Lodging Stocks End the Week Higher
Skift Take
- Stock market rallied as treasury bond yields fell, with DJIA, Nasdaq, and S&P 500 gaining points, while lodging stocks like SOND, AHT, and others saw significant increases.
- Several hotel-related developments were announced, including renovations, new hotels, and property sales in various locations across the United States.
- Rosewood Hotels & Resorts will introduce Rosewood Blue Palace in Greece in 2025, while the British Colonial Hotel in Nassau, Bahamas, will reopen on December 12 after a $100 million renovation.
Stocks rallied again on Friday as treasury bond yields continued to plunge. The DJIA was up 222 points as Nasdaq rose 184, the S&P 500 was up another 41 points, and the 10-year treasury yield was down .11 to 4.56%.
Lodging stocks were higher, led by REITs although the new age companies went along for the ride. The biggest gainer was SOND, up 10% but AHT was up another 11%, PK added on another 7% as did SOHO and SHCO. ABNB, TNL, BHR, PEB and VCSA were each up 6% on the day.
Playa Hotels & Resorts announced a slight 3Q beat but followed the string of leisure-related hotel companies, lowering their 4Q guide a bit. PLYA went to town on share repurchases in 3Q, buying back 7% of the diluted share count, 10 million shares for $76.6 million. PLYA said they also bought back another $15.5 million worth of stock in October and still has $43 million remai
