Some hospitality experts say that promise—a 100% refund if customers weren’t 100% happy—might’ve made things worse for both the customers and the hotels.
Thursday’s report from the Commerce Department provided the latest evidence that painfully high inflation is pressuring American households and inflicting particular harm on low-income families and people of color.
City tourism officials said the venue could be a boon for new sporting events—something team owner Ersal Ozdemir indicated he’s hopeful will the the case.
The redevelopment of what is now an 18-acre manufacturing site downtown is expected to include apartments, a hotel, an office building and retail space—in addition to a 20,000-seat stadium. Keystone Corp. CEO Ersal Ozdemir said the project’s cost will likely top $1 billion.
Sojos Capital said it has already begun multiple upgrades to the property, including replacing the roof, changing HVAC units, interior and exterior painting, and additional security enhancements.
The slowdown in demand threatens a wide range of businesses that rely on a summer pickup in activity as Americans vacation, take road trips and just generally hit the road in bigger numbers for a wide range of activities.
The proposed $175 million project that could add more than 400 apartments to the area surrounding the Indianapolis City Market was chosen over two other bids from local development firms—both of which differed greatly from the winning proposal.
Americans trimmed their spending unexpectedly in May compared with a month before, underscoring how surging inflation on daily necessities like gas is causing them to be more cautious about buying discretionary items.
The producer price data captures inflation at an earlier stage of production and can sometimes signal where consumer prices are headed. It also feeds into the Federal Reserve’s preferred measure of inflation, the personal consumption expenditures price index.
Attendance is about one-third of what it once was, the schedule of practices and games has been shrunk from two weeks to one and some players can’t even fit that into their schedules.
Consumers likely have a lot of pent-up demand after more than two years of the pandemic. But they’re also facing some significant financial headwinds because of the highest inflation in decades. And COVID-19 remains a looming presence.
Some evidence in recent weeks had suggested that inflation might be moderating, particularly for long-lasting goods that were caught up in supply chain snarls and shortages last year. But that trend appeared to reverse itself in May.
