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North America
Airbnb Given an Outperform Rating
Bernstein initiated coverage on Airbnb with an Outperform rating and $143 price target. B of A Securities cut their rating on Membership Collective to Underperform from Buy. They lowered their price target to $4 from $12. Service Properties Trust announced it amended the agreement governing its revolving credit facility and exercised its option to extend its maturity date to July 2023. -
North America
Wells Fargo Changes Lodging Coverage
The DJIA fell 184 points, Nasdaq was down 124, the S&P 500 was down 27 points and the 10-year treasury yield was up .08 to 3.11%. Wells Fargo made a few changes to their coverage of lodging names . They cut their ratings on Hersha Hospitality, DiamondRock Hospitality and Pebblebrook Hotel Trust to Equal Weight from the previous Overweight ratings Four Seasons Hotels and Resorts unveiled its new brand creative platform, Luxury Is Our Love Language , celebrating the brand’s unique and energetic perspective on the definition of luxury. -
North America
New U.S. Lodging Per Diems Disappoint
Fed Chief Jerome Powell once again roiled the financial markets with a speech. JP Morgan cut its view on IHG Hotels & Resorts to Neutral from Overweight. Hoteliers did not seem very pleased with the US General Services Administration’s increase in lodging per diems for 2023. -
North America
Hotel Acquisitions Cool in Northern California
The DJIA rose 19 points, Nasdaq was up 27, the S&P 500 was up 10, the 10-year Treasury yield was down .01 to 2.88% and lodging stocks were higher on a calm day in the market. B.Riley Securities upped its price target on Ashford Inc to $23 from $19. Pebblebrook Hotel Trust said total revenue in July topped pre-pandemic levels for the first time since the onset of the pandemic. -
North America
Graduate Hotels Launches a Short-Term Rental Brand
The vast majority of lodging company earnings, both REIT and C-Corp , have been very positive, with the REITs being the biggest surprise. Crescent Hotels & Resorts has added The Viv, Anaheim, a Tribute Portfolio Hotel , to its Latitudes: Lifestyle by Crescent collection. Black Creek Mexico announced that Grupo Alojica completed the Westin Resort & Spa acquisition, in Puerto Vallarta , from affiliates of Marriott Vacations Worldwide .