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.

The DJIA fell 8 points while Nasdaq was down 39, the S&P 500 fell 12 points and the 10 year treasury yield was up .08 to 3.78%. 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% and VCSA traded […]