New York City Hotel Is Sold for $125 Million
Skift Take
Dan Hotels expands into the U.S. market by acquiring New York’s NoMo SoHohotel for $125 million from Sapir Corporation, which has filed for insolvency.
The DJIA rose another 162 points while the Nasdaq was up 190, the S&P 500 rose 16 points, and the 10-year treasury yield was down more than .01 to 3.98%, ahead of the Fed meeting. Lodging stocks were lower. HBNB gave back 15% after its recent surge, BHR was down -6% and CHH traded down to another new low.
Susquehanna cut its price target on Wyndham to $80 from $95. They maintained their Neutral rating. Baird also cut their rating on WH to $89 from $93, maintaining their Outperform rating.
Pebblebrook Hotel Trust authorized a new share repurchase program of up to $150 million. The real estate investment trust also concurrently terminated its prior repurchase program of $400 million. The new program doesn’t have an expiration date.
W Hotels announced the complete transformation of W Hoboken, located in Hoboken, New Jersey. The redefined property features 223 guestrooms and su
