New MGM Collection with Marriott Bonvoy to Launch in Las Vegas
Skift Take
- Airbnb hit a new 52-week high on the stock market, Soho House rose 9%, and Sonder was up 6%.
- Long-term licensing agreement for MGM Collection with Marriott Bonvoy, encompassing 17 MGM resorts, and loyalty marketing agreement with BetMGM.
- The City of London plans to convert empty offices into hotels to revitalize the area, attract tourists, and address the growing demand for serviced accommodations in London.
The DJIA rose 76 points while Nasdaq was up 131, the S&P 500 was up 17 points and the 10-year treasury yield was down .02 to 3.80%. Lodging stocks were mixed. ABNB has made it all the way back to hit a new 52-week high, which is not even close to their all-time high but the stock is getting close to a double from its lows set in December. SOHO rose 9% and SOND was up 6% on the day.
Citigroup lowered their price target on Sonder Holdings to $1.50 from $2. They maintained their Buy rating.
Marriott International, Inc. and MGM Resorts International announced a long-term licensing agreement and creation of MGM Collection with Marriott Bonvoy, which will launch in October 2023, and encompass 17 of MGM’s unrivaled resorts, representing more than 40,000 rooms in Las Vegas and other cities across the U.S. Beginning in October, several MGM Collection with Marriott Bonvoy resorts will be
