IHG Opens Its Newest Hotel Indigo in New York
Skift Take
- The DJIA ended the day down 142 points, falling after the Fed press conference after raising rates again. Nasdaq was down 86, the S&P 500 fell 24 points and the 10 year treasury yield was unchanged at 3.50%.
- Citigroup cut their ratings on Hilton and Marriott to Neutral from Buy.
- US RevPAR was up 16.7% year over year while RevPAR was up 13.7% versus the same week in 2019.
The DJIA ended the day down 142 points, falling after the Fed press conference after raising rates again. Nasdaq was down 86, the S&P 500 fell 24 points and the 10 year treasury yield was unchanged at 3.50%. Lodging stocks were modestly lower. AINC was down -8%, SLNA was down -7% but VCSA rose 5%.
Citigroup cut their ratings on Hilton and Marriott to Neutral from Buy. They cut their target price on HLT to $148 from $150 while MAR’s PT was upped to $175 from $170. Citigroup also raised their rating on Playa Hotels to Buy from Neutral, raising their price target to $8 from $7.25.
STR released US lodging data for the week ended 12/10. US RevPAR was up 16.7% year over year while RevPAR was up 13.7% versus the same week in 2019.
Rockbridge and AMS Hospitality, in partnership with GWC Capital, announced the groundbreaking for the 131-room Residence Inn in downtown Eagle, Idaho. The hotel will feature over 3,000 square feet of meetin
