February, 2020. Volume 4
www. GPSLA.us
LOS ANGELES' HOTEL DEMAND STRONG INTO 2020
Tourism and Technology Executive Travel Are Expected to Provide Boost
Los Angeles. Big Los Angeles hotel deals of 2019 included the sale of downtown's Hilton Checkers, which traded for $138.9 million.

Strong international travel, steady regional tourism and technology industry executive business trips are expected to fuel Los Angeles hotel demand and development in the coming year. 12/11/2019 Los Angeles Hotel Demand Strong Going Into 2020

The hotel data rm STR, a CoStar Group company, reported that overall hotel revenue in Los Angeles rose 1% from a year ago in the first 10 months of 2019, reaching nearly $4.7 billion. Strong post-recession demand growth is being driven across all hotel price levels in the Los Angeles region, with occupancy in 2020 expected to remain on par with 2019, at 79.6%, with average daily room rates set to increase 2.6% to $185.43, according to brokerage CBRE. Revenue per available room, a measure of occupancy and room pricing, is forecast to climb 2.5% next year, to $147.52 "Even while absorbing higher-than-long-term average growth in supply over the past several years, Los Angeles continues to operate at strong levels of occupancy and above-national-average [room] rate growth, and that is a trend expected to continue in 2020,"


EVENTS & FEATURES
2020 LAWS CALIFORNIA EMPLOYERS SHOULD KNOW

WHAT YOU KNOW... (about Tax Withholdings) WILL HELP YOU

21st Annual Los Angeles Black College Expo
Sat, Feb 1, 2020 @ 9:00 AM

Women Empower X
Sat, Feb 29, 2020 @ 10:00 AM
LA Convention Center



2020 LAWS ALL CALIFORNIA EMPLOYERS SHOULD KNOW

Contact GPSLA member Harry Johnson, Morgan Lewis, for more information and questions about these new laws.

Los Angeles. Morgan Lewis partners Kathryn McGuigan and Michael Schlemmer authored a Daily Journal article on important new California legislation taking effect in 2020. In the article, Kate and Mike discuss wage and hour issues, workplace harassment and discrimination regulations, and the latest legislation regarding California workplace accommodations and leaves. 

Article link:
WHAT YOU KNOW... WILL HELP YOU

A Brief Guide to Tax Withholding Requirements Foreign Nationals and Residents Selling Property in the US.

Abridged with permission from the author, Michael W. Brooks, Esq.

YOU SHOULD KNOW....
  • When a property is sold by a Foreign Seller in the US and California, the IRS requires the escrow co. is required to withhold a specific amount of the proceeds from the sale.
  • A Foreign Seller can wait up to a year-and-a-half for a refund of the Withholding Tax.
  • There are applications and timely filings that can reduce the time of the withholding as short as 3-4 months. 
  • A professional Realtor® Can be your best resource to advantage these forms and processes to assist the Seller in receiving the full amount of proceeds.
  • An attorney, a specialist in this field of Real Estate Business and Taxes can be a valuable source to Foreign Sellers in the compliance and execution of the appropriate forms and mandatory filings schedule. 

* The information contained in this presentation is provided for informational purposes only and should not be construed as professional legal or tax advice on any subject matter. No recipients of content from this presentation, clients or otherwise, should act or refrain from acting on the basis of any content included herein without seeking the appropriate legal or other professional tax advice on the particular facts and circumstances at issue from an attorney or tax professional licensed in the recipient’s jurisdiction. DIRECTS expressly disclaims all liability in respect to actions taken or not taken based on any or all the contents of this presentation.