Magna-Managed Fund Sells Four Hotels for Nearly $500 Million
Skift Take
A fund managed by Magna Hospitality has sold a portfolio of four hotels for a total of $489.8 million. Plus, more hotel deal news.
The DJIA was down a point while the Nasdaq was up 255, the S&P 500 was up 39 points, and the 10-year treasury yield was flat at 4.13%. SOND plunged another -10% to another new low. CHH also traded down to another new low.
STR reported U.S. lodging data for the week ended 10/4. U.S. hotel RevPAR was down 0.4%, once again impacted by timing shifts for the Jewish holidays. ADR was up 2.7% but occupancy was down 3%. Group RevPAR was up 2.4%.
The Ritz-Carlton, St. Louis, announced the grand opening of its historic ballroom following a multi-million dollar renovation. The 12,200-square-foot space has been transformed as part of the hotel’s 35th anniversary celebration and completes a multi-year evolution of the property. Recent updates have refreshed beloved spaces, including The Cigar Club, The Lobby Lounge, Casa Don Alfonso, and the addition of The Solarium.
Peregrine Hospitality announced t
