Selina’s Leaders Move to Soothe Worries
Skift Take
Selina Hospitality issued an update, emphasizing management's confidence through executive stock conversions and alignment with shareholders, clarifying that insider stock sales were automatic transactions for tax purposes, not discretionary market sales.
The DJIA fell 9 points but Nasdaq was up 53, the S&P 500 was up 8 points and the 10-year treasury yield was down .06 to 4.37%. Lodging stocks were modestly higher with the big mover being BHR, up 13%. SOND fell -11% on the day. SLNA was up 96% but their long-suffering shareholders have nothing to cheer about as that only raised it to $0.0785 a share.
Ashford Hospitality Trust announced preliminary first-quarter 2024 results. AHT said they expect to report occupancy of 67% for 1Q24 with Average Daily Rate of $191 resulting in RevPAR of $128, a decline of around -1% from the first quarter of 2023. March was the softest month but AHT said that was due to the Easter Holiday shift and they expect to see a marked improvement in April.
Selina Hospitality gave an update, clearly trying to stop their stock from going to a penny. SLNA said their executive team recently converted $500,000 of cash compensation into shares of common stock, something they
