Everhome Suites Expands U.S. Footprint
Skift Take
Hotel sector busy with Ryman acquiring JW Marriott Desert Ridge and Choice Hotels opening six Everhome Suites.
The DJIA rose 117 points, the Nasdaq was up 75, the S&P 500 rose 24 points and the 10-year treasury yield was down .05 to 4.42%. Lodging stocks were modestly higher.
Jefferies reported on a meeting they held with Ryman Hospitality Properties management. They liked what they heard as the firm upped their price target to $115 from $109 while maintaining their Buy rating. The key focus of the meeting was on the recently announced acquisition of the JW Marriott Desert Ridge, along with the opportunities for Opryland Entertainment Group. The JW Marriott purchase provides RHP access to Phoenix, the 7th largest convention market in the U.S. RHP sees an opportunity to capitalize on shifting mix toward business groups versus leisure. Jefferies sees an opportunity to expand the property over time. The transaction is expected to close in late 2Q or early 3Q. As for the OEG, Jefferies said it presents a future value-capture opportunity that seems highly likely to
