Marriott Branded Residences' Open and Pipeline Portfolio Nears 300 Projects
Skift Take
Marriott signed agreements for hotels in: Detroit, Michigan; Muskoka, Canada; Gulf of Papagayo, Guanacaste, Costa Rica; and Jeddah, Saudi Arabia; bringing the Marriott Branded Residences total open and pipeline portfolio to around 300 projects.
The DJIA fell a point while Nasdaq was up 61, the S&P 500 rose 6 points and the 10-year treasury yield was down .03 to 4.48%. Lodging stocks were modestly higher. INN and AHT were the big movers today, both up 6%.
BMO Capital downgraded Sunstone Hotel Investors to Market Perform from Outperform. Their target price was reduced to $12 from $14.
Truist Securities lowered their target price on RLJ Lodging Trust to $7 from $10. They had downgraded the stock from Buy to Hold in late May. Truist said they view RLJ as relatively challenged given almost no luxury exposure, international inbound demand challenges to gateway markets, and city-specific factors such as Austin and D.C. The headwinds are offset by continuing repositioning efforts and recovering business travel to major urban markets.
Marriott International, Inc. announced signed agreements in: Detroit, Michigan; Muskoka, Canada; Gulf of Papagayo, Guanacaste
