Early September RevPAR up 30% YoY
Skift Take
- Equity investors were once again willing to give the Federal Reserve Board the benefit of the doubt on the 0.75% rate hike today but then Fed Chief Powell held a press conference and it got ugly pretty quickly.
- STR reported US lodging data for the week ended 9/17. US hotel RevPAR was up 30.6% year over year. RevPAR was up 12.7% versus the same week in 2019.
- A group of hotel franchisees has filed a lawsuit against IHG Hotels and Resorts, claiming a cyber attack on its booking system earlier this month cost them millions of dollars in lost revenue, according to various news sources.
Equity investors were once again willing to give the Federal Reserve Board the benefit of the doubt on the 0.75% rate hike today but then Fed Chief Powell held a press conference and it got ugly pretty quickly. By the close the DJIA was down 522 points, Nasdaq was down 205, the S&P 500 fell 66 points, the 10-year treasury yield was down .06 to 3.51% and lodging stocks went from a modestly weak day to a route. HT fell -9%, AHT, SHO and CLDT each fell -7% while MAR, RLJ, and BHR fell -6%. IHG traded down to a new low, down -5% while PK, HLT, SVC, RHP and HT also fell -5% on the day.
STR reported US lodging data for the week ended 9/17. US hotel RevPAR was up 30.6% year over year. RevPAR was up 12.7% versus the same week in 2019.
A group of hotel franchisees has filed a lawsuit against IHG Hotels and Resorts, claiming a cyber attack on its booking system earlier this month cost them millions of dollars
