Red Roof Seeks New President
Skift Take
- Market summary: DJIA, Nasdaq, and S&P 500 experienced declines, while the 10-year treasury yield decreased slightly.
- Playa Hotels & Resorts downgraded by Bank of America Securities, with a lowered price target.
- In Europe and the Caribbean, look to the upcoming opening of One&Only Aesthesis resort in Greece, renovations at Club Med Buccaneer's Creek in Martinique, Eurostars Hotel's operation of a luxury hotel in Rotterdam
The DJIA fell 13 points, Nasdaq was down 157, the S&P 500 was down 20 points and the 10-year treasury yield was down .02 to 3.72%. While the biggest movers in lodging and the indexes were down, lodging stocks were overall more mixed than lower. PLYA and SOND were both down -75 while SLNA dropped -5% on the day.
Bank of America Securities downgraded their rating on Playa Hotels & Resorts to Underperform from Buy. They cut their price target to $8 from $10.
Marriott International’s Tribute Portfolio announced the opening of HONEYROSE Hotel, Montreal, a Tribute Portfolio Hotel, the brand’s first property in Montreal, Canada. The property offers locally sourced gastronomic experiences, five meeting rooms totaling over 7,000 square feet, a movement studio, a dry sauna, spa and indoor pool.
The sale of the SpringHill Suites by Marriott Pinehurst Southern Pines, in&nb
