SVB Collapse Doesn't Impact Booking or Pricing
Skift Take
- Truist said they have seen no noticeable changes to overall corporate booking and pricing trends in the first 10 days following the collapse of Silicon Valley Bank.
- On March 20, Membership Collective Group commenced trading on the NYSE under its new name and ticker, Soho House & Co Inc. / SHCO.
- In a joint venture, NewcrestImage and Hospitality Capital Partners have acquired 16 hotels with a total of 2,155 rooms for $137.3 million from Service Properties Trust.
The DJIA ended Friday with a gain of 132 points while Nasdaq was up 37, the S&P 500 was up 22 points and the 10 year treasury yield was down another .03 to 3.38%. Lodging stocks were modestly higher although the biggest movers were the new age group, to the downside. SOND fell another -6% to another new all time low while SLNA and SHCO were both down -5%.
Truist gave their latest observations on forward-looking booking and pricing trends for U.S. hotels. Their checks and analysis were generally positive, backing up the positive commentary on recent conference calls. The commentary, Truist’s views and insider activity at the lodging REITs are in the complete opposite direction of the way stock prices are going. Truist said they have seen no noticeable changes to overall corporate booking and pricing trends in the first 10 days following the collapse of Silicon Valley Bank. Individual
