced weeks ago his plans to pursue other opportunities.
2. EU lowers growth forecast
In its semi-annual report, the European Commission said the European economy will grow slower than previously forecast, pointing to U.S. tariffs on exports from the continent, the Wall Street Journal reports. The European Commission also said it expects inflation to cool faster.
The commission now expects the EU's combined gross domestic product to increase by 0.9% in 2025 and by 1.4% in 2026, the newspaper reports. The previous forecast called for 1.3% and 1.6% growth, respectively.
“The unpredictable and seemingly arbitrary rationale behind the U.S. tariff announcements has raised uncertainty to levels not seen since the darkest moments of the COVID pandemic,” said Valdis Dombrovskis, commissioner for economy and productivity.
3. How proposed UK immigration rules would affect hoteliers
The United Kingdom's government is looking to place tougher restrictions on immigration, which could have significant implications for employers in the hospitality industry, reports CoStar News' Terence Baker. Among the proposed rules are mandates for more advanced education, higher skill levels and increased language requirements.
UKHospitality CEO Kate Nicholls said the government shouldn't pass any new requirements without improving and expanding the country's domestic apprenticeship program.
4. Moody's downgrades US AAA credit rating
Moody's Ratings downgraded the U.S. government's credit rating from AAA to Aa1, pointing to fiscal deficits and rising interest costs, the Wall Street Journal reports. It is the last major ratings firm to downgrade the U.S., following Fitch Ratings in 2023 and S&P Global Ratings in 2011.
“Successive U.S. administrations and Congress have failed to agree on measures to reverse the trend of large annual fiscal deficits and growing interest costs,” Moody’s wrote in a statement.
5. Air traffic control system breaks down at Paris airport
The breakdown of air traffic control systems at the Paris Orly Airport has caused delays and cancellations to spill over into a second day, France24 reports. France's civil aviation regulator requested airlines reduce their flights by 40% on Sunday and by 15% today.
The regulator did not share any details about the cause of the breakdown, according to the article.
The problems led to the cancellation of roughly 130 flights on Sunday. Flights to Italy, Spain, Portugal and Southern France were among those canceled for today.