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1. Las Vegas Unions, Caesars Reach Tentative Deal
The Culinary Workers and Bartenders Unions representing hospitality workers in Las Vegas reached a tentative deal Wednesday with Caesars Entertainment on a new contract for 10,000 employees, Reuters reports. The tentative five-year deal came just before a strike threatened to shut down the Las Vegas Strip on Friday.
Caesars Entertainment says the new deal includes "meaningful wage increases." MGM Resorts International and Wynn Resorts have yet to reach an agreement.
MGM Resorts President and CEO Bill Hornbuckle said during the company's third-quarter earnings call Wednesday it was close to reaching a tentative deal ahead of the Friday deadline, Kiro 7 News Seattle reports. Wynn said its next bargaining session will take place Thursday.
2. Hersha Shareholders Approve KSL Deal
Shareholders of real estate investment trust Hersha Hospitality Trust voted Wednesday to approve of the acquisition by KSL Capital Partners, reports HNN's Bryan Wroten.
Private-equity firm KSL Capital and Hersha announced in August the proposed all-cash deal valued at $1.4 billion. Under the terms of the deal, KSL Capital will acquire all the outstanding common shares of Hersha for $10 per share to take the publicly traded REIT private.
With shareholder approval secured, the deal is expected to close during the fourth quarter.
3. Paris Ready To Host 2024 Olympics
Paris will host the 2024 Olympic Games between July 26 and Aug. 11, and unlike other cities that have hosted the games, Paris does not need to build much infrastructure or hotels for spectators, reports HNN's Terence Baker.
According to Christophe Decloux, CEO of Comité Régional du Tourisme Paris Ile-de-France, 95% of the Olympic sites needed in Paris already exist. The city will just need to build the athletes' village and a swimming pool.
4. Investors Plan To Be Net Buyers, Survey Says
JLL Hotels & Hospitality's latest Hotel Investor Sentiment Survey reveals 81% of investors expect to be net buyers over the 12 months. This represents the highest percentage ever recorded in the survey, going back to 2000.
The survey also notes the attractiveness of urban markets is on the rise. A total of 84% of investors plan to deploy most of their capital into urban markets such as London, New York City and Tokyo. Sixty-one percent of investors say hotel pricing on a per-key basis will increase over the next year.
5. United Airlines Predicts Record Thanksgiving Travel
United Airlines is predicting record-breaking Thanksgiving holiday travel, noting it will carry 5.9 million passengers, which is more than ever before, KKCO 11 News reports.
This year's Thanksgiving travel period is anticipated to be longer than past years, lasting 11 days.
Hotels are also gearing up their properties to welcome guests this Thanksgiving, the New York Times reports. The Grand Lodge at Nemacolin in Farmington, Pennsylvania, for example, will offer ice skating, a 5K turkey trot, movies, crafts, horseback rides, a light show and more.