Hotel Asset Sales Pick Up
Skift Take
- Jefferies said the looming recession and stabilizing credit market could be positive for the prospects of timeshare, but with a harder landing not off the table, they see stocks trading at rich valuations.
- Truist said with earnings season about to kick into gear for the lodging sector, they continue to see macro over micro.
- Park Hotels and Resorts Inc. closed on the sale of the 508-room Hilton Miami Airport, located in Miami, Florida, for $118.25 million.
The DJIA fell 128 points on Friday while Nasdaq was down 194, the S&P 500 fell 43 and the 10-year treasury yield bounced higher by .14 to 3.53%. Lodging stocks were mostly lower. MCG was the mover of note, up 5%.
Jefferies said the looming recession and stabilizing credit market could be positive for the prospects of timeshare, but with a harder landing not off the table, they see stocks trading at rich valuations. They maintained their Buy rating on Marriott Vacations but cut their target price to $184 from $195. They downgraded Hilton Grand Vacations and Travel and Leisure to Hold from Buy. HGV’s PT was cut to $52 from $68 and TNL’s PT was lowered to $49 from $71.
Truist said with earnings season about to kick into gear for the lodging sector, they continue to see macro over micro. They see the main driver/wildcard coming from the economic impact of interest rates
