Sunday, June 25, 2023
North America

Pebblebrook Sees Demand Soften a Bit

  • Stock market: DJIA fell 219 points, Nasdaq was down 138, and S&P 500 fell 34 points.
  • Pebblebrook Hotel Trust warns of weaker weekend leisure travel and expects slightly lower 2Q revenue.
  • Various hotel announcements: HHM Hotels launches Echelon Luxury & Lifestyle division, Driftwood Capital acquires Hilton Dallas/Plano Granite Park, LBA Hospitality opens Homewood Suites by Hilton in Greenville, Renaissance Cleveland undergoing renovations, and more.

The DJIA fell 219 points on Friday while Nasdaq was down 138, the S&P 500 fell 34 points and the 10-year treasury yield was down .06 to 3.74%. Lodging stocks were mixed. SOND was the big mover, down -9%. Pebblebrook Hotel Trust released its monthly update and this was more of a warning. PEB said weekend leisure travel has been weaker than expected and that is […]