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1. More people worry about US stagflation
CNBC reports worries about stagflation seem to be growing, with more traders on prediction market Kalshi expecting the unwanted mix of high inflation and unemployment.
Three months ago, roughly 11% were calling for stagflation, but that mark has grown to 40% more recently. That negative perception seems to be fueled at least in part by the consumer price index climbing up to 3.8% in April, the highest point since May 2023.
2. Why Indian PM is pushing for fewer Indians traveling internationally
Energy and economic concerns are underlying Indian Prime Minister Narendra Modi's recent call for fewer outbound foreign trips for Indian citizens, the BBC reports. He delivered that plea, along with calls for less purchases of gold and more work from home, over the weekend.
The news agency reports the move is viewed as necessary for the country's "economic survival." Hoteliers have regarded growth in India a massive opportunity in recent years largely due to its burgeoning middle class.
But a spike in energy costs could throw a wrench into that country's growth story.
"We have not seen the impact in the last two months of the Middle East war in terms of energy price transmission… It's coming and its coming big and consumers have not felt the pressure at all," Uday Kotak, a veteran Indian banker, said.
3. Lawyers zoom in on top hotel labor issues
Employee accommodations, wage regulations and immigration raid rank at the top of the list of labor legal issues hoteliers must sort through, according to experts speaking at the Hospitality Law Conference.
CoStar News' Bryan Wroten reports employers, including more sophisticated groups, struggle with understanding when employees need accommodations for things like religion, disabilities or pregnancies.
“Because when they’re being asked for an accommodation, they’re being asked to treat someone at one particular point differently than they’re treating everyone else, and that goes against common sense,” Andria Ryan, labor attorney and partner at Fisher Phillips, said. “The way to avoid claims is to treat employees exactly the same — except when they ask for these kinds of changes.”
4. Minnesota Wild owner buys historic St. Paul hotel
Just a day after his team was eliminated from the Stanley Cup playoffs, it was announced a group led by Minnesota Wild owner Craig Leipold purchased the historic St. Paul Hotel in St. Paul, Minnesota, The Minnesota Star Tribune reports.
No price was announced in the deal.
“I am a true St. Paul fan, and I’m thrilled to be able to invest in its future,” Leipold said in a statement. “The St. Paul Hotel and Rice Park are key parts of both our history and our shared vision for a thriving entertainment district and city.”
Other investors in the deal include Securian Financial, Ecolab and St. Paul real estate developers Jim Kelly, Carl Kaeding and David Williams.
5. Maryland hotel picks up clean energy financing
The Marriott Downtown Frederick at Carroll Creek in Maryland has received a $43 million C-PACE financing package, the largest in that state's history, CoStar News' Jonathan Lehrfeld reports.
The money is expected to be used for advanced insulation, roofing and windows to minimize thermal loss. It will also help fund high-efficiency heating and cooling units, interior LED installation to reduce electricity demand, advanced domestic hot water systems and low-flow fixtures.