Business

Billionaire Barry Sternlicht, the chairman and CEO of Starwood Capital Group, is a legendary, legacy real estate investor.
Brendan Wallace is an entrepreneur who co-founded Fifth Wall, a venture capital firm investing in property technology and decarbonizing real estate.
Together they discuss AI, data centers, interest rates and where they’re betting next.

A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.
Billionaire Barry Sternlicht, chairman and CEO of Starwood Capital Group, is a legendary, legacy real estate investor. Brendan Wallace is an entrepreneur who co-founded Fifth Wall, a venture capital firm investing in property technology and decarbonizing real estate. The pair first met in the gym. Now, Wallace can say Sternlicht is a mentor – as well as a Fifth Wall investor – and Sternlicht jokes that Wallace is his trainer.

Together they gave CNBC Property Play a rare glimpse into how old-school commercial real estate investing is pivoting to a new tech-driven world order and how that new world order still relies on lessons learned in the past. 
Here are some of the highlights from the conversation, edited for clarity and length:

On CRE investing

Sternlicht: We endured a 500 basis point, fairly rapid increase in rates, and most people who were invested had to pay some price for that, whether the yields on property went up or they weren’t properly hedged. Your costs went up, your expenses, and they drained a lot of cash flow from assets that might have gone into fixing the assets up. That’s behind us now, and there’s no doubt that interest rates are going down. … In May of next year, Jerome [Powell] will  be out [as Federal Reserve Chairman], and nobody’s getting that job without agreeing to lower rates.
I think they should lower rates. I think inflation that we’re seeing is tariff related. It will continue. It’ll get worse, probably, in the fourth quarter, when the new inventories hit the shelves and the tariffs can no longer be ignored. 
Wallace: The rate increases that Barry was mentioning, those impacted prop tech definitionally, because all tech companies, all loss-making businesses, rerated all at the same time. And at the same time, the demand from commercial real estate stopped. 

I would say an overlay on top of it was also that a big part of where real estate companies were investing in the last four years was around decarbonization efforts, so trying to conform to new carbon neutrality laws … and anticipating this kind of wave of decarbonization. And I feel like with [President Donald] Trump’s election, it kind of felt like they got a hall pass, certainly for four years.

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On AI and data centers

Sternlicht: We’ve probably got $20 billion dedicated to [the data center] space. I think it’s a different issue than you think. Most of us don’t build until we get a hyperscaler lease. So we get the lease from Amazon, Microsoft, Google, Oracle. What we’re watching now is the credit worthiness of the tenant, and particularly Oracle, because Oracle is doing all these deals back-ended to [ChatGPT], and Chat is a startup that doesn’t make money and requires hundreds of billions of dollars to grow to the scale they want to be. 
There’s no question AI is going to change the entire world and do it much faster than anything we’ve ever seen before, much faster than the internet, certainly faster than the Industrial Revolution. That is terrifying to me. I mean, I’m not so complacent. I look at … how we spend money, and what I can do with AI agents that I do with humans today, and it’s terrifying for the people. I think we have to let people go, right? Jobs of 15 people can be done with a chatbot that costs me $36 a month. 
Wallace: I was trying to trace all these pretty Byzantine and somewhat incestuous commitments that are happening between the large tech companies, between the digital infrastructure providers, and it’s actually very hard to trace who’s going to ultimately pay for it all, but ultimately it has to be paid for in the economy.
The way to just acid test whether it makes sense is if you looked at the amount of AI compute that will be required to fill all the data centers that are in production or have been announced to go into production, and then you assume that the tech companies have to make some profit on top of that to justify it, which they’re not today, but let’s assume they have to. Take any margin you want, assume that’s the revenue that’s then therefore flowing to large language models and AI. What percent of U.S. GDP would that be today if you ran that math? My fear is that it might be like 120% of U.S. GDP. 

On their next bets

Sternlicht: We’re heavily investing in Europe, actually. Not here. They’ve done the stimulus package. They have low rates. They don’t have, really, inflation. They don’t have tariffs. It’s amazing, having returned from Europe and the Middle East, I can buy everything cheaper in Europe than I can here now.
Wallace: New York City. People overestimate the durability of these political vibe shifts. Within two years of electing Trump, we elected [Zohran] Mamdani to run New York, and I just think these things move dialectically. Over the long term, New York is going to be super valuable. So if I were a betting person, I didn’t have to make a return in the next four years, I would bet on New York. More

More air travel disruptions piled up Monday as the longest-ever U.S. government shutdown continued.
Air traffic controllers missed their second full paycheck of the shutdown.
The Senate made progress overnight on a deal that could end the shutdown, but it has not yet approved a funding bill.
President Donald Trump threatened to dock air traffic controllers’ pay if they didn’t show up to work.

