Wyndham's Stock Strength Continues
Skift Take
- Stock market performance: DJIA and lodging stocks showed mixed results, while Nasdaq and S&P 500 experienced gains.
- Hotel openings and renovations: New hotels and renovated properties were announced by various companies, including Wyndham Hotels, Hyatt Hotels, Candlewood Suites, and Knott's Berry Farm Hotel.
- Business updates: Remington Hotels promoted Keith Oltchick to Chief Development Officer, Hunter Hotel Advisors facilitated the sale of Hilton-branded assets, and Wyndham Hotels completed the refinancing of its Senior Secured Term Loan B Facility. Additionally, Mandarin Oriental revealed plans for a new hotel and residences in Athens, Greece.
The DJIA fell another 35 points but Nasdaq bounced, up 214 while the S&P 500was up 36 points. The 10-year treasury yield was up .10 to 3.81%. It may as well just get to 4% because we all know it is going to threaten that any day now. Lodging stocks were mixed. SLNA and VCSA were the Bobbsey Twins today, both down -10%, both trading down to all-time lows.
The strength in Wyndham Hotels’ stock continued, despite even more analysts saying there is little chance of a deal between WH and Choice Hotels. Instead, the logic is turning more towards how the Wall Street Journal story alerted everyone to how undervalued WH stock was/is. Baird hosted investor meetings with WH’s management team after the WSJ story broke. They received the expected no comment when questioned but also gave management a chance to discuss why they believe the stock is trading at a “significant and unwarranted discount.” WH management also struck a positive ton
