HotelNewsNow.com updates the performance of publicly traded hotel companies each Friday. Included in this week’s update are: 7 Days Group Holdings Limited and MGM Resorts International.
Baird/STR Hotel Stock Index
The Baird/STR Hotel Stock Index closed Thursday at 2294.65. It was at 2290.56 as of 10:35 a.m. (eastern) today.
7 Days Group Holdings Limited
7 Days Group Holdings Limited (NYSE: SVN) reported declines in occupancy and revenue per available room during the first quarter.
The Guangzhou, China-based company said occupancy fell 3.9% to 82.8% and RevPAR dropped 5.6% to RMB134.50 (US$20.66) due to high room supply increases during the quarter.
7 Days’ stock price was down 5.7% year-to-date, closing Thursday at US$19.77 per share.
MGM Resorts International
Las Vegas-based MGM Resorts International (NYSE: MGM), through a joint venture in China, expects to raise up to US$1.5 billion in an initial public stock offering on the Hong Kong Stock Exchange.
MGM China Holdings is marketing 760 million shares for a 20% stake in the Chinese casino operator at a price ranging from US$1.59 to US$1.97, according to a notice to investors. After the IPO, MGM would hold 51% of the Chinese company and its partner Pansy Ho would hold 29%.
MGM’s stock price closed Thursday at US$15.52 per share, down 0.9% year-to-date.
Compiled by Shawn A. Turner