S&P acts on lodging companies

S&P, citing the effect of the coronavirus pandemic on lodging companies and a possible recession in the second half of the calendar year, took action on several companies.

S&P downgraded Travel Leaders Group LLC to B from B+, Lakeland Holdings LLC to CCC+ from B- and Aimbridge Acquisition Co. Inc. to CCC+ from B.

The agency placed Travel Leaders on CreditWatch with negative implications from a negative outlook and changed Lakeland’s outlook to negative from stable. S&P also changed Aimbridge’s outlook to negative from being on negative watch.

S&P also changed the outlooks for Wyndham Destinations Inc., Marriott International Inc. and Marriott Vacations Worldwide to negative.

The following companies were placed on negative watch: Hyatt Hotels Corp., Hilton Grand Vacations Inc., Extended Stay American Inc. and Playa Hotels & Resorts NV.

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