IHG and Best Western Announce Openings
Photo Credit: A sign for a Holiday Inn Express in Redding California. IHG
Skift Take
IHG Hotels & Resorts announced the opening of a new build Holiday Inn Express & Suites hotel in Arkansas, while Best Western Hotels & Resorts announced the opening of the Best Western Halito Inn in Oklahoma.
The DJIA fell 274 points, Nasdaq was down 31, the S&P 500 fell 16 points and the 10 year treasury yield surged again, up another .13 to 4.16%. Lodging stocks were modestly lower. The biggest mover was SLNA, up 44%, just 11 cents, while SHCO was up 5%. AINC traded down to another new low, AHT was down -6% and SOND fell -5% on the day.
Evercore ISI Group downgraded Hilton and Hyatt stock from both being Outperform rated to both now being rated In-Line. Evercore believes hotel stocks are expected to head for more normalized growth trends this year after benefiting from a reopening surge over the past two years. They believe the bull case for hotel stocks has already played out and upside from here is limited. They have a target price of $200 on Hilton and $135 on Hyatt.
Southaven Hospitality LLC was granted a conditional use permit for an
