Playa Hotels Says Demand Is Strong
Skift Take
- The DJIA was up 36 points, Nasdaq was down 116, the S&P 500 fell 24 points and the 10 year treasury yield is knocking on the door of 4%, up .05 to 3.94%.
- Truist Securities reported on investor meetings they held with Playa Hotels & Resorts management. Demand trends were among the most discussed topics but management saying business on the books looks great, reiterating the strength of demand.
- Pacifica Hotels announced the $32.9 million purchase of the Kimpton Hotel Vintage Portland.
The DJIA was up 36 points, Nasdaq was down 116, the S&P 500 fell 24 points and the 10 year treasury yield is knocking on the door of 4%, up .05 to 3.94%. Lodging stocks were modestly lower. SOND was the only big mover, down -7%.
Truist Securities reported on investor meetings they held with Playa Hotels & Resorts management. Demand trends were among the most discussed topics but management saying business on the books looks great, reiterating the strength of demand. PLYA visibility is about 90 days. Europe business is not cutting back at all and Canada and Asia are finally beginning to come back. PLYA said visitation to Jamaica is seeing the greatest degree of acceleration now that Covid testing requirements have been eliminated. PLYA discussed the share buyback they authorized and while not saying how much or if they bought back stock before the blackout period, they did note they have a strong interest
