As the travel season commences, many hospitality related stocks are expected to come into focus and one of the stocks that came into focus yesterday was that of Playa Hotels & Resorts (NASDAQ:PLYA). The company is best known for owning and operating a number of all-inclusive resources in the Caribbean and Mexico.
Trading Data
On Monday, PLYA stock fell 1.82% to $8.65 with more than 1.07 million shares, compared to volume of 1.45 million shares. The stock moved within a range of $8.43 – 8.84 after opening trade at $8.94.
Key Details
However, on Monday, it announced that it had gone into a collaboration with Marriott International for the purposes of bringing the latter’s luxury collection brand to Sanctuary Cap Cana. The agreement had been reached with the owner of Sanctuary Cap Cana Francisco Martinez.
Playa Hotels & Resorts will collaborate with Marriott International to bring the Luxury Collection brand to Cap Cana. The establishment is going to be known as Sanctuary Cap Cana, a Luxury Collection Adult All-Inclusive Resort. The resort is going to open for business this summer.
A collaboration of this nature with one of the biggest hospitality brands in the world in Marriott International could well prove to be a major boost for Playa Hotels & Resorts, which is why it may be the right time to keep an eye on the stock over the course of the coming days.
Key Quote
“We are thrilled to bring our first The Luxury Collection all-inclusive brand extension to the Dominican Republic and we are grateful to the MartÃnez family for developing such a unique resort,” said Laurent de Kousemaeker, Chief Development Officer, Caribbean and Latin America, Marriott International. “We are also excited for the opportunity to work with Playa Hotels & Resorts, a very reputable all-inclusive operator.”
Technical Data
PLYA stock is above the 20-Day and 50-Day Moving averages of $8.64 and $8.11 respectively. However, the stock is trading below the 200-Day moving average of $8.71.
