The U.S. Sells Waldorf Astoria in Washington, D.C., for $80 Million
Photo Credit: Lobby of the Waldorf Astoria in Washington, D.C. Hilton Worldwide
Skift Take
The federal government sold Washington, D.C.,'s former Old Post Office building, now a Waldorf Astoria hotel, to BDT & MSD Partners. Plus, more hotel deal and development news.
It is uncanny how all you need is a few comments about being close to an agreement or that we will cease the bombings to get the stock market moving. The DJIA surged 1.9% or 930 points, while the Nasdaq was up 640 (2.5%), the S&P 500 rose 1.75% or 127 points, and ignoring the inflation numbers, the 10-year treasury yield was down .08 to 4.46%. Lodging stocks were higher. VAC was up 6% to a new high, and also setting new 52-week highs were RLJ, CLDT, INN, XHR, RHP, PEB, SHO, APLE, and DRH.
BofA Securities said hotels are off to their best start in years, with RevPAR surging on a healthy macro backdrop and continued high-end spending. They also mentioned limited oil and commodity exposure and less AI disruption concerns versus online travel agents as factors giving the sector a Goldilocks moment. BofA did warn that RevPAR acceleration could partly be a factor of easy comps from 2025 that saw Liberation Day and a government shutdown, but demand is showing its strongest g
