IHG Brings Wonderland Experience to Select Hotels
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- Park Hotels & Resorts announced a quarterly cash dividend of $0.15 and a special top-off dividend of $0.78, totaling nearly $635 million returned to shareholders in 2023. R
- New and renovated Holiday Inn properties opened in Mansfield, Ohio, and Milwaukee, Wisconsin.
- LuxUrban Hotels signed agreements to operate two New York City hotels.
The DJIA rose 295 points on Friday while Nasdaq was up 79, the S&P 500 was up 27 points, and the 10-year treasury yield plunged .13 to 4.23%. Lodging stocks had a very good day. VAC traded down to a new low but bounced, ending the day up 6%. RHP and IHG traded up to new highs. SOHO was the big winner with a 12% gain followed by RHP and AHT, up 11% and 10%, respectively. ABNB and HGV were both up 7% and TNL and SHCO both rose 6% on the day.
Park Hotels & Resorts gave the final details on their special top-off dividend. They announced their regular quarterly cash dividend of $0.15 and a top-off dividend of $0.78. In total, PK will have returned nearly $635 million of capital to shareholders in 2023 by way of dividends and share repurchases. With the top-off dividend, PK’s 2023 dividend yield was 9.3%.
Remington Hospitality announced the rebranding of Crowne Plaza La Concha Hotel in Key West, Florid
