Lodging Stocks Surge With Broader Market Gains
Skift Take
- Let’s go backwards to give you an overview of today’s market. The 10-year treasury yield plunged 0.32 to 3.83%. That is a nearly 8% drop in the yield on a modestly better CPI report.
- Vacasa reported 3Q results that went over as well with investors as their weak fourth quarter guidance.
- The LWHA Q3 2022 Major U.S. Hotel Sales Survey includes 119 single asset sale transactions over $10 million which totaled roughly $3.7 billion.
Let’s go backwards to give you an overview of today’s market. The 10-year treasury yield plunged 0.32 to 3.83%. That is a nearly 8% drop in the yield on a modestly better CPI report. Back to the regularly scheduled program, the DJIA surged 1,201 points, Nasdaq was up 761, and the S&P 500 rose 208 points. People will look at this and wonder if these are weekly numbers. Lodging stocks surged, except for VCSA, plunging -45% to a new low (see next story). SLNA was the biggest gainer, up 16% while MCG was up 15%, SOND, HT and BHR were up 11% and HGV and XHR both rose 10%. INN was up 9% and SVC and HST were both up 8%. The list of 7% gainers were a who’s who of mainly lodging REITs.
Vacasa reported 3Q results that went over as well with investors as their weak fourth quarter guidance. Analysts did not react well with JP Morgan being the first to downgrade the stock to Neutral, saying they are moving to the sidelines until tre
