REITweek Recap • Crypto Crackdown • Hotel M&A

June 6, 2023 | Hoya Capital

REITweek Recap • Crypto Crackdown • Hotel M&A Daily Recap Jun 6 Written By Alex Pettee, CFA U.S. equity markets advanced Tuesday as investors rotated into many beaten-down market segments and out of speculative crypto-related stocks following an aggressive SEC crackdown on crypto exchange platforms. Pushing the benchmark back to the cusp of "bull market" territory, the S&P 500 advanced 0.2% today while the Mid-Cap 400 and the Small-Cap 600 each rallied over 2%.

Real estate equities were leaders today as the annual REITweek industry conference kicked-off in New York City, with several REITs raising their full-year guidance. Among several notable takeaways, public REITs expressed a common sentiment that they are well-positioned to "pounce" on external growth opportunities once "reality sets in" for private market real estate owners that lack the deep access to capital or balance sheet strength. On that theme, Ryman Hospitality (RHP) announced yesterday afternoon that it reached a deal with Blackstone's struggling private real estate platform BREIT to acquire the JW Marriott San Antonio Hill Country Resort & Spa for $800M.

Explore hoya capital INVESTMENT RESEARCH Income Builder Daily Recap U.S. equity markets advanced Tuesday as investors rotated into many beaten-down market segments and out of speculative crypto-related stocks following an aggressive SEC crackdown on crypto exchange platforms. Erasing its declines from Monday and pushing back to the cusp of "bull market" territory, the S&P 500 advanced 0.2% today while the Mid-Cap 400 and the Small-Cap 600 each posted gains of over 2%.

The Dow added 10 points. Real estate equities were leaders today as the annual REITweek industry conference kicked-off in New York City, with several REITs raising their full-year guidance. The Equity REIT Index advanced 1.0% today, with 16-of-18 property sectors in positive territory, while the Mortgage REIT Index advanced 2.1%. Homebuilders and the broader Housing Index posted another day of strong gains today following a strong update on home sales trends from LGI ...