U.S. Hotel Brokers Project Increase in Transactions
Skift Take
Transactions in the $10 to $20 million segment are expected to pick up pace as financing becomes more accessible via the commercial mortgage-backed securities market.
The DJIA was down 76 points, but the Nasdaq was up 77, the S&P 500 rose 3 points, and the 10-year treasury yield was up .03 to 4.22%. Lodging REITs were on fire today thanks to the Bloomberg story on Sunstone Hotel Investors. SHO was up 10% to a new 52-week high, AHT was up 8%, PEB, XHR, and INN were up 6% each, and RLJ was up 5%. XHR and DHR joined SHO on the 52-week high list, as did IHG. SOND was down -7%.
Bloomberg published an article saying Trinity Investments had an interest in acquiring Sunstone Hotel Investors for around $13 a share. The article said Trinity had expressed interest, but there are currently no talks going on. SHO shares rose to more than $12 this morning anyway because not many people read past the headline. That being said, isn't it about time someone takes advantage of the hotel REITs that are trading at or below NAV? Baird commented on this, saying this would be a good starting point for buying SHO bu
