Year-End Hotel News Roundup
Skift Take
- EF Hutton initiated coverage on Selina Hospitality with a Buy rating and $6.50 price target.
- STR reported US lodging data for the week ended 12/24. RevPAR was down -0.2% year over year while down -7.6% versus the same week in 2019.
- Bluegreen Vacation Holdings said they had a total of 3,040,882 shares of Class A Common Stock tendered in their cash tender offer to purchase up to 4.5 million common shares at $25 per share.
Happy New Year! The DJIA eased less than 0.1%. Nasdaq lost 0.8%. The S&P 500dipped 0.4%. The 10-year U.S. Treasury yield declined 0.035 percentage point to 3.791%.
EF Hutton initiated coverage on Selina Hospitality with a Buy rating and $6.50 price target.
STR reported US lodging data for the week ended 12/24. RevPAR was down -0.2% year over year while down -7.6% versus the same week in 2019. Christmas and New Year falling a day later, on a Sunday, is going to mess with the results in a holiday shift due to the timing of school breaks.
Bluegreen Vacation Holdings said they had a total of 3,040,882 shares of Class A Common Stock tendered in their cash tender offer to purchase up to 4.5 million common shares at $25 per share. BVH said they repurchased the shares for a total of $76 million, excluding fees and expenses. The shares to be purchased represent approximately 18.9% of the issued and outstanding Class A common shares and 15.4% of the total Class A and Class B common stock.
Two Marriott-branded hotels in Stark County, Ohio sold for more than $1 million in early December. The Residence Inn by Marriott at 5280 Broadmoor Circle NW was purchased for $4,027,737 by Supreme Bright Ohio V LLC. Supreme Bright Ohio also bought the Fairfield Inn & Suites at 5285 Broadmoor Circle NW for $3,447,321.
Sonesta Hotels is excited to announce the reinvention of The James and the launch of Sonesta Essential. The James represents and fulfills guest demands for crafted detail, classic but modernized feel, and exquisite beverage-forward outlets that encompass offerings which satisfy any craving. Sonesta Essential offers guests the essentials, ones they need while on the road—a comfortable bed, a clean room, amenities that meet their needs, so all they have to do is focus on why they're traveling in the first place. Alongside the announcement of the two new brands, Sonesta is launching a new brand campaign “Famous Yet Nameless” to reframe the brand to consumers as it continues to grow and evolve rapidly.
Everwood Hospitality Partners acquired the 184-room La Quinta I Driv
