NoMad Las Vegas Will Be Rebranded
Skift Take
NoMad's Las Vegas property will be left behind as new owner Hilton focuses on other properties currently – and in the future – of the brand.
The DJIA fell another 46 points while Nasdaq was down another 182 and the S&P 500 fell 29 more points. The 10-year treasury yield finally went down, dropping .07 today to 4.59%. Lodging stocks were lower. SVC and SOHO both traded down to new 52 week lows.
Barclays gave their 1Q24 earnings preview for the Lodging REITs, saying March may have been a bit softer than expected but the year was expected to be back half weighted anyway so they generally expect FY guidance reiterations. Barclays believes Park Hotels offers the biggest opportunity to beat and raise given its Oahu and NYC exposure. RevPAR may be a bit soft for the REITs in 1Q but Barclays believes the solid group and ancillary spend in January will keep EBITDA around expectations. They believe the companies will emphasize expected revenue growth acceleration throughout the year.
According to CoStar’s March 2024 data, the volume of U.S. hotel rooms under constr
