Multiple Lodging Stocks Hit New Lows
Skift Take
- The 10-year treasury yield was up .20 today to 3.71%. Do we need to tell you what happened to stocks? The DJIA was down 107, Nasdaq was down 153, the S&P 500 was down 32.
- Truist reported on meetings they held with the management of Wyndham Hotels. Demand trends remain favorable and while management is closely monitoring bookings, length of stay, cancellation rates and such, they see no immediate cause for concern.
- As recent demand for hotel rooms breaks records and prices skyrocket, hotel investors are taking notice as 80% of them plan on buying throughout the remainder of 2022 and into 2023.
The 10-year treasury yield was up .20 today to 3.71%. Do we need to tell you what happened to stocks? The DJIA was down 107, Nasdaq was down 153, the S&P 500 was down 32 and anything consumer related was down a lot more. The list of new lows from the Lodging stocks is getting long, today including WH, PK, TNL, IHG, CHH, PEB and PLYA. SOND had the biggest decline of -13%, followed by ABNB with a -9% drop and then HT down -8%.
Truist reported on meetings they held with the management of Wyndham Hotels. Demand trends remain favorable and while management is closely monitoring bookings, length of stay, cancellation rates and such, they see no immediate cause for concern. They see additional opportunities for tuck-in acquisitions like the recent Vienna House purchase and said financing for franchisees is very much available at similar LTVs to last year. WH is pleased with Project Echo along with th
