Lodging Stocks Rise With the Broader Market
Skift Take
The U.S. stock market rose again today and most lodging stocks came along for the ride upward.
The DJIA rose 189 points, the Nasdaq was up 168, the S&P 500 was up 42, and the 10-year treasury yield was up .07 to 4.28%. Lodging stocks were higher, but the big movers went down the road. SVC and AHT traded down to new lows, with AHT down another -5%. BHR was down -7% on the day.
Driftwood Capital announced the grand opening of the Element by Westin Melbourne Oceanfront located in Melbourne, Florida. The 130-key hotel features a fitness center, saline pool deck and an onsite restaurant. Driftwood Hospitality Management will assume management operations and hotel responsibilities. Element by Westin Melbourne Oceanfront sits adjacent to the Crown Plaza Melbourne, also owned by Driftwood Capital. A partnership between Merritt Development Group and Phoenix Development Partners is looking to build a new $60 million hotel in San Antonio’s urban core. The eight-story, 175-room Residence Inn by Marriott will be operated by Concord Hospitality Gro
