Sandals Resorts Could Be Sold
Skift Take
Sandals Resorts International has hired bankers to solicit a sale at a valuation over $6 billion, according to a news report.
The DJIA was down 11 points, Nasdaq was down 59, the S&P 500 fell 12 points and the 10 year treasury yield was down .02 to 4.23%. Lodging stocks were modestly lower. SOND was the only mover of note, down -5% on the day.
Wells Fargo upped their rating on Service Properties Trust to Overweight from Underweight. They upped their price target on SVC to $4 from $2.50.
The Wall Street Journal reported that after years of family infighting, Sandals Resorts International may finally be back on the market. The WSJ said the company could be sold for $6 billion to $7 billion, but it is also possible that it may not accept any bids. The article said Sandals is working with investment bankers on the sale process, which is expected to be the biggest real estate transaction this year. While Adam Stewart is the Executive Chairman following the death of his father, founder But
