From the desks of the Hotel News Now editorial staff:
- Barr explains IHG’s growth strategies, tech innovation
- City quiets Chicago hotel strike with cease and desist
- Economists expect Fed to cut interest rates
- US-China trade war could get messy, expensive
- Yukon hotel bar gets a new toe
Barr explains IHG’s growth strategies, tech innovation: InterContinental Hotels Group CEO Keith Barr has a strategy to enhance, acquire and create brands to carve out a place for the company in the industry where size is becoming more important, HNN’s Stephanie Ricca writes.
After becoming CEO in July 2017, Barr said he told IHG’s board of directors that he “saw the industry bifurcating.”
“The big companies will get bigger; it’s all about having a full brand portfolio. There will be some mono brands that stay, because of their ownership structures, but the industry will bifurcate, and we need to know where we stand,” he said.
City quiets Chicago hotel strike with cease and desist: Hotel workers with Unite Here Local 1 employed at the Cambria Magnificent Mile Hotel in Chicago have been on strike since September, but the strike was quieted after city attorneys sent the group a cease-and-desist letter, CBS Chicago reports.
The city said workers on strike were disturbing patients at a nearby children’s hospital well past the 10 p.m. city noise control ordinance.
The union has agreed to “quiet down and negotiate,” and negotiations between the workers union and the city are happening now, according to the news outlet.
Economists expect Fed to cut interest rates: Economists surveyed by The Wall Street Journal expect the next move for the Federal Reserve will be to cut interest rates sometime by this fall.
“Just two of the 46 economists projecting a rate cut in this month’s poll said they expected the Fed to lower rates at its next meeting, 18-19 June. Nearly 40% of the 46 economists anticipated the central bank would act in July, while roughly 30% expected a rate cut in September,” The Journal reports.
Rates have stayed steady since December at a range between 2.25% and 2.5%.
U.S.-China trade war could get messy, expensive: Bloomberg economists predict that the trade war between the U.S. and China has “entered a dangerous new phase” and could be “long, messy—and expensive.”
It is possible trade negotiations will be fixed when U.S. President Donald Trump and Chinese President Xi Jinping meet in July at the G-20 summit, but it’s unlikely, according to Bloomberg economists.
“Bloomberg economists Dan Hanson and Tom Orlik have mapped out the main scenarios. Their headline conclusion: If tariffs expand to cover all U.S.-China trade, and markets slump in response, global GDP will take a $600 billion hit in 2021, the year of peak impact,” Bloomberg reports.
Yukon hotel bar gets a new toe: A man has donated his amputated toe to the bar at the Downtown Hotel in Dawson City, Yukon, which is known for serving its famous Sourtoe cocktail with a preserved human toe, Q13 Fox reports.
“We couldn’t be happier to receive a new toe. They are very hard to come by these days and this generous ‘toe-nation’ will help ensure the tradition continues,” GM Adam Gerle said in a statement, according to the news outlet.
Toes included in the drinks are first dried on rock salt for six weeks. The hotel keeps a supply of four or five extra toes in the event a toe served in a drink is stolen or swallowed.
Compiled by Danielle Hess.