New York City's Changing Supply Dynamics
Photo Credit: A hotel room at the Soho House New York. Soho House & Co.
Skift Take
Following a decade of historic growth, NYC hotel supply is expected to grow at an average annual rate of 1.6% over the next three years.
The DJIA fell 55 points while Nasdaq was up 197, the S&P 500 rose 29 points and the 10 year treasury yield was up .02 to 4.19%. Lodging stocks were higher with MAR and IHG hitting new highs again. SOND was up 13%.
SHCO rebounded 13% as they rejected the report from GlassHouse Research, Soho House said the report contained factual inaccuracies, analytical errors and false and misleading statements. They believe the report was designed to bring down their stock price for the benefit of a short seller, something that clearly happened on Thursday. SHCO said they expect to report 2023 results next month in line with expectations. SHCO said members of their Board and affiliates own 74% of the shares outstanding and have actively been buying shares with a weighted average price of $6 per share. Their Board approved a new $50 million share repurchase authorization. The bombshell the
