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1. Economists say Trump win would balloon inflation, deficit spending
A recent survey of economists conducted by The Wall Street Journal shows expectations are inflation, interest rates and deficit spending would all be higher under a second Donald Trump presidency than if Vice President Kamala Harris wins the election, although both candidates have "inflationary policies."
"Of the 50 economists who responded to the survey’s question on inflation, 68% said prices would rise faster under Trump than under Harris," the newspaper reports. "That was up from 56% in July. Only 12% of the economists thought inflation would be higher under a Harris presidency, while the remainder saw no material difference between the candidates."
2. European Central Bank expected to cut rates this week
CNBC reports the European Central Bank is slated to make its third interest rate cut of the year later this week. The news outlet noted inflation across the European Union cooled to 1.8% in September, giving the central bank ammunition to drop rates to as low as 3% from the current rate of 3.5%.
Interest rates started the year at a record high of 4%.
"Expectations for faster monetary easing have built since the ECB’s Sept. 12 meeting, amid a series of dovish comments from officials and cooler-than-expected inflation prints from euro area states, including Germany," CNBC reports. "Bank of France Governor Francois Villeroy de Galhau last week described an October rate cut as 'very likely' and said such a step 'won’t be the last.'"
3. How hoteliers navigate labor market
Executives speaking at The Lodging Conference said they've had to be "increasingly savvy" about how they cope with a tight labor market, HNN's Trevor Simpson reports.
Julie Arrowsmith, president and CEO of G6 Hospitality, said her firm — which is slated to be acquired by Indian lodging company Oyo for $525 million — has focused on training and development to boost employee retention.
"It's something that just has to be very embedded culturally, and we do a lot to make sure that we're out there visiting our owners. Not just for their grand openings, but on a day-to-day front and really connecting with them and listening to what they're dealing with, making sure that we have the best-in-class training materials so that it's super easy for them to onboard and keep the team members up to speed on any kind of notable or latest hot topics," she said.
4. Hotel strikes grow in Boston
Slightly fewer than 700 workers from two Omni Hotels & Resorts properties in Boston are expected to begin striking this morning, joining the 600 hotel workers already on strike in the market, NBC10 Boston reports.
"Workers at both Omni properties had walked off the job for three days from Sept. 19 to Sept. 21, but this time they say they won't return to work until they reach an agreement with Omni Hotels & Resorts," the news outlet reports.
Workers joining the strike include room attendants, house persons, front desk agents, telephone operators, doorpersons, bellhops, cooks, dishwashers, banquet staff and barbacks, among others.
5. Dalata announces €600 million refinancing
Dublin, Ireland-based Dalata Hotel Group has announced a €600m ($655.5 million) refinancing aimed at funding the company's future growth, Irish news service RTE reports.
Dalata is the largest hotel group in Ireland and operates the Clayton Hotel and Maldron Hotel brands.
The news outlet reports: "The new lending facilities are made up of a green term loan facility of €100m and a multi-currency revolving credit facility of €375m. The group has also completed its inaugural private placement with the €125m issue of senior secured notes, comprising €62m and £52.5m."