Hotel Purchases and Development Heat Up in Early January
Skift Take
- The DJIA rose 133 points while Nasdaq was up 72, the S&P 500 was up 29 points and the 10 year treasury yield was down .08 to 3.71%.
- Canada’s hotel performance came in lower than the month prior but showed improved comparisons to 2019, according to STR ‘s November 2022 data.
- Kolter Urban is planning to build a Ritz-Carlton Hotel Residences in Sarasota Bay, Florida.
The DJIA rose 133 points while Nasdaq was up 72, the S&P 500 was up 29 points and the 10 year treasury yield was down .08 to 3.71%. Lodging stocks were higher. VCSA was up 13% to lead the group while SOND was up 6% and ABNB rose 5% on the day.
Canada’s hotel performance came in lower than the month prior but showed improved comparisons to 2019, according to STR ‘s November 2022 data. November 2022 (percentage change from November 2019) is as follows: Occupancy: 61.0% (+1.6%); ADR: C$169.69 (+14.8%); and RevPAR: C$104.98 (+16.65). Among the provinces and territories, Manitoba recorded the highest November occupancy level (76.6%), surpassing the pre-pandemic comparable by 16.3%. Among the major markets, Vancouver recorded the highest occupancy (75.9%), which was 3.5% above November 2019. Alberta (53.4%) saw the lowest occupancy among provinces, up 3.2% against 2019. At the market-level, the lowest occu
