DIRS.INFO The most relevant business & tech news

Travelers are looking to cruises in 2024 because they are still cheaper than land-based alternatives. With occupancy levels approaching pre-pandemic levels, operators plan to hike prices in coming months. "Overall the market is extremely strong, especially the top end of the market in terms of the most high-end luxury cruises," said Bob Levinstein, CEO of cruise marketplace Cruise Compete. Even as travelers have canceled or postponed planned vacations to the Middle East, cruise bookings will still hit record levels in 2024, said Truist Securities analyst Patrick Scholes. Prior to the Oct. 7 attacks in Israel, industry-wide bookings for 2024 were about 25% higher than in 2019 for bookings in 2020.

Persons: Queen Mary, Andrew Kelly, Bob Levinstein, Patrick Scholes, Scholes, Jason Liberty, Josh Weinstein, Atle, Kari Dillon, Dillon, InteleTravel, Dave Spinelli, Ben Harrell, Granth, Marguerita Choy Organizations: Cunard Line, Carnival Corporation & plc, Brooklyn Cruise, REUTERS, Travelers, Truist Securities, Cruise Lines International Association, Royal Caribbean, Liberty ., Holdings, Cruisers, Thomson Locations: Brooklyn, Brooklyn , New York City, U.S, BENGALURU, Israel, Caribbean, Oslo, North Carolina, Florida, InteleTravel, Delray Beach , Florida, Royal Caribbean, Bengaluru, Doyinsola, New York

The deal to acquire investment firm Carlyle's (CG.O) 28% holding in the burger chain's China business, which also includes its stores in Hong Kong and Macau, will see McDonald's stake rise to 48%. Since 2017, the number of McDonald's stores in China has doubled to 5,500 and the country has become its second-largest market. McDonald's made an unsolicited offer for Carlyle's stake in the China operations in recent weeks and the deal was struck quickly, said the sources. Reuters reported in August that Trustar Capital was planning to raise a continuation fund that would allow the Chinese private equity firm to sell down its stake in McDonald's China. In contrast to McDonald's, U.S. meat and processed food maker Tyson Foods (TSN.N) plans to sell its China poultry business, sources have said.

Persons: Benoit Tessier, Chris Kempczinski, McDonald's, Carlyle, Trustar, Jim Sanderson, Reckitt, Kane Wu, Granth, Deborah Sophia, Roxanne Liu, Edwina Gibbs Organizations: REUTERS, HK, CITIC, Trustar, Northcoast Research, Reuters, Tyson Foods, Primavera Capital, Thomson Locations: Bretigny, Paris, France, China, Hong Kong, Macau, CITIC, U.S, McDonald's China, British, Bengaluru, Beijing

The McDonald's company logo stands on a sign outside a restaurant in Bretigny-sur-Orge, near Paris, France, July 30, 2020. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsNov 20 (Reuters) - McDonald's (MCD.N) said on Monday it would acquire investment firm Carlyle's (CG.O) 28% stake in a partnership that manages its business in mainland China, Hong Kong and Macau, as the burger chain looks to simplify its structure in the region. Reuters reported in April that Carlyle was discussing various options with financial advisers for its stake in McDonald's China, including setting up a continuation fund for the asset. There was "no better time to simplify our structure" given the benefits of China's long-term potential, McDonald's CEO Chris Kempczinski said. Reuters reported in August that Trustar Capital, formerly known as CITIC Capital, was also planning to raise a continuation fund that would allow the Chinese private equity firm to sell down its stake in McDonald's China.

Persons: Benoit Tessier, Carlyle, Chris Kempczinski, Jim Sanderson, Granth, Deborah Sophia, Anil D'Silva, Shounak Dasgupta, Shweta Agarwal Organizations: REUTERS, CITIC, HK, Reuters, CITIC Ltd, Northcoast, Thomson Locations: Bretigny, Paris, France, China, Hong Kong, Macau, McDonald's China, Bengaluru

The walkout comes on the coffee chain's Red Cup Day event, during which Starbucks hands out free red-colored, reusable, holiday-themed cups to customers on their coffee purchases. About a dozen workers picketed outside Starbucks' Astor Place outlet at the New York University's campus chanting "no contract, no coffee" and other rhymes. Red Cup day has typically been a major driver of store traffic, with Placer.ai data showing that visits to U.S. Starbucks stores on the day last year jumped 94% over the daily average for the full year. Mary Boca, 22, Astor Place, New York barista, said she wants to see higher pay and more staff at Starbucks. Last year, workers at more than 100 U.S. company-owned Starbucks locations had held a one-day strike on Red Cup day.

