DiamondRock Beats Preliminary Results
Skift Take
- DiamondRock Hospitality reported 3Q results, beating the preliminary results they announced two weeks ago.
- Jefferies cut its rating on Xenia Hotels & Resorts to Hold from Buy.
- Lodging stocks were mixed. SLNA plunged another -20%, quickly becoming the biggest disaster in a long line of SPAC disappointments in the past year
The DJIA did what it has been doing the past few Fridays, jumping 402 points while Nasdaq was up 132, the S&P 500 rose 51 points and the 10 year treasury yield was up .03 to 4.16%. Lodging stocks were mixed. SLNA plunged another -20%, quickly becoming the biggest disaster in a long line of SPAC disappointments in the past year, SLNA hit another new low as did BHR. VCSA was up 7% while MCG was up 5%.
DiamondRock Hospitality reported 3Q results, beating the preliminary results they announced two weeks ago. DRH said they bought back $12.3 million worth of stock in October, post-3Q. Service Properties Trust followed up their resumption of a $0.20 per share quarterly dividend with a 100% increase in normalized FFO in 3Q. SVC said business continues to recover with increased bookings at their urban and suburban select service hotels. They expect to benefit further in the coming quarters from the continued business travel recovery. Playa
