Monday, June 12, 2023
North America

More San Francisco Hotels Face Loan Pressures

  • Stock Market: DJIA, Nasdaq, and S&P 500 showed gains, while lodging stocks had mixed performance.
  • San Francisco Hotels: Park Hotels plans to surrender ownership, raising concerns about more foreclosures. Multiple hotels face loan due dates in the next two years.
  • Hotel Updates: Various hotels undergo management changes, renovations, and new openings in different locations, including California, Illinois, Texas, and Canada.

The DJIA rose 190 points, Nasdaq was up 203, the S&P 500 was up 40 and the 10-year treasury yield was up .02 to 3.77%. Lodging stocks were mixed. The mover of note to the upside was ABNB, up 6% but SOND plunged -17% and VCSA was down -7%.  The Wall Street Journal followed up on a San Francisco Chronicle article, predicting more foreclosures and […]