Persons: Lindsay DeDario, Mary Boca, , New York barista, Boca, Edwin Palma Solis, Granth, Shinjini Organizations: Mobile, REUTERS, Starbucks, Workers United, NYU, Workers, U.S ., Red, Thomson Locations: Hamburg, Buffalo , New York, U.S, United States, Astor, York, , New York, Bengaluru, Arriana, New York City

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsNov 13 (Reuters) - Tyson Foods (TSN.N) on Monday forecast revenue for its next fiscal year below Wall Street estimates after fourth-quarter sales missed expectations due to falling chicken and pork prices and slowing demand for its beef. Tyson is operating more efficiently, however, and demand for protein remains strong, CEO Donnie King told analysts on a call. Chief Financial Officer John R. Tyson said in an interview on Monday that it is "business as usual" in China. Tyson reported operating margins of 1.8% in its chicken business in the quarter ended Sept. 30, after losses during the previous two quarters. Adjusted profits were 37 cents per share versus analysts' expectations for 29 cents.

Persons: Arnd, Tyson, Donnie King, John R, Arun Sundaram, Granth, Tom Polansek, Shailesh Kuber, Jan Harvey, Chizu Nomiyama, Deepa Babington Organizations: Tyson Foods, REUTERS, Wall, Reuters, CFRA Research, Reuters Graphics Reuters, Thomson Locations: Davos, Switzerland, China, U.S, Bengaluru, Chicago

The world's biggest shopping event happens in China each year - and it's called Singles Day. WHEN DID THE IDEA OF SINGLES DAY ORIGINATE? The idea for Singles Day had originated at China's Nanjing University back in 1993 and was originally called "Bachelor's Day." Cyber Monday immediately follows Black Friday, which falls on the day after the U.S. Thanksgiving Day holiday, the busiest shopping day of the year in the United States. "The presale period of Tmall and particularly on -- in general, the Singles Day, confirms a softer trend versus a year ago," said Estee Lauder CEO Fabrizio Freda last week, adding that the company was more optimistic about the next part of the Singles Day events in November.

Persons: it's, Bain, Jacob Cooke, Pinduoduo, Cooke, Estee Lauder, Nike, JD.com, Fabrizio Freda, Nicolas Hieronimus, Hieronimus, Granth, Aditya Soni, Diane Craft Organizations: China's Nanjing University, Adobe Analytics, U.S, Reuters, Technologies, Cyber, HK, PDD Holdings, Adobe, Bain, HOPE, Nike, Procter & Gamble, Apple, L'Oreal, Thomson Locations: China, United States, Beijing, Greater China, Bengaluru

Nov 8 (Reuters) - Instacart (CART.O) on Wednesday forecast fourth-quarter core profit above Wall Street estimates in its first earnings report since going public in September, on higher transaction and advertisement fees, sending its shares up 4% after the bell. The grocery delivery firm, whose stock has lost more than a third of its value since debut, also announced a $500 million share repurchase program. It expects current-quarter adjusted EBITDA, a key measure of profitability, to be between $165 million and $175 million. Instacart's gross transaction value (GTV) - the value of products sold based on prices shown - rose 6% over the year earlier to $7.49 billion in the third quarter. For full year 2023, Instacart anticipates GTV to grow in mid-single digits, versus analysts' estimate of 4.7% growth at $30.18 billion.

Persons: Fidji Simo, Arun Sundaram, Instacart, DoorDash, Granth, Shilpi Majumdar Organizations: Wall, Reuters, CFRA, GTV, Thomson Locations: Bengaluru

DoorDash had in August projected adjusted EBITDA of between $750 million and $1.05 billion. The company expects fourth-quarter adjusted EBITDA, a key measure of profitability, of between $320 million and $380 million, compared with analysts' estimates of $253.3 million. In the third quarter, total orders rose 24% to 543 million from a year earlier. Revenue rose 27% to $2.16 billion, compared with analysts' expectations of $2.09 billion, according to LSEG data. Net loss narrowed to $73 million, or 19 cents per share, in the third quarter, compared with $295 million, or 77 cents per share, a year earlier.

