Blackstone Acquires Stanly Ranch Resort
Skift Take
Service Properties Trust priced a $500 million public offering while Blackstone acquired Stanly Ranch through foreclosure. Plus, more hotel deal and development news.
The DJIA was up 224 points, while the Nasdaq was up 250, the S&P 500 rose 47 points, and the 10-year treasury yield was up .01 to 4.32%. Lodging stocks were mixed. The big mover, again, was SVC, down another -13%, closing below their offering price.
Service Properties Trust priced its underwritten public offering of 416.7 million shares at a price of $1.20 per share. Total gross proceeds to SVC will be $500 million. The underwriters have a 30-day option to purchase up to an additional 62.5 million common shares.
STR reported U.S. lodging data for the week ended March 28th. U.S. hotel RevPAR jumped 8.3% year over year, a great way to end the quarter. Spring Break, Easter timing, and a good conference schedule all helped add to the strong results. ADR was up 5.4%. Group RevPAR was up 21.7%.
Highline Hospitality Partners announced the acquisition of the Westin Poinsett in Greenville, S
