Disney to Open Pixar-Themed Hotel
The DJIA rose 205 points while Nasdaq was up 122, the S&P 500 rose 31 points and the 10 year treasury yield was flat at 4.84%. Lodging stocks were higher. We did see another new low on VCSA but SOND was up 8%.
Baird gave their updated views of the Choice Hotels and Wyndham situation. Baird said the two sides appear far apart and the market is not showing they are buying the deal. Baird said with the broader capital markets a headwind, they hope a lose-lose outcome does not occur for both sets of shareholders. Baird believes CHH must have strategic and/or qualitative changes to the broader deal structure. CHH’s stock dropped -9% since going public with their attempt and the cost of debt has gone up 25-50 bps. We don’t expect WH to give any real update on this with their earnings report but you never know.
According to CoStar’s September 2023 data, Canada’s hotel industry continued a stretch of year-over-yea
