Aimbridge Sues Avion Hospitality For Interfering in Contracts
Skift Take
Aimbridge Hospitality sued Avion Hospitality and its CEO, Robert Burg, for allegedly using confidential information to interfere with its management contracts, resulting in tens of millions in lost revenue.
The DJIA fell 299 but Nasdaq was up 221, the S&P 500 was up 21 points and the 10-year treasury yield was down .01 to 4.24%. Lodging stocks were mixed. AHT was the big mover, up 8%.
Pebblebrook Hotel Trust's monthly update said May's results were in line with expectations, and there is no change to guidance. Truist said they spoke with PEB management and their sense is June RevPAR is flat to slightly down year over year with last week having challenged demand given a mid-week Juneteenth holiday. They believe May will likely be one of the strongest months of the year for PEB. Truist believes PEB's 2Q results will likely finish at least the mid to high end of guidance.
Canada's hotel industry recorded its highest performance levels in eight months, according to CoStar's May 2024 data. May 2024 (percentage change from 2023): Occupancy: 69.0% (+0.2%) ADR: CAD206.39 (+4
