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August 7, 2020

Losses Mount For Hotel Owners Burning Through Cash As Recovery Slows

[Webinar] Engaging, Managing & Hiring A Multi-Generational Workforce: How Companies Can Balance The Talent & Varying Work Demands Of Millennials & Gen Z Aug. 13

Major U.S. hotel companies lost hundreds of millions of dollars in the spring as they gradually reopened hotels this summer to low demand, and their leaders expect there could be a long road back to profitability. 

Losses Mount For Hotel Owners Burning Through Cash As Recovery Slows

The hotel industry, by job losses and debt defaults, has been the hardest hit by the pandemic. The biggest owners and operators of hotels have revealed a host of new financial information over the last two weeks as companies release their earnings reports for the second quarter, which includes the…

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Cushman & Wakefield Names EB5 Capital CEO To Board Of Directors

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The founder of a company that raises capital through the EB-5 program is joining the board of one of the world's largest commercial real estate firms.  Cushman & Wakefield announced Friday it appointed Angelique Brunner, founder and CEO of >

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'Drunken-Square-Root-Sign-Shaped Recovery': Economists React To July Jobs Report On Twitter

'Drunken-Square-Root-Sign-Shaped Recovery': Economists React To July Jobs Report On Twitter  

Total nonfarm payroll employment rose by 1.8 million jobs in July, the US Bureau of Labor Statistics reported Friday. The unemployment rate fell to 10.2%. "Among the unemployed, those who were jobless less than 5 weeks increased by 364,000 to 3.2 million in July, and the number of persons…

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Republican Or Democrat, The Opportunity Zone Program Will Likely Change Next Administration

With bipartisan support in place since its inception, the federal Opportunity Zone program frequently touted by the Trump administration appears likely to last another presidential term, although perhaps in a modified form.

Opportunity zones have been a particularly divisive issue in cities like Los Angeles, where CIM Group, a prolific opportunity zone investor, backed out of a deal to buy Baldwin Hills Crenshaw Mall after backlash from community groups over its lack of plans for services for existing residents.

A new group led by the Crenshaw Subway Coalition is raising funds to buy the mall in what CSC Executive Director Damien Goodmon said could be an all-too-rare example of the opportunity zone program being used for its stated purpose of benefiting underserved communities.

“There’s a real need for reform or repeal given that its current implementation has been disadvantageous for communities of color," Goodmon said. "It’s actually made it worse.”

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Neiman Marcus Leases Could See Use Conversions, Retail Experts Say

The four leases put on the market by Neiman Marcus Group last month as it goes through bankruptcy proceedings could yield a wide range of uses, raising big open questions for the retail sector as a whole, experts say. 

The leases for stores in the Bay Area, Washington, D.C., South Florida and Seattle are being marketed by A&G Real Estate Partners, which considers some of the locations "particularly promising for conversion to hotel, office or residential use," A&G co-President Emilio Amendola said in a statement last month.

Each lease has options available through the rest of the decade or well beyond.

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Universities Face Half-Empty Student Housing As Fall Semester Approaches

 

Fall is approaching, and universities around the country are mobilizing their resources to manage the return of students to campus during an active pandemic. Many will not return full time, opting instead for a hybrid of in-person and online learning.

For those that still want to live on campus, the student housing experience will be vastly different. Whether by choice or simply reflecting low demand, several universities are facing half-empty residence halls in the fall.

"It means a tremendous [amount] of creative planning, and it does mean budget cuts," University of Houston Assistant Vice President for Student Affairs, Student Housing & Residential Life Don Yackley told Bisnow. "And I think the full scope of the impacts ... we're still exploring and trying to understand and plan for."

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