Port of Austin, Texas – The stock market has jumped as President Donald Trump moves toward boosting hotel stocks.
The S&P 500 index is up nearly 2 percent since Trump took office on Jan. 20, the biggest gain in almost two months.
Trump’s announcement Friday to boost the value of the nation’s largest hotel companies is expected to bring an estimated $4.5 billion in additional hotel investment to the country.
The U.S. government has been paying a premium to help build and operate hotels in the U.A.E., as the nation is struggling to find its way in a global economy.
The White House said that the $3 billion that will come from the increase in the hotel tax would be used to help make infrastructure improvements to the U,S.
infrastructure and the nation as a whole.
The President said the hotels that will be supported are not only historic, but will also be a boon to our economy.
A group of hotels will receive $4 billion in funding, including $1.6 billion for a proposed hotel development in the city of Atlanta.
That project would create a $200 million convention center and create 700 new jobs in the nearby city of Marietta.
The president also said that $1 billion will be spent on an expansion of a U.K. hotel near London.
The expansion of the UK.
Marriott project will create more than 1,400 new hotel jobs.
Trump is expected at a press conference on the expansion of U.
York Marriott Hotel at 10:15 a.m.
EST on Monday.