Lodging & Hotel

The hotel, a staple of conference and business events, is exactly the type of property that’s been battered by the pandemic. It reopens next week.

Cascade Investment LLC will buy a 23.75 percent stake in the business from Kingdom Holding Co. at a $10 billion enterprise value.

Arkups, as they are called, are hurricane-proof homes that can be docked at a marina or driven 2,500 nautical miles into the ocean.

Sourcing equity primarily from family offices, HNWIs and some institutions, Peachtree Hotel Group has acquired more than $1 billion in lodging assets since June 2020.

The Drake, located on the Magnificent Mile, has 535 rooms and more than 200 feet of retail frontage.

REIT total returns are now up more than 25 percent year-to-date as their strong bounceback year continues.

City hotels sold more than 481,000 room nights last week, a 17,000 increase from the week prior.

The cost of hotel and motel accommodations in the U.S. surged 7.9 percent in June from a month earlier, the second-largest gain on record, according to the Labor Department.

Revenue per available room was up 5.7 percent last week compared to the same period in 2019.

A survey of 13,000 job seekers found former hospitality employees wanted high pay, a less physically demanding workplace and better benefits.