U.S. Hotel Trends Point to a Holiday Season Like 2019
Skift Take
- Pebblebrook Hotel Trust cut their guidance for 4Q, citing a demand impact from Hurricane Nicole in November and weaker business/leisure demand at the end of that month.
- STR said US hotel RevPAR the week ended 12/17 was up 12% year over year while up 35% over the week in 2019.
- U.S. hotel occupancy for Christmas and New Years mirrors 2019 trends, with warm destinations proving popular according to Amadeus.
The DJIA rose 527 points while Nasdaq was up 162, the S&P 500 rose 57 points. The 10-year treasury yield was flat at 3.68%. Lodging stocks were lower on the Pebblebrook news. PEB was down -9% followed by PK with a -7% drop and CLDT, AHT and HST were each down -6%. SOND jumped 13% today and AINC was up 9%.
Pebblebrook Hotel Trust cut their guidance for 4Q, citing a demand impact from Hurricane Nicole in November and weaker business/leisure demand at the end of that month. While they said demand picked up in early December, it softened again. They also cited heavier than expected expenses. Everyone seemed a bit surprised, including analysts and investors but isn’t this why the group has been climbing a wall of worry for the past six months? PEB price targets were cut across the board and the rest of the group took a hit, shielded somewhat by a strong day in the overall market.
STR said US hotel RevPAR the week ended 12/17 was up 1
