Why Hotel REITs Pebblebrook, DiamondRock, and Park Hotels & Resorts Took Off Today
Shares of hotel real estate investment trust (REIT) Pebblebrook Hotels (NYSE: PEB) rocketed higher by nearly 20% in early Wall Street trading on June 5. Following close behind was Park Hotels & Resorts (NYSE: PK), with a roughly 19% gain. Meanwhile, DiamondRock Hospitality's (NYSE: DRH) advance was relatively subdued at a still-impressive 15% shortly after the start of the trading day.
The big news that got this trio of hotel REITs, and the broader stock market, headed higher was the May unemployment report. Market watchers had been expecting the number to come in as high as 20%, which would have been a terrible number and a huge comment about how devastating the impact of the efforts to contain COVID-19 has been on the U.S. economy. When the number came out, however, it was 13.3%, down from the previous month's 14.7%.
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Source Fool.com
