Ennismore Reveals Plans for 18 More Hotels
Skift Take
- Jefferies upgraded Park Hotels to Buy from Hold, reflecting positive changes like the removal of their San Francisco assets. Meanwhile, they downgraded Choice Hotels to Underperform from Hold due to concerns over its acquisition strategy, specifically regarding Wyndham Hotels.
- Apple Hospitality REIT, Inc. announced the acquisition of the Springhill Suites by Marriott Las Vegas Convention Center for approximately $75 million. Bradford Allen Hospitality acquired two hotel properties in Riverhead, New York, planning significant renovations for both.
- PEG Companies opened The Moxy in the historic Luhrs Building in downtown Phoenix, Arizona. Hawkeye Hotels commenced construction of a Fairfield Inn & Suites in downtown Spartanburg, South Carolina, targeting a spring 2025 opening.
The DJIA rose 26 points but Nasdaq was down 245, and the S&P 500 fell 27 points on the first trading day of 2024. The 10-year Treasury Yield was up 0.08 to 3.95%. Lodging stocks were kind of all over the place. Timeshare stocks had a good day, MAR hit a new high before getting hit with some profit-taking, AINC was up 5%, but SHCO was down -6%.
Jefferies made some changes to their hotel and timeshare company ratings. They upgraded Park Hotels to Buy from Hold on the removal of their San Francisco assets while downgraded Choice Hotels to Underperform from Hold on concerns over their pursuit of an acquisition of Wyndham Hotels. On the timeshare side, they upgraded Hilton Grand Vacations and Travel + Leisure to Buy from Hold. PK’s price target was upped to $21 from $14. CHH’s PT was slashed to $96 from $119. Their new targets on the timeshare companies are $50, $57, and $92 for HGV,&nbs
