U.S. Fed Slows Tightening, Hotel Investors Set to Act
Skift Take
- Citigroup upped their target price on Park Hotels & Resorts to $15 from $13 while maintaining their Neutral rating.
- They also upped their target price on Pebblebrook Hotel Trust to $16.50 from $15. They also maintained their Neutral rating on PEB.
- Accor’s private rental brand, onefinestay, has launched monthly stays in New Yorkwith 16 homes available to book and many more being added over the coming months.
The DJIA rose 7 points but Nasdaq surged 232, the S&P 500 was up 43 points and the 10-year treasury yield plunged .13 to 3.40%. This was all on the Fed giving Wall Street what they wanted with only a .25 interest rate hike and more dovish comments. Lodging stocks were higher. MCG led the group with a 12% rise while VCSA ended the day up 5%.
Citigroup upped their target price on Park Hotels & Resorts to $15 from $13 while maintaining their Neutral rating. They also upped their target price on Pebblebrook Hotel Trust to $16.50 from $15. They also maintained their Neutral rating on PEB.
STR reported US lodging data for the week ended January 28. RevPAR rose 31.9% on a year over year basis. When compared to the same week in 2019, RevPAR was up 13.4%.
Commonwealth Hotels and Homewood Suites by Hilton announced the “topping off” of its new hotel in
