Hyatt Announces Plans for New Short-Term Vacation Rental Platform
Skift Take
- Barclays expects a weak quarter for lodging REITs in 3Q23 and adjusted price targets for several hotel stocks.
- Various hotels across the US, including Marriott Vail and Signia by Hilton Atlanta, are undergoing construction or renovation.
- Hyatt Hotels plans to launch a vacation rental platform, Homes & Hideaways, while Sonesta opens a new hotel in Houston and Mandarina Oriental expands into Zurich.
The DJIA rose 116 points, Nasdaq was up 108, the S&P 500 rose 25 points and the 10-year treasury yield was down .03 to 4.60%. Lodging stocks were higher. SOND was up 12%, AHT was up 11% while PK and BHR both rose 5% on the day.
Barclays said they are expecting another soft quarter for the lodging REITs given the STR data, preannouncements and weather events in 3Q23. They lowered their price target on Host Hotels to $21 from $22 while maintaining their Overweight rating; lowered their PT on RLJ to $13 from $14 while maintaining their Equal Weight rating and Sunstone Hotels to $9 from $10 while maintaining their Underweight rating.
Wolfe Research initiated coverage on Ryman Hospitality Properties with an Outperform rating and $98 price target. They also stated Apple Hospitality and Pebblebrook Hotel Trust with Peer Perform ratings.
Sunridge Hotel Group an
