Hiring by hotels, bars and restaurants behind big July jobs gain

Robust hiring at hotels, restaurants and bars, as well as in construction and health care, powered an unexpectedly strong jobs increase in July, the government announced Friday. Those industries accounted for 43 percent of the 528,000 gain. The unemployment rate fell to 3.5 percent, according to government data released Friday, despite Federal Reserve actions to cool the economy with higher interest rates. “This is not a picture of an economy in recession,” said chief economist

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Strong jobs report brings warning signs for housing market

HED: Strong jobs report brings warning signs for housing market DEK: As mortgage lenders and brokerages cut staff, another interest rate hike is likely AUTHOR: Orion Jones TWEET: Strong employment gains in June could prompt another interest rate hike, likely further cooling the housing market at a time when lenders and brokerages are laying off workers. SEO HED: Tough June for Real Estate as Economy Plows On SEO DESCRIPTION: A strong jobs report could prompt

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Cipriani may have refi savior in King Street Capital

The next Cipriani bash will likely have a seat reserved for a “King.” Hedge fund King Street Capital is in advanced talks to refinance nearly $150 million of operating debt for the Italian hospitality company’s U.S. subsidiary, people familiar with the matter told the Wall Street Journal. The capital would be enough to retire 2018 loans from Ares Capital. King Street would also provide additional funding to help Cipriani grow its brand nationwide. Cipriani has

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Leisure, hospitality, construction lead strong May job gains

Last month was a strong one for real estate–related hiring as the U.S. economy approached pre-pandemic job levels. Employers hired 390,000 workers last month with substantial gains in leisure and hospitality, construction, and warehousing and storage. Unemployment remained at 3.6 percent as the number of nonfarm jobs rose to within 822,000, or 0.5 percent, of its pre-pandemic mark. “By almost any measure, this is one of the strongest job markets in the past 50 years,”

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Jobs report shows more workers returning to office

Hiring at restaurants, bars and hotels slowed in April, falling about 20 percent from March, according to government figures released Friday. Still, leisure and hospitality, the industry most affected by the pandemic, hired more workers than any other last month as the overall economy added a robust 428,000 new jobs. The unemployment rate remained unchanged at 3.6 percent, the government said. It was “another strong month of job growth,” said Mike Fratantoni, chief economist for

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Rockefellers to launch branded real estate venture in southern Spain

More than 18 months after announcing a branded real estate venture, the Rockefeller family has its first project. The first Christian A. Rockefeller property is slated for nearly 500 acres in southern Spain’s Costa del Sol, according to a news release from Brand Labs International. Christian and his father, Steven Rockefeller Jr. are principals in SixRock Group, the family’s property firm. SixRock formed a partnership with Brand Labs last April. The Spain team includes ICICB

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Billionaire John Paulson wants to offload two Puerto Rico hotels as market rebounds

Billionaire investor John Paulson, who flirted for years with the idea of moving to Puerto Rico, is seeking two San Juan hotels he bought for $260 million in 2014 — and may be able to get double what he spent. Paulson hired JLL to market San Juan’s Condado Vanderbilt Hotel and La Concha Renaissance San Juan Resort, according to the Wall Street Journal. Hotel owners and brokers say the two properties could together fetch upwards

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Shvo launches sales at Mandarin Oriental condos on Fifth Ave

Sales have officially begun at Michael Shvo’s Mandarin Oriental condo project on Fifth Avenue. The upscale, 69-unit development at 685 Fifth Avenue is the first residential-only property managed by Mandarin Oriential on the East Coast. In addition to fully furnished, move-in-ready units, residents will have exclusive access to a private restaurant and bar run by celebrity chef Daniel Boulud. Other amenities include a fitness center with steam, sauna, and treatment rooms; a private rooftop pool

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Last call? Cipriani facing possible foreclosure after mortgage default

Last call could be coming to two Cipriani locations in New York City as the hospitality company faces foreclosure in the wake of defaulting on its mortgage debt. The Wall Street Journal reported that Cipriani has been in default on $53 million in mortgage debt since May 2020, per real-estate data firm Trepp. The loan is backed by the Cipriani locations at 110 East 42nd Street and 55 Wall Street. Cipriani is being spared by

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WATCH: Jeffrey Soffer and Dave Grutman talk hospitality post-Covid and branching into Vegas

Miami’s tourism market is booming after a brief lockdown, but restaurants, clubs, and hotels have struggled to navigate staffing shortages. “When the government gave out big checks, people stayed home,” Jeffrey Soffer, chairman and CEO of Fontainebleau Development said. But he doesn’t anticipate that problem lingering. “The money is wearing off. The free ride is over.” Developers Soffer and David Grutman of GROOT Hospitality aren’t satisfied to just ride the hospitality recovery wave. Grutman’s group

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