First, Extended Stay Hotels filed for bankruptcy, now its Red Roof Inn that defaulted on their mortgage debt last night. In addition, if you look at hotel occupancies in Asia, they’re at 35%. Can their defaults be far behind? Oh, by the way, the brains behind the Red Roof Inn deal, of course, was the same financial group that’s trying to justify a 50% increase in salary for top executives. In my opinion, another green shoot that has become a weed.
Some media “experts” are advising that the recently bailed out financial groups are now “the buys of the century.” Didn’t they say that before?
Caveat emptor – buyer beware!
Till next time,
Bill
P.S. – Here comes the oversold bounce in the market, and end-of-quarter window dressing. Let’s all put a smile on our face.
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