Ace Hotels Bought for $85 Million
Skift Take
- The DJIA fell 392 points but Nasdaq was up 16, the S&P 500 rose 8 points and the 10-year treasury yield was up .02 to 3.54%. Lodging stocks were modestly higher with no major movers.
- Investment firm Sortis agreed to acquire Ace Group International for $85 million. The all-cash deal will give Sortis the boutique Ace Hotels brand and its hotel management company.
- International visitors spent more than $15.9 billion on travel to, and tourism-related activities within, the United States, an increase of nearly 57% compared to November 2021
The DJIA fell 392 points but Nasdaq was up 16, the S&P 500 rose 8 points and the 10-year treasury yield was up .02 to 3.54%. Lodging stocks were modestly higher with no major movers.
Investment firm Sortis agreed to acquire Ace Group International for $85 million. The all-cash deal will give Sortis the boutique Ace Hotels brand and its hotel management company. Ace currently has about 10 hotels in operation. Sortis said they intend to grow the portfolio of hotels to 30 by expanding where Ace Hotels operates. The company will grow Ace through both new development and acquisition. (Analysis.)
Travel data for the U.S. released by the National Travel and Tourism Officeshowed that in November 2022: International visitors spent more than $15.9 billion on travel to, and tourism-related activities within, the United States, an increase of nearly 57% compared to November 2021. Americans s
