Hyatt Announces Plans for New Short-Term Vacation Rental Platform

• Barclays expects a weak quarter for lodging REITs in 3Q23 and adjusted price targets for several hotel stocks.
• Various hotels across the US, including Marriott Vail and Signia by Hilton Atlanta, are undergoing construction or renovation.
• Hyatt Hotels plans to launch a vacation rental platform, Homes & Hideaways, while Sonesta opens a new hotel in Houston and Mandarina Oriental expands into Zurich.

The DJIA rose 116 points, Nasdaq was up 108, the S&P 500 rose 25 points and the 10-year treasury yield was down .03 to 4.60%. Lodging stocks were higher. SOND was up 12%, AHT was up 11% while PK and BHR both rose 5% on the day. Barclays said they are expecting another soft quarter for the lodging REITs given the STR data, preannouncements and weather events in 3Q23. They lowered their price […]