Apple Hospitality REIT Adds Key Marriott and Hyatt Properties to Portfolio
Skift Take
- DJIA fell 174 points, Nasdaq down 85, S&P 500 down 27, and 10-year treasury yield surged to 4.71%.
- Financial analysis by JP Morgan on Marriott Vacations Worldwide, noting risk factors and a Neutral rating.
- Acquisitions by Apple Hospitality REIT, renovations of Marriott properties, and promotions at Noble House Hotels & Resorts, KSL Resorts, JLL's Value and Risk Advisory platform, and Auberge Resorts Collection.
The DJIA fell 174 points while Nasdaq was down 85, the S&P 500 was down 27, and the 10-year treasury yield surged .12 to 4.71%. Lodging stocks were lower but the only real decliner of note was VCSA with an -8% decline.
JP Morgan initiated coverage on Marriott Vacations Worldwide with a Neutral rating and $105 price target. JPM sees long term positives but said the number of risk factors for VAC and the timeshare sector are reasons to wait.
Truist said per the October servicing report, it appears highly likely that Park Hotels will be exiting the two San Francisco hotels. Truist said when they run the math they see a $2.66 per share value increase from the move. They do not believe PK’s stock price fully assumes the realistic SF exit and they believe that in part is due to investor uncertainty of the disposition.
The RADCO Companies is nearing completion of multi-million dollar capital improvement programs at the DoubleTree by Hilton Atlanta-Alpha