Flight timings and cancellations are displayed on the departures board, a month into the ongoing U.S. government shutdown, at Ronald Reagan Washington National Airport in Arlington, Virginia, U.S., November 9, 2025.
Annabelle Gordon | Reuters

Flight cancellations were again piling up on Monday as air traffic controller shortages, worsened by the longest-ever U.S. government shutdown, snarled air travel coast to coast while President Donald Trump threatened to dock air traffic controllers’ pay if they are absent from work.
On Monday, 1,623 of the 25,735 scheduled U.S. flights were canceled, around 6.3% of the day’s schedule, though on-time departures were better than average, a good sign after days of travel snarls, according to aviation data firm Cirium.

Last week, the Trump administration ordered airlines to cut domestic flights at 40 major U.S. airports starting with 4% reductions last Friday and ramping up to 10% by this coming Friday, Nov. 14, citing strains on air traffic controllers.
“All Air Traffic Controllers must get back to work, NOW!!!,” Trump said in a post on Truth Social, adding that he would recommend $10,000 bonuses for any air traffic controllers who didn’t take any time off during the shutdown. He said those who don’t immediately return to work would be “docked.”
The National Air Traffic Controllers Association in response said that air traffic controllers are “unsung heroes, who report for duty to safely guide this country’s passengers and cargo to their destinations.” The organization said they “deserve our praise” and “have certainly earned it.” 
Disruptions over the weekend included 18,576 delayed flights while 4,519 were canceled, according to FlightAware. Cancellations spilled over from regional, short-haul jets — which the largest U.S. airlines rely on for around half of domestic flights — to mainline flying.
United Airlines and Delta Air Lines were each offering flight attendants extra pay to pick up flights, according to company messages seen by CNBC. United was also offering pilots extra pay for more flights than it usually does, an airline spokesman said. Such extra pay is common during storms or other disruptions.

American Airlines Chief Operating Officer David Seymour said Monday that 250,000 of its customers were affected by disruptions over the weekend, with 1,400 cancellations attributed to air traffic control.
“This is simply unacceptable, and everyone deserves better. Our air traffic controllers deserve to be paid and our airline needs to be able to operate at a level of predictability and dependability that no major airline was able to provide the flying public this weekend,” he said in a note to staff that was seen by CNBC.
Airlines were waiving change fees and in some cases, fare differences, depending on when customers could rebook travel. Customers could also request a full refund for the portion of their tickets they were unable to fly.
A sign of how severe air travel disruptions have become during the government shutdown: Sunday’s 2,631 U.S. flight cancellations, 10% of the day’s schedule, marked the fourth-worst day since January 2024, Cirium said.
In comparison, on Friday morning, as Trump administration-mandated flight cuts took effect, cancellations ranked 72nd since the start of last year.

Read more CNBC airline news

The disruptions that upended the travel plans for hundreds of thousands of travelers forced them to look for alternative transportation. Car rental company Hertz last week reported an increase in one-way demand. There’s also been increased demand for private jet flights in recent days, according to the CEO of charter and fractional ownership company Flexjet.
Though the Trump administration order didn’t initially require private aviation to cut in the same way as commercial airlines, the Federal Aviation Administration on Monday began limiting those flights at a dozen U.S. airports. However, many private jet operators don’t use the busiest commercial airports, said the National Business Aviation Association.

Increased strain

Air traffic controllers missed their second paycheck of the shutdown on Monday, though they are still required to work. Some of them have taken second jobs to make ends meet, government and union officials have said.

A commercial airliner takes off past the air traffic control tower at San Diego International Airport during the first day of a partial U.S. government shutdown in San Diego, California, U.S., Oct. 1, 2025.
Mike Blake | Reuters

“Now, they must focus on child care instead of traffic flows. Food for their families instead of runway separation,” Nick Daniels, president of the National Air Traffic Controllers Association, said at a news conference on Monday. “The added stress leads to fatigue, the fatigue has led to the erosion of safety and the increased risk every day that this shutdown drags on.”
The Senate made progress overnight on a deal that could end the shutdown, but it has not yet approved a funding bill.
Daniels said it isn’t yet clear how long it would take for controllers to receive back pay for their work. In the shutdown that ended in 2019, it took about 2½ months before the workers were made whole, he said.
Trump’s comments about air traffic controllers on Monday drew criticism from Rep. Rick Larsen, D-Wash., ranking member of the House Committee on Transportation and Infrastructure, who called the statement “nuts!” and said it ran counter to Transportation Secretary Sean Duffy’s call for aviation workers’ support.
“The women and men working long hours in air traffic control towers to keep the aviation system running deserve our thanks and appreciation, not unhinged attacks on their patriotism,” Larsen said.
An end to the shutdown also doesn’t mean that the flight restrictions will be lifted immediately. The FAA last week said it will determine whether to increase or decrease the flight restrictions based on safety data.
While airlines had little time to make the last-minute schedule changes when the order came out last week, to ramp up flying again they will need time to adjust schedules, sell seats and position planes and crews. More

