Wyndham’s New Extended Stay Brand Has First Grand Opening
Photo Credit: A rendering of the exterior of Wyndham's concept for an economy extended stay brand. Wyndham
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ECHO Suites Extended Stay by Wyndham opened its first location in Spartanburg, South Carolina, marking a milestone for the brand with a development pipeline of nearly 270 hotels.
The DJIA rose 32 points, but Nasdaq plunged 364 while the S&P 500 was down -49 points, and the 10-year treasury yield was down .09 to 4.19%. Lodging stocks did ok as the entire reaction in the market was due to a lower inflation report and this looks like some profit taking on the groups that did well during the inflation surge. SOND was up 8%, HGV and BHR were both up 5%.
Wolfe Research upgraded Sunstone Hotel Investors’ rating to Outperform from Peer Perform. They have a $12 price target on SHO.
STR reported U.S. lodging data for the week ended 7/6. U.S. hotel RevPAR was down 0.4%, with rates up 0.5% year over year. Group RevPAR was down -8.3%. We don’t think July 4th being on a Thursday helped things at all.
Driftwood Hospitality Management enters the Kentucky market with the management assignment for the new $75 million Canopy by Hilton Downtown Louisville. Scheduled for
