First Hospitality Buys 17 Hotels in Hostmark Deal
Skift Take
- DJIA, Nasdaq, and S&P 500 all experienced declines while the 10-year treasury yield rose to 4.32%. Lodging stocks had mixed performance.
- Truist updated price targets for lodging/hotel group stocks, with several adjustments both up and down.
- Various hotels announced renovations, expansions, and new locations, including the Westin Denver Downtown, Hyatt's growth plans, and the EV Evolution Venue Hotel in Tampa and Washington, DC.
The DJIA fell 289 points on Friday while the Nasdaq was down 218, the S&P 500 fell 55 points, and the 10-year treasury yield continued its march to 4.50%, up another .03 to 4.32%. Lodging stocks were mixed. New lows were set again by VCSA and AINC, while SOND fell -5% on a day when it held a vote on a reverse split.
Truist updated its lodging and leisure earnings, resulting in price target changes to the lodging/hotel group. ABNB PT goes to $126 from $115, CHH goes to $143 from $133, DRH goes to $10 from $11, H goes to $146 from $149, PK goes to $17 from $19, RHP goes to $123 from $119, while RLJ goes to $13 from $14.
Host Hotels & Resorts said their board of directors authorized a regular quarterly cash dividend of $0.18 per share, up 20% from the prior quarter.
The Baird/STR Hotel Stock Index was down -3.6% in August from July. The hotel REITs posted their worst month of the year, with the Hotel REIT sub-index down -9.1
