Bay Area Gets Closer to Welcoming a Margaritaville
Skift Take
- The Baird/STR Hotel Stock Index dropped by -2.4% in October, marking the third consecutive monthly decline.
- Wells Fargo adjusts price targets for Apple Hospitality and Ryman Hospitality, maintaining Overweight ratings.
- Trump Hotels and Irongate reach a buyout agreement for Trump International Hotel, Waikiki, transitioning to Hilton's LXR Hotels & Resorts in 2024.
The DJIA rose 55 points but Nasdaq was down 30, the S&P 500 was down 4 points and the 10 year treasury yield barely budged again, at 4.63%. Lodging stocks were mixed. HLT traded up to another new high but PEB, SVC and BHR hit new lows with the latter down another -5%. SHCO and SOND both also traded down -5% on the day.
The Baird/STR Hotel Stock Index declined by -2.4% in October when compared with September. Hotels stocks fell, according to the Index, for the third consecutive month with Baird pointing to interest rates remaining a key driver of performance with the high rates weighing on real estate stocks. The Hotel Brand sub-index was down -2.4% from September while the Hotel REIT sub-index was down by -2.5%.
Wells Fargo upped their price target on Apple Hospitality to $18 from $17 and Ryman Hospitality to $105 from $104, maintaining Overweight ratings on both. They kept their Overweight rating on DiamondRo
