MCR to Turn London's BT Tower Into a Hotel
Photo Credit: BT Tower in London, England. Unsplash / Metin Ozer
Skift Take
The BT Tower will be transformed into a hotel after the telecom giant inked a £275m deal to sell the London landmark to MCR Hotels.
The DJIA gained about 0.1%. Nasdaq fell 0.3%. The S&P 500 rallied late in the session to close up 0.1%. But as the WSJ noted: "All three indexes are up for the month and year, with the S&P 500 up 4.4% in 2024."
Travel + Leisure reported slightly better than expected 4Q results as lower expenses offset lower-than-expected revenue. TNL repurchased 1.1 million shares in 4Q for $40 million, lower than previous quarters. They also raised their quarterly dividend to $0.50 from $0.45, up 11%.
Deutsche Bank said they still see Playa Hotels & Resorts as an attractively valued stock relative to its closest peers, even though there is the potential for a modest decline in EBITDA in 2024. They believe the proper NAV for the portfolio equates to $16 per share and that they will generate enough gross free cash flow in 2024 and 2025 to mostly fill the new $200 million share repurchase authorization that wa
