Marriott's New Midscale Brand Is Called StudioRes
Skift Take
- MAR and HLT lodging stocks hit new highs, while several stock targets and ratings were adjusted.
- Q2 2023 shows a total construction pipeline of 552 projects/88,477 rooms in Latin America. Mexico leads with 213 projects/33,853 rooms. Marriott International dominates the franchise scene with 116 projects/18,733 rooms.
- Project MidX Studios is renamed StudioRes by MAR for the US and Canada market.
The DJIA rose 53 points, Nasdaq was up 16, the S&P 500 rose a point, and the 10-year treasury yield was up .07 to 4.08%. Lodging stocks were mixed, but both MAR and HLT traded up to new highs today.
Oppenheimer lowered their target price on Ashford Inc to $17 from $20. They maintained their Outperform rating.
Apple Hospitality had its price target cut to $18 from $19 at B. Riley. They maintained their Buy rating.
Project MidX Studios, the lower midscale, extended stay property, is officially called StudioRes. MAR describes it as a new-build, midscale extended stay development platform for owners & franchisees in the US and Canada. MAR said 1,800 target markets have already been identified. The new build extended stay prototype rooms include 124 keys with fully furnished studios, queen beds, and a kitchen. Interestingly enough, the properties are not expected to offer breakfas
