Lodging Stocks Follow Rest of the Market Down
Skift Take
Financial markets plunged with major indices and lodging stocks down sharply, except for SHCO which rose 6%.
The sell-off in the financial markets accelerated with the DJIA down 1,034 points, Nasdaq was down 576, the S&P 500 fell 160 points, and the 10-year treasury declines moderated, only down .01 to 3.78%. Lodging stocks took a hit. The one bright spot was SHCO, which was up 6%, but that was it. RLJ, VCSA, and VAC each traded down to new 52-week lows, with VCSA down -7% and VAC down -6%. CLDT, PEB, and SVC were each down -7% on the day, while SOHO fell -6%.
Compass Point cut their rating on RLJ Lodging Trust to Neutral from Buy. Their target price is $10.
In mid-June, construction company Metcalf broke ground on the Home2 Suites hotel in Carson City, Nevada. Expected to be completed by fall 2025, the new four-story, 91-suite hotel is owned by Carson City Hotel LLC.
Hyatt Regency Greenwich and Trinity Investments announced a nearly $40 million renovation of the Connecticut property. The top-to-bottom transformat
