CHICAGO — Chicago-based Frontline Real Estate Partners LLC, Four Corners Advisors Inc. and Aries Capital LLC have formed a joint venture known as Frontline Real Estate Partners: Hospitality Division. The venture will provide competitive marketplace analysis, broker valuations, financing services, receivership management and disposition services aimed at hotel, luxury resort and gaming properties valued at $5 million to more than $100 million. “The hotel market is facing a downturn unlike any we’ve experienced in recent history owing to the global pandemic,” says Michael Schindler, president and CEO of Four Corners Advisors. “Hotel owners are finding it necessary to defer loan payments or enter forbearance agreements, all of which are likely to expire before the market can fully recover. This is creating an unprecedented need for financing and receivership analysis, as well as expert guidance on how to best generate maximum recovery for lien holders.”
Outdoor amenity spaces will be central to enhancing the experiences of office users in a post-COVID-19 world in which requirements for fresh air, distancing and minimal contact of shared surfaces will all be elevated. A trio of real estate professionals addressed the shift in the functionality of common areas in office buildings as part of a webinar titled “Why Experience is the Next Big Office Amenity.” Urban Land Institute (ULI), a research and advocacy organization for the commercial real estate industry, hosted the event on Monday, June 8. Demand for various outdoor amenities in office properties — food courts, water features, hiking trails — was certainly strong before the pandemic began. With the nation’s economy experiencing 128 months of consecutive job growth through February and unemployment levels at historic lows, office-using firms were engaged in fierce battles for talent recruitment and retention. Being able to offer a range of amenities — both indoor and outdoor — that made the average workday more enjoyable was a key part of winning those battles. In the post-pandemic era, the presence of useful outdoor spaces can also deliver the added health benefits of access to fresh air and sunlight, which can improve respiratory function …
CHARLESTON, W.VA. — West Virginia Gov. Jim Justice on Friday allowed movie theaters and casinos in the state to reopen. Theaters are required to operate with social distancing guidelines in place, including limiting the theater occupancy that will allow for proper distancing, adjusting common area layouts to allow for a six-foot distance between patrons who do not live together, encouraging all patrons and employees to wear personal protective equipment (PPE) and encouraging patrons to purchase tickets in advance to limit cash transactions. For casinos, occupancy must be limited to 50 percent capacity based on the fire code. Furthermore, operators must adjust the layout of the casino to implement social distancing of at least six feet between individuals who do not live together, limit the number of players at tables to allow for social distancing and close common areas where employees or players may congregate. Justice also approved the state’s plans for reopening adult sports facilities, including indoor tennis courts, racquetball courts, outdoor basketball courts and similar venues beginning today. Youth sports practices may also resume today. Private campgrounds and state park campgrounds, cabins and lodges will open to out of state guests beginning Wednesday, June 10.
NEW YORK CITY — New York City has entered Phase I of its economic reopening plan, according to a statement from New York Gov. Andrew Cuomo. Businesses that may now resume operations under strict social distancing and sanitation guidelines include construction — building equipment, finishing and foundation contractors, highway construction, land subdivision, nonresidential building construction and utility system construction — as well as agriculture, curbside or in-store pickup retail, manufacturing and wholesale trade. New York City was considered the epicenter of the COVID-19 outbreak in the United States. Several regions in Upstate New York have already entered Phase II of reopening. As of June 7, the Centers for Disease Control and Prevention reported more than 170,000 cases of COVID-19 in the state of New York and more than 21,800 deaths.
BOSTON — Massachusetts has entered Phase II of its reopening plan, according to a statement from Massachusetts Gov. Charlie Baker on Monday. Businesses allowed to resume operations under social distancing restrictions include childcare facilities, higher education classes, hotels, outdoor recreation, in-store retail, breweries and restaurants with outdoor service. Baker will wait at least three weeks of the Phase II period before deciding to proceed to Phase III of reopening, which will include bars, casinos, gyms and entertainment venues. As of June 7, the Centers for Disease Control and Prevention reported more than 103,100 cases of COVID-19 in Massachusetts and more than 7,200 deaths.
CANTON, MASS. — Fast-food breakfast chain Dunkin’ (NASDAQ: DNKN) has announced plans to hire 25,000 new employees nationwide as the company looks to lead the charge out of nationwide coronavirus quarantines. Taco Bell recently made a similar declaration, vowing in late May to hire 30,000 workers this summer. With 55,000 planned hires between just two companies, quick-service restaurants could be an early sign of economic recovery during the COVID-19 pandemic. The reliance on drive-thru and pickup orders makes fast food a natural type of restaurant to rebound first. Last Friday, the U.S. Bureau of Labor Statistics reported the unemployment rate was 13.3 percent, down from 14.7 percent in April. Economists expected an increase in unemployment in May, but instead 2.5 million jobs were added during the month. Dunkin’ has more than 9,500 locations in the U.S. and a total of 13,100 locations in 41 countries. Canton-based Dunkin’ launched its first-ever national restaurant employee recruitment advertising campaign through a series of “Dunkin’ Runs on You” national TV broadcast and digital spots that will be aired in English and Spanish beginning today. Available jobs range from front-counter employees to managers. A timeline for the hirings was not disclosed. Taco Bell’s newly created …
TRENTON, N.J. — New Jersey Gov. Phil Murphy has extended the state of emergency declaration amid the COVID-19 outbreak, according to a statement released by his office on Thursday, June 4. The move extends all executive orders related to the temporary closing of businesses and enforcement of social distancing — originally ordered on March 9 — for at least another 30 days. The state of emergency allows the state government to receive financial assistance from the federal government and also to employ federal disaster services including the National Guard. In addition, Murphy said that the state will begin Stage II of its reopening plan, which will allow outdoor dining at restaurants and reopening of nonessential retail stores, on June 15. Hair salons and barbershops will follow on June 22, and other businesses including nail salons, tattoo parlors, gyms and libraries will then be considered for reopening at a later date. As of June 3, the Centers for Disease Control and Prevention reported more than 162,000 cases of COVID-19 in New Jersey and nearly 11,900 deaths.
WASHINGTON, D.C. — The U.S. economy added 2.5 million jobs in May, the Bureau of Labor Statistics (BLS) reports. The uptick signals the economy is recovering faster from the COVID-19 shutdown than many market observers had expected. The unemployment rate decreased from 14.7 percent to 13.3 percent in May. Economists surveyed by The Wall Street Journal were prepared for continued job losses and a further shrinking of the economy. They had predicted a net loss of 8.3 million jobs for May. Some notable employment sectors that rebounded in May included leisure and hospitality, which added 1.2 million jobs after losing a combined 8.2 million jobs in March and April. Additionally, the construction sector added back nearly half of its lost jobs from April, moving upward by 464,000 in May. Education and health services was another industry that showed a recovery in May, adding 424,000 jobs. The sector lost 2.6 million jobs in April. Similarly, the retail sector added 368,000 jobs in May after losing 2.3 million in April. Not all sectors, however, were in the black in May. Employment in government declined by 585,000, following a drop of 963,000 in April. The heaviest loss came in local government (-487,000). Mining …
HARRISBURG, PA. — Pennsylvania’s stay-at-home order will expire at tonight at 11:59 p.m. as all 67 counties in Pennsylvania prepare shift into less severe restrictions. Pennsylvania Gov. Tom Wolf announced the amendment on Wednesday, June 3, but also renewed Pennsylvania’s state of emergency for an additional 90 days. Pennsylvania’s state of emergency restricts business operations and social interaction on a system of red, yellow and green phases. All of Pennsylviania’s reopening phases include cautious restrictions, with red being the most restrictive. The stay-at-home order only applies to counties still in the red phase, which are primarily located in metro Philadelphia. The yellow phase allows in-person retail, outdoor dining at restaurants and gatherings of more than 25 people. The green phase allows operation of indoor dining at restaurants and bars, personal care services, health and wellness, entertainment and construction and gatherings of more than 250 people. As of June 3, the Centers for Disease Control and Prevention reported more than 73,400 confirmed cases of COVID-19 in Pennsylvania and more than 5,700 deaths.
WASHINGTON, D.C. — Another 1.9 million Americans filed first-time unemployment claims in the week ending May 30, the U.S. Department of Labor reported. The latest figure is about 100,000 claims higher than economists surveyed by Dow Jones expected, with the forecast looking at just under 1.8 million claims. Since the COVID-19 outbreak in the U.S. in March, approximately 42.4 million claims have been filed. The Department of Labor also reported that the four-week moving average is at nearly 2.3 million claims, a decrease of 324,750 from the previous four-week average. Additionally, the number of first-time jobless claims has decreased for nine consecutive weeks.