Lodging Stocks Whipsawed After Bank Seizures

In a day that was everything that was expected, the financial indexes and individual stocks were whipsawed. The DJIA ended the day down 91 points but Nasdaq was up 50, the S&P 500 was down 6 points and the flight to safety continued, along with the cries that all this turmoil would stop the Fed from raising rates anymore, resulting in the 10-year treasury yield falling another .18 to 3.52%. Lodging stocks were lower. AHT fell -8%, MCG and SLNA were both down -7% with SLNA trading down to another all-time low. SOND also hit an all-time low, down to below $0.77 but then bounced, ending the day up 5%. HT and TNL were down -5% on the day.

B.Riley lowered their price target on Ashford Hospitality Trust to $6.50 from $9. They maintained their Neutral rating.

Truist upped their target price on Bluegreen Vacation Holdings to $51 from $45, updating estimates after BVH reported a higher than expected 4Q result.

We typically don’t discuss insider trading, mainly because for the most part, lodging companies have modest insider activity. That being said Jon Bortz, chairman of Pebblebrook Hotel Trust has been on a bit of an insider buying spree the past few weeks. He has purchased a total of 64,000 shares between 2/28 and 3/9 at prices ranging from $14.30 to $14.67. That is something to pay attention to. We always say insiders have numerous reasons to sell but usually there is only one reason to buy.

The Montford Group and Opterra Capital, doing business as TMGOC Ventures, announced the 131-room hotel Moxy Charleston Downtown is set to open by the end of March. Amenities at the Charl