Tuesday, June 27, 2023
North America

Morgan Stanley Gets Cautious About U.S. Hotel Companies

  • The DJIA, Nasdaq, and S&P 500 experienced growth with varied changes in lodging stocks. Morgan Stanley adjusted price targets for numerous lodging companies, including Sunstone Hotels and Host Hotels.
  • Major hospitality companies, such as Selina Hospitality, Whitestone Companies, and Marriott Hilton Head Resort & Spa, announced important business updates including investments, renovations, and acquisitions.
  • EOS Hospitality, Hotel Equities, and Aimbridge Hospitality made key personnel changes. Accor plans to open 1,200 hotels in the next five years, with a RevPAR growth of 15% to 20%. Aimbridge Hospitality will manage the Alliance Palace Aparthotel in Batumi, Georgia.

The DJIA fell 13 points, rose 212 points while Nasdaq was up 220, the S&P 500rose 50 points and the 10-year treasury yield was up .05 to 3.77%. Lodging stocks were mostly higher even though the two biggest movers were to the downside. SOND was down -9% and SLNA was down -5% on the day. Morgan Stanley upgraded Sunstone Hotels to Equal Weight from Underweight with […]