Monday, May 22, 2023
North America

Service Properties Trust Completes Sale of TravelCenters to BP

  • Last week BP plc completed the acquisition of TravelCenter of America Inc. Service Properties Trust received $379.3 million in cash as part of the transaction.
  • Sonder Holdings was cut to Perform from Outperform by Oppenheimer and InterContinental Hotels Group was upgraded to Neutral from Sell by Redburn.
  • The Baird/STR Hotel Stock Index rose 1.4% in April from March. The Hotel Brand sub-index rose 2.5% from March while the Hotel REIT sub-index was down -2.6%.

The DJIA fell 140 points but Nasdaq was up 63, the S&P 500 managed a 1 point gain and the 10 year treasury yield was up .03 to 3.72%. Lodging stocks were mostly lower. SOND was the biggest loser, down another -10% whole SLNA traded down to a new all time low, down -6% on the day. Sonder Holdings¬†was cut to Perform from […]