Pebblebrook Sues San Francisco Over Hotel Valuations
Skift Take
Pebblebrook has challenged the market value assessments that the city assigned to and used to collect taxes from a group of downtown hotels purchased by the REIT in 2018.
The DJIA surged 741 points, the Nasdaq was up 462 (2.5%) and the S&P 500 was up 2% at 119 points. The 10-year treasury yield was down .08 to 4.43% and lodging stocks were higher. The big winner today was BHR with a 22% rise followed by INNup 8%, SVR up 6%, and then PEB and HST both up 5%.
Baird reported on investor meetings they hosted with Host Hotels & Resorts’ management team. Baird was impressed as they designated HST as a Bullish Fresh Pick. HST said that top-line performance in May has been tracking better than expected and the company is not seeing any incremental demand deterioration or pricing sensitivity. We really don’t need to go much further than that. HST continues to view share repurchases as an attractive use of capital, especially at current levels.
Hyatt Hotels Corporation announced they extended the offering period, again, for its cash tender offer to purchase all the outstanding ordinary shares of Pl
