Business

The Hilton Garden Inn Bethesda Downtown is being primed for a major makeover following the 216-key hotel’s $36.6 million sale in early June to an affiliate of Dauntless Capital Partners. Dauntless acquired the hotel at 7301 Waverly St. June 8 from an affiliate of the Donohoe Cos. Inc., which developed the hotel in 2009, according to Montgomery County land records.

Under Armour Inc.’s top executives saw increased compensation even as the company barely hit its financial targets for its last fiscal year. Under Armour (NYSE: UAA) reported adjusted operating income of $330.1 million and net revenue of $5.99 billion, just slightly above the thresholds of $330 million and $5.98 billion needed for the company’s named executives to receive performance-based compensation.

Almost all Federal Reserve officials at their June meeting indicated further tightening is likely, if at a slower pace than the rapid-fire rate increases that had characterized monetary policy since early 2022, according to minutes released Wednesday. Policymakers decided against a rate rise amid concerns over economic growth, even though most members think further hikes are on the way. Citing the lagged impact of policy and other concerns, they saw room to skip the June meeting after enacting 10 straight rate increases.

Meta unveiled an app to rival Twitter on Wednesday, appearing to target users looking for an alternative to the social media platform owned — and frequently changed — by Elon Musk. Called Threads, the new offering is billed as a text-based version of Meta’s photo-sharing app Instagram that the company says provides “a new, separate space for real-time updates and public conversations.”

The Teamsters said strike preparations are moving into “high gear” after contract talks with UPS broke down early Wednesday, deepening a rift that could have far-reaching implications for the economy. The marathon negotiations, which stretched through the July 4 holiday, dissolved with each side accusing the other of abandoning the effort.

Parking ambassadors at the MGM National Harbor Hotel & Casino in Maryland voted unanimously to join Teamsters Local 639, it was announced Monday. Teamsters Local 639 represents workers in a wide variety of industries throughout Maryland, Virginia and the District of Columbia since 1934. MGM Resorts reported $3.87 billion in revenue for the first quarter this year.

A group of former Under Armour Inc. and Nike Inc. employees is lacing up a shoe company of their own, using decades of expertise to produce shoes in Annapolis made of recycled materials. A trio of industry veterans soft-launched their company Made Plus Inc. and its first product, the “Skiff” lifestyle shoe, in June.

The county’s minimum wage workers will start the new workweek with a three-tiered increase in the hourly rates that went into effect July 1. The rate increase is the result of a law that went into effect in 2017 under legislation sponsored by then-County Council member, and current County Executive, Marc Elrich.