North America
Los Cabos, Mexico’s Growth Attracts More Hotel Brands
Lodging stocks were mostly lower. SOND was up 6% but that was pretty much it for any type of positive movement. MCG fell another -11%, SLNA was down -7%, SOHO and ABNB both fell -5%.
JP Morgan lowered their rating on Membership Collective Group to Neutral from Overweight. JPM said their downgraded was based on MGC’s exposure to Europe.
Los Cabos Tourism Board announced unprecedented growth in tourism arrivals is expected by the end of 2022 with more than 3.3 million visitors.