De Niro says Nobu, Greenwich Hotel are struggling
Not even Robert De Niro is immune from the pandemic’s impact on real estate.The actor and director said his investments in restaurant chain Nobu and the Greenwich Hotel have strained his finances. That news was revealed during a divorce proceeding in which De Niro’s wife asked for her monthly credit card allowance to be raised. An attorney then told the judge that her allowance had to be reduced because Nobu, which has two Manhattan restaurant locations, lost US$3 million in April and another US$1.87 million in May. The famed actor had to borrow US$500,000 from his business partners to meet a capital call, “because he doesn’t have the cash,” his lawyer said.
The hotel industry in the Algarve recorded in June a global average occupancy rate per room of 10.3%, a drop of 68.9% in relation to the same month of 2019, announced the largest hotel association in the region. According to the Association of Hotels and Tourist Enterprises of the Algarve, the national market registered the smallest decrease (minus 58.7%), representing 82.7% of the total overnight stays in the Algarve in June.
Europe sees cautious return of international travel
While intra-European holidays have resumed without mishap, industry leaders remain cautious about the rate of tourism’s recovery. Outbound travel resumed to many European destinations in June and the Council of the European Union recommended member states open their borders to arrivals from some non-EU countries from July 1. However, many states have yet to lift restrictions on travel.