Pebblebrook Sees Demand Soften a Bit
Skift Take
- Stock market: DJIA fell 219 points, Nasdaq was down 138, and S&P 500 fell 34 points.
- Pebblebrook Hotel Trust warns of weaker weekend leisure travel and expects slightly lower 2Q revenue.
- Various hotel announcements: HHM Hotels launches Echelon Luxury & Lifestyle division, Driftwood Capital acquires Hilton Dallas/Plano Granite Park, LBA Hospitality opens Homewood Suites by Hilton in Greenville, Renaissance Cleveland undergoing renovations, and more.
The DJIA fell 219 points on Friday while Nasdaq was down 138, the S&P 500 fell 34 points and the 10-year treasury yield was down .06 to 3.74%. Lodging stocks were mixed. SOND was the big mover, down -9%.
Pebblebrook Hotel Trust released its monthly update and this was more of a warning. PEB said weekend leisure travel has been weaker than expected and that is coupled with cooler weather in Southern California and Pacific Northwest along with some tightening of the belts on suites/premium rooms. PEB said 2Q revenue is expected to fall slightly below their outlook. Hotel EBITDA/adjusted EBITDA and Adjusted FFO are supposed to be in line. As for what to think, CEO Jon Bortz has purchased 43,000 more shares on the open market since June 20.
HHM Hotels launched Echelon Luxury & Lifestyle, a newly formed business division. Of the 240 properties managed by HHM Hotels, Echelon represents more than 50 hotels and resorts across the country. Ec
