U.S. Hotel Construction Increased in December
Skift Take
- After 25 consecutive months of year-over-year declines, U.S. hotel construction increased slightly in December.
- Wells Fargo cut their price target on Airbnb to $130 from $165. They maintained their Overweight rating.
- STR said US hotel RevPAR the week ended 1/14 was up 33.1%. RevPAR was up 9.4% versus the same week in 2019.
The DJIA fell 252 points, Nasdaq was down 105, the S&P 500 fell 30 points and the 10-year treasury yield was up .02 to 3.40%. It seemed like there were more lodging stocks in the green than the red despite the overall market. The two biggest movers were to the downside with SLNA down -7% and VCSA falling -6% on the day.
Wells Fargo cut their price target on Airbnb to $130 from $165. They maintained their Overweight rating.
Truist held a conference call with corporate travel data company TRIPBAM. Takeaways included that volume in early January is down 30% in the US for the trailing 30 days compared to the same period of early 2020. The gap is anticipated to close to 20% in 1Q 2023. Truist believes the strength of volume recovery in early 2023 may provide a read-through on permanent versus temporary Covid-related corporate travel demand loss. Corporate room rates are said to be down 2% lower than
