Dolly Parton Could Open a Nashville Hotel
Skift Take
- Truist reports that lodging companies aren't experiencing recession-driven demand declines, with strong group and individual business but weak domestic leisure.
- Dolly Parton may be venturing into Nashville's hotel market with a $75 million building acquisition, and Toftrees Golf Resort in Pennsylvania announces a $50 million renovation.
- A new $175 million development in Mishawaka, Indiana, includes apartments, townhomes, and a 125-room hotel.
The DJIA was up 0.43%, the Nasdaq was up 0.20%, the S&P 500 was up 0.39%, while the 10-year treasury yield was down merely 0.002%. Markets reflected mixed feelings about possible interest rate cuts. The Dow Jones U.S. Hotel & Lodging REIT Index was up 2%.
Truist held their announced lodging/leisure conference in Boston last week. Their major takeaways from corporate meetings include that lodging companies are not seeing signs of a recession-driven pullback in demand. The group business is seeing the greatest degree of strength followed by individual business. Domestic leisure is lethargic at best.
Playa Hotels & Resorts NV announced their board of directors authorized a new $200 million share repurchase program. This replaces the prior $200 million authorization announced in February 2023. There is only $30 million remaining on the last program.
The citizenM Menlo Park Hotel has officially opened in
