Ace Hotel Brand Is Close to Being Sold
Photo Credit: The entrance to the lobby of the Ace Hotel in Brooklyn. Ace Group
Skift Take
Bloomberg reported that Japan’s Seibu Holdings is close to signing a deal to acquire the eight-property Ace hotel brand. Will it sell for about $85 million? Read about that and other hotel development deals and news.
The DJIA rose 179 points, Nasdaq was down 81, the S&P 500 was up four, and the 10-year treasury yield was down .04 to 4.34%. Lodging stocks were higher. SVC was the big gainer, up 12% while PK and INN both rose 5% on the day.
Bank of America Securities upped its price target on Hilton to $285 from $275, Ryman Hospitality Properties to $110 from $105, and Summit Hotels to $5.75 from $5. It maintained Buy ratings on HLT and RHP and its Neutral rating on INN.
Mizuho upped its target price on Hilton Grand Vacations to $73 from $70. They maintained their Outperform rating on HGV.
Hotel Equities announced the opening of the AC Hotel Wichita Downtown. The property joins HE’s portfolio of lifestyle hotels, located in Wichita’s historic Old Town district. The 118-key hotel is owned by Sparta
