Optimism About 2023 Deal Volume
Skift Take
- Wyndham Hotels & Resorts Inc. upped their quarterly dividend by 9%, announcing a quarterly cash dividend of $0.35 per share up from the $0.32 a share quarterly dividend they paid during 2022.
- CoStar said that most Lodging Industry Investment Council members expect full-year lodging real estate transactions in 2023 to exceed the volume in 2022.
- A joint venture of NewcrestImage and Hospitality Capital Partners completed the acquisition of 11 hotels in seven states with a total of 1,551 rooms.
The DJIA rose 387 points on Friday while Nasdaq was up 226, the S&P 500 rose 64 points and the 10-year treasury yield eased, down .11 to 3.96%. Lodging stocks were higher. The only major mover was SOND, up 12%, still trading below a buck. Skift, parent company of this publication, published an article on Sonder, saying the company is going through another round of layoffs, this time another 100 that they said will lead to a $10 million annual cost savings. The Skift article described SOND as a prime example of a company that shouldn’t have gone public, but the SPAC trend enabled it to start trading. They said the story is lots of hype to a penny stock. Citigroup doesn’t seem to want to admit they were wrong, they maintained their Buy rating on SOND but cut their price target to $2 from $3.50.
Wyndham Hotels & Resorts Inc. upped their quarterly dividend by 9%, announcing a quarterly cash dividend of $0.35 per sh
