Hotel Executives Eye Empty Office Buildings for Conversion Amid Strong Demand

June 12, 2024


In this edition of Above the Line, we explore the innovative strategies hotel executives are adopting to meet rising demand, the uptick in U.S. asking rents, and the ongoing legal battle over Los Angeles' Measure ULA.

Let's dive in. 

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Hotel Executives Eye Empty Office Buildings for Conversion Amid Strong Demand
Reuters
Hotel executives are looking to convert vacant office and residential buildings into hotels to meet the high demand in the hospitality industry, despite challenges in financing new constructions.

U.S. Asking Rents Ticked Up for Second Straight Month in May, Hitting Highest Level Since 2022
Redfin
The median U.S. asking rent rose 0.8% year over year in May to $1,653, marking the highest level since October 2022. This increase is driven by high demand from young renters and a steady influx of new apartment units.

Measure ULA Gets Another Day in Court
The Real Deal
The U.S. Court of Appeals for the Ninth Circuit will review the legality of Los Angeles' Measure ULA, which imposes a substantial tax on high-value real estate transactions to fund affordable housing and tenant assistance.

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