CitizenM Opens Its Second Boston Property
Skift Take
citizenM has opened its second Boston property, citizenM Boston Back Bay, a 15-story hotel with 399 guestrooms, curated artwork, and a rooftop bar, making it the company's largest hotel within the Lyrik development.
The DJIA rose 125 points while Nasdaq jumped 370, the S&P 500 rose 59 points and the 10-year treasury yield was up .01 to 3.65%. It was a nice turnaround from a weak morning. Lodging stocks were modestly higher but the only mover of note was SOND, down -10% on the day.
JP Morgan has placed InterContinental Hotels & Resorts on “negative catalyst watch.” They have an Underweight rating on IHG and said it is their least preferred name among European hotel companies as it sees both company guidance and Street expectations as too ambitious into the second half of 2024 onwards. JPM believes ongoing RevPAR weakness across the US and China could be further exacerbated by tough China comps and US macro uncertainty.
STR reported US lodging data for the week ended September 7th. It looks like Labor Day timing had a bit of an impact as US hotel RevPAR was down -5.2% with occupancy down -4.2%. Group RevPAR f
