Truist Takeaways: Optimistic Yet Still Uncertain
Skift Take
- Truist reported on takeaways from their Lodging/Leisure conference they had last week.
- According to CBRE’s September 2022 Hotel Horizons forecast for the overall U.S. lodging industry, rooms RevPAR will exceed 2019 annual levels in 2022.
- IHG Hotels & Resorts unveiled exceptional 2022 results to-date and a robust future for Hotel Indigo.
The DJIA rose 528 points while Nasdaq was up 139, the S&P 500 was up 56 points and the 10 year treasury yield was up .04 to 3.61%. Lodging stocks were higher. The big mover was BHR, up 5%. VCSA traded down to another new low.
Truist reported on takeaways from their Lodging/Leisure conference they had last week. Truist said management tones remained relatively positive but realistic that the macro remains uncertain and with relatively limited demand visibility heading into 2023. Booking windows remain relatively short overall including group business, but some companies noted group bookings for 2023 appear strong with excellent booking activity in the last few months that expect to be filled in by closer to arrival groups. Last weeks’ STR results were soft with no excuse for them. Management teams did not dispute the weakness but did not acknowledge if they viewed it as a concerning trend. There is a large d