Starbucks baristas gather outside a Starbucks store as they protest against the company during a rally to demand a new contract in New York City, on October 28, 2025. The Starbucks Workers United is fighting for a new contract that delivers improved staffing hours, take-home pay, and on-the-job protections for baristas. (Photo by TIMOTHY A.CLARY / AFP) (Photo by TIMOTHY A.CLARY/AFP via Getty Images)
Timothy A.clary | Afp | Getty Images

More than 100 lawmakers urged Starbucks to resume bargaining talks with Workers United, the union representing the coffee giant’s baristas, in letters sent to CEO Brian Niccol on Monday.
The letters come ahead of a threatened strike led by the union in 25 cities on November 13, Starbucks’ Red Cup day, one of its biggest sales days of the holiday season.
Both sides have pointed blame at the other party and claim they’re ready to negotiate.

Starbucks workers and supporters practice picket outside a Starbucks location in New York, US, on Wednesday, Oct. 1, 2025.
Michael Nagle | Bloomberg | Getty Images

More than 100 lawmakers urged Starbucks to resume bargaining talks with Workers United, the union representing the coffee giant’s baristas, in letters sent to CEO Brian Niccol on Monday.
The two letters, from the Congressional Labor Caucus and a group of senators led by Sen. Bernie Sanders, I-Vt., come as the union threatens a strike in 25 cities starting Thursday. That coincides with Starbucks’ Red Cup Day, one of its biggest sales days of the holiday season.

“It is clear that Starbucks has the money to reach a fair agreement with its workers,” the Senate letter, signed by 26 lawmakers, reads. “Starbucks must reverse course from its current posture, resolve its existing labor disputes, and bargain a fair contract in good faith with these employees.”
A second Congressional Labor Caucus letter is signed by 82 lawmakers.
The lawmakers argued the coffee giant has the resources to increase workers’ pay and benefits, citing Niccol’s $95 million compensation since his hiring. The company said $90 million of the compensation package was in the form of stock awards to cover equity Niccol left behind at Chipotle when moving to Starbucks to take the CEO role.

Senator Bernie Sanders (I-VT) speaks to reporters outside the Senate Chamber of the US Capitol Building on Nov. 8, 2025 in Washington, DC.
Aaron Schwartz | Getty Images

Last week, Workers United said its strike authorization vote won a 92% approval from its members. If the union decides to strike, it would be open-ended. Workers United is pushing for improved hours, higher wages and the resolution of hundreds of unfair labor practice charges against the company.
The two parties are not in active contract talks after discussions fell apart late last year. Starbucks and the union entered into mediation in February, and hundreds of barista delegates voted down the economic package Starbucks proposed in April.

Both sides have pointed blame for failure to reach a bargaining agreement at the other party and say they’re ready to negotiate.
Workers United, which began organizing at Starbucks in 2021, says it now represents more than 12,000 workers across more than 650 stores. The company last week told CNBC that the union only represents 9,500 workers at 550 cafes.
Starbucks Workers United spokesperson Michelle Eisen said in a statement last week, “We want Starbucks to succeed, but turning the company around and bringing customers back begins with listening to and supporting the baristas who are responsible for the Starbucks experience. If Starbucks keeps stonewalling, they should expect to see their business grind to a halt. The ball is in Starbucks’ court.”
In response to the strike vote results last week, Starbucks said it will be ready to serve customers across its nearly 18,000 company-operated and licensed stores this holiday season.
“As everybody knows, Starbucks offers the best job in retail, including more than $30 an hour on average in pay and benefits for hourly partners. Workers United, which represents only 4% of our partners, chose to walk away from the bargaining table. We’ve asked them to return—many times. If they’re ready to come back, we’re ready to talk. We believe we can move quickly to a reasonable deal,” Starbucks spokesperson Jaci Anderson told CNBC in a statement Monday.
In a letter to workers addressing the strike authorization vote last week, Sara Kelly, chief partner officer at Starbucks, echoed the belief that an agreement could be reached swiftly.
“For months, we were at the bargaining table, working in good faith with Workers United and delegates from across the country to reach agreements that make sense for partners and for the long-term success of Starbucks,” Kelly said. “We reached more than 30 tentative agreements on full contract articles.”
“Our commitment to bargaining hasn’t changed,” she added. “Workers United walked away from the table but if they are ready to come back, we’re ready to talk. We believe we can move quickly to a reasonable deal.”
Reuters earlier reported on the letters from lawmakers.
— CNBC’s Amelia Lucas contributed to this report More