Persons: Dado Ruvic, Ravi Inukonda, DoorDash, Rachel Wolff, Granth, Anil D'Silva Organizations: REUTERS, ALDI, Reuters, Revenue, Thomson Locations: Japan, U.S, Bengaluru

Prime Minister Justin Trudeau said on Thursday he had invited the heads of Canada's five largest grocery chains, including Sobeys (EMPa.TO), Metro (MRU.TO) and Loblaw (L.TO), to Ottawa next week to discuss how they planned to control sky-rocketing food prices. Trudeau's move comes when governments across the globe, especially in Europe, have expressed concern over soaring food prices as they seek to address a cost-of-living crisis that has intensified after the pandemic subsided and since the Russia-Ukraine war began. However, after a similar move from the French government in June, analysts were skeptical about Trudeau's warning. They argued it was a "political" tactic and might be ineffective in lowering lingering food inflation. "Both PM Justin Trudeau and François-Philippe Champagne (Canada's industry minister) spoke tough about this topic and it is difficult to envision what teeth they have to hold grocers accountable," said Ben Jang, portfolio manager at Nikola Wealth.

Persons: Justin Trudeau, Trudeau's, François, Philippe Champagne, Ben Jang, Michael Ashley Schulman, Allan Small, Granth Vanaik, Pooja Desai Organizations: Metro, Loblaw, Nikola Wealth, Running, Capital Advisors, iA, Wealth, Carrefour, Lipton, Nestle, PepsiCo, Unilever, Thomson Locations: Ottawa, Europe, Russia, Ukraine, Bengaluru

In the second quarter ended July 30, Lululemon's North America sales rose 11% as its affluent customer base picked up more of its workout gear and crossbody bags. Sales in China, which accounted for roughly 12% of overall revenue, increased 61% thanks to resilient demand following the easing of pandemic curbs. Lululemon said inventories increased 14% in the second quarter, below the roughly 20% growth forecast in June. The company's gross margins increased 230 basis points to 58.8% in the second quarter. It expects annual profit between $12.02 and $12.17 per share.

Persons: Andrew Kelly, Lululemon, Calvin McDonald, Rachel Wolff, Granth, Maju Samuel Organizations: REUTERS, North, Lululemon's, Nike, Thomson Locations: Manhattan , New York, U.S, Lululemon's North America, United States, China, Bengaluru

Aug 18 (Reuters) - Estee Lauder (EL.N) forecast annual sales and profit below estimates on Friday, indicating a slower-than-expected rebound in its travel retail business, mainly in Asia, and waning demand in the United States, sending its shares down about 3%. Analysts note that the drop in consumer demand in China and a slow recovery in Asia travel retail - sales made at airports or travel destinations like Korea and China's Hainan - could impact luxury companies like Estee, which makes about 30% of its annual revenue from the Asia Pacific region. "De-stocking and inventory levels in Asian Travel Retail… likely to remain the biggest headwind to growth over the next few quarters," said Bernstein analyst Callum Elliott. Estee expects full-year sales to rise between 5% and 7%, compared with an estimated 8.8% increase, according to Refinitiv data. It sees annual adjusted profit to be between $3.50 and $3.75 per share, compared with an expectation of $4.83.

Persons: Estee Lauder, It's, Tracey Travis, Lauder, Shannon Stapleton, Bernstein, Callum Elliott, Estee, Granth Vanaik, Ananya Mariam Rajesh, Pooja Desai Organizations: Reuters, Nordstrom, REUTERS, L'Oreal, U.S ., Asia Pacific, Thomson Locations: Asia, United States, China, Korea, Hainan, Asia Pacific, New York, U.S, Americas, Mainland China, Bengaluru

A customer leaves one of the stores of discount retail chain Target in Ancaster, January 15, 2015. REUTERS/Peter Power/File PhotoAug 14 (Reuters) - Target (TGT.N) is expected to post its first quarterly drop in revenue in about six years when it reports results on Wednesday, as the big-box retailer reels from a shift in consumer spending away from discretionary goods to services. "Target is going to suffer more versus the others because they have a much larger consumer discretionary element to their business," Edward Jones analyst Brian Yarbrough said. At least 16 analysts have cut their price targets on the retailer since the beginning of June as its merchandise is skewed towards discretionary items such as clothes, electronics and beauty products. THE CONTEXTTarget in May had warned of dour second-quarter results as inflation forces consumers to shun non-essential goods.

