New U.S. Lodging Per Diems Disappoint
Skift Take
- Fed Chief Jerome Powell once again roiled the financial markets with a speech.
- JP Morgan cut its view on IHG Hotels & Resorts to Neutral from Overweight.
- Hoteliers did not seem very pleased with the US General Services Administration’s increase in lodging per diems for 2023.
Fed Chief Jerome Powell once again roiled the financial markets with a speech. His legacy is that he was a good leader of the Fed who never should have held a press conference because his comments always seem to have a negative effect on the market. The DJIA plunged 1008 points on Friday while Nasdaq was down 498, the S&P 500 fell 141 points and the 10-year Treasury yield was up .01 to 3.04%. Lodging stocks were lower across the board. The biggest decliners included a -14% drop from SOND, VCSA was down -8%, IHG and MCG both fell -7% and XHR, BHR, TNL, HT, and SHO fell -6% on the day.
JP Morgan cut its view on IHG Hotels & Resorts to Neutral from Overweight.
Hoteliers did not seem very pleased with the US General Services Administration’s increase in lodging per diems for 2023. HNN said hotels might end up abandoning negotiated rates for government employees in favor of higher-paying demand segments. Thi
