Harvey may wash away Houston hotels' revenue
The industry is already reeling from low occupancy and room rates for third straight year as it struggles with depressed oil prices
Seattle
HOUSTON'S hotel market, already the worst-performing in the United States, is poised to take a further beating from Hurricane Harvey as the natural disaster creates chaos in a city that's been reeling from low oil prices for the past three years.
Some area hotels are offering discounts to alleviate the temporary housing emergency, and Texas Governor Greg Abbott on Friday suspended the state and local hotel and motel occupancy tax for relief-effort personnel and storm victims. The suspension will last 14 days, according to the governor's website.
The area's hotels may be filled at first by first responders, Federal Emergency Management Agency workers, insurance…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Lucrum Capital looks to sell Killiney hotel site for S$195 million
US 30-year mortgage rate rises to five-month high of 7.24%
Money laundering accused Su Baolin’s Sentosa property goes unsold at auction
US Judge approves US$418 million settlement that will change real estate commissions
In San Francisco, a home renovation can become a battle royale
Country Garden extends bonds to avoid first local default