California Hotel Sales Cool Off
Skift Take
- The DJIA fell 338 points on Friday while Nasdaq was down 154, the S&P 500 was down 43 points and the 10 year treasury yield was down .07 to 3.19%.
- After a record-breaking 2021 for hotel sales in California, hotel transaction have cooled off in the state in the first six months of this year.
- ore and more Baltimore hotels are slated to become apartments. In Downtown Baltimore, at least a half dozen hotels have closed and sold to a new owner within the past two and a half years.
The DJIA fell 338 points on Friday while Nasdaq was down 154, the S&P 500 was down 43 points and the 10 year treasury yield was down .07 to 3.19%. Lodging stocks did better than the overall market with a mixed bag. SOND was up 7%, AHT was up 6% but VCSA was down -5% to lead the biggest movers.
IN OBSERVANCE OF THE U.S. LABOR DAY HOLIDAY, THERE WILL BE NO DAILY LODGING REPORT ON MONDAY, SEPTEMBER 5.
UBS cut its price target on Park Hotels to $15 from $22.
After a record-breaking 2021 for hotel sales in California, hotel transaction have cooled off in the state in the first six months of this year. The number of individual hotel sales declined by 9.9% and total dollar volume is down 33.6% thus far in 2022, according to Atlas Hospitality Group. In San Diego, 25 hotel were sold in the first six months of 2022, compared to 28 in the same time from in 2021. The most expensive local hotel sale of 2022
