Montauk hotel chain says it is moving to Vancouver
Montauks hotel chain has confirmed it is shifting its focus to Vancouver in the next few months, but the announcement comes amid a broader shake-up at the Portland hotel chain, which has seen its stock slide in recent weeks.
The company’s stock has dropped more than 11% since last week’s announcement, while the company’s net income fell 7.3% over the same period.
In a statement Monday, the company said that the move is part of an effort to make the company more competitive in the global marketplace.
“We will continue to grow our hotel business, and the Montauker brand is strong and recognized worldwide,” the statement read.
Montauks also said it will “remain focused on Portland, Oregon and focus on its core business of hospitality, which includes our Montaukers hotels and properties, as well as the Montéauk Resort and Spa and Montauko’s B&B Club.”
Montauk’s stock, which is down almost 13% this year, has fallen by more than 60% from its all-time high of $3.35 on Sept. 30, 2015.
Shares of the company fell 3.7% on Monday.
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