Lodging Stocks End the Week on a Down Note
Skift Take
- The Baird/STR Hotel Stock Index was up 14.3% in July. Year to date the first seven months of 2022, the stock index is still down by -10.4%.
- According to Bloomberg, the Abu Dhabi Investment Authority is exploring options, including a possible sale of the Miami Beach Edition hotel.
- AC Hotels by Marriott announced the opening of the new AC Hotel by Marriott Monterrey Valle, its first hotel in the city of Monterrey, Nuevo Leon
The DJIA fell 292 points on Friday while Nasdaq was down 260, the S&P 500 fell 55 points and the 10-year Treasury yield was up .11 to 2.99%. Lodging stocks were lower. AHT and VCSA led the group down with declines of -12% and -11% respectively. MCG was down -6%. SOHO, SVC, INN, BHR, ABNB, SOND, PEB and DRH each fell -5% on the day.
The Baird/STR Hotel Stock Index was up 14.3% in July. Year to date the first seven months of 2022, the stock index is still down by -10.4%. The Hotel Brand sub-index was up 14.2% in July from June, while the Hotel REIT sub-index was up 14.6%.
According to Bloomberg, the Abu Dhabi Investment Authority is exploring options, including a possible sale of the Miami Beach Edition hotel. The article said the property could fetch more than $580 million. ADIA is working with an adviser to solicit interest from potential buyers. ADIA’s Miami Beach hotel has 294 rooms and suites,
