Travel + Leisure Finalizes Accor Vacation Club Acquisition
Skift Take
Travel + Leisure Co. has closed the acquisition of the vacation ownership business of Accor. The acquisition is expected to be immediately accretive to Travel + Leisure Co. earnings.
The DJIA fell 98 points, Nasdaq was down 67, the S&P 500 fell 6 points, the 10 year treasury yield was up .04 to 4.22% and lodging stocks were hit with some profit taking. Before that happened, new highs were set by PK, RLJ, H, HST and ABNB but CHH and SVC both fell to new lows. SOND was up 15% at the close but that was the extent of the real good news. VCSA fell -15%, AINC gave back -14% and AHT was down -9%.
B.Riley downgraded Xenia Hotels to Neutral from Buy, while raising their price target to $17 from $16. B.Riley also cut their price target on Service Properties Trust to $10 from $12 while maintaining their Buy rating.
Travel + Leisure Co. has closed the acquisition of the vacation ownership business of Accor. The acquisition is expected to be immediately accretive to Travel + Lei
