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Rob Hays, president and CEO of Ashford Hospitality Trust, will be stepping down from leading the real estate investment trust after nearly 20 years effective June 30, HNN's Bryan Wroten reports.

Hays plans to work alongside his father "on a unique business opportunity in an industry outside of real estate," according to a news release announcing his departure. Succeeding Hays as president and CEO will be Stephen Zsigray, Ashford's senior vice president of corporate finance and strategy.

"I've had the pleasure of supporting the company and our hospitality business for almost two decades and consider myself blessed to have guided this wonderful organization over the past four years. Were it not for this opportunity I have, I would undoubtedly be at Ashford for the rest of my career," Hays said in the news release. "I've had the privilege of working with Stephen for many years. He is an exceptional leader and a terrific successor, possessing great vision and a deep understanding of our business and the industry. Ashford Trust is well-positioned for long-term success."

The European Commission on Thursday proposed to start negotiations with the United Kingdom to allow people between 18 and 30 years old to move freely, work and study in both regions for up to four years, AP News reports.

The U.K.'s withdrawal from the EU in 2016 disrupted mobility between the two areas.

“We have successful Youth Mobility Schemes with 13 countries, including Australia and New Zealand, and remain open to agreeing to them with our international partners, including EU member states,” the British government said in a statement.

In a candid on-stage interview at the International Hotel Investment Forum in Berlin, Accor Chairman and CEO Sébastien Bazin highlighted areas where he feels world leaders could improve their position of power, HNN's Terence Baker reports.

Bazin said leadership and inspiration are no longer coming from the politicians who have been elected to create positive change.

“I know I am too candid, but the world is a mess. The leaders do what they can do, but 50 years ago we would have spotted four or so leaders that you would point out that you would admire. Today? Would you point out any?” he said. “I do not want to blame any of them, as leading a country is one of the toughest roles in the world. Nowadays it is also about social networks. You are on the defensive all the time.”

He advises hoteliers to press on and for leaders to foster stability.

Across all banks and all loan types, Federal Reserve data shows the "loan-loss reserve was well under 2% in the fourth quarter," the Wall Street Journal reports. While big banks only saw a small amount of losses on office loans, lenders are still bracing for more to come.

"A jump in actual charge-offs might allow banks to draw down those office-reserve levels, reassuring investors that the worst is behind them. For now, though, banks are mostly keeping office-loan reserve ratios elevated, even as some losses flow through," the news outlet reports.

Citizens Financial Group CEO Bruce Van Saun told analysts on its latest earnings call that "the pig is going through the python, and it's going to take a few more quarters for that to fully work its way through. But we're not seeing any surprises, which is the good thing about this."

At a meeting on tourism as part of the United Nations General Assembly's first ever "Sustainability Week," President Dennis Francis highlighted "the urgent need" to further implement sustainable and resilient tourism practices, UN News reports.

“We need a global tourism sector that is sustainable — one with deep local value chains that expand demand for locally made products and services in ways that also directly and positively benefit local communities,” he said.

Francis also stressed the need to reduce the tourism's sectors to vulnerabilities and increase its ability to "withstand external shocks," UN News reports.

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