Sunday, September 17, 2023
North America

First Hospitality Buys 17 Hotels in Hostmark Deal

  • DJIA, Nasdaq, and S&P 500 all experienced declines while the 10-year treasury yield rose to 4.32%. Lodging stocks had mixed performance.
  • Truist updated price targets for lodging/hotel group stocks, with several adjustments both up and down.
  • Various hotels announced renovations, expansions, and new locations, including the Westin Denver Downtown, Hyatt’s growth plans, and the EV Evolution Venue Hotel in Tampa and Washington, DC.

The DJIA fell 289 points on Friday while the Nasdaq was down 218, the S&P 500 fell 55 points, and the 10-year treasury yield continued its march to 4.50%, up another .03 to 4.32%. Lodging stocks were mixed. New lows were set again by VCSA and AINC, while SOND fell -5% on a day when it held a vote on a reverse split. […]