Bay Area Hotel Purchased Drop in H1 2022
Skift Take
- Any hope the Fed would be slowing down interest rate hikes just went right out the window with today’s inflation numbers. Lodging stocks were hit rather hard.
- According to Atlas Hospitality Group, during the first half of 2022, the total dollar volume for hotels bought in the Bay Area market in California was $660.5 million, down 66.8% from the $1.99 billion in hotel purchases during the first six months of 2021.
- Sonesta International Hotels Corporation announced several key developments to support future expansion in Latin America and the Caribbean, including the renewal of its ongoing master franchise relationship with GHL Hoteles.
The DJIA plunged 1,276 points while Nasdaq was down more than -5%, down 633. The S&P 500 fell 178 points and the 10-year treasury yield surged to 3.42%, up .06. Any hope the Fed would be slowing down interest rate hikes just went right out the window with today’s inflation numbers. Lodging stocks were hit rather hard. Those who got the worst of it include AHT with a -9% drop, SOND down -8%, AINC down -7% and SVC, HT and PEB each down -6% on the day.
According to Atlas Hospitality Group, during the first half of 2022, the total dollar volume for hotels bought in the Bay Area market in California was $660.5 million, down 66.8% from the $1.99 billion in hotel purchases during the first six months of 2021. During the first six months of 2022, California hotel purchases generated $3.45 billion in transactions, a slide of 33.6% from the record $5.19 billion in hotel deals in the first half of 2021. The avera
