Selina Surges on First Day of Trading
Skift Take
- Lodging stocks had a good day, with Selina’s first day of trading leading the way, surging to a close of $40.90.
- Hersha Hospitality, Accor and Travel + Leisure reported results with TNL getting the worst reviews.
- Selina and BOA announced the closing of their business combination which was approved by BOA stockholders on October 21, 2022.
The DJIA rose 199 points while Nasdaq was down another 178, the S&P 500 fell another 23 points, and the 10-year treasury yield was down .08 to 3.94%. Lodging stocks had a good day, with Selina’s first day of trading leading the way, surging to a close of $40.90. Before the deal's closing, BOA Acquisition was trading under $10 yesterday. SOND was up 6%, but MCG was down -6%. The biggest decliner today was TNL, down -7%.
Hersha Hospitality, Accor and Travel + Leisure reported results with TNL getting the worst reviews. HT’s results had some noise with asset sales and one-time items but seemed to be well received by the Street, particularly their solid margins. Accor reported higher-than-expected RevPAR, discussing how the strong dollar created solid European visitation. Asia continues to be the weak spot, but they feel that situation will correct itself with recovery in China and Southeast Asian countr
