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Even after months of conserving fuel to avoid using Russian gas, European countries are preparing for controlled power outages this winter if the amount of energy is scarce, the New York Times reports.

Governments in France and Great Britain have already started to advise citizens of potential electricity outages this winter. Although the plans for curbing electricity are falling into place, European officials say they are merely a last resort to prevent uncontrolled blackouts.

“We’re not in a catastrophe film,” Olivier Véran, the French government spokesman, said on French television last week. “We are not announcing that cuts will happen, but if we have a particularly cold and energy-intensive winter, there could be situations of tension and we are preparing for all scenarios.”

China’s tourism, catering and beverage stocks, along with its currency, has increased as Beijing eases COVID-19 restrictions, Reuters reports.

Despite the short-term growth, some investors are worried about a surge in COVID-19 infections correlated with the loosening of restrictions. A study by Chang Jiang Securities, a Chinese brokerage, found that “relaxing COVID rules does not lead to a sustainable recovery in consumption.”

"After curbs are relaxed, China could experience the impact from surging virus cases, along with rising deaths, potentially hitting the economy," the brokerage said.

Commercial real estate owner Flynn Properties grew its hotel portfolio from fewer than 30 properties to more than 100 after its $1.1 billion deal with affiliates of Highgate and Cerberus Capital Management, but the company still has an appetite for scale, HNN’s Bryan Wroten reports.

Greg Flynn, founder, chairman and CEO, said the company will try to grow its portfolio by appealing to a wide range of guests, focusing on branded select-service and extended-stay hotels.

“We wouldn’t have gotten into this if we didn’t have a view to it becoming potentially as large as our restaurants,” he said, referring to the 2,400 restaurants his company owns and operates across 44 states.

India-based hospitality company Oyo Hotels & Homes laid off 600 employees in its corporate and technology departments this past Friday, Reuters reports.

Oyo executives announced in October 2021 that the company would be going public, but that has yet to happen due to market conditions. The company now says it will be cutting 10% of its 3,700 employees as well as hiring 250 new ones.

"We will be doing all that we can to ensure that most of the people we are having to let go are gainfully employed," Chief Executive Officer Ritesh Agarwal said.

The Highland Group’s latest report on extended-stay hotels shows average daily rate grew for the third straight month after it decelerated for five straight months.

“Three consecutive months of double-digit gains in extended-stay hotel ADR coupled with growth in demand is very encouraging at this point in the hotel business cycle,” Mark Skinner, partner at The Highland Group, said in a news release.

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