Grand Metropolitan Hotels Acquires Signature Hotels
Skift Take
Grand Metropolitan Hotels acquired Signature Hotels to strengthen its position in the UK, India, and elsewhere. Plus other hotel deal and development news.
The Fed Hangover occurred again with the DJIA down 110 points, Nasdaq down 377, the S&P 500 was down 68 points and Treasury yields showed their appreciation for another discount rate cut, rising again. The 10-year treasury yield was up .04 to 4.09%. Nothing shows a thumbs down like savers getting lower interest rates while those borrowing to buy a home have to pay higher rates. HGV was down -7% while AHT and CHH traded down to new lows.
Hilton Grand Vacations reported a relatively in-line quarter. While the results in a tense market like we are in may not be good enough to warrant a rally, they did take part in the Travel+Leisure moonshot, so we could even say this was a bit of profit-taking. HGV bought back $150 million worth of shares in 3Q. They have $531 million left on their authorization.
Documents submitted to Palm Beach County show developer Related Ross has filed a brand new unsolicited proposal to final
