Why DiamondRock Hospitality Stock Jumped Nearly 11% Today
Shares of hotel focused real estate investment trust (REIT) DiamondRock Hospitality (NYSE: DRH) were higher by nearly 11% at one point in the early afternoon on Sept. 14. By 2 p.m. EDT they were still holding on to a roughly 10% gain. However, even after that gain, the stock is still down nearly 50% for the year. There's a connection.
The big news today was that, broadly speaking, investors seem to think the world will be able to work past COVID-19. Notably, after a brief pause, AstraZeneca announced over the weekend that it has now resumed the phase three trials for its COVID-19 vaccine. A successful, safe, and widely available vaccine would be a huge boon to DiamondRock Hospitality's hotel business. It makes sense that investors shifting to a positive take on the health front would also take a more positive view of this REIT's future.
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Source Fool.com
