Global Hotel Groups Are Sitting on Piles of Cash
Skift Take
- The DJIA rose 61 points, Nasdaq was up 50, the S&P 500 was up 12 points and the 10-year Treasury yield is quickly rising to where it peaked in June, up another .05 to 3.11%.
- STR said US RevPAR for the week ended 8/20 was up 16.9% versus the same week last year.
- Global hotel groups are holding near-record amounts of cash. Seven of the best-known hotel groups were collectively sitting on about $7.3 billion in cash and short-term investments as of the end of June.
The DJIA rose 61 points, Nasdaq was up 50, the S&P 500 was up 12 points and the 10-year Treasury yield is quickly rising to where it peaked in June, up another .05 to 3.11%. Lodging stocks were mostly higher. SOND was the big winner, up 11%. AHT ended the day up 5%.
STR said US RevPAR for the week ended 8/20 was up 16.9% versus the same week last year. When compared with the week in 2019, RevPAR was up 12.2%.
Baird upped its target on Hyatt Hotels to $105 from $94. It maintained its Neutral rating.
Skift, the parent company of this publication, published an interesting report on how global hotel groups are holding near-record amounts of cash. Seven of the best-known hotel groups were collectively sitting on about $7.3 billion in cash and short-term investments as of the end of June. The article discussed the options available to these companies, including buying/selling hotel assets, giving raises
