First Marriott Branded All-Inclusive Resort in the World
Skift Take
- US stock indexes rose slightly on Friday, but lodging stocks were mixed with SOND surging 23% after a downgrade of Park Hotels & Resorts by ISI Evercore Group.
- Chicago broke hotel occupancy records last weekend thanks to Taylor Swift concerts and other events, generating more than $39 million in hotel revenue.
- Marriott International announced its first-ever all-inclusive resort in Cancun, expected to open in 2024, and JW Marriott Mexico City completed renovations of its guestrooms and suites, with more upgrades to come by 2023.
The DJIA rose 43 points on Friday while Nasdaq was up 21, the S&P 500 was up 5 points and the 10-year treasury yield was up .03 to 3.75%. Despite the indexes rising, lodging stocks were mixed with the only mover of note being SOND, up 23%($0.14).
ISI Evercore Group downgraded their rating on Park Hotels & Resorts to In-Line from Outperform. Their target price is $18.50.
According to Choose Chicago, the city’s official tourism and marketing organization, last weekend in Chicago broke hotel occupancy records, thanks to a handful of downtown events including sold-out Taylor Swift concerts. More than 44,000 hotel rooms were occupied over the course of Friday, Saturday and Sunday accounting for more than $39 million in total hotel revenue. Summer events in the city aren’t set to slow down anytime soon with more than 60 big-name concerts are set to come to venues across the city.&nb
