Vegas Strip Operators Accused of Price Colluding
Skift Take
- Lodging stocks were modestly higher. The biggest movers included ABNB and SOHO both rising 5% while SONDwas down -6% on the day.
- Hotel Asset Value Enhancement gave their findings of the ALIS conference.Attendees believe the frustrating transaction market will change in the second half of this year and that there will be more transactions than foreclosures this year.
- A class-action lawsuit filed Wednesday alleges that four of the main Las Vegas Strip resort operators colluded, via data-sharing software, to artificially inflate the prices of their hotel rooms.
The DJIA rose 206 points while Nasdaq was up 199, the S&P rose 44 points and the 10 year treasury yield was up .03 to 3.49%. Lodging stocks were modestly higher. The biggest movers included ABNB and SOHO both rising 5% while SOND was down -6% on the day.
Hotel Asset Value Enhancement gave their findings of the ALIS conference. Attendees believe the frustrating transaction market will change in the second half of this year and that there will be more transactions than foreclosures this year. Lenders will continue to work with borrowers, the main reason why the expected flow of distressed buying opportunities has yet to emerge. The investing opportunity of 2023 may be preferred equity/mezzanine debt as there is a gap to fill to meet obligations for loan extensions and to comply with brand standards. hotelAVE said most of the development opportunities discussed at the conference have a residential component that is supporting the overall return. Very few s
