The DJIA rose 239, Nasdaq was down -26, the S&P 500 was up 8 points, and the 10 year treasury yield was up .03 to 2.82%. Lodging stocks were modestly higher. SOND was the big winner, up 11%, followed by MCG with a 10% gain. SOHO was up another 9%, AINC rose 6% and VCSA rose another 6% on the day.
BMO downgraded PK Hotels & Resorts to Market Perform from Outperform. They lowered their price target to $18 from $21.
In yesterday’s coverage of B.Riley Securities and Ashford Hospitality Trust, we reversed the price target change. They raised their price target to $12 from $9. We incorrectly reported it the other way around. B.Riley maintained their Neutral rating on AHT.
Saudi Arabia’s Public Investment Fund and Cain International have invested $900 million in Aman Group to help accelerate the global expansion of the company. The investment will be used to enhance the existing portfolio, drive the construction of the pipeline of Aman and Janu destinations, as well as support the acquisition and development of additional sites. Following the new funding, the company is now valued at over $3 billion. Aman Group has 34 hotels worldwide, including its first hotel in New York. The company has several properties in the pipeline, including hotels in Miami Beach, Beverly Hills, Mexico’s Baja California, Bangkok, Tokyo, and the island of Hokkaido in Japan. Twelve of Aman’s 34 hotels have branded residences, including the recently opened New York property. The Miami Beach and Beverly Hills hotels will also have private residences.
Following its new partnership with Fiverr, Selina plans to coax freelancers into its properties and co-working spaces. The millennial and Gen Z-focused hospitality brand now gains access to the freelancing platform’s substantial community of four million people. Fiverr is a marketplace that connects freelancers with buyers, who now get access to 15%-off stays at Selina’s properties, as well as discounts on other services. The partnership reflects an accelerated blending of work and travel, but more importantly it marks a shift in how the travel industry recognizes what used to be a marginal group. The partnership with Selina, which will have more than 150 locations by the end of 2022, also includes the ability for these freelancers to connect through in-person events and meetups. Separately, Selina filed paperwork with the SEC to move one step closer to going public through a SPAC.
Driftwood Capital announced the opening of a new $31 million Staybridge Suiteshotel in Wilmington, DE. The hotel is located in a former office building, which was transformed into an 11-story property featuring 134 suites, a lounge, fitness center, shops and a business center. The new hotel was financed with $16.7 million from private investors, a $14.95 million construction loan from First International Bank & Trust and an additional $1.02 million grant from the Delaware Housing Authority’s Downtown Development Districts Rebate Program.
Noble Investment Group announced the acquisition of a fourteen-asset Marriott, Hilton, and Hyatt hotel portfolio. Noble will invest in physical enhancements across the portfolio while optimizing operations to drive market share and increase profitability.