Los Angeles' Trio of Grafitti'd Hotel and Condo Towers Gets a Bidder
Photo Credit: Aerial view of graffiti covered towers in downtown Los Angeles. Adobe Stock / Matt Gush
Skift Take
A stalking-horse buyer has offered $500 million for the abandoned Oceanwide Plaza in Downtown Los Angeles, which includes a partially built Park Hyatt hotel.
The DJIA was down 57 points while the Nasdaq fell 10, the S&P 500 was down 9 points, and the 10-year treasury yield was down .02 to 4.24%. Lodging stocks were modestly higher.
Baird said expectations for the global hotel brand companies are relatively high going into the 2Q24 earnings season. With still-sluggish domestic RevPAR growth trends, net unit growth is in focus. They expect 2Q24 results and updated guidance to reflect the sluggish domestic RevPAR, solid but normalizing international RevPAR growth, and improving net unit growth, particularly on the conversion front.
Parks Hospitality Group announced the opening of a new Tru by Hilton across from Mayfaire Town Center in Wilmington, North Carolina. The hotel has four stories with 101 rooms, 126 parking spaces, a pool table and games in the lobby, a market, a fitness center, and a business center.
A dual-branded Hilton hotel with up to 230 room
