Summer Tourism Spending in U.S. Spikes YoY
Skift Take
- The DJIA plunged 630 points on Friday while Nasdaq was down 421, the S&P 500fell 105 points and the 10 year treasury yield jumped .06 to 3.88%. Lodging stocks were lower.
- Data recently released by the National Travel and Tourism Office showed in August, international visitors spent more than $13.7 billion on travel to, and tourism-related activities within, the U.S.
- Jefferies lowered their price target on Hersha Hospitality to $12 from $13 and Sunstone Hotel Investors to $11 from $12.
The DJIA plunged 630 points on Friday while Nasdaq was down 421, the S&P 500 fell 105 points and the 10 year treasury yield jumped .06 to 3.88%. Lodging stocks were lower. MCG fell 5% while PLYA traded down to another new low.
Jefferies lowered their price target on Hersha Hospitality to $12 from $13 and Sunstone Hotel Investors to $11 from $12. They maintained their Buy rating on HT and Hold rating on SHO.
Data recently released by the National Travel and Tourism Office showed in August, international visitors spent more than $13.7 billion on travel to, and tourism-related activities within, the U.S., an increase of nearly 103% compared to August 2021. Americans spent $13.4 billion traveling abroad, yielding a balance of trade surplus of $360 million for the month. Year to date, international visitors have spent more than $97.2 billion on U.S. travel and tourism-related goods and services, up more than 105% when compared to
