Eight Must Reads for the CRE Industry Today (Feb. 10, 2021) Commercial and multifamily mortgage originations fell by 18 percent in the fourth quarter year-over-year, reports the Mortgage Bankers Association. Commercial Observer looks at issues related to leasing marijuana retail facilities. These are among today’s must reads from around the commercial real estate industry.
Commercial Multifamily Borrowing Falls 18 Percent in the Fourth Quarter of 2020“Commercial and multifamily mortgage loan originations were 18 percent lower in the fourth quarter of 2020 compared to a year ago, and increased 76 percent from the third quarter of 2020, according to the Mortgage Bankers Association s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. A preliminary MBA measure of commercial and multifamily mortgage originations volumes shows borrowing and lending in 2020 was 30 percent lower than in 2019, with all major property types and most capital sources - o
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The U.S. hotel sector’s unemployment rate is once again on the rise, as experts point to a slower-than-expected vaccine rollout hindering the industry’s recovery.
American hotels lost a combined 18,000 jobs in January, moving the industry unemployment rate up to 23.1 percent, the U.S. Bureau of Labor Statistics reported Friday.
The hotel industry continues to remain out of step with the national unemployment rate average the U.S. unemployment rate fell to 6.3 percent last month but still significantly lower than the 48.9 percent seen last April, the first full month of the pandemic.
Press Release 4 February 2021
Survey: 56% of Americans Likely to Travel for Vacation in 2021; 21% Report Traveling Since Pandemic
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WASHINGTON - A new survey conducted by Morning Consult and commissioned by the American Hotel & Lodging Association (AHLA) shows consumers are optimistic about traveling again in 2021, with 56% reporting they are likely to travel for vacation this year. Advertisements
That represents a significant decline from pre-pandemic levels, when approximately 70% of Americans took a vacation in any given year, according to OmniTrak (TNS) data. Since the onset of the pandemic, just 21% of survey respondents reported traveling for vacation or leisure, and only 28% reported staying in hotel. Prior to the pandemic, 58% of survey respondents said they stayed in a hotel at least one night per year for leisure, and 21% stayed at least one night per year for work.
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Starwood Capital chairman and CEO Barry Sternlicht has stepped down from his CEO position at company subsidiary SH Hotels & Resorts, but will remain as chairman and continue to be involved in the organization, the company announced. Arash Azarbarzin will succeed Sternlicht as SH Hotels & Resorts CEO, effective immediately. He most recently was president of the company for the past three years.
Azarbarzin has more than 30 years of industry experience, including leadership roles at St. Regis Hotels, W Hotels, Four Seasons Hotels and Resorts, and as a founding member at the SBE hotel group. In 2020, he joined the board of directors of the American Hotel & Lodging Association.