The Federal Reserve reported that household net worth swelled to $122.9 trillion in the fourth quarter from $116.2 trillion in the third quarter and $111.4 trillion at the end of 2019.
American homeowners cashed out $152.7 billion in home equity last year, a 42% increase from 2019 and the most since 2007.
The Baird-STR Hotel Stock Index grew by 22.4% in February, following an 8.2% month-over-month decline in January. By comparison, the S&P 500 index was up 2.6% in February.
Reduced demand for Manhattan apartments during the pandemic sent median rental prices down more than 17% for the year ending in December. Building owners removed 1,814 apartment listings in Manhattan in February, three times the number of apartments landlords removed from the market in February of 2020.
Apollo Global Management Inc. agreed to acquire Athene Holding Ltd. in an all-stock deal that values the annuity business at about $11 billion. The deal is expected to close in January 2022.
The hotel and lodging industry is making a $5 million commitment to reverse patterns of discrimination and exclusion. The five-year plan from the American Hotel & Lodging Foundation aims to increase diversity in the industry.
Buyout firms’ global real estate funds are now sitting on more than $300 billion of unspent cash.
Las Vegas Sands Corp. said it has agreed to sell its Las Vegas properties, including the Venetian Resort Las Vegas and the Sands Expo and Convention Center, for about $6.25 billion as it looks to reinvest in its core Asia operations.