Wyndham's ECHO Suites Opens 14th Property
Skift Take
The 124-room ECHO Suites Extended Stay by Wyndham opened in Conyers, Georgia, the brand's 14th property. Plus, more hotel deal and development news.
The DJIA rose 41 points on Friday, while Nasdaq was up 144, the S&P 500 was up 18 points, and the 10-year treasury yield was up another .01 to 4.10%. Lodging stocks were mixed. The two companies reported earnings, both got modestly negative responses with PK down -4% and XHR falling -3% on the day.
Park Hotels & Resorts missed estimates due to margins as revenue was higher than consensus. The government shutdown and construction in Waikoloa were partly to blame as was the impact of the National Guard deployment in Chicago. Interestingly enough, PK decided not to grant a top-off dividend to preserve its liquidity. The company did not buy back any shares in the quarter.
Xenia Hotels & Resorts was the opposite, modestly beating estimates. They bought back 1% of their shares outstanding in the quarter, spending $12.3 million.
The new owner of the Hampton I
