Choice Is Pursing Wyndham
Skift Take
- The big news was a rumor with the Wall Street Journal reporting Choice Hotels is making a move to acquire Wyndham Hotels & Resorts.
- Truist upped their price target on Hyatt Hotels to $149 from $145. This follows H’s Investor Day and the tours of Apple Leisure Group resorts.
- Pebblebrook Hotel Trust gave their monthly update saying for 2Q23, overall demand and profitability trends continue to remain within expectations.
The DJIA fell 231 points, Nasdaq was down 161, the S&P 500 fell 47 points and the 10-year treasury yield was down .02 to 3.70%. The indexes fell more and more as the day wore on, probably something that will continue until there is movement on how to handle the debt ceiling issue. In the midst of all this, a rumor came out of nowhere, sending WH up 5% and CHH down -5%. SOND was the big loser again, down -17% while SHCO was down -7%.
The big news was a rumor with the Wall Street Journal reporting Choice Hotels is making a move to acquire Wyndham Hotels & Resorts. The WSJ reported this, WH stock surged, CHH stock fell and then they included in there that it is not clear whether WH even wants to do a deal. The article suggested CHH could go hostile if WH’s board was not interested and go right to shareholders. This is an extremely interesting situation as the cash flow would be tremendous, enough possibly to offset the h