Lodging Stocks Rise on U.S. Fed Statement
Skift Take
The Fed Chief made it pretty clear there will be no interest rates lowered for some time and the markets seemed to like the certainty.
The Fed Chief made it pretty clear there will be no interest rates lowered for some time and the markets seemed to like the certainty. Even a bank saying they were running out of money couldn’t change that as the DJIA ended the day up 76 points, Nasdaq was up 92, the S&P 500 rose 26 points and the 10-year treasury yield was down another .03 to 4.10%. Lodging stocks had a good day. New highs were set by HLT, H, PK, RLJ, SHO, XHR, and ABNB. AINC was the biggest mover, up 7%.
Park Hotels’ price target was raised to $18 from $14 by USB. PK was maintained at Neutral.
STR reported US hotel data for the week ended March 2nd. US hotel RevPAR was up 2.4% on a rate rise of 2.7%. Group RevPAR was up 13.4% year over year for the week.
Delta Hotels by Marriott Jacksonville Deerwood announced its grand opening following the completion of a $6 million
