Hilton's Plans to Double Its Portfolio in Puerto Rico
Skift Take
- Hilton announces plans to double its hotel portfolio in Puerto Rico by 2027, with the addition of seven new properties.
- The expansion will create around 2,100 new jobs and contribute to the island's economic recovery following the devastation caused by Hurricane Maria in 2017.
- Hilton's investment in Puerto Rico's tourism industry is a sign of the company's confidence in the island's potential as a destination for both leisure and business travelers.
The DJIA rose 323 points while Nasdaq was up 210, the S&P 500 was up 57 points and the 10 year treasury yield was mostly flat, up enough to push it to 3.57%. Lodging stocks were higher with AINC up 11%, SOND rising 10% and SVC, AHT and HT up 5% each.
Raymond James cut their price targets on Summit Hotels and Host Hotels. RJ cut their PT on INN to $8.50 from $10 and HST to $19 from $21. They maintained Outperform ratings on both stocks.
STR reported US lodging data for the week ended 3/25. Hotel RevPAR was up 4.1% year over year. When compared with 2019, RevPAR was up 12%.
MCR’s Tyler Morse gave an update on their strategy during the pandemic. He was speaking at the Skift, parent company of this publication, Future of Lodging Forum. He said MCR bought 70 hotels during the pandemic and is closing on four more next week with another 12 in th
