Hyatt Buys Boutique Booking Platform
Skift Take
- JP Morgan upgraded their rating on Accor to Neutral from Underweight with a price target of €30, up from €24.50.
- Hyatt Hotels Corporation and Mr & Mrs Smith announced an agreement for a Hyatt affiliate to acquire Mr & Mrs Smith, a platform offering direct booking access to boutique hotels.
The DJIA ended Friday up 272 points while Nasdaq was up 84, the S&P 500 rose 34 points and the 10-year treasury yield was down .08 to 3.45%. Lodging stocks were higher on the day.
JP Morgan upgraded their rating on Accor to Neutral from Underweight with a price target of EUR 30, up from EUR 24.50. This follows Accor’s strong 1Q results. JPM said Accor’s pricing power is holding up with no signs of weaknesses.
Summit Hotel Properties announced its Board of Directors has authorized an increase in their quarterly dividend of 50% to $0.06. That gives INN an annualized dividend yield of 3.9% based on their recent closing price.
Hyatt Hotels Corporation and Mr & Mrs Smith announced an agreement for a Hyatt affiliate to acquire Mr & Mrs Smith, a platform offering direct booking access to a carefully curated and growing collection of over 1,500 boutique an
