Choice Hotels' Latest Step in Its Quest to Acquire Wyndham
Skift Take
- Barron's recommended investing in travel stocks like Hilton and Marriott for business travel and Choice Hotels is still planning a takeover of Wyndham Hotels & Resorts.
- There is a new distribution agreement between Choice Hotels EMEA and Sercotel, the potential sale of Travelodge hotels by LXI REIT, and new hotel developments and refinancing deals in the UK and Europe.
- Significant strategic actions in the hotel industry include Choice Hotels' intent to nominate directors to Wyndham Hotels & Resorts' board amidst an $8 billion takeover battle.
The DJIA fell 57 points, Nasdaq was down 10, and the S&P 500 was down 9 points. Not even a .08 drop in the 10-year treasury to 4.39% could lift stocks. The extent of the good news in lodging stocks was that RHP traded up to a new high. SOND plunged another -15% to another all-time low, SLNA was down to another new low, and VCSA stayed just above a new all-time low but was still down another -6%.
Barron’s published an article giving travel stocks to buy to take advantage of a comeback in business travel. Those companies in the hotel space include Hilton and Marriott, while also including IHG in the mix.
The U.S. hotel industry reported mixed performance results from the previous month according to October 2023 data from CoStar. October 2023 (percentage change from October 2022): Occupancy: 65.8% (-1.8%) ADR: $161.56(+3.0%) and RevPAR: $106.38 (+1.2%
