Alchemy Sells Wyndham-Branded Chicago Hotel
Skift Take
Alchemy announced the sale of the La Quinta Inn & Suites by Wyndham Downtown Chicago, a 230-room hotel in Chicago's Loop. Plus, more hotel deal and development news.
The DJIA was up 329 points, but the Nasdaq gave back 308, the S&P 500 was down 43 points, but at least the 10-year treasury yield caught up a bit, down .09 to 4.43%. Lodging stocks did well as we resumed the trading cycle we had been seeing for two months in the overall market, which seemed to be conducive to the hotel REIT stock sector. First, WH was the big gainer, up 5%, as Truist appears to have made them an AI stock with a positive report on how WH seems to be leading the hotel group in AI success. New highs were set by IHG, HLT, PEB, INN, PK, RLJ, APLE, RHP, SHO, and DRH.
The Wall Street Journal published an article discussing a letter that was sent to Marriott International in March, signed by 51 owners representing nearly 1,000 Marriott-branded hotels. The letter was in regard to MAR's disclosure that fee revenue from its co-branded credit cards is expected to jump 35% this year to nearly $1 billion. The owners said they thought the program was only breaking e
