U.S. Hotel RevPar Last Week Down YoY, Improved Over 2019
Skift Take
- For a change, the markets went up when Fed Chief Powell spoke. They interpreted his commentary and body language as blinking, that the bulk of the interest rate hikes are over.
- STR said US hotel RevPAR the week ended November 26 was down -0.1% year over year.
- Cambria Hotels announced the opening of its six-story, 121-room location in downtown Minneapolis to complete the newly constructed dual-hotel building.
For a change, the markets went up when Fed Chief Powell spoke. They interpreted his commentary and body language as blinking, that the bulk of the interest rate hikes are over. The equity markets surged in the afternoon, ending the day with the DJIA up 737, Nasdaq up 484, the S&P 500 rose 122 and the 10 year treasury yield was down .05 to 3.70%. Lodging stocks were modestly higher. ABNB was the big winner, up 7% while MCG was up 6%. SLNA traded down -6% to another new low.
STR said US hotel RevPAR the week ended November 26 was down -0.1% year over year. When compared to the same week in 2019, RevPAR was up 20.1%.
Redburn Partners initiated coverage on some hotel names today. They gave a Buy rating to Hyatt, a Neutral rating to Hilton and Wyndham Hotels. Redburn gave Sell ratings to both Marriott and Choice Hotels in their initiation.
Cambria Hotels announced the opening of its six-story, 121-room location in downtown Minne
