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1. Fast Return of Travel Buoys Consumer Spending
While consumer spending rose a somewhat disappointing 0.2% in February, according to Commerce Department data, a faster-than-expected return to travel following the rise of the omicron variant helped buoy numbers, The Wall Street Journal reports. Airlines have indicated first quarter revenues have come in at the high end of their forecasts.
And travelers have been undeterred by increasing airfares.
“They say, ‘I know it’s going to be pricey, but we haven’t been anywhere in two years, we really want to do this,’” said Kim Cook, the owner of Love to Travel told the newspaper, adding consumers have "got the money to burn.”
2. White House Mulls Releasing Oil Reserves
News that President Biden's administration is getting ready to release as much as 1 million barrels of oil a day have pushed down prices, The Wall Street Journal reports. Brent crude fell 5.4% this morning to $105.46.
The newspaper notes price decreases from releasing oil reserves have historically been short-lived.
3. Accor Leans on Luxury Branded Residences in South America
Accor, one of the major hotel brand players in South America, is embarking on a new stage of growth on the continent. CEO of South America Thomas Dubaere said his company is looking to establish a greater footprint of luxury lifestyle properties, reports HNN's Sean McCracken.
Dubaere said one of its biggest levers to pull is combining resort properties with luxury branded residences, as those projects are guaranteed cash flow during the development cycle.
"For an investor, that is nearly an ideal scenario," he said. "Because while [the investor's] got the hotel, he's got the residences, he's got the brand and he's got the service. Then when he sells the residences, it goes through SLS or Fairmont or whatever, and that's an uplift for the investor."
4. Chinese Luxury Hotels Offer Childcare To Ease Work-From-Home Tensions
As various parts of China deal with COVID-19 outbreaks and corresponding lockdowns, workers stuck at home are turning to luxury hotels that offer babysitting during the day, CNN reports.
One such hotel is the Mandarin Oriental Pudong in Shanghai, which offers to feed children and supervise their online schooling.
"After the Shanghai municipal government issued its new policy that all students would have to stay home for online schooling starting from March 12 due to the recent omicron outbreak, we have been witnessing the responses from our society and understood how difficult it was for the parents who had to juggle between their work and kids," Cecilia Yang, director of communications at Mandarin Oriental Pudong, Shanghai, told the news outlet.
5. A Hotel Offers To Accommodate Traveling Houseplants
While it's not the same as taking care of children, a Kentucky hotel is billing itself as the world's first plant-friendly hotel and offering things like guaranteed natural lighting for house plants of travelers who decide to bring with them, NPR reports.
The Elwood Hotel & Suites in Lexington, Kentucky, promises a specific suite with only the best lighting.