Demand for private-jet flights and last-minute bookings are up sharply in recent days, CEO of charter and fractional ownership company Flexjet told CNBC.
The increase comes as the Trump administration ordered airlines to cut hundreds of domestic flights as air traffic controller staffing issues snarl travel.
The FAA plans to curb private-jet traffic at 12 major U.S. airports starting Monday.

A FlexJet Gulfstream G450 airplane approaches San Diego International Airport for a landing on May 9, 2025 in San Diego, California.
Kevin Carter | Getty Images News | Getty Images

Demand for flights on private jets has been on the rise during the U.S. government shutdown as commercial air travel headaches have worsened, the CEO of private jet charter and fractional ownership company Flexjet told CNBC.
More than 17,000 U.S. commercial flights were delayed over the weekend, partly due to major staffing shortages at air traffic control facilities coast to coast, according to FlightAware. That was on top of several hundred preplanned cancellations after the Trump administration last week ordered U.S. commercial airlines to cut their schedules in 40 major U.S. airports by an initial 4%, with the potential to increase to as much as 10% by the end of the week, blaming strains on air traffic controllers.

The Senate made progress toward a potential deal to end the shutdown over the weekend and into Monday, but an agreement would still need approval by Congress.
Air traffic controllers are required to work during a shutdown, but like other essential employees have been working without their regular paychecks since it began on Oct. 1.
The disruptions sent travelers around the country scrambling for alternatives. Car rental company Hertz reported an increase in one-way rentals late last week.
Private-jet demand was already up over last year, but bookings have spiked in recent weeks, according to Flexjet.
In the first seven days of November, Flexjet’s fractional ownership and jet-leasing business posted a 42% increase in revenue hours over the same period last year, compared with an increase of about 20% so far this year, the company said.

“That means that our aircraft owners and lease holders are using their aircraft more. It spiked in October, and it’s continued to spike,” Flexjet global CEO Andrew Collins said in an interview Saturday. Flight hours last month were up 23% over last year, the company said.
Other major private jet providers didn’t immediately respond to requests for comment.
Flexjet’s charter business, FXAIR, saw a 56% jump in revenue hours last month compared with October 2024, while year-to-date they’re up 17% from last year.
Flexjet’s Sentient Jet unit, which sells cards starting at $174,375 for 25 hours on light business jets, has 24% more revenue hours booked for the rest of November compared with the same point last year.
Collins cautioned that it’s too early to draw a conclusion on the spike from the shutdown, but said he’s seen the company’s fractional aircraft leaseholders booking more last-minute, within 10-hour windows.
The Federal Aviation Administration on Monday plans to curb private-jet traffic at 12 major U.S. airports, the National Business Aviation Association said late Sunday.
The FAA’s original order last week didn’t require the private aviation sector to specifically cut flights the way commercial airlines were ordered to.
The NBAA has noted that business jets often use airports other than the country’s busiest.
“As business aviation routing is not fixed, it makes it possible to make use of reliever airports to not burden the major commercial hubs and get people where they desire to go from points still within proximity to their points of origin and destination,” Flexjet said in a statement.

Read more CNBC airline news More

Kia on Monday previewed its next-generation Telluride SUV that the company is describing as a “new benchmark for the brand’s design and ambition.”
The Telluride has been a standout success for the South Korean car brand since it launched in 2019, at many times being one of the most highly in-demand vehicles in the U.S.
Kia said the 2027 Telluride, which is expected to arrive in U.S. showrooms during the first quarter, is larger, boxier and a more modern design overall compared with the current model.

2027 Kia Telluride

DETROIT – Kia on Monday previewed its next-generation Telluride SUV that the company is describing as a “new benchmark for the brand’s design and ambition.”
The first-generation Telluride has been a standout success for the South Korean car brand since it launched in 2019, at many times ranking as one of the most highly in-demand vehicles in the U.S., based on inventory levels. It’s a crucial vehicle for the company in the U.S.

