The DJIA rose 7 points but Nasdaq surged 232, the S&P 500 was up 43 points and the 10-year treasury yield plunged .13 to 3.40%. This was all on the Fed giving Wall Street what they wanted with only a .25 interest rate hike and more dovish comments. Lodging stocks were higher. MCG led the group with a 12% rise while VCSA ended the day up 5%.
Citigroup upped their target price on Park Hotels & Resorts to $15 from $13 while maintaining their Neutral rating. They also upped their target price on Pebblebrook Hotel Trust to $16.50 from $15. They also maintained their Neutral rating on PEB.
STR reported US lodging data for the week ended January 28. RevPAR rose 31.9% on a year over year basis. When compared to the same week in 2019, RevPAR was up 13.4%.
Commonwealth Hotels and Homewood Suites by Hilton announced the “topping off” of its new hotel in Newport, Kentucky. The Homewood Suites Newport Cincinnati is projected to be up and running by mid-summer. The 5-story, 133-suite hotel is developed and owned by Corporex. When completed, the new Homewood Suites Newport Cincinnati will provide a rooftop bar and a fitness center.
IHG Hotels & Resorts announced the opening of the Holiday Inn Chicago O’Hare Airport. Located in Chicago, Illinois, the 139-room hotel offers 3,623 square feet of meeting space, a business center, a fitness center, and an onsite restaurant. The Holiday Inn Chicago O’Hare Airport is owned by Gateway Rosemont LLC and managed by Hostmark Hospitality Group.
Accor’s private rental brand, onefinestay, has launched monthly stays in New York City with 16 homes available to book and many more being added over the coming months. Offering fully furnished leases with