U.S. Hotel Sales Fell in First Half 2023

• Stock Market: DJIA rises while Nasdaq and S&P 500 experience slight declines.
• Hotel Sales: Major U.S. hotel sales show decreases in transactions, dollar volume, and prices per key.
• Hotel Developments: Construction progresses on a skyscraper in New York and new hotels are planned in Virginia, Connecticut, and South Carolina.

The DJIA rose 114 points on Friday while Nasdaq was down 25, the S&P 500fell 5 points and the 10-year treasury yield was up .06 to 3.82%. Lodging stocks were modestly lower. The only mover of note was SHCO, down -6%. Citi lowered their price target on Pebblebrook Hotel Trust to $15 from $16.50. They maintained their Neutral rating. LW Hospitality Advisors’ Major U.S. Hotel Sales […]