Red Roof to Add 50 Properties This Year
Skift Take
- Red Roof will open 50 properties, new builds and conversions, in 2023, representing 60% year-on-year growth.
- The Greater Las Vegas Short-Term Rental Association wants the Supreme Court to rule on the constitutionality of short-term rental regulations in Clark County, Nevada.
- The newly minted penny stocks, VCSA and SOND, both traded down to new lows, dropping another -4% and -7% respectively. SLNA hit a new low, down another -7%.
The DJIA rose 383 points, Nasdaq was up 45, the S&P 500 rose 35 points and the 10-year treasury yield was up .09 to 3.48%. Lodging stocks were mostly higher but the biggest movers were to the downside. The newly minted penny stocks, VCSA and SOND, both traded down to new lows, dropping another -4% and -7% respectively. SLNA hit a new low, down another -7%. Outside of the new age names, AINC traded down -9% to a new low but on just over 5,000 shares traded. AHT was down -5% on the day.
Midtown Redevelopment Partners LLC submitted a conditional use permit request for both hotel use and additional height, from 60 feet to 75 feet, for a 155-room AC Hotels by Marriott in Blacksburg, Virginia. Earlier this year, the developer successfully obtained town council approval for a conditional use permit allowing the maximum height of a planned Embassy Suites hotel to be raised to 73 feet.
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