Hilton and Hyatt Get Analyst Thumbs-Up
Skift Take
- Major indices, including DJIA, Nasdaq, and the S&P 500, experienced significant drops. BHR reached a new low, and Bernstein and B.Riley adjusted ratings and price targets for several key hotels.
- Hotel Transactions & Development**: Numerous hotel properties underwent ownership changes, refinancing, or development, with notable mentions like the Delta Hotels by Marriott New York Times Square and the Four Seasons Private Residences Las Vegas nearing completion.
- Aimbridge Hospitality strengthened its team, Melia Hotels announced multiple openings in Mexico, and Selina Hospitality launched a new location in Evia, Greece.
The DJIA fell 361 points while Nasdaq was down 157, the S&P 500 fell 52 points, and the 10-year treasury yield rose another .04 to 4.22%. Lodging stocks were lower. BHR traded down to a new low.
Bernstein downgraded their rating on Marriott International to Market Perform from Outperform. They raised their price target to $218 from $204. Bernstein also upped their price target on Hyatt to $147 from $136 and Hilton to $161 from $152. They maintained their Market Outperform rating on H and Market Perform rating on HLT.
B.Riley cut their rating on Braemar Hotels & Resorts to Neutral from Buy. They also cut their price target to $3.50 per share from $7.
The Baird/STR Hotel Stock Index rose 8.2% in July, with the global hotel brand stocks leading the way. The Hotel Brand sub-index was up 9% from June, while the Hotel REIT sub-index was up by 5.3%.
Marriott Intern
