Canadian Hotels Will Return to Pre-Pandemic Revenues in 2023
Skift Take
- The DJIA rose 197 points, Nasdaq was up 87, the S&P 500 rose 27 points and the 10-year treasury yield was up .04 to 3.49%.
- Hersha Hospitality is the latest lodging REIT to announce they have reinstated their quarterly cash dividend on the common shares.
- According to CBRE, Canadian hotels will return to pre-pandemic revenues next year, two years ahead of its previous forecast.
The DJIA rose 197 points, Nasdaq was up 87, the S&P 500 rose 27 points and the 10-year treasury yield was up .04 to 3.49%. Lodging stocks were modestly higher. AINC was the big mover, up 8%.
Hersha Hospitality is the latest lodging REIT to announce they have reinstated their quarterly cash dividend on the common shares. HT announced its Board of Trustees approved a cash dividend of $0.05 per common share and per limited partnership unit for the third quarter ending September 30, 2022.
According to CBRE, Canadian hotels will return to pre-pandemic revenues next year, two years ahead of its previous forecast. The firm is projecting the Canadian hotels market will end this year at 92% of the RevPAR achieved in 2019. It is forecasting moderate revenue growth will continue into 2023 as hotel operators push for higher room rates. It projects RevPAR will hit $107 next year, a 70% increase from the ind
