Marriott to Add Lefay as First Dedicated Luxury Wellness Brand
Skift Take
Marriott plans a joint venture with Lefay's founders to bring the luxury wellness brand into its portfolio and expand it globally. Plus, challenges and opportunities at Service Properties Trust and other hotel deal and development news.
The DJIA surged 1,125 points on the last day of the month/quarter, while the Nasdaq was up 796, and the S&P 500 rose 185 points. The 10-year treasury yield was down .03 to 4.31%. Lodging stocks were mostly higher, although both big movers were to the downside. SVC was down 24%, and AHT was down 5%.
As for why Service Properties Trust stock got killed today, it announced a $500 million underwritten public offering of common shares with the proceeds to be used to redeem all or a portion of the $100 million principal amount outstanding of its 4.95% senior notes due 2027 and/or the $450 million principal amount outstanding of its 5.50% senior notes due 2027. It is not often you see a public company with a stock trading under $2 attempt a $500 million common stock offering. SVC said that Helix Partners and RMR Group provided indications of interest to purchase up to $100 million and $50 million, respectively, of common shar
