Hyatt Unveils Luxury Development Pipeline
Skift Take
- Citigroup downgraded Sonder Holdings from Buy to Neutral, with a new price target set at $4.Choice Hotels criticized Wyndham Hotels & Resorts for misrepresenting the lodging industry's competitive landscape. This criticism came after Wyndham's recommendation for shareholders to reject CHH's exchange offer and their discontinuation of discussions regarding a potential transaction with CHH.
- Hyatt announced plans to open over 35 luxury hotels and resorts globally through 2025, including new Park Hyatt locations in the UK, Mexico, and Malaysia, and expanding the Thompson Hotel brand in Europe.
The DJIA plunged 476 points, Nasdaq fell 225, the S&P 500 fell 70 points, and the 10-year treasury yield fell .05 to 3.88%. Scrooge took the egg nog away and gave everyone a dose of reality. Lodging stocks were lower. AHT traded down to a new low but BHR was up 5%. SLNA was down -6%, and SHCO fell -5% on the day.
Citigroup cut their rating on Sonder Holdings to Neutral from Buy. Their price target is now $4.
STR reported US lodging data for the week ended 12/16. US hotel RevPAR was up 5.8%, led by a 4.7% rise in rates. Group RevPAR was up 12.8%.
Choice Hotels issued a response to Wyndham Hotels & Resorts’ Board of Directors recommendation for shareholders to reject CHH’s exchange offer. CHHtaunted WH, saying their shareholders should be concerned about the company’s blatant misrepresentation of the lodging industry’s competitive landscape, with WH’s comme
