Four Seasons Opening Private Retreats Collection in Los Cabos
Skift Take
- Morgan Stanley changed price targets on its covered hotel companies. Hilton’s PT was lowered to $167 from $171, while Wyndham’s PT was upped to $90 from $87.
- Chatham Lodging Trust announced they repaid in full three mortgages with outstanding principal of $73.3 million and a weighted average interest rate of 8%.
- Four Seasons Resort and Residences Los Cabos at Costa Palmas will begin taking reservations for its ultra-luxury Private Retreats collection soon.
The DJIA rose 266 points while Nasdaq was up 226, the S&P 500 rose 53 points and the 10-year treasury yield was up another .04 to 3.67%. Lodging stocks were mixed.
Morgan Stanley changed price targets on its covered hotel companies. Hilton’s PT was lowered to $167 from $171, while Wyndham’s PT was upped to $90 from $87. Both were maintained at Overweight. Equal-Weight rated Choice Hotels’ target price was lowered to $129 from $137, Park Hotels was lowered to $15 from $14 and DiamondRock’s PT was upped to $9.50 from $9. MS has Underweight ratings on Sunstone Hotels and Pebblebrook Hotel Trust. MS lowered its PT on SHO to $9 from $10 and PEB to $12 from $13.
Chatham Lodging Trust announced they repaid in full three mortgages with outstanding principal of $73.3 million and a weighted average interest rate of 8% with proceeds from its newly issued term loan which currently carries an interest rate of 6.1%. The three properties with the mortgages were the Home2 Suites Woodland Hills, Residence Inn Tysons Corner and Homewood Suites San Antonio. CLDT has until late April to borrow funds under the unsecured term loan and intends to fully draw the $90 million within that time frame.
Two hotels, Hampton Inn and Element by Westin, are proposed southwest of the Roseville Junction project in Placer County, California. Insignia Hospitality Groupis the project proponent. According to the plans the Element by Westin will have four stories with 124 guestrooms, a lounge with outdoor patio, dining area and outdoor corn hole and pickle ball courts. The four-story, 117-room Hampton Inn will offer a fitness cen
