Honolulu Hotel Site Sold in $510 Million Deal
Skift Take
The land under the iconic Royal Hawaiian Hotel in Waikiki has been sold for $510 million. Plus, more hotel deal and development news.
The DJIA fell 557 points while the Nasdaq was down 193, the S&P 500 dropped 62 points, and the 10-year treasury yield was down .02 to 4.13%. The bottom dropped out of the market around 2 p.m. Eastern Standard Time. Lodging stocks were lower. We saw new 52-week lows today on WH, SVC, and AHT.
Deutsche Bank reported on their DB Gaming, Lodging, Leisure & Restaurant Conference they held last week. They can’t really summarize the overall mood as the range of optimism varied across their coverage universe. The high-end commentary continues to be constructive, with Luxury RevPAR continuing to be solid while Select Service RevPAR continues to be relatively weak. DB sensed some optimism moving forward as Select Service RevPAR starts to see easy comps next year.
Baird hosted investor meetings with Apple Hospitality management. It sensed that investors want to take a more positive view of APLE shares, but the cur
