NEW YORK, N.Y. (
) -- Several small cap hotel operators, including
Morgans Hotel Group
Sonesta International Hotels
, saw their share prices bid up Monday in one what analyst called simply "a good day at the market for small caps."
Susquehanna Financial Group analyst Amanda Bryant explained to
that small caps tend to experience a bit more volatility in terms of intra-day stock fluctuations, and that no particular news sparked the stock movement Monday.
Shares of Bermuda-based Orient-Express jumped 7.4% Monday afternoon while New York City-based Morgans added 4.6%. Sonesta, based in Boston, Mass., gained 3.9%.
The hoteliers' shares changed hands below trailing 30-day average volumes.
Bryant added that economic news related to the housing market likely had little effect on small cap hotels. Early Monday the Commerce Department reported
sales of newly built homes spiked 23.6% in June
, well ahead of expectations. The data came several days after the National Association of Realtors said last week that existing home sales
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Orient-Express is the owner or part-owner of 50 hotel and travel properties in 24 countries, including deluxe hotels, tourist trains and canal cruise businesses. Morgans develops boutique hotel properties in U.S. and European gateway cities. Sonesta operates hotels near Boston and New Orleans, and in international destinations ranging from Egypt and Costa Rica to Brazil and Peru.
-- Reported by Miriam Marcus Reimer from New York.
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