Hotel Acquisitions Cool in Northern California
Skift Take
- The DJIA rose 19 points, Nasdaq was up 27, the S&P 500 was up 10, the 10-year Treasury yield was down .01 to 2.88% and lodging stocks were higher on a calm day in the market.
- B.Riley Securities upped its price target on Ashford Inc to $23 from $19.
- Pebblebrook Hotel Trust said total revenue in July topped pre-pandemic levels for the first time since the onset of the pandemic.
The DJIA rose 19 points, Nasdaq was up 27, the S&P 500 was up 10, the 10-year Treasury yield was down .01 to 2.88% and lodging stocks were higher on a calm day in the market. The two big gainers were anything but calm as the big SOHO machine was up another 9%. SOND was also up 9% on the day.
B.Riley Securities upped its price target on Ashford Inc to $23 from $19. It maintained its Neutral rating.
Pebblebrook Hotel Trust said total revenue in July topped pre-pandemic levels for the first time since the onset of the pandemic. RevPAR was above July 2019 levels as well, boosted by continued increases from business travel. PEB said occupancy across urban hotels reached 79% for the last two, non-holiday weeks in July and leisure travel demand continued to show strength.
Hotel buying activity cooled off in Northern California, including the Bay Area, during the first six months of 2022. During t
