Wyndham Signs 60 More Extended-Stay Hotels
Skift Take
- Stock markets showed mixed results with DJIA up 27 points, Nasdaq up 86, and S&P 500 up 13, while 10-year treasury yield increased to 3.91%.
- Wyndham Rewards topped the list in the 2023-2024 Best Travel Rewards Programs, and Hilton is set to open Motto by Hilton in New York City Times Square.
- Pennbridge Lodging plans to construct two Marriott brands in downtown Boise, and Four Seasons Hotels announced a project in Jacksonville, Florida.
The DJIA rose 27 points while Nasdaq was up 86, the S&P 500 rose 13 points, and the 10-year treasury yield was up .06 to 3.91%. Lodging stocks were modestly higher. We had new highs from MAR, IHG and ABNB. VCSA was up 6%, but SLNA was down -5%.
Jefferies upped its price target on Airbnb to $174 from $140. It maintained its Buy rating. This follows Keybanc upping their target price on ABNB to $160 from $135. Keybanc maintained its Overweight rating.
U.S. News & World Report revealed the 2023-2024 Best Travel Rewards Programs. The 2023-2024 rankings feature 15 hotel rewards programs and 10 airline rewards programs that provide travelers with diverse perks and ways to use and redeem points and miles. The top five Hotel Rewards Programs include moving into the No. 1 spot - Wyndham Rewards; followed by Choice Privileges; Marriott Bonvoy; World of Hyatt; and IHG One Rewards.
This August, Hilton will open Motto by Hilton New York City Times Square, the second hotel from the Motto by Hilton brand in New York City. The 400-room tower will include the property’s signature restaurant, The Alderman.
Pennbridge Lodging has applied for a building permit to construct two Marriott brands in downtown Boise, Idaho. The Element and AC will split the rooms in the 15-story hotel and add 296 rooms within a mile of Boise’s convention center. The lobby will be shared with both Marriott brands, along with a restaurant and bar and 3,000 square feet of banquet space. Floors 2 through 4 will contain 260 parking spaces, floors 5 through 7 will be home to 121 Element rooms, and floors 8 through 14 will include 175 AC rooms. Pennbridge hopes to start construction in September. It will take roughly two ye
