MCR Looks to Miami Hotels
Skift Take
MCR plans to build two eight-story hotels with a total of 400 rooms and additional parking facilities next to the Hilton Miami Airport Blue Lagoon.
The DJIA rose 22 points but Nasdaq was down another 82 while the S&P 500 fell 11 points and the 10 year treasury yield resumed its upward trend, rising .06 to 4.65%. Lodging stocks were lower. The mover of note was BHR, falling -10% on the day.
Truist reported on meetings they held with hotel/casino union representatives. There are 200 hotel collective bargaining agreements in 19 cities expiring by September. Truist said they came away from their meetings maintaining moderate caution on the degree of hotel-level profit and operations impact from this year’s union contract negotiations. If the unions push the way they did in Las Vegas, it may be rough as every earnings estimate downgrade or company missing estimates there is pointing fingers at the new union contracts. Truist said Unite Here will be meeting with Marriott, Hilton and Hyatt next month. They don’t see the ne
