Toronto Has Canada's Largest Hotel Pipeline
Skift Take
The top hotel pipeline cities in Canada at the close of the second quarter are led by Toronto, Vancouver, and Niagara Falls. Plus, more hotel deals and development news.
The DJIA was down 172 points while the Nasdaq was up 31, the S&P 500 fell 8 points, and the 10-year treasury yield was up .05 to 4.34%. It was a weird day on Wall Street as we have no idea why the Fed kept interest rates unchanged sparked such a negative reaction since that is what was expected. Lodging stocks were lower, with REITs hit the hardest. SVC was down -8% while PEB was the other big mover, down -5% on the day.
Pebblebrook Hotel Trust reported a modest earnings beat, with business interruption insurance proceeds from La Playa and the transformed Newport Harbor boosting results. PEB management said demand has remained resilient and that is probably going to help sentiment on the whole group, at least until some company reports results and sounds less enthusiastic. PEB bought back 112,000 shares for $1 million during the quarter.
Raymond James&nbs
