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Real Estate Roundup 6.15.20

Real Estate Roundup

Covid-19 

  • As communities continue to reopen, 38 states now allow for limited, dine-in restaurant service statewide. Nearly 70% of U.S. restaurant locations were able to reopen their dine-in service based on local and state rules as of last week, says consumer research firm NPD Group Inc. Still, restaurant traffic has been slow to rebound, with most jurisdictions mandating capacity limits to ensure social distancing. (WSJ)
  • The Covid-19 crisis has punished the hospitality industry as hard as any business. U.S. hotel occupancy levels shrank to less than 25% in April, down 64% from a year ago, More than 5,000 U.S. hotels closed in March and April, and by the start of June nearly half still had their doors locked… Since March, 70% of hotel employees have been laid off or furloughed. Despite nationwide job gains in May, employment in the lodging industry fell for the third consecutive month and 1.1 million people were still out of work, according to the Bureau of Labor Statistics. (WSJ)

Other news 

  • The Omni Berkshire Place hotel in midtown Manhattan will permanently close, the pandemic’s latest blow to New York’s lodging business. Omni Hotels, owned by billionaire Robert Rowling’s TRT Holdings, informed loyalty members of plans to close the property at 21 East 52nd Street. The 399-room property was built in 1926 by the same architecture firm that designed nearby Grand Central Terminal. It underwent a $70 million renovation in 1995, the year before TRT Holdings acquired the Omni chain. (Bloomberg)
  • A successful public offering by Quicken Loans, the biggest mortgage lender in the US, could pry open the market for other non-bank lenders. The Detroit-based company has filed paperwork for an IPO that could come as soon as July, it emerged last week, in what would be one of the most significant financial company listings of recent years. (FT)
  • SoftBank has quietly poured more than $500 million into Credit Suisse investment funds that in turn made big bets on the debt of struggling start-ups backed by the Japanese technology conglomerate’s Vision Fund. (FT)
  • REBNY laid off more than 10 percent of its staff, and cut senior staffers’ pay. (TRD)

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