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
