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Unable to fill its big hotels, Detroit hopes for business travel rebound


At the same time, they’re warning that the suppressed revenue and occupancy could last well into 2023, and that if the shifts are permanent an undetermined number of hotels could close.
“(Detroit) is the most important region of the state with more rooms than any other portion,” said Justin Winslow, president and CEO of the Michigan Restaurant & Lodging Association. “It has outsized importance to the industry overall.”
There are two key differences between the city and the rest of the state when it comes to Michigan’s nearly 1,400 hotels. The first is the concentration of rooms: There are at least 4,000 rooms in downtown Detroit and 40,000 across the region. ....

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Spotlight on loan growth — or lack of it — as earnings season kicks off


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When earnings season kicks off Tuesday, banks are expected to report a continuing influx of deposits, still-improving credit performance and a resumption of share buybacks that were largely halted during the pandemic.
But this year’s great unknown — when loan growth will return — may well drive the chatter.
Lending activity remains sluggish in part because of low credit line utilization by commercial borrowers that are having trouble hiring workers and replenishing their inventories. Another factor is the flurry of federal stimulus spending that has pumped cash to both businesses and consumers.
Though some regional banks, such as Providence, Rhode Island-based Citizens Financial Group and Dallas-based Comerica, have said recently that their ....

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