The Earnings Parade Continues
Skift Take
- The earnings parade continues with REITs dominating the past 24 hours. PebbleBrook Hotel Trust reported 4Q results that matched their pre-announcement but gave 1Q guidance that was softer than expected.
- Sunstone Hotel Investors results came in slightly ahead for 4Q with an extra $10 million insurance gain also put in there.
- Park Hotels reported strong results even with San Francisco continued weakness. PK said group revenue is back to 83% of pre-pandemic levels.
The DJIA fell 85 points while Nasdaq was up 15, the S&P 500 fell 6 points and the 10-year treasury yield was down .05 to 3.93%. Lodging stocks were mixed. AHT was down -5% while SLNA traded down to a new low.
The earnings parade continues with REITs dominating the past 24 hours. PebbleBrook Hotel Trust reported 4Q results that matched their pre-announcement but gave 1Q guidance that was softer than expected. PEB has been changing things back and forth, keeping analysts on their toes. Their pre-announcement in late December roiled the REIT sector but then an update in January gave a slightly better look. Now the 1Q guidance is well below expectations. Analysts did focus on the $83 million worth of common shares PEB has repurchased since November as a positive surprise. Apple Hospitality reported results in line with estimates but gave 2023 full year guidance which was modestly below expectations. Analysts
