The DJIA rose 477 points, Nasdaq rose 83, the S&P 500 was up 44, and the 10-year treasury yield was down 0.4. HST was up 5%, PK was up 15%, and Xenia up 10%. Marriott, Hilton, and Hyatt were up modestly.
The Financial Times reported the owners of the CitizenM boutique hotel chain are exploring a sale of the company. The owners of the Netherlands-based CitizenM include the Dutch pension provider APG, Singaporean wealth fund GIC and the founder Rattan Chadha. They are being advised by Morgan Stanley and Eastdil Secured. GIC took a 25% stake five years ago in deal valuing CitizenM at 2 billion euros including debt. They are now expected to fetch 4 billion euros if a sale does take place. Five years ago they had 15 hotels and now they have more than 40 locations and 10,000 rooms across North America, Europe and Asia.
STR reported US hotel data for the week ended 3/23. Hotel RevPAR was up 3.2% year over year on the back of a 2.5% rise in ADR. Occupancy rising 0.7% may very well be the first time this year that we can remember occupancy being higher. Group RevPAR was up 11.8%.
Hilton announced the opening of Hilton Garden Inn Guadalajara Airport, the only hotel located within the city’s international airport and the brand’s 15th hotel in Mexico. Owned by Grupo Aeroportuario del Pacifico and managed by Hilton, the 180-room hotel is Hilton’s 5th hotel in the city of Guadalajara. The hotel offers onsite dining, a multifunctional fitness center, a ballroom and three event rooms.
Capital Hilton has completed a multi-million dollar renovation to its 559-room property, located in the heart of Washington, D.C. Owned