Fontainebleau Miami Beach's $1.2 Billion Debt Package
Skift Take
Fontainebleau Miami Beach secured $1.3 billion through a CMBS, mezzanine loan, and equity infusion to refinance $1.8 billion in debt.
The DJIA was down 123 points on Friday while Nasdaq was up 159, the S&P 500 rose 15 points and the 10-year treasury yield was down .03 to 4.15%. Lodging stocks were modestly higher with new highs again from HLT, MAR, WH and H. SOND was up 7% and SOHO rose 5% on the day.
Deutsche Bank upped their price target on Wyndham Hotels to $115 from $97. They reiterated their Buy rating as they continue to see upside to shares at current levels and believe the current stock momentum will continue.
Hilton Milwaukee announced an extensive renovation project, expected to be completed by the summer of 2025. According to Marcus Hotels & Resorts, the project will cost over $40 million and will include a complete transformation of guestrooms, the hotel's lobby, and its 34,000 square feet of meeting and event spaces. 544 guestrooms in the hotel's original footprint will be renovated. However, due to current market conditions and proje