Kia said the 2027 Telluride, which is expected to arrive in U.S. showrooms during the first quarter, has a larger, boxier and more modern design overall compared with the current model.
The new front end features a large front grille encompassed by vertical headlamps, while the rear of the vehicle features a sleek design and silhouette reminiscent of a Range Rover.

2027 Kia Telluride

The company on Monday released images of a Telluride X-Pro model ahead of the three-row midsize SUV’s official debut later this month at the Los Angeles Auto Show, where more trims and details of the vehicle will be released.
Sales of the Telluride have increased every year since its launch in 2019, with Kia selling more than 444,000 units in total, according to the company. The vehicle’s sales are up 11% year to date through October, according to Kia.
Kia offers the current Telluride in 10 trim levels, with starting pricing between $36,000 and $54,000.
A new version of the Hyundai Palisade, which is a sibling vehicle to the Kia Telluride, was released earlier this year and starts between $39,000 and $55,000, depending on trim. More

The Disney Destiny cruise ship will make its maiden voyage from Port Everglades in Fort Lauderdale, Florida, officially becoming the seventh ship in the company’s lineup.
Like Disney’s other cruise ships, the new vessel features themed dining, curated lounges and premium onboard live entertainment. The Destiny is all about heroes and villains.
Disney’s experiences segment was its second-highest revenue driver during fiscal year 2024.

Hero Minnie will appear on Disney’s newest cruise ship the Disney Destiny.

The Disney fleet is expanding yet again.
Later this month, the Disney Destiny cruise ship will make its maiden voyage from Port Everglades in Fort Lauderdale, Florida, officially becoming the seventh ship in the company’s lineup.

The Destiny, which is 221 feet tall and 1,119 feet long, can carry 4,000 passengers and 1,555 crew members. For its inaugural season, the ship will offer four- and five-night cruises to the Bahamas and Western Caribbean, including visits to one or both of the company’s island destinations, Disney Castaway Cay and Disney Lookout Cay at Lighthouse Point.
Like Disney’s other cruise ships, the new vessel features themed dining, curated lounges and premium on-board live entertainment. Disney’s portfolio of intellectual property has been the bedrock of its theme parks since the very first location opened its doors, and that’s translated to its cruise line as well.
The Destiny features a heroes and villains theme. Black Panther is the feature character within the Destiny’s Grand Hall, a prominent gathering space aboard the vessel, but guests will also be able to interact with iconic Disney villains and anti-heroes like Cruella de Vil, Maleficent, Dr. Facilier, Captain Jack Sparrow and Loki.

The Grand Hall of the Disney Destiny features an homage to Marvel’s “Black Panther,” including a statue of the hero.

The Destiny sets sail at a time of rapid growth at the Walt Disney Company’s experiences division, which includes its theme parks, resorts and cruise line. The company, which hadn’t launched a new ship in a decade prior to the Disney Wish’s debut in mid-2022, added the Disney Treasure last year and is set to have 13 vessels sailing by 2031.
“We’re undergoing the largest expansion in our history,” Josh D’Amaro, chairman of Disney experiences, told CNBC. “The Destiny, I think, is just going to be another example of how we continue again to push the envelope on what a cruise experience can be.”

In fiscal 2024, the experiences division posted record revenue and profit, with revenue up 5% for the full year to $34.15 billion and operating income up 4% to $9.27 billion. As of the fiscal third-quarter of 2025, Disney anticipated the experiences segment would see 8% growth in operating income for the current fiscal year. The company reports earnings Thursday.
The experiences segment was the second-highest revenue driver for Disney last year behind its entertainment division, which tallied $41.19 billion in fiscal 2024. However, the entertainment segment’s operating profits were smaller, at just $3.92 billion.
Disney has become a leader in the family cruising space, despite its relatively small number of ships. Its fleet size of just seven ships is dwarfed by the largest cruise lines: Carnival, with more than 100 vessels; Royal Caribbean, with nearly 70; and Norwegian Cruise Line, with more than 30.
Disney is considered slightly more expensive than Carnival and Royal Caribbean for base pricing, but if guests choose to upgrade to larger cabins or add food packages or experiences to their itineraries on the major cruise lines, the prices can be similar.

Each stateroom aboard the Disney Destiny will showcase custom artwork depicting the epic journeys of famous Disney legends.

Disney’s Destiny offers four-night cruises starting at around $2,300 for two adult guests and about $4,000 for a family of four. Five-night cruises start at $2,900 for two adults and $4,700 for a family of four. These prices can increase if travelers select premium rooms or book cruises tied to Halloween or Christmas or for select seven-night cruises aboard the Destiny.

