Ace Hotels Bought for $85 Million

• The DJIA fell 392 points but Nasdaq was up 16, the S&P 500 rose 8 points and the 10-year treasury yield was up .02 to 3.54%. Lodging stocks were modestly higher with no major movers.
• Investment firm Sortis agreed to acquire Ace Group International for $85 million. The all-cash deal will give Sortis the boutique Ace Hotels brand and its hotel management company.
• International visitors spent more than $15.9 billion on travel to, and tourism-related activities within, the United States, an increase of nearly 57% compared to November 2021

The DJIA fell 392 points but Nasdaq was up 16, the S&P 500 rose 8 points and the 10-year treasury yield was up .02 to 3.54%. Lodging stocks were modestly higher with no major movers. Investment firm Sortis agreed to acquire Ace Group International for $85 million. The all-cash deal will give Sortis the boutique Ace Hotels brand and its hotel management company. Ace currently has about 10 hotels […]