New York Hotel Union Marks Historic Victory
Skift Take
- Craig-Hallum initiated coverage of LuxUrban Hotels with a Buy rating and a $10 price target.
- A New York hotel union reached a deal with hotel owners and operators, boosting the wages of hospitality workers by $7.50 an hour, the largest increase in the union’s 100-year history.
- Beginning this month, Waldorf Astoria Orlando in Florida will undergo a comprehensive, multi-phase re-imagination expected to debut in December 2023.
The DJIA rose 98 points, Nasdaq was down 52, the S&P 500 was flat, and the 10-year treasury yield was up .06 to 3.43%. Lodging stocks were modestly higher. SLNA was up 6%, but SOND traded down to yet another new all-time low.
Craig-Hallum initiated coverage of LuxUrban Hotels with a Buy rating and a $10 price target.
A New York hotel union reached a deal with hotel owners and operators, boosting the wages of hospitality workers by $7.50 an hour, the largest increase in the union’s 100-year history. The five-year agreement covers 7,000 members of the Hotel and Gaming Trades Council who work at 87 suburban hotels spanning from Princeton, New Jersey to New York’s Albany region and Long Island. The new contract doesn’t include New York City hotels, where wages are still at a premium compared with the suburbs.
Beginning this month, Waldorf Astoria Orlando in Florida will undergo a com
