The Hotel Sector Rebound Rolls on
Skift Take
- DJIA, Nasdaq, and S&P 500 all rose on Friday, and lodging stocks saw gains as well.
- New properties were acquired or announced in Montana, Atlanta, Ohio, Texas, Colorado, and Madrid.
- Multiple hotels were sold, and Blackstone secured a €680 million loan for Hotel Investment Partners.
The DJIA rose 415 points on Friday while Nasdaq was up 208, the S&P 500 rose 58 points and the 10-year treasury yield was down .06 to 3.49%. Lodging stocks were higher. VCSA and AHT both rose 7% while PK, RLJ and SHO rose 5% each.
Evermore Partners and New Castle Hotels & Resorts have acquired the Montana Marriott Portfolio - a 105-key AC Hotel by Marriott, a 175-key Residence Inn by Marriott, and The Mercantile, a collection of high-quality, in-line retail located in downtown Missoula, Montana.
The Wylie Hotel, located in the Old Historic Fourth Ward neighborhood of Atlanta, Georgia, is now operated by Driftwood Hospitality Management. Additionally, the boutique hotel will transition to a Tapestry Collection by Hilton. Originally the Garner Wallace Hotel, the Wylie Hotel features 111 rooms, an outdoor terrace, sunroom and restaurant.
IHG Hotels & Resorts announced the op
