How Hotel Stocks Fared Amid Sell Offs
Skift Take
Stocks plunged sharply, with the DJIA, Nasdaq, and S&P 500 all dropping, while treasury yields fell and lodging and gambling stocks took heavy losses.
The DJIA fell 890 points, down just over -2%, Nasdaq plunged 728 or -4%, and the S&P 500 was down nearly -3% or 156 points. The 10-year treasury yield fell .11 to 4.21%. Lodging stocks were lower, but they fared a lot better than their gambling-related cousins. SOND was down -10%, SVC fell -9%, HGV was down -7%, and WH fell -5% on the day.
Compass Point lowered their ratings on both Host Hotels and Pebblebrook Hotel Trust to Neutral from Buy.
Baird said hotel stocks declined -2% in February, following the broader market’s pullback. Their Hotel REIT Index was down -5.1%, while the Global Hotel Brands Index was down -1.8%.
Travel + Leisure Co declared their quarterly dividend. TNL upped that to $0.56 a share, up 12% year over year.
Peregrine Hospitality has broadened its platform with the addition of 26 select-service properties to its management portfoli
