Equity Markets Make a Dramatic Recovery

The equity markets made a dramatic recovery considering investors in Treasuries gave the Fed a no-confidence raspberry, not liking the comments from one of the Governors today at all. The DJIA rebounded from losses to end the day up 146 points while Nasdaq nearly came all the way back, down only 31 by the close. The S&P 500 was up 12 points but the 10 year treasury yield was up .13 to 3.27%, a 3 year high. MCG was the big loser, down another -9% to another all time low. PLYA also traded down to a new low.

K&K Hotel Group is planning to build a new Hampton Inn & Suites in Shenandoah, TX. The five-story property would include 106 guestrooms, 1,000 square feet of meeting space, a fitness center, lobby workstation, laundry room, dining area with a full bar and an outdoor pool. Hall Structured Finance has originated a new first lien construction loan totaling $15.3 million to finance the development of the Hampton Inn & Suites. Construction is slated to start in the 4thquarter 2022 and be completed in late 2023.

Finishing touches are wrapping up on the Virgin Hotel, a 28-story tower in Midtown, Manhattan. Developed by Lam Group, the 460-room property will be managed by Virgin Hotel Group. Hotel amenities include an outdoor pool with lounge areas atop the multi-story podium. The mini golf franchise “Swingers: The Crazy Golf Club” has opened in the building’s cellar levels. YIMBY predicts the hotel will wrap up work and open before the end of the year.

Red Roof announced the opening of the Red Roof PLUS+ Suites Birmingham - Bessemer, located in Bessemer, AL. Formerly a Red Roof Inn, the 66-room hotel features a business center, coin laundry and a snack center.

Roundhouse plans the Saltbox hotel, apartments and a restaurant in Boise, ID. The site fo