Magna Buys Three Manhattan Hotels for $160 Million

• Crescent Real Estate acquired the Element Orlando Universal Boulevard hotel, and the Delta Hotel in Wichita Falls, Texas, opened.
• Various hotel acquisitions and rebranding activities occurred, including the purchase of Hilton-branded hotels in New York, rebranding of properties as Trademark Collection by Wyndham, and the addition of Arlo Williamsburg to the Arlo Hotels portfolio.
• A $1.5 billion development plan for the Tennessee Titan’s domed stadium area was announced, including a 40-story hotel, apartments, and retail spaces, with construction set to begin in 2025.

The DJIA surged 332 points while the Nasdaq jumped 112, the S&P 500 rose 38 points and the 10-year treasury yield was up .04 to 4.29%. Lodging stocks were higher but the two big movers were to the downside. VCSA dropped -7% to another new all-time low, while AINC also traded down to a new low on very low volume, down -10% on […]