Braemar Seeks a New Owner
Skift Take
Braemar Hotels & Resorts announced it is putting itself up for sale. Plus more hotel deals and development news.
The DJIA was up 147, the Nasdaq rose 46, the S&P 500 was up 15 points, and the 10-year treasury yield was down .02 to 4.24%. Lodging stocks were higher today, with the star being BHR, up 21% on the news we covered below.
Wells Fargo upped their price target on PK to $12 from $11. They maintained their Equal Weight rating. PEB’s target was raised to $11 from $10, also remaining at Equal Weight as was DRH, with the target price going up to $9 from $8.25. On the Overweight-rated side, RHP’s target price was upped to $114 from $108, HST was upped to $19 from $18, and XHR was upped to $15 from $14.
STR reported U.S. lodging data for the week ended 8/23. U.S. lodging RevPAR fell -1.8% year over year with occupancy down -1.1%. Group RevPAR was down -10.5%, all from occupancy declines.
Not even 24 hours after a strange announcement of putting a near 8% shareholder
