Minor Eyes U.S. After White Lotus Bump
Skift Take
Minor International Plc plans to expand in the U.S. with an Anantara hotel by early next year, driven by the surge in bookings at its Thailand properties following The White Lotus exposure.
The DJIA fell another 537 points, the Nasdaq resumed its decline, down 345, and the S&P 500 was down 78 points. The 10-year treasury yield was down .04 to 4.27%, but despite the lower interest rates, lodging REITs have quite a list of new lows as recession fears trump the lower interest rates. PEB was down -6% to a new low, while PK, RLJ, and INN were each down -5% to new lows. Also setting that new 52-week low mark were H, CLDT, RHP, HST, XHR, APLE, and VAC. SVC had the biggest decline in the group, down -8% while ABNB was down -6% and HGV and SHCO both fell -5% on the day.
Raines has added the Hilton Garden Inn Greenville University Area in Greenville, North Carolina, to its management portfolio. This is the fourth hotel that Raines is managing for Clarendon Properties. The property is owned by Greenville Ventures, LLC, a collaboration between Clarendon, Co-X Holdings,and Sandlin Investments.
