Wyndham Wants No Part of Choice's Hostile Takeover Bid
Skift Take
- Short of taking out a billboard or skywriting, we have no idea how much more Wyndham Hotels & Resorts can do to tell Choice Hotels to go away on its bid.
- With the Fed expected to be done with its interest rate hike cycle, we expect the attention will turn to the Lodging REITs shortly.
- Marriott International’s Aloft Hotels said Aloft Lake Nona announced its December opening in the Lake Nona community of Orlando, Florida.
The DJIA fell 63 points while Nasdaq was down 85, the S&P 500 was down 9 points and the 10-year treasury yield was flat at 4.42%. Lodging stocks were modestly lower. HLT traded up to another new high, while SLNA fell to another new low, down -5%. AHT was down -9%, SHCO fell -7% and BHR was down -5% on the day.
Due to the Thanksgiving Holiday, there will be no Daily Lodging Report from Thursday, November 23rd to Sunday November 26.
Short of taking out a billboard or skywriting, we have no idea how much more Wyndham Hotels & Resorts can do to tell Choice Hotels to go away on its bid. WH said they received a letter from CHH CEO Pat Pacious on November 14th in which Pacious sought to restart negotiations and strike a deal with WHbefore the end of the year. WH classified the letter as a step backward, and that the terms CHH outlined are not in the best interest of WH