Persons: Peter Power, Edward Jones, Brian Yarbrough, Erik Carnell's Abprallen, Group's Joseph Feldman, Jane Hali, Jessica Ramirez, Granth, Vinay Dwivedi Organizations: REUTERS, Mastercard, American Express, Pride, Associates, Reuters, Refinitiv, Walmart, Target, Thomson Locations: Target, Ancaster, Bengaluru

The logo of Tyson Foods is seen in Davos, Switzerland, May 22, 2022. REUTERS/Arnd Wiegmann/File PhotoAug 7 (Reuters) - Tyson Foods (TSN.N) missed Wall Street expectations for third-quarter revenue and profit on Monday, hurt by falling chicken and pork prices as well as slowing demand for its beef products. The company said it is closing four more U.S. chicken plants in a bid to reduce costs. The company's average sales prices fell 16.4% for pork and 5.5% for chicken, while rising 5.2% for beef. Tyson has eliminated U.S. jobs and already shut two chicken processing plants in a bid to reduce costs.

Persons: Arnd, Tyson, Granth, Tom Polansek, Milla Nissi Organizations: Tyson Foods, REUTERS, Hormel, packers, Rabobank, Thomson Locations: Davos, Switzerland, Bengaluru, Chicago

The logo of the company Royal Caribbean is seen on the 'Wonder of the Seas' cruise ship, the world’s largest cruise ship, docked at a port in Malaga, southern Spain, April 30, 2022. Cruise operators lowered prices to lure passengers onboard following the pandemic, banking on onboard spending that has now reached record levels. Onboard spending in the second quarter rose 49.9% for Norwegian Cruise Lines (NCLH.N), compared with the same period in 2019, before the pandemic. Onboard spending rose about 36.8% for Royal Caribbean Cruises and 17.2% for Carnival in the same period. Carnival and Royal Caribbean said the percentage of guests who were new to cruising surpassed 2019 levels.

Persons: Jon Nazca, Patrick Scholes, Josh Weinstein, Bob Levinstein, Cruise, Carnival's Weinstein, Jason Liberty, Brandt Montour, Granth, Anil D'Silva Organizations: Royal, REUTERS, Royal Caribbean Cruises, Carnival Corp, Carnival, Cruise, Norwegian Cruise Lines, DISNEY WORLD, Walt Disney, Custom Travel, Reuters Graphics, Cruise Lines International, . Carnival, Barclays, Thomson Locations: Royal Caribbean, Malaga, Spain, U.S, Caribbean, Orlando , Florida, They've, Bengaluru, Doyinsola, New York

The Norwegian Pearl cruise ship is seen docked at Miami port, after Norwegian Cruise Line Holdings Ltd cancelled sailings amid rising fears of Omicron-related coronavirus infections, in Miami, Florida, U.S. January 5, 2022. Rival Royal Caribbean (RCL.N) last week forecast an upbeat third-quarter profit as well as lifted its annual profit expectations. Norwegian Cruise forecast its annual adjusted EBITDA, a key measure of profitability, between $1.85 billion and $1.95 billion, up from $1.80 billion to $1.95 billion previously. Despite undertaking price hikes on its itineraries, Norwegian Cruise has been bogged down by inflation and higher labor costs. Rival Carnival (CCL.N) has also forecast third-quarter profit below estimates on higher costs.

Persons: Marco Bello, Patrick Scholes, Royal, Harry Sommer, Norwegian's, Granth, Shinjini Organizations: Cruise Line Holdings Ltd, REUTERS, Reuters, Cruise, Royal, Truist Securities, Norwegian Cruise, Thomson Locations: Norwegian, Miami, Miami , Florida, U.S, Royal Caribbean, Bengaluru

July 27 (Reuters) - Royal Caribbean Group (RCL.N) raised its full-year profit forecast on Thursday, betting on higher ticket prices and resilient demand for leisure travel from affluent customers, sending shares surging. Royal Caribbean's shares were up 8.1% at $109.01 in premarket trading as it also forecast third-quarter adjusted profit above estimates. The company expects an adjusted profit between $3.38 and $3.48 per share in the third quarter, compared with estimates of $2.89 per share. Royal Caribbean expects annual adjusted profit between $6.00 and $6.20 per share, compared with its earlier forecast of $4.40 to $4.80 per share. Shares of rival operators Carnival Corp and Norwegian Cruise Line Holdings rallied in tandem following Royal Caribbean's results, gaining 5.2% and 4.7%, respectively.

