U.S. Rates Are Higher But Not Back to 2019
Skift Take
- Airbnb saw its rating cut at Baird to Neutral from Outperform. Baird lowered their price target to $100 from $120.
- The U.S hotel industry reported higher performance from the month prior but weakened comparisons with 2019, according to October 2022 data from STR.
- Through Q3 2022, the U.S. hotel industry exceeded 2019 RevPAR levels by 6.4%, based on data from STR.
The DJIA jumped 398 points while Nasdaq was up 150, the S&P 500 rose 54 points and the 10-year treasury yield was down .07 to 3.76%. So much for a calm, short week. Lodging stocks were modestly higher.
Due to the upcoming Thanksgiving Day Holiday, the next Daily Lodging Report - North America will be Sunday, November 27. Happy Thanksgiving to all that celebrate.
Airbnb saw its rating cut at Baird to Neutral from Outperform. Baird lowered their price target to $100 from $120. Barclays upped its price target on ABNB to $103 from $101 while maintaining their Equal Weight rating.
The U.S hotel industry reported higher performance from the month prior but weakened comparisons with 2019, according to October 2022 data from STR. October 2022 (percentage change from October 2019) is as follows: Occupancy: 67.2% (-2.4%); ADR: $155.63 (+16.8%); and RevPAR: $104.59
