Editor's Note: Some linked articles may be behind subscription paywalls.
1. MDJM Closes on Fernie Castle, Robin Hill Hotel Deals
Publicly traded Chinese real estate company MDJM has closed on its acquisition and renovation of Fernie Castle in Fife, Scotland, and Robin Hill Hotel in Torquay, England, according to a news release. MDJM announced the Fernie Castle deal in August 2022.
"Based on our long-term investment plan, we have shaped our development strategy and business philosophy by focusing on investments in traditional-style properties," said Siping Xu, chairman and CEO of MDJM. "We intend to respect traditions through a combination of the exploration and development of historical and cultural properties with modern digital technology to create assets that have both historical and contemporary practical value. MDJM firmly believes that in this way, we can better respond to the market demand and maintain our value."
2. George Limbert To Depart Red Roof
Red Roof President George Limbert will step down from his role July 12 to pursue an executive position outside of the hospitality industry, reports HNN's Dana Miller. He has served as president since August 2021.
Red Roof board member Mohamed Thowfeek will take over daily operations of the company while the company begins its executive search process.
“On behalf of the board, we thank George for his extensive contributions to Red Roof over the past decade, first as general counsel and most recently as president,” Thowfeek said in the release. “With support from the leadership team, he has successfully positioned the company for the future.”
3. First Hospitality CEO Talks Disparate Management, Deals Environments
It's an exciting time to be a hotel operator, said First Hospitality CEO David Duncan in an audio interview with HNN's Sean McCracken. The same can't be said about the deals environment.
"So I think it's really interesting when I talk to people, depending on what part of the business they're in, the [general managers] think things are going pretty well; the acquisitions teams, it's hard to motivate them. They can be in a funk," he said.
4. Los Angeles County Hotels House Foster Children
A shortage of foster homes has led the Los Angeles County Department of Children and Family Services to use unlicensed hotel rooms to house troubled youths, prompting protest from other county officials, the Los Angeles Times reports. County leaders are now trying to fast-track facilities to house them.
“We need to push the state to rethink the issue surrounding licensed secure sites in the state of California,” County Supervisor Kathryn Barger said. “Because when you have a total of less than 50 beds available for youth … we have a problem.”
5. Lower Prices of Asian Exports Help US Inflation
The prices of Asian exports are dropping thanks to lower global trade, easing inflation somewhat for Western consumers, the Wall Street Journal reports. Exports from South Korea, Taiwan, Singapore, Japan and China are all down over the last 12 months through May.
However, the drop in prices for Asian exports isn't expected to be the cure-all for inflation, the newspaper reports. Wage growth and service price gains are elevated, and central banks in the U.S. and Europe have projected further interest rate increases.