Kimpton Era Midtown New York Officially Opens
Photo Credit: Guest Room at Kimpton Era Midtown New York IHG
Skift Take
Kimpton Era Midtown New York has opened with 529 guestrooms. Plus, more hotel deal and development news.
The DJIA fell 289 points, but the Nasdaq was up 19 points, the S&P 500 fell 6 points, and the 10-year Treasury yield was up .07 to 4.21%. Lodging stocks were mixed.
Morgan Stanley cut their target price on Wyndham Hotels & Resorts to $85 from $89. They maintained their Overweight rating. MS also cut its target on Marriott International to $331 from $328, also maintaining its Overweight rating.
STR reported U.S. lodging data for the week ended 3/7. U.S. hotel RevPAR was up 4.9% with rates up 3.6%. Group RevPAR was up 7.5%, also mostly on rates, and occupancy was only up 1.9%.
Global hotel development activity remains active even as developers face rising construction costs, higher interest rates, and tighter financing conditions. Industry analysts report that while some projects have been delayed or restructured, the overall pipeline of planned hotel developments remains substantial in severa
