Choice Hotels Receives Mixed Response to Earnings
Skift Take
- Lodging stocks were mixed. Choice (CHH) was the big loser, down -9%, while MCG was down -7% and AINC fell -6%.
- Choice Hotels received a mixed response to their 3Q earnings report from analysts and a big thumbs down from investors.
- Hilton announced the opening of its two-hundredth hotel in the Caribbean and Latin America, Waldorf Astoria Cancun, a 173-room luxury resort set on 100 acres of coastline.
The DJIA rose 398 points while Nasdaq was up 97, the S&P 500 was up 38 points and the 10-year treasury yield was up .06 to 4.21%. Lodging stocks were mixed. Choice (CHH) was the big loser, down -9%, while MCG was down -7% and AINC fell -6%. SLNA had a big rebound day in the morning, up 50% but ended the day up only 7%. Something tells us SLNA is going to have a lot of wild swings over the rest of the year.
Choice Hotels received a mixed response to their 3Q earnings report from analysts and a big thumbs down from investors. They missed estimates but whether it justified the pummeling their stock took depends on whether you think the stock already being down nearly 20% from its highs was enough to foreshadow the miss. CHH did buy back $230 million in shares during 3Q and said October RevPAR was up 20% versus October 2019. Investors seemed to have stopped reading/listening after the earnings miss part.
Hilton annou
