U.S. Hotel Transactions Rise 30% Year-Over-Year
Skift Take
The U.S. hotel deals market is expected to see steady annual growth of around 10% over the next few years, despite regional variations in activity.
The DJIA fell 241 points while Nasdaq was down 123, the S&P 500 fell 37 points, and the 10-year treasury yield was up .05 to 4.20%. Lodging stocks were mixed. SHO traded up to a new high.
BMO Capital initiated coverage on Ryman Hospitality and Apple Hospitality with Outperform ratings. BMO put a $133 price target on RHP and an $18 target for APLE.
Wells Fargo changed some price targets on their covered hotel names. Overweight-rated Ryman Hospitality's target was upped to $130 from $124 while Host Hotels was upped to $22 from $21. Equal-Weight rated Park Hotels' price target went to $17 from $16, Pebblebrook Hotels PT rose to $16 from $14, and DiamondRock's PT is now $10.50 from $10. As for those Wells Fargo rates Underweight, they lowered Service Properties Trust's target price to $2.75 from 3 while upping RLJ to $10.50 from $10.
The U.S. hotel deals environment is linking up for gr
