The consumer-price index jumped 2.6% in the year ended March. The Fed expects inflation to rise temporarily this year because of growing demand fueled by increased vaccination rates, falling restrictions on businesses and trillions of dollars in federal pandemic relief programs.

Hotel brand company stock values were down 7.4% from March 2020, but up 39.7% over March 2019, whereas hotel REIT stock values were down 27.1% year-over-year and up 10.1% from this time in 2019. Year-to-date, hotel brand stocks are up 10.6%, compared to a 17% increase for hotel REITs.

Investors have borrowed a record $814 billion against their portfolios, up 49% from one year earlier. This marks the fastest annual increase since 2007, during the frothy period before the 2008 financial crisis. Before that, the last time investor borrowings had grown so rapidly was during the dot-com bubble in 1999.

Landlords are offering long-term office leases of four and more years at discounts up to 13% below rent rates reached in the first quarter of 2020. Companies are also seeking on average about 10% less space.

Of the travelers surveyed, 43% said they are “more likely” to travel domestically post-pandemic and 44% are “more likely” to travel internationally, while 50% are “as likely” to travel domestically post-pandemic and 41% are “as likely” to travel internationally.

Real-estate investment trusts overall rose 9% during the first quarter, beating the S&P 500’s 6% gain. Fueling the REIT rally was an 18% rise in the shares of lodging owners and a 32% gain by mall owners.

The company reported operating costs and expenses of $10.49 billion for 2020, down 45% from 2019, in part because of layoffs, furlough programs and reduced work hours. Marriott had 121,000 employees at the end of last year, compared with 174,000 the year before COVID.

About 70% of mortgages issued in 2020 went to borrowers with credit scores of at least 760, up from 61% in 2019.

Around 44% of US corporate travel managers think that travel volume will shift to virtual in 2021, up from 34% when surveyed in October. The expectations are a bit more optimistic for 2022, showing only 27% expecting the shift up from 22%.

BlackRock Inc. has raised $3 billion to invest in the private-equity secondary market. BlackRock Secondaries & Liquidity Solutions LP is among the largest debut funds ever raised to buy secondhand private equity stakes.