Immersive, character-fueled dining

Like other cruise ships in the space, the Disney Destiny features upscale restaurants, pools, spas and gaming rooms for kids, but the company injects storytelling into the mix.
Additionally, Disney accommodates diners using “rotational dining” on its cruise ships. Passengers don’t eat in one large mess hall — they are prescheduled to dine at different themed restaurants. Disney rotates the restaurant staff, too, to follow each group of passengers to their scheduled restaurant. As a result, guests have the same servers, busboys and restaurant managers throughout their trip, and the waitstaff gets to know the guests — and their preferences.
Among the themed dining halls aboard Destiny is Pride Lands, a feast of the Lion King, which invites guests to dine on a menu with authentic African flavors while live musicians take the stage to present a retelling of Simba’s story from cub to king.

Pride Lands: Feast of The Lion King is a “Lion King”-themed dining experience featuring live musical performances and an African-inspired menu.

At Worlds of Marvel, families will listen to a mix of hit songs and test their superhero knowledge while they eat. Rocket and Groot from “Guardians of the Galaxy” will be featured in an onscreen story that will unfold during the meal. The menu features nods to in-universe locations like Wakanda and the fictional Eastern European nation of Sokovia as well as New York, the home base of the Avengers.
A 1923 dining hall, named for the founding year of the Walt Disney Company, celebrates the legacy of Disney’s animation. This setting features more than 1,000 drawings, props and other tools of the animation trade, including artwork from “Hercules,” “Sleeping Beauty,” “Big Hero 6” and “Wreck-It Ralph.” The menu at 1923 is inspired by the fusion of cultural flavors found throughout California, including Asian, European and South American influences.
Guests looking for quick meals and snacks will have a number of other dining options including Cafe Megara and Cafe Merida as well as Edna Á La Mode Sweets, a confectionary with gelato, ice cream, cookies, candies and other specialty treats based on super-suit designer Edna Mode from “The Incredibles.”

Kid-friendly experiences

For many, Disney cruises are a family affair. So, the company has dedicated spaces for every age group. 
It’s a Small World nursery offers babysitting services for children ages 6 months to 3 years, while older children can head over to Disney’s Oceaneer Club, which features several immersive spaces themed to Marvel’s superheroes, Disney’s princesses, Star Wars and Mickey and Minnie Mouse.
There’s a two-story venue called Saga that plays host to interactive shows and events like “Match Your Mate” and “Family Time Game Show,” as well as Edge, a space for tweens to make friends and play games, and Vibe for those aged between 14 and 17 to watch movies, listen to music and hang out.
The Walt Disney Theatre will be the home to a Broadway-style production of “Hercules,” a show that features innovative puppetry and state-of-the-art effects.

Guests aboard the Disney Destiny will be able to see a Broadway-style production of “Hercules” featuring innovative puppetry and special effects.

Each cruise will also include live performances of “Frozen, a Musical Spectacular” and “Disney Seas the Adventure.” There will also be Pirates Rockin’ Parlay Party, a nighttime spectacular featuring a live rock band and fireworks, an “Incredibles” themed sports area and all-you-can-watch complimentary movie screenings at Wonderland and Never Land Cinemas.
Similar to the Wish and the Treasure, the Destiny also has a Toy Story-themed area that includes a splash pool, wading pool and family waterslide. There’s also an adapted version of the AquaMouse water coaster called “Sing a Silly Song.”

Adult-friendly fare

Disney has also designed locations that are just for adults.
Quiet Cove is sequestered away from the bustling family activities and features an infinity pool, a poolside bar and a cafe. Senses Spa offers spa and beauty treatments, while Senses Fitness is an exercise and wellness facility.
The Disney Destiny also features De Vil’s piano lounge, a lavish locale for trendy cocktails, and the Sanctum, a lounge that takes inspiration from Doctor Strange from the Marvel universe.

The Sanctum is a lounge for the Disney Destiny’s adult guests. It is inspired by Marvel’s Doctor Strange.

“We’re continuing to take intellectual property or franchises, not just from the big screen, but from our theme parks as well,” D’Amaro said. “We did that with ‘Haunted Mansion’ on our last ship, and ‘Haunted Mansion’ will be back on the Destiny this time, as well. But, you’ll also see a ‘Pirates of the Caribbean’ lounge, for example, which is just gorgeous, and I think our guests are going to respond exceptionally well to it.”
This is the second time that Disney has brought its theme park IP to its cruise line. The Haunted Mansion Parlor debuted on the Disney Treasure last year, and a similar lounge area, featuring ghostly design elements and spooky cocktails, will be on board the Destiny.
There’s also Cask & Cannon, which is the eclectic but cozy pub inspired by “Pirates of the Caribbean” attraction. This is the first time “Pirates of the Caribbean” has been brought aboard a Disney ship in this capacity. The destination will feature themed drinks and decor.

