Hotels Change Hands, Brands Enter New Markets
Skift Take
- Lodging stocks were mostly lower. VCSA was down -12%, SOND was down -8% but MCG was up 5% on a new Buy rating.
- Northland Capital Markets initiated coverage on Selina Hospitality Group with an Outperform rating and $4.50 target price.
- The scheduled auction of the downtown Hilton Hotel Minneapolis, previously slated for Friday, has been postponed.
The DJIA fell 614 points while Nasdaq was down 138 and the S&P 500 was down 62 points. The 10 year treasury yield was down .16 to 3.38%, a drop of more than 4.5% on the yield. Lodging stocks were mostly lower. VCSA was down -12%, SOND was down -8% but MCG was up 5% on the Buy rating below.
Roth initiated coverage on Membership Collective Group with a Buy rating and $7 price target.
Northland Capital Markets initiated coverage on Selina Hospitality Group with an Outperform rating and $4.50 target price.
The scheduled auction of the downtown Hilton Hotel Minneapolis, previously slated for Friday, has been postponed. Haberhill LLC and Walton Street Capital acquired the Hilton for $143 million in 2016. In April 2020 the owners stopped making their scheduled monthly payments on a $180 million loan from JPMorgan Chase Bank. As of March 2021, the hotel owners owed more than $201 million o
