Chicago Could Get a New Boutique Hotel
Skift Take
BofA Securities says the lodging sector beat Q1 earnings by about 5% on average, but high expectations muted investor reactions. Plus, more hotel deal and development news.
The DJIA rose 95 points, the Nasdaq was up 27, the S&P 500 was up 14 points, and the 10-year treasury yield was up .05 to 4.41%. Lodging stocks were nearly all lower today. The opening was not that bad as this morning, HST, RLJ, and APLE hit new highs, but all ended in negative territory. BHR was down -9% and HGV fell -5% on the day.
BofA Securities really summed up what investors are currently going through with the travel group. They said the lodging and leisure sector delivered strong first-quarter earnings, but expectations were already high. So even though the group beat earnings estimates by about 5% on average, investors did not exactly react uniformly across the group. The hotel sector has definitely responded better than its casino company cousins, and airlines have a whole bunch of other things going on besides earnings.
Waikiki's first hotel, the Moana Surfrider, A Westin Resort & Spa, announced the completion of its multi-million dollar resor
