Peregrine Hospitality

Blackstone Group agreed to buy the troubled Sunseeker Resort in Port Charlotte, Florida, for $200 million from Allegiant Travel Company. Plus more hotel development news.

In Coronado, California, the Hotel del Coronado announced the completion of the revitalization of its iconic Victorian building, the final milestone in Blackstone Real Estate's more than $550 million restoration plan to enhance the hotel.

DoubleTree by Hilton has added 40 properties in the past year, including in Nice, Laos, the Azores Islands, and Malta. Meanwhile, Canada's hotel industry reported mixed year-over-year performance in April, plus other hotel news.

Stocks plunged sharply, with the DJIA, Nasdaq, and S&P 500 all dropping, while treasury yields fell and lodging and gambling stocks took heavy losses.

Truist downgraded Playa Hotels & Resorts to Hold, seeing an increased likelihood of a Hyatt acquisition that could boost Hyatt’s share price as PLYA nears its $13 target.