Hotels Spend Big on Renovations and Expansions

• Truist lowered their price target on Park Hotels & Resorts to $19 from $20 while maintaining their Buy rating.
• BRE Hotels & Resorts and The Ritz-Carlton, Kapalua are celebrating the recent success of the property following a $100 million transformation.
• The iconic Fairmont Hotel in downtown Vancouver, Canada, is looking to expand with an annex tower, but it will not provide any additional hotel rooms.

The DJIA rose 40 points, Nasdaq was down 13, the S&P 500 was up 3 points, the 10-year treasury yield was up .02 to 3.98% and lodging stocks were mixed. SVC traded up to a new high, SOND jumped 13%, which was only to $1.11, HGV rose 5% but SLNA was down -7% and HT fell -5%. Truist lowered their price target on Park Hotels […]