Certares Closes $284 Million Hospitality Fund
Skift Take
- Market Summary: DJIA rose 82 points, Nasdaq fell 17, S&P 500 down 1 point, 10-year treasury yield down to 3.85%. Uncertainty remains about the Fed's rate hike decision.
- Certares Real Estate Hospitality Fund: Certares closes its first real estate fund with $284 million in equity commitments, investing in 10 U.S. hotels.
- Hilton and Travel + Leisure face mixed responses from investors. JD Power study highlights staff service as the highest contributor to guest satisfaction in hotels.
The DJIA rose 82 points, Nasdaq fell 17, the S&P 500 was down a point, and the 10-year treasury yield was down .06 to 3.85%. The Fed may be done with their rate hike today or may not be. Every inflation and jobs report will be scrutinized until we get a clear indication of what they will do. Lodging stocks were mixed. MAR traded up to a new high, while TNL was down -5% after their earnings reports.
Certares, the travel-focused investment firm, announced the close of its first Real Estate Hospitality Fund, with $284 million of equity commitments. Certares, a private equity firm whose portfolio companies include Hertz, Liberty TripAdvisor, and Azul, has closed its first real estate fund. The fund has investments in 10 hotels in the U.S., including the Sea Crest Beach Hotel in Cape Cod, the Courtyard San Diego Downtown, and the EAST Miami.
Hilton didn’t get the greatest response from the investment community despit