Persons: Caribbean's, Jason Liberty, Granth, Shounak Dasgupta Organizations: Royal Caribbean Group, Royal Caribbean, Carnival Corp, Cruise Line Holdings, Thomson Locations: Royal Caribbean, Bengaluru

Amazon said over the two-day event, Prime members bought more than 375 million items worldwide and saved more than $2.5 billion on several deals, making it the biggest Prime Day event ever. The second day saw an increase in sale of back-to-school items including stationary and office supplies, said Vivek Pandya, lead analyst at Adobe Digital Insights. Online sales on July 12 for appliances were up 52% compared to average daily sales in June, while apparel was up 24% and stationary and office supplies was up 76%. On the second day, consumers were most enticed by 14% discount for electronics and 12% for apparel and toys, Adobe said. Amazon has also offered for the first time Prime Day travel discount, partnering with travel booking site Priceline, while its loyalty program members were also given access to "invite-only deals" in the weeks leading up to Prime Day.

Persons: Vivek Pandya, Pandya, Amazon, Granth, Arun Koyyur Organizations: Adobe, Shoppers, Adobe Digital, Walmart, Target, Thomson Locations: Coventry, Britain, Bengaluru

July 12 (Reuters) - Domino's Pizza (DPZ.N) shares surged 10% on Wednesday after the chain said customers can start using Uber's (UBER.N) Uber Eats and Postmates apps for orders, as it tries to jolt its sluggish delivery business. Domino's said Uber Eats will be its exclusive third-party platform in the U.S. until at least 2024, as per its "global agreement" with the ride-share company. Domino's had been a holdout in working with third-party delivery companies, preferring instead its own app, website and drivers. But being listed on Uber Eats and Postmates means it will now be easier for Domino's to reach new customers used to ordering there. At the same time, Domino's will continue using its own uniformed drivers for deliveries, allowing it to maintain control of its brand, image and food quality.

Persons: Domino's, Uber, Jim Sanderson, Peter Saleh, Angelo Zino, Granth Vanaik, Hilary Russ, Janane Venkatraman, Pooja Desai, Sharon Singleton Organizations: Domino's, CFRA Research, Thomson Locations: U.S, Uber's U.S, United Kingdom, Canada, Australia, Bengaluru, New York

July 11 (Reuters) - Amazon.com (AMZN.O) hopes to tempt U.S. shoppers on Tuesday to open inflation-thinned wallets by offering deeper discounts on a wide range of goods and services during this year's "Prime Day" 48-hour shopping event, including its first-ever travel discounts. A year of inflation has lifted mortgage rates, rents and food prices for consumers ahead of Prime Day, which falls on July 11-12 this year. CFRA Research analyst Arun Sundaram said Amazon's U.S. Prime Day discounts this year are mostly deeper than in previous years. Amazon Prime members can also save up to 40% on items such as Sherpani bags and ZOA Energy drinks, by checking out using "Buy with Prime," directly from Amazon's third-party merchants. Amazon plans yet another Prime sales event this year, according to screenshots of its seller notification platform seen by Reuters.

Persons: Arun Sundaram, Michael Ashley Schulman, Schulman, Brian Gleason, Sundaram, Granth Vanaik, Ananya Mariam Rajesh, Arriana McLymore, David Gregorio Our Organizations: CFRA, Sony, Bank of America, Amazon, Energy, Amazon's, Adobe, Running, Capital Advisors, Exchange, Priceline's, Express, Walmart, Reuters, Thomson Locations: United States, Bengaluru, New York City

[1/2] The Levi Strauss & Co. label is seen on clothes in a store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. Shares of the company fell about 6% in extended trading, as it joined peer American Eagle Outfitters (AEO.N) in predicting a weak outlook for consumer spending. Levi’s net revenues for the second quarter that ended May 28 declined by 9%, its steepest quarterly drop since the first quarter of 2021, according to Refinitiv data. The annual reported net revenue is expected to increase 1.5% to 2.5% from a year earlier, the apparel maker said, narrowing its previous forecast range of 1.5% to 3%. The apparel maker posted a net loss of $1.6 million for the second quarter, compared with a net income of $49.7 million a year earlier.

