July Room Rates Hit New High
Skift Take
- According to July 2022 data from STR, the U.S. hotel industry reported record-high monthly room rates on a nominal basis.
- Raymond James believes the recovery in global travel still has plenty of room to run. They believe this is the earliest stage of what is set up to be a multi-year fundamental recovery in global travel.
- A 13-F filing from Sunstone Hotels showed Blackstone Group had taken a 4.1% stake in SHO.
The DJIA fell 643 points while Nasdaq was down 2.6% or 324 points while the S&P 500 fell 90 points. The 10-year treasury yield was up .05 to 3.04%. When it comes down to it, interest rates drive equity declines or gains. Lodging stocks were lower. AHT was the big mover, down -8%.
Raymond James believes the recovery in global travel still has plenty of room to run. They believe this is the earliest stage of what is set up to be a multi-year fundamental recovery in global travel and that the greatest upside to lodging stocks can be captured early in the recovery. RJ believes the group’s stock performance will, more than anything else, be dictated by shifts in macro expectations. Their top picks in the sector include Pebblebrook Hotel, Host Hotels and Ryman Hospitality.
A 13-F filing from Sunstone Hotels showed Blackstone Group had taken a 4.1% stake in SHO. Blackstone has 8.65 million shares of
