Skyline Investments Sells Courtyard Hotels Across the U.S.
Skift Take
Skyline Investments sold 11 Courtyard by Marriott hotels in the U.S. for $101 million, retaining ownership of three other Courtyard properties, which are up for sale.
The DJIA fell 325 points while Nasdaq was down 187, the S&P 500 fell 45 points and the 10-year treasury yield was down .06 to 4.04%. Lodging stocks were modestly lower today. WH traded up to another new high while SOHO was the only mover of note, up 8% on the day.
In an article from The Wall Street Journal, group travel is buoying the hotel business. Conferences and other group business are usually the last part of lodging to recover from a downturn. Now, the spread of remote work and Zoom calls is prompting many companies to give priority to group travel and industry conferences as a more efficient way of promoting team cohesion or meeting with partners and clients, analysts say. According to Omni Hotels & Resorts, some people are not going to the office every day, so there is a need to get together. They are planning to attend meetings and conferences in order to make those face-to-face connections. RevPAR for group travel was up 6.8% for the first eight months
