The Sortis Acquisition of Ace Hotel Is Ongoing Saga
Skift Take
- DJIA fell 169 points in August; Nasdaq rose 16; S&P 500 down 7. Travel intent increases: 21.8% plan foreign trips, 45.9% plan vacations.
- Hotel developments: New AC Hotel in Lansing, Sheraton San Diego rebranded as Sheraton Resort & Marina, TRS Coral Hotel added to Wyndham's Registry Collection.
- Upcoming: Highgate manages Hilton Garden Inn Kauai, IHG's Atwell Suites in Henderson and Fort Worth, proposed dual-tower project near Austin Convention Center.
The DJIA fell 169 points to end the month of August while the Nasdaq was up 16, the S&P 500 was down 7 points, and the 10-year treasury yield was down .03 to 4.09%. Lodging stocks were mixed.
Sortis Holdings revealed plans in January to buy Ace Group International and its management firm, Atelier Ace. The $85 million all-cash transaction promised to bring a dozen hotels, including the first Ace in Seattle. The Ace sale didn’t close in March as planned, as Ace’s owners terminated the sale. In April, Sortis sued sellers, including Ace CEO Brad Wilson, to come back to the table and close. After airing dueling allegations, the litigants have hashed out settlement terms, although it is unclear whether the settlement signals the deal will move forward.
Citigroup upped their price target on Marriott to $228 from $175. They maintained their Neutral rating.
Data published by The Conference Boar
