Major Brands Acquiring Key Properties

The Daily Lodging Report will go on holiday break, with the last issue of 2023 being published on December 20, 2023. The first issue of 2024 will be on January 2, 2024. We wish everyone a happy and healthy holiday season.

The DJIA jumped 252 points while the Nasdaq was up 98, the S&P 500 rose 28 points, and the 10-year treasury yield was down another .03 to 3.92%. Lodging stocks were higher. MAR and HLT rose to new highs, but SOND and VCSA were the stars with the low price beaten up stocks seeing January effect bounces already. SOND was up 30% and VCSA was up 12%. AHT, on the other hand, traded down -7% to a new low.

Apple Hospitality REIT announced its regular monthly cash dividend of $0.08 per share plus a special cash distribution of $0.05 per share. That brings cash dividends for the year to $0.96 per common share, an annual yield of 5.7%.

Bluegreen Vacation Holdings announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the previously announced agreement from the company to be acquired by Hilton Grand Vacations for $75 per share in cash. That satisfies one of the closing conditions of the transaction. A special meeting of shareholders to approve the transaction will take place on December 14th.

AC Hotels by Marriott announced the opening of its newest property in the heart of Naples, Florida. The three-story AC Hotel Naples 5th Avenue comprises 150 guestrooms, an inviting lobby, ground-floor café, 2,500 square feet of event space, a fitness center, outdoor rooftop pool, and a rooftop restaurant and bar. AC Hotel Naples is developed and managed by OTO Development.

GL Rogers and Company and Maine Course Hospitality Group announced the acquisition of the Four Poi