Hotel Equities and Springboard Hospitality Announce Merger
Skift Take
Hotel Equities and Springboard Hospitality merged, plus other hotel news.
The DJIA fell 390 points, the Nasdaq was down 155, the S&P 500 fell 43 points and the 10-year treasury yield was down .04 to 4.31%. With the exception of SVC rising 7%, lodging stocks were mixed with little movement. Even the earnings reports did not cause any major action.
Marriott International reported a 1Q RevPAR and adjusted EBITDA beat while modestly lowering 2025 guidance. They reiterated they would be returning $4 billion to shareholders this year. They bought back 3.9 million shares for $1 billion YTD through April 29th. Chatham Lodging Trust reported a solid 1Q, upped its quarterly dividend by 29% to $0.09 per share, and announced its first-ever share buyback. CLDT said its Board of Trustees approved a $25 million share repurchase program. CLDT said that they sold five hotels, with an average age of 23 years, for combined proceeds of $83 million. Sunstone Hotel Investors beat 1Q estimates, and like so many before them, cut 2025 guidance.
