Hawaii Gets a Rosewood Luxury Resort
Skift Take
- Stock market decline: DJIA and Nasdaq both down, S&P 500 fell, causing investor anxiety due to rising interest rates.
- Hotel acquisitions and auctions: Apple Hospitality acquires Courtyard by Marriott in Cleveland, Sheraton Bucks County Langhorne hotel up for auction, Holiday Inn in Charleston to become Live Oak in Marriott's Tribute Portfolio.
- Hotel developments: Hampton Inn & Suites in Manistee near completion, Resorts World Las Vegas opens private members' club, Virgin Hotel in Dallas changes ownership, Kona Village in Hawaii opens as a Rosewood Resort.
The DJIA ended down 366 points while Nasdaq was down 113, the S&P 500 fell 35 points and the 10-year treasury yield was up .10 to 4.04%. Was there anyone who really did not think the 10-year was going to avoid going over 4%? The good news in the markets is the DJIA was down over 500 points this morning and recovered somewhat. The bad news is that interest rates once again are what is causing anxiety from stock investors and every time they think they get comfortable and the end of the rise is in sight, something like this week happens. Lodging stocks were lower. With SOND down below $0.50 a share, do we still need to report when it goes down or up 9%? It was down -9% today. SLNA was down -5%.
STR reported US lodging data for the week ended July 1. US hotel RevPAR was up 5.7% year over year, led by a 4.1% rise in occupancy.
Apple Hospitality REIT, Inc. announced the acquisition of the Courtyard by Marriot
