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1. Paris Marriott Champs-Élysées owner refinances hotel
The owner of the Paris Marriott Champs-Élysées hotel has refinanced the hotel for €175 million ($181.5 million), Business Immo reports. The owner, Kai Yuan Holdings Limited, bought the property in 2014 for €344 million from Abu Dhabi Investment Authority, Abu Dhabi's sovereign wealth fund.
The Paris Marriott Champs-Élysées has 192 rooms and suites along with conference facilities, several restaurants and a fitness center. It recently started a renovation of its rooms and suites to bring a modern aesthetic to the property while respecting its history.
Several other properties in Paris have been refinanced in recent months, including the €900 million refinancing for Cœur Défense and a €456 million refinancing for the Duo Towers.
2. Major winter storm hits US Midwest and mid-Atlantic
A large winter storm has dumped several inches of snow over much of the Midwest as it moved to the mid-Atlantic, leading to the cancelation of more than 1,500 flights so far, ABC News reports. The snow is expected to stop by tonight along the East Coast.
In Chapman and Topeka, Kansas, the storm dropped 18 inches and 14 inches of snow, respectively, according to the article. As of this morning, Washington, D.C., and Baltimore expected as much as 8 to 12 inches of snow.
3. Hotel labor environment improving but still faces headwinds
Executives at hotel management companies have said that while not perfect, the labor environment has generally improved compared to past years, HNN's Sean McCracken reports.
Chris Mellone, vice president of operations for Rochester, New York-based Essex Hotel Management, said he's seen the pool of talent get better, but that's mainly due to the quantity of applicants, not necessarily the quality.
"We're getting more applicant flow than we've received in the past, and it continues to get better in certain markets, while some markets still have a lack of depth in terms of overall employable people," he said. "It's seemingly rebounded to similar levels to before COVID in terms of just the overall applicant pool, but now I'll say that there's probably less qualified applicants than we were seeing then."
4. Manhattan's congestion pricing begins
Starting Jan. 5, drivers entering the center of Manhattan now have to pay a $9 congestion pricing fee during peak hours, the Associated Press reports. The goal of the fee is to reduce traffic volume while funding the city's public transit infrastructure.
Most passenger car drivers will pay $9 to enter Manhattan south of Central Park from 5 a.m. to 9 p.m. on weekdays and 9 a.m. to 9 p.m. on weekends. The toll is $2.25 for most vehicles during off hours. The price also varies for motorcyclists, truck drivers and ride-share apps.
“This is a toll system that has never been tried before in terms of complexity,” Metropolitan Transportation Authority Chair and CEO Janno Lieber said. “We don’t expect New Yorkers to overnight change their behavior. Everybody’s going to have to adjust to this.”
5. Ski patrollers on strike at Park City Mountain
A dispute over wages is resulting in long lines and closed trails at Park City Mountain, the largest ski resort in the U.S., the New York Times reports. The Park City Professional Ski Patrollers Association, representing 204 ski patrollers and mountain safety personnel, have been on strike since Dec. 27.
The union has been seeking a $2 increase to its base pay of $21 an hour since September, but owner Vail Resorts has rejected the proposal, according to the article. Vail Resorts said it has increased their pay by more than 50% over the past four ski seasons.
The strike means that only about 30 to 35 patrollers are on the mountain when it's normally more than 100. Roughly one fourth of the resort's trails are open.