GM cutting 1,000 software jobs, including 600 at Mich. tech center
The job cuts will include about 600 people who work at its Global Technical Center in Warren, Mich., according to a source familiar with GM’s plans.
$1B deal for Hyatt Regency Orlando; new luxury hotel planned next door
Hyatt Hotels closed the sale of its 1,641-room Hyatt Regency Orlando for $1.07 billion and also announced a deal with the buyers to build a new Grand Hyatt luxury hotel right next door.
The deal is a bet on the expanding Orange County Convention Center and the 2025 opening of Universal’s Epic Universe, RIDA CEO Ira Mitzner told GrowthSpotter Friday in an exclusive interview. Houston-based RIDA Development and Los Angeles-based Ares Management are the buyers and development partners in the deal.
“As the convention center expands, as Epic expands, we think there is a potential need — not for tomorrow, but over the next several years — for adding new room capacity,” Mitzner said.
The Regency at 9801 International Dr. is one of four hotels connected by sky bridge to the Orange County Convention Center. The deal also included an undeveloped 45-acre lot at 9000 Universal Blvd., just north of the hotel. That parcel accounted for $50 million of the total sale on Friday and came with a deed restriction that only a Hyatt hotel could be built on the property.
Universal Orlando hotel deal comes with dining cards
Universal Orlando is tossing in up to $1,000 in food and beverages with upcoming on-property hotel stays.
The deal — dubbed the Dining Card Vacation Package — is offered for stays between Nov. 7 and April 10. The value of the card varies with length of stay and level of resort. For instance, a four-night stay at Endless Summer includes one $300 dining card per room. A five-night stay at Portofino Bay, Royal Pacific or Hard Rock hotels comes with a $1,000 dining card.
The cards are valid at full-service restaurants in theme parks and hotels as well as quick-service locations.
The packages include tickets to Islands of Adventure and Universal Studios theme parks. There’s an option that includes Volcano Bay water park entry, too. Pricing on the packages varies with resorts and dates, and there are block-out dates between Dec. 20 and Jan. 4. It’s a minimum stay of four nights.
Fine print: There are some places where the dining card is not valid, including the Palm at Hard Rock Hotel, BiCE at Portofino Bay and Blondie’s at Islands of Adventure. The card also will not work at merchandise locations or for mobile orders. It can be used for alcohol purchases.
Average dealership pretax profit slipped 33% in the first half of 2024, report says
The report from Presidio Group and NCM Associates also found the typical dealership hasn’t reduced expenses quickly enough amid profitability declines.
Orlando trending toward a ‘more healthy’ housing market but high prices still a barrier
Home prices hit a record high in the Orlando area this summer, but experts say 2024 has brought some stability to the housing market, with more properties for sale and more buyers securing a home.
Still, housing costs have increased more than wages in Central Florida, so many would-be buyers still struggle to find properties they can afford.
The median monthly home price in Central Florida was $395,000 in June, according to Orlando Regional Realtor Association, the highest price on record. It fell slightly to $390,000 in July, but five years ago, in June 2019, the median monthly home price was $250,000.
A small drop in mortgage rates last year and an increased number of homes for sale has made the market busier.
The number of homes for sale in the Orlando area has increased seven months in row, hitting 11,158 properties in July, up about 3,000 from five years ago and the highest number since November 2015, according to the realtor association.
“What we’re seeing is, as of late last year around November and December when the interest rates came down just a little bit, it really triggered the market and got buyers back out there,” said Rose Kemp, the association’s president. “The other awesome trend is that we started seeing more inventory,” she said. “Our inventory has been rising since last year around November and that’s actually a really good indication of a much more healthy market.”