Even Hotels Plans 40% Expansion in the U.S. with Revamped Prototype
Skift Take
- Stifel reduced Hyatt Hotels' target price to $115/share while maintaining a Hold rating.
- Pebblebrook Hotels warned of 3Q impacts due to storms in California and Florida, affecting same property RevPAR.
- U.S. Travel Association reports a federal government shutdown could cost the travel economy up to $140 million/day, causing negative consequences for air travel and travelers' plans.
The DJIA fell another 107 points Friday while Nasdaq was down 12, the S&P 500 fell 10 points and the 10 year treasury yield was down .04 to 4.44%. SOND traded down to a new all time low after their reverse split and then bounced, ending the day up 11%. AHT and SLNA both traded down to new lows, down -9% and -25% respective. SHCO was down -10% on the day.
Hyatt Hotels target price was reduced to $115 a share from $119.50 by Stifel. They maintained their Hold rating.
Pebblebrook Hotels Trust gave their monthly operating update, warning that Tropical Storm Hillary in California and Hurricane Idalia in Florida and Georgia will impact 3Q results. PEB said the storms caused cancellations, early check-outs, clean up and remediation expenses even though they did not suffer any major physical damage. PEB said same property RevPAR was down -1% in August as the storms caused over 200bps of impact.
According to new analysis for the U.S. Travel Association, a f