Persons: Levi Strauss, Andrew Kelly, Levi's, Chip Bergh, Bergh, Michael Ashley Schulman, Granth, Kate Masters, Shweta Agarwal, Muralikumar Organizations: Woodbury, REUTERS, American Eagle Outfitters, Nordstrom, Revenue, Running, Capital Advisors, Thomson Locations: Central Valley , New York, U.S, North America, Bergh, Levi's U.S, Europe, Americas, Bengaluru, New York

In North America, the company's biggest market, still-high inflation has led to consumers buying essential goods and reducing discretionary spending. Sales rose 5% in the region in the fourth quarter, the slowest in four quarters as U.S. wholesalers became more prudent in placing newer orders. Peer Under Armour (UAA.N) forecast annual sales and profit below Wall Street estimates in May due to waning demand and higher discounts. The company expects full-year reported revenue to rise mid-single-digits, compared with analysts expectations of a revenue of a 6.3% rise. The company's fourth-quarter revenue rose to $12.83 billion and beat estimates of $12.59 billion, while earnings per share of 66 cents missed estimates by 1 cent.

Persons: Florence, John Donahoe, Armour, Jane Hali, Jessica Ramirez, Granth Vanaik, Ananya Mariam Rajesh, Sriraj Organizations: Nike Inc, REUTERS, Nike, Wall, Associates, Reuters, Thomson Locations: Beijing, China, North America, Europe, Middle East, Africa, Jessica Ramirez . Greater China, Bengaluru

June 23 (Reuters) - Carnival (CCL.N) is expected to post robust second-quarter revenue growth as new and younger customers, undeterred by high inflation, spend on novel experiences such as cruising. While Americans have cut back on purchasing big-ticket non-essential goods due to soaring costs, protracted confinement to their homes during the pandemic has whet their appetite for outdoor experiences. Millennials (born between 1981 and 1996) and GenX (born between 1965 and 1981) have reached peak earnings years and are feeding multi-generational travel as they spend on cruises and bring their families along, according to J.P. Morgan analysts, who lifted rating on Carnival stock to "overweight" last week. A younger customer base is helping fuel this demand, with 88% of millennial and 86% of GenX travelers that have past cruising experience intending to sail again, according to a report from Cruise Lines International Association. "Given (cruise) is a vastly under-penetrated travel product ... more marketing instead of price cuts drives growth in new-to-cruise, which has a reasonably high conversion rate to repeat-cruisers," Barclays analyst Brandt Montour said.

Persons: Morgan, Millennials, GenX, Brandt Montour, Granth, Vinay Dwivedi Organizations: Reuters Graphics Reuters, Morgan, Bank of America, Cruise Lines International Association, Barclays, Refinitiv, Thomson Locations: J.P, Bengaluru

Shares of the retailer, which had consistently raised its outlook over the past two years, fell 4.5% to $45.07 after the dull forecast. Last month, rival Walmart raised its annual forecasts as more Americans shopped for its lower-priced groceries and other essentials. However, Kroger's gross margins rose 21 basis points, compared to a fall a year earlier, benefiting from lower supply chain costs as well as its efforts to source some products closer to its distribution centers. It also profited from shoppers - including higher-income consumers looking for more economical options amid persistent inflation - preferring its store-label brands to pricier national brands. Reporting by Granth Vanaik in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Joseph Feldman, Kroger, Rodney McMullen, Kroger's McMullen, Arun Sundaram, Granth, Shinjini Organizations: Kroger, Investors, Walmart, Albertsons, CFRA, Thomson Locations: Bengaluru

Unibail-Rodamco-Westfield (URW.PA) said late on Monday it will transfer its Westfield San Francisco shopping mall to lenders. The announcement followed Park Hotels & Resorts (PK.N) statement last week that it ceased making payments toward a $725 million mortgage linked to its Hilton San Francisco Union Square and Parc 55 hotels. Westfield's decision is the latest blow to San Francisco, the once-booming tech hub that has been particularly hard hit by the pandemic. The potential for difficulties from commercial real estate to flow through to banks is also becoming a bigger worry for investors and regulators. Warren Wachsberger, CEO of Aecom Capital, a real estate investor, said mall owners like Unibail-Rodamco-Westfield are focusing on their best properties.

Persons: Thomas LaSalvia, Warren Wachsberger, we're, Wachsberger, Granth, Shankar Ramakrishnan, Matt Tracy, Sriraj Kalluvila, Alexandra Hudson Organizations: Westfield San, Resorts, Hilton San Francisco, Square, downtown, Real Estate Economics, Aecom, Westfield, U.S, Flagship, Nordstrom, Banana Republic, Washington DC, Alexandra Hudson Our, Thomson Locations: San Francisco, Westfield, Westfield San Francisco, downtown San Francisco, Bengaluru, New York, Washington

Search resuls for: "Granth Reports On The North American Consumer"

25 mentions found