Hotel Worker Strikes Could Pick Up Steam
Skift Take
The nationwide hotel strike is intensifying, impacting major hotel chains and owners, with concerns about the long-term effects of either giving in to union demands or enduring prolonged strikes.
The DJIA fell -1.5 % or 626 points, the Nasdaq was down -3.3 % or 577 points, and the S&P 500 was down -2.1 % or 119 points to welcome you to September. The 10-year treasury yield was down .07 to 3.84%, and lodging stocks were down across the board. SOND and SHCO were the only real big movers, both down -11% today.
See chart below for recent performance.
Morgan Stanley resumed coverage of Soho House with an Equal Weight rating and $5.50 price target. Kind of weird to have an Equal Weight rating on a stock that is nearly $1 higher than your target price.
Piper Sandler cut their price target on Sotherly Hotels to $1.50 from $2. They maintained their Neutral rating.
STR gave its review of U.S. Hotel Performance for July 2024. Top-Line Metrics (July 2024 vs. July 2023): Occupancy: 68.8% (-0.5%) ADR: $161.69 (+0.5%) RevPAR: $111.18 (flat). Demand growth for the Top 25 Markets (+0.8%) main