Loose Cannons, a drink available on the Disney Destiny at the “Pirates of the Caribbean”-inspired pub Cask & Cannon.

More on the horizon

The Disney Destiny’s launch will be quickly followed up by the maiden voyage of the Disney Adventure, which will service Singapore starting in March 2026. Additional ships will launch between 2027 and 2031, bringing the Disney cruise fleet to 13 vessels.
“From a business perspective, the Disney cruise line is very important, not only to the Disney experiences segment, but to the Walt Disney Company,” D’Amaro said. “This is a huge brand ambassador for us. So, the ability to take all of the stories that we have to tell and bring them around the world with an asset that moves is very, very powerful for us.”
D’Amaro noted that the segment has seen double-digit returns on its cruise ships and continues to generate high occupancy and strong future bookings.

The exterior of Disney’s newest cruise ship the Disney Destiny.

But, Disney’s cruise line isn’t the only piece of the company’s experiences business that is expanding. There are construction plans across the globe for Disney’s theme parks and resorts.
“We are in the middle of turbocharging the Disney experiences segment of the Walt Disney Company,” D’Amaro said. “So, it’s a really special time for this part of the business. We have more projects underway right now than we have ever had in the history of the company.”
The Walt Disney World Resort in Orlando, Florida, is seeing its largest expansion ever at Magic Kingdom with the addition of a villains-themed land and a “Cars” area being added in Frontierland. A “Monsters Inc.” land is coming to Hollywood Studios and the Rock ‘n’ Roller Coaster is being rethemed to feature “The Muppets.” At Animal Kingdom, the company is adding an “Encanto” and an “Indiana Jones” attraction.
On the West Coast at Disneyland Resort in Anaheim, California, Avengers Campus at the California Adventure Park will be expanded to include two more rides. The company is also adding an “Avatar” area and its first ever “Coco” attraction.
Internationally, the company is set to break ground on its seventh theme park resort in Abu Dhabi. Disneyland Paris, Hong Kong Disneyland, Shanghai Disneyland and Tokyo Disney are all getting new attractions based on popular IP.
“We have so many more stories to tell, and it’s happening all over the world,” D’Amaro said. “Every single one of our destinations is undergoing a significant transformation, adding new capacity, adding new stories, adding new ports.” More

Restaurant Brands International will form a joint venture with a Chinese alternative asset manager to run Burger King China.
Under the terms of the deal, CPE will own roughly 83% of Burger King China.
Over the next decade, the joint venture aims to more than double the burger chain’s footprint in the market.

People walk past a Burger King restaurant with Chinese national flags displayed on a street during the National Day Golden Week holiday on October 5, 2024, in Chongqing, China.
Cheng Xin | Getty Images

Restaurant Brands International on Monday announced that it will form a joint venture with CPE, a Chinese alternative asset manager, to run Burger King’s restaurants in China.
Earlier this year, a subsidiary of Restaurant Brands acquired its equity interests from its previous Burger King China partners, Turkish-based operator TFI and U.S.-based private equity firm Cartesian Capital, for roughly $158 million in cash. At the time, the company said it planned to find a local operator as a partner.

Under the terms of the deal, CPE will own roughly 83% of Burger King China. Restaurant Brands will hold a minority stake of about 17%, along with a seat on the board of directors.
When the deal closes, CPE plans to invest $350 million into the joint venture. That investment will go toward a number of areas, from marketing to menu innovation, as well as restaurant expansion. Over the next decade, the joint venture aims to more than double the burger chain’s footprint in the market, from about 1,250 locations today to more than 4,000 by 2035.
“CPE is a well-capitalized, proven operator with exceptional leadership and extensive consumer and restaurant experience, making them an ideal partner to fuel the next chapter of Burger King China’s growth,” Restaurant Brands CEO Josh Kobza said in a statement.
The deal is expected to close in the first quarter of 2026, pending regulatory approval.
For decades, China’s massive population and fast-growing economy have made it an attractive market for U.S. companies, including restaurant chains. But in recent years, an economic slowdown have made some companies rethink their strategies. A week ago, Starbucks announced plans to form its own joint venture for its China business with Boyu Capital, a local alternative asset management firm. More

Only a third of millionaires use a wealth advisor for their financial planning and 1 in 5 plan to fire their advisor due to high costs and poor service, according to a new survey from Long Angle.
By contrast, millionaires are highly satisfied with their personal trainers, therapists and other professionals who help with their overall wellness and family care.
The results highlight the growing importance of so-called “soft services” for the wealthy, as wealth managers, private banks and other firms look to attract and retain more high-net-worth clients.

