$72 Million Sale of Westin Michigan Avenue Chicago Completed
Skift Take
Pebblebrook Hotel Trust has completed the sale of the 752-room Westin Michigan Avenue Chicago in Chicago, for $72 million. Plus, more hotel development news.
The DJIA fell 32 points, but Nasdaq was up 51, the S&P 500 was up 7 points, and the 10-year treasury yield was up .05 to 4.11%. Lodging stocks were mostly lower. AHT was the big mover to the upside, up 5% while INN was the big mover to the downside, down 5%.
Truist updated its earnings estimates and price targets on its covered lodging names. They did not make any changes to their ratings. Airbnb’s PT went to $107 from $104; Choice Hotels to $111 from $128; DiamondRock to $10 from $9; Host Hotels to $21 from $19; Hyatt to $168 from $159; Marriott to $283 from $278; Park Hotels to $12 from $11; Ryman to $121 from $120; and United Parks to $47 from $61.
In yesterday’s report, we made an error in the Mizuho initiation of coverage of Wyndham Hotels. We left out that it was Mizuho. Analyst Ben Chaiken initiated with
