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The Ceiling Falls In On Major Hoteliers

September 30, 2008 at 2:56 PM | 1 Comment


You know it's never good when we bring out the "I has a sad" kitty.

Remember those Starwood stocks you bought a few months ago? Yeah. You might want to get rid of those -- or buy them up, depending on how you like to play the market.

The AP reports that shares of hotel companies dropped on Monday morning and even more so following the House's rejection of the $700 billion bailout plan later that afternoon. Analysts all over -- wait, who are we kidding? There's only a few financial firms left -- are lowering their expectations for travel in 2009, with one Goldman Sachs analyst predicting that revenue per available room in the U.S. will remain negative well into 2009, the AP says.

Hoteliers that saw the biggest hit to their stock prices? The aforementioned Starwood, Morgans Hotel Group and Orient-Express.

So get out there, folks, go book some hotel rooms and save the travel industry!

[Photo: icanhascheezburger]

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Author Photo: jennm by jennm

1 Comment

Return to » The Ceiling Falls In On Major Hoteliers

  1. bangerang

    HotelChatter Member
    September 30, 2008 at 4:26 PM




    slow down

    goldman sachs hates the hotel industry and always has. they were predicting that the downswing in 2002/3 was gonna last until 2007.

    morgans and orient express are taking a huge dive because they decided that they didnt like the offers from companies were offering to buy them (at a significant premium to the stock price).

    along with the rest of the market, the stocks are up significantly today, so don't go freaking out just yet.

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