RevPAR Tracker Sees No Recession-Driven Pullbacks
Skift Take
- The DJIA was up 436 points, Nasdaq was up 247, the S&P 500 was up 72 points and the 10-year treasury yield was down .08 to 3.27%.
- Truist Securities published their RevPAR tracker, saying based on their analysis, they have yet to observe any “recession-driven” pullbacks and see the greatest degree of booking and pricing momentum coming from the corporate group segment.
- Hotels in the top 25 markets across the U.S. were the hardest hit by the pandemic-induced demand downturn but have come back with a vengeance.
You can take your pick on whether today was an oversold or a relief rally. Either way, the DJIA was up 436 points, Nasdaq was up 247, the S&P 500 was up 72 points and the 10-year treasury yield was down .08 to 3.27%. Lodging stocks had a nice bounce led by HT with a 9% gain, MCG up 8%, RHP up 7% and BHR, AHT, DRH, XHR and PK rising 5% each.
Truist Securities published their RevPAR tracker, saying based on their analysis, they have yet to observe any “recession-driven” pullbacks and see the greatest degree of booking and pricing momentum coming from the corporate group segment. They quoted a senior executive of one of the world’s largest corporate travel agencies as saying, “We can’t keep up with the (corporate group) demand right now.” Truist sees RevPAR growth as the greatest opportunity for earnings upside over the net year led by the higher chain scales, most notably the group-centric upper ups
