REITs Remain Cautious About Corporate Travel
Skift Take
- MCG and INN both were up 6% while SVC and SLNA were up 5% each. SOND fell -5% on the day.
- Xenia Hotels & Resorts announced its board of directors authorized the repurchase of up to an additional $100 million of the company’s outstanding common shares. With the additional authorization
- U.S. lodging REIT management teams did express concerns about cracks in demand forming with technology customers soon after recent layoff announcements.
The DJIA ended Friday with a gain of 199 points while Nasdaq was up a point, the S&P 500 rose 19 points and the 10-year treasury yield was up .04 to 3.82%. Lodging stocks were higher. MCG and INN both were up 6% while SVC and SLNA were up 5% each. SOND fell -5% on the day.
Xenia Hotels & Resorts announced its board of directors authorized the repurchase of up to an additional $100 million of the company’s outstanding common shares. With the additional authorization, XRH has approximately $173 million remaining under its total repurchase authorization.
It was a subdued NAREIT REITworld conference in San Francisco, judging by the analyst reports. Truist said that with it taking place so close to 3Q earnings, there wasn’t much said that was new. Some U.S. lodging REIT management teams did express concerns about cracks in demand forming with technology customers soon after recent
