Wyndham Reveals More About New Extended-Stay Brand
Skift Take
As the economy extended-stay segment tends to perform well during periods of both economic boom and bust, Wyndham's new brand should put the company in a prime position to continue posting profitable quarters.
Daily Lodging Report
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Sunday, March 20Sunstone Hotel Investors, Inc. completed the sale of the 368-room Embassy Suites Chicago and the 361-room Hilton Garden Inn Chicago Downtown/Magnificent Mile. The Chicago Hotels were sold for a combined gross sale price of $129.5 million. The company’s operations for January and early February 2022 were impacted by group cancellations and lower business volumes as a result of a surge in Covid case counts. SHO said that total portfolio occupancy as of mid-March 2022 is at the highest level since the onset of the pandemic. SHO said they have begun repurchasing shares again. On March 7, 2022, The Company announced that it had elected to terminate the covenant relief period associated with the amended debt agreements governing its credit and term loan facilities and senior unsecured notes. Prior to the termination of the covenant relief period, the Company was restricted from repurchasing its own stock. From March 8 through March 16, 2022, the Company repurchased 3.2 million shares for a total repurchase price of $35.1 million. The Company has $464.9 million remaining under its existing share repurchase authorization.
Skift Note: Sunstone has seen its recovery driven by a rebound
