Insider Buying at Lodging Companies
Skift Take
- Despite the jitters and dire predictions we have been hearing for getting close to a year, lodging demand remains consistent with any concern of deterioration stemming from headline economic risk not yet manifesting in fundamentals.
- Baird reported on something we touched on recently, insider buying at lodging companies.
- A majority of the U.S. corporate travel buyers expect their company’s business travel to ramp up and return to pre-pandemic levels by the end of 2023
The DJIA ended Friday with a decline of 385 points while Nasdaq was down 87, the S&P 500 fell 44 points, capping another week of lower equity indexes. The 10-year treasury yield was down .19 to 3.40%. Lodging stocks were lower, once again led by the lodging REITs. INN and AHT both fell -7% and