Red Roof Seeks New President
Skift Take
- Market summary: DJIA, Nasdaq, and S&P 500 experienced declines, while the 10-year treasury yield decreased slightly.
- Playa Hotels & Resorts downgraded by Bank of America Securities, with a lowered price target.
- In Europe and the Caribbean, look to the upcoming opening of One&Only Aesthesis resort in Greece, renovations at Club Med Buccaneer's Creek in Martinique, Eurostars Hotel's operation of a luxury hotel in Rotterdam
The DJIA fell 13 points, Nasdaq was down 157, the S&P 500 was down 20 points and the 10-year treasury yield was down .02 to 3.72%. While the biggest movers in lodging and the indexes were down, lodging stocks were overall more mixed than lower. PLYA and SOND were both down -75 while SLNA dropped -5% on the day.
Bank of America Securities downgraded their rating on Playa Hotels & Resorts to Underperform from Buy. They cut their price target to $8 from $10.
Marriott International’s Tribute Portfolio announced the opening of HONEYROSE Hotel, Montreal, a Tribute Portfolio Hotel, the brand’s first property in Montreal, Canada. The property offers locally sourced gastronomic experiences, five meeting rooms totaling over 7,000 square feet, a movement studio, a dry sauna, spa and indoor pool.
The sale of the SpringHill Suites by Marriott Pinehurst Southern Pines, in Pinehurst, North Carolina, closed on June 7. The new owner is a family business and this is their first acquisition in the state. The new owners of the SpringHill Suites plan to spend $4.5 million on a major renovation of the 107-room property which should be completed by May 2024 and are bringing in Concord Hospitality to manage the property.
Tempo by Hilton will make its debut with the opening of the 661-room Tempo by Hilton Times Square New York City. The property will occupy 36 floors of the soon-to-be-opened 46-story, mixed-use TSX Broadway building. The property will offer F&B offerings that pay homage to the city’s culinary heritage. There will be 31 Ball Drop rooms, guest rooms that offer up-close-and-personal views of the Times Square Ball with the Presidential Suite fea
