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Real Estate |
Good morning. Airbnb and Expedia are big players in the travel industry. Increasingly, they are becoming more prominent in the money market business. That’s because the travel sites usually collect money from guests the moment they book. But they only pass it on to hosts or hotels after the guest stay starts, which can be months later. They park that cash in bank accounts or money-market funds, which have become more profitable as interest rates rise. Konrad Putzier reports on how much they are making on interest. Bed Bath & Beyond is looking to close stores amid a potential bankruptcy filing, but landlords say they are finding new takers for that big box space. Sephora, Trader Joe’s, Dick’s Sporting Goods and T.J. Maxx are among the interested tenants, Kate King reports. Barry Sternlicht, founder of Starwood Hotels, is back with a new brand aimed at outdoor enthusiasts. He and his partner in this venture, Ben Weprin, CEO of real-estate investment manager AJ Capital Partners, are launching Field & Stream Lodge Co. The partners are currently in discussions for 10 locations, Craig Karmin reports. —Craig Karmin, Real Estate Bureau Chief |
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| Bed Bath & Beyond’s Woes Prompt Landlords to Line Up New Tenants |
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| Bed Bath & Beyond typically has leased locations in the suburbs. PHOTO: JOHNNY MILANO/BLOOMBERG NEWS |
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Landlords are lining up potential tenants to fill the vacancies if Bed Bath & Beyond closes. Those property owners are more confident about finding new tenants than they would have been in years past. |
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2,400 | How many more stores retailers opened than they closed last year, the largest net expansion in a decade, according to commercial real-estate services firm Cushman & Wakefield. (Read more) |
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| Airbnb Turns User Deposits into Profits |
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| Companies such as Airbnb have become unlikely beneficiaries of the Federal Reserve’s fight against inflation. PHOTO: JENS KALAENE/DPA/ZUMA PRESS |
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Every year, Airbnb temporarily parks the roughly $80 billion it takes in from guests in bank accounts, money-market funds and short-term bonds. Airbnb has garnered extra returns through these deposits as interest rates have risen over the last year. |
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$58.5 million | How much Airbnb collected in interest income on its own cash as well as its customers’ cash in the third quarter of 2022, according to its earnings report. |
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| Starwood Brand Bets on Outdoor Leisure |
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| Field & Stream Lodge hotels, such as the one depicted in this rendering, are planned around national parks and other scenic destinations. PHOTO: FIELD & STREAM LODGE CO. |
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| Home Prices Fell fo Fifth Straight Month |
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| Home prices fell 3.6% between June and November, according to the Case-Shiller index. PHOTO: MARIO TAMA/GETTY IMAGES |
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The S&P CoreLogic Case-Shiller National Home Price Index fell 0.6% in November compared with October, the fifth straight month-over-month decline. |
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EU risk watchdog warns of market stress from commercial real estate. (Reuters) Office landlords roll out entertainment to entice tenants. (LA Times) Housing costs drive New Yorkers out of state, report finds. (Gothamist) |
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