Selina Is in Danger of Stock Market Delisting
Skift Take
- Market Movement:DJIA up 26, Nasdaq down 26, S&P 500 down 1, 10-year treasury yield down to 4.25%.
- Selina Hospitality Woes:Selina Hospitality's stock plunged 41%, facing financial struggles and a revised SEC prospectus. Other lodging stocks also hit new lows.
- Hotel Industry Highlights: Airbnb's price target raised to $110 by Morgan Stanley. American Hotel & Lodging Association praised new federal travel rates. Blackstone sold three hotels for $64.3 million. Various hotel developments and renovations announced. Hotel La Jolla undergoes $8M renovation. David Meisner rejoins White Lodging as Regional VP.
The DJIA rose 26 points, Nasdaq was down 26, the S&P 500 was down a point, and the 10-year treasury yield was down .06 to 4.25%. It sounds like a typical mid-August Friday in the stock market. Not so for lodging stocks, particularly Selina Hospitality which was read its last rites as it tried to avoid a reverse split to stay listed. SLNA plunged -41% to a new all-time low. They filed a revised prospectus with the SEC, and while it shows how ugly things are, with numerous financings, convertibles, and eventually a lot more shares, we didn’t see anything that wasn’t out there already. If anything, that filing shows that the financing people made as big a mistake as their public shareholders. Outside of SLNA shares getting demolished, the REITs are also taking another hit, with new lows set by CLDT, BHR, INN, and XHR on Friday.
Morgan Stanley upped their price target on Airbnb to $110 from $100. MS maintained the
