Tuesday, August 29, 2023
North America

Speculation Blooms After Hersha Hospitality/KSL Deal

  • DJIA, Nasdaq, and S&P 500 all experienced gains, while 10-year treasury yield decreased. Lodging stocks surged, led by lodging REITs AINC and ABNB, potentially narrowing the gap between NAV and stock prices.
  • Lodging Dynamics Hospitality Group takes over management of Hilton Garden Inn and Homewood Suites in Los Angeles. Manhattan’s Park Lane Hotel sold to Qatar’s sovereign wealth fund. Wingate by Wyndham near LAX sold to Greens Group. IHG announces new Crowne Plaza in Saint John, New Brunswick.
  • Kintetsu Group plans new hotel in Plano, Texas. Choice Hotels breaks ground on Cambria Hotel in East Tampa, Florida. Evans’ Tempo by Hilton project falls apart. Philadelphia’s former Family Court building to be transformed into a boutique hotel with an African American Museum nearby. East Bay Resort rebrands as Salterra Resort and Spa in Turks and Caicos after major renovation.

The DJIA was up 293 points, the Nasdaq rose 239, the S&P 500 rose 64 points, and the 10-year treasury yield was down .09 to 4.12%. Lodging stocks were higher again, with the lodging REITs leading the way. The biggest gainers were AINC, up 6%, and ABNB, up 5%. As for the REITs, the big debate now is whether the Hersha Hospitality/KSL deal means more […]