The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 7.07% from 7.17%, with points falling to 0.59 from 0.60 (including the origination fee) for loans with a 20% down payment. That was the lowest level since July.

Choice Hotels is launching a hostile takeover offer for Wyndham Hotels & Resorts after repeatedly being rebuffed in its effort to strike a friendly deal.

Many investors are still keeping too much of their assets in cash, advisers said. Households held 17% of their financial assets in cash or cash-like investments such as money-market funds or certificates of deposits in 2022—the highest share since 2012.

Construction industry extended-stay lodging bookings are up 120% in the two years through the end of November. More broadly, the industry has outspent all other sectors on work travel overall by 9.2% in the twelve months through August as more workers temporarily relocate to live around project sites.

The amount of money that institutional investors have in Chinese stocks and bonds has declined by more than $31 billion this year, through October, the biggest net outflow since China joined the World Trade Organization in 2001.

Chains want to keep travelers and hotel developers loyal through proliferating offerings. Marriott has 32 brands include the apartment-like StudioRes coming next year. Hilton has 22 brands, such as premium-economy Spark and an extended-stay chain, temporarily dubbed Project H3. Accor has more than 40 brands.

Apartments by Marriott Bonvoy began taking reservations. The typical unit offers private bedrooms, a separate living room, full kitchen, and washer/dryer but does not provide traditional hotel services such as food and beverage, meeting spaces or daily housekeeping.

As of Friday, 557 stocks listed on U.S. exchanges were trading below $1 a share, up from fewer than a dozen in early 2021, according to Dow Jones Market Data. Many of these sub-$1 stocks went public in 2020 and 2021 during a boom in initial public offerings and deals with special-purpose acquisition companies.

The national vacancy rate increased to a record 13.5% in the third quarter of this year, up from 9.4% at the end of 2019.

Blackstone announced the final close on $2.6 billion for its latest real estate secondaries fund, Strategic Partners Real Estate VIII L.P.