Omni Hotels Rolls out a New Identity
Skift Take
- Xenia Hotels & Resorts reported an in-line to a modest miss result and narrowed guidance. They repurchased common stock in the quarter.
- Chatham Lodging Trust had a 5% increase in RevPAR year over year and a 5% AFFO rise, with RevPAR down less than -2% from 2019.
- Several hotels announced new openings, acquisitions, and rebranding, including Omni Hotels & Resorts, Sonesta, Braintree Group, Elise Capital, Hyatt Hotels Corporation, and DiamondRock Hospitality Company.
The DJIA fell 348 points, but Nasdaq was down more than 2% (down 310), while the S&P 500 was down 63 points. The 10-year treasury yield was up .03 to 4.08%. The initial trading when Selina Hospitality completed their SPAC deal was crazy, and today’s action showed they still have a lot of that craziness in their stock. The stock was up more than 50% at one point but wound up closing below a buck, still up 15% on the day. The rest of the lodging stocks were mostly lower. BYR was down -7%, AHT was down -6%, and SOHO was down -5% on the day.
Today’s earnings include Xenia Hotels & Resorts with an in-line to a modest miss result and a narrowing of guidance. XHR repurchased $31.9 million worth of common stock in the quarter, plus an additional $10.8 million already in 3Q. Chatham Lodging Trust reported a 5% increase in RevPAR year over year and a 5% AFFO rise. CLDT said their R
