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North America
Hotels Change Hands, Brands Enter New Markets
Lodging stocks were mostly lower. VCSA was down -12%, SOND was down -8% but MCG was up 5% on a new Buy rating. Northland Capital Markets initiated coverage on Selina Hospitality Group with an Outperform rating and $4.50 target price. The scheduled auction of the downtown Hilton Hotel Minneapolis , previously slated for Friday, has been postponed. -
North America
Lodging Stocks Fall Along With Market Drops
The DJIA fell 351 points while Nasdaq was down 225, the S&P 500 fell 58 points and the 10 year treasury yield was down .09 to 3.51%. What happened to the Santa Claus Rally? Braemar Hotels & Resorts Inc. reported preliminary portfolio occupancy of approximately 64% for November 2022 with an ADR of approximately $394 resulting in RevPAR of approximately $253. Marriott International, Inc . announced the completion of an $11 million dollar revitalization of its 395-room Falls Church Marriott Fairview Park , in Falls Church, Virginia . -
North America
Lodging Stocks End Higher While Hotel Index Stock Drops
The DJIA jumped 551 points today while Nasdaq was up 354, the S&P 500 was up 95 points and the 10-year treasury yield was up .01 at 4.02%. The Baird/STR Hotel Stock Index fell -9.1% in September. Despite continued strong RevPAR, both year over year and 2019 comps, the stock index has dropped -20.6% in the first 9 months of the year. Driftwood Capital broke ground on the Element by Westin , a new 130-key extended-stay hotel located on prime oceanfront property in Melbourne, FL . -
North America
Business Travel Will Return to Pre-Pandemic Levels by Late 2023
The DJIA fell 154 points but Nasdaq was flat while the S&P 500 fell 9 points and the 10-year Treasury yield was up .02 to 3.05%. Citigroup upped its price target on Sunstone Hotels to $12 from $10.50. Morgan Stanley upped its price target on Airbnb to $125 from $100.