Mandarin Oriental Plans Miami Project
Skift Take
Mandarin Oriental Hotel Group is expanding in Miami with a new Brickell Key project, adding projects in Mexico and Grand Cayman.
The DJIA surged 1508 points on the day after Election Day, Nasdaq was up 544, the S&P 500 was up 146, and the 10-year treasury yield jumped .14 to 4.43%. Despite the uptick in treasury yields, lodging REITs had a solid day led by SVC with a 12% rebound. Lodging stocks all around had a great day, with the biggest gainers including PEB up 8% and then VAC, WH, H, HGV, INN, and APLE each up 7%, and MAR, CLDT, XHR and DRH with gains of 6% today.
Jefferies initiated coverage on Ryman Hospitality Properties with a Buy rating and $130 price target. Their positive view on RHP is based on unique hospitality assets with the long-booking-window group market with post-Cover recovery room and incremental asset growth likely. In addition to real estate, Jefferies sees long-term value in the growing media/entertainment business and its spin/unlock potential. Jefferies said RHP is their top pick in the REIT group.
STR reported US lodgin