Cg Tan | E+ | Getty Images

Millionaires are increasingly dissatisfied with their wealth managers and accountants, but they prize their personal trainers and therapists, according to a new survey.
Only a third of millionaires use a wealth advisor for their financial planning and 1 in 5 plan to fire their advisor due to high costs and poor service, according to a new survey from Long Angle, the professional network for startup founders and CEOs. Among those who do use an advisor, 26% are considering switching and 18% may stop using an advisor altogether.

By contrast, millionaires are highly satisfied with their personal trainers, therapists and other professionals who help with their overall wellness and family care, rather than financial issues.
“Improving your balance sheet or bank account doesn’t deliver the same emotional value as improving your health and family life,” said Chris Bendtsen, market intelligence lead at Long Angle. “Services for personal well-being or your children score the highest.”
The results highlight the growing importance of so-called “soft services” for the wealthy, as wealth managers, private banks and other firms look to attract and retain more high-net-worth clients. Once considered superficial next to financial advice and tax planning, services for health and wellness, family and kids, and travel and self-improvement are becoming core competencies in the business of advising and helping wealthy families.

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For the study, Long Angle surveyed 114 people worth at least $2 million, with a majority having net worths of between $5 million and $25 million. It asked them to rank their satisfaction levels on 14 of the most common professional services used by the wealthy, from investment advice and estate planning to sports coaching and housekeeping.
Personal services, child care and education ranked at the top for satisfaction. Out of a score of 1 to 10, millionaires surveyed gave their personal trainers an average score of 9.3, the highest satisfaction for any category of service. They were also happy with their investment-visa advisors (8.8), followed by their personal sports coach and therapist. They also placed high values on services for their kids, including private school (8.3) and day care (8.2).

Financial, home and property services ranked at the bottom. The results for wealth management are especially notable. The satisfaction levels for wealth advisors was 7.2, with most of the respondents saying they don’t even use an advisor. The use of financial managers increases with wealth. Among those with $5 million or less in wealth, only 22% use an advisor, compared with 44% for those with $25 million or more.
Their chief complaint is cost. The median spending for financial advisors is $10,000 a year, according to the survey. A majority of respondents pay a fee based on a percentage of assets under management. A third of respondents pay a flat annual fee.
Many clients increasingly see asset-based fees as inherently lopsided, since the manager gets paid more simply as a function of asset size rather than performance or service quality. The frustration over costs is one reason more advisors are moving to flat fees.
“Flat fee structures reflect a growing client preference for transparent pricing and reduced conflicts of interest,” the report said.
Beyond cost, wealthy investors are also frustrated with service.
“The general feedback is that advisors are often slow to respond and the advice is not personalized,” Bendtsen said.
Accountants and tax lawyers didn’t fare much better. While 82% of respondents use a CPA or tax professional for their taxes, 42% are considering switching tax advisors. Their main complaints were that CPAs were slow to respond and weren’t proactive or strategic enough.
On estate planning, half of millionaires surveyed don’t use an estate lawyer, although their use is highly dependent on wealth levels. Among those with $25 million or more, 69% use an estate lawyer. When it comes to satisfaction levels, estate attorneys ranked below pool services.
The poor grades for financial and legal providers, and high marks for more personal services, go beyond the predictable emotional benefits of feeling and looking better every day. Athletic trainers, sports coaches, teachers and even housecleaners seem to be better at providing the kind of highly customized, goals-driven help that the wealthy are looking for, rather than cookie-cutter solutions commonly provided by wealth managers and lawyers.
“What we heard is that the wealth managers, estate lawyers and CPAs feel more transactional,” Bendtsen said. “They don’t feel personalized.”
Services for children also get high marks and a high share of the wealthy’s spending. The respondents spend an average of $53,558 a year on their nanny, $30,000 a year on private school and $20,000 a year on day care. Private school and day care both scored above an eight on satisfaction despite the price.
Therapy is becoming increasingly important to the wealthy, especially the younger rich. Millionaires gave their therapists an average high score of 8.3. Their median spending on therapy is $5,000 a year.
Nearly half (43%) of millionaires under the age of 40 use a therapist, compared to only 13% for millionaires over 50. Among those who use a therapist, the main benefits cited were quality of care and impact, as well as kindness and having a personal connection.
“I think people under 40 are more proactive about their mental health and emotional well being,” Bendtsen said. More