Lodging Stocks End Higher While Hotel Index Stock Drops
Skift Take
- The DJIA jumped 551 points today while Nasdaq was up 354, the S&P 500 was up 95 points and the 10-year treasury yield was up .01 at 4.02%.
- The Baird/STR Hotel Stock Index fell -9.1% in September. Despite continued strong RevPAR, both year over year and 2019 comps, the stock index has dropped -20.6% in the first 9 months of the year.
- Driftwood Capital broke ground on the Element by Westin, a new 130-key extended-stay hotel located on prime oceanfront property in Melbourne, FL.
The DJIA jumped 551 points today while Nasdaq was up 354, the S&P 500 was up 95 points and the 10-year treasury yield was up .01 at 4.02%. Lodging stocks were higher. VCSA was up 10%, SOND was up 8%, ABNB was up 7% and SVC was up another 5%, still sporting a dividend yield of more than 10% even after a 33% jump in a week. Also rising 5% today were HT, PK, INN and MCG.
The Baird/STR Hotel Stock Index fell -9.1% in September. Despite continued strong RevPAR, both year over year and 2019 comps, the stock index has dropped -20.6% in the first 9 months of the year. The Hotel Brand sub-index was down -7.7% from August while the Hotel REIT sub-index was down -13.5%.
Driftwood Capital broke ground on the Element by Westin, a new 130-key extended-stay hotel located on prime oceanfront property in Melbourne, FL. Located adjacent to The Crowne Plaza Melbourne, another property owned and operated by Driftw
