Marriott Is Upgrading Caribbean Properties
Skift Take
- Marriott International, Hyatt, CBRE, Xenia Hotels & Resorts, Airbnb, and others, experienced shifts in ratings, acquisitions, and expansions.
- Renovations & Openings: Numerous hotels underwent renovations, expansions, and rebranding across cities like Boca Raton, Key West, and Tempe.
- Ongoing projects in Virginia, Alabama, and Texas showcase substantial financial commitments, indicating growth and expansion in these regions.
The DJIA rose 2 points on Friday while Nasdaq was up 12, the S&P 500 was up 6 and the 10 year treasury yield remained around 4.44%. Lodging stocks were higher. HLT traded up to another new high. The biggest mover was to the downside with SOND down another -10%.
UBS cut their price target on Host Hotels & Resort to $18 from $20. They maintained their Neutral rating. Evercore ISI Group cut their rating on Airbnb to In-Line from Outperform with a price target of $136 per share. BofA Securities downgraded Marriott Vacations to Underperform from Neutral. They massively slashed their target price to $65 from $125.
Xenia Hotels & Resorts said their Board of Directors authorized the repurchase of up to an additional $100 million of the company’s outstanding shares. XHR had approximately $164 million remaining under its total repurchase authorization as of November 16.
Renaissance Hotels from Marriott International debuted its fifth property in New York City, Renaissance New York Harlem Hotel. The property boasts 211 guestrooms and suites, a dynamic culinary offering operated by Silk Hospitality Group and 9,000+ square feet of full customizable event space. Renaissance New York Harlem Hotel is owned by Lam Generation and managed by Real Hospitality Group.
TPG Hotels & Resorts announced the renovation of the Renaissance Boca Raton hotel, located in Boca Raton, Florida. The renovation focused on modernizing the guest rooms, guest corridors, 15,000 square feet of conference and meeting spaces, club lounge, the new Meat Market restaurant, fitness center and public spaces, along with the addition of an expansive new 30,000 square foot resort-style pool deck and a dedicated WET by Mean Market tiki bar.
Premier announced it will lead the interior design, procurement, and project management of the Crowne Plaza La Concha Hotel in Key West, Florida which has been rebranded to Autograph La Concha Key West. Premier will be working in partnership with sister company, Remington Hospitality, who w
