16-Hotel Extended Stay America Portfolio Is Sold
Skift Take
Affiliates of Lodging Advisory Group sold a 16-hotel, 1,775-room, five-stay Extended Stay America portfolio. Plus, more hotel deal and development news.
The DJIA was up nearly 1% today, rising 469 points, but the Nasdaq was the star, rising 795 or 3%, while the S&P 500 rose 1.7%, gaining 123 points. The 10-year Treasury yield, despite the oil futures decline, was only down .02% to 4.47%. Lodging stocks ended the day mixed as we saw sector rotation with profit taking in the groups that had been strong the past month. We had new 52-week highs set by HLT, MAR, IHG, H, VAC, PEB, DRH, SHO, RHP, HST, PK, and XHR, but quite a few ended the day in negative territory, and all were off their highs.
Leadership with Garden River and Batchewana First Nations signed a memorandum of understanding with BMI Group to transform the former St. Mary's Paper Mill Tower in Sault Ste. Marie, Ontario, into a Marriott hotel, as well as a cultural and conference center. The memorandum of understanding with BMI Group ensures the two communities will be involved in virtually all aspects of the hotel project - including ownership, design, and trai
