ClubMed Celebrates Its Birthday With Expansion
Skift Take
- Club Med is celebrating its seventy-second birthday as it expands to even more places around the globe.
- Deutsche Bank gave its first broad-based downward revision to hotel REIT estimates since the travel recovery began in spring 2021.
- The growing demand for luxury branded residences is stronger than ever, especially in Florida.
The DJIA jumped 337 points, Nasdaq was up 247, the S&P 500 rose 62 points and the 10-year treasury yield fell by .13 to 4.11%. Lodging stocks were higher. VCSA was up 10% while SOND and BHR both rose 6% on the day.
Deutsche Bank gave its first broad-based downward revision to hotel REIT estimates since the travel recovery began in spring 2021. DB is going to have some company as we sense more analysts are beginning to believe that we just saw the best environment for the space as the return to work is taking away the big leisure push and they are not sure it is going to be completely replaced by an increase in business travel. DB said the industry, including the REITs, over-earned relative to what could reasonably be expected by any traditional metrics in 2Q and now we may be entering the first phase of an industry correction with occupancy slippage in the leisure segment. If an individual is spending more time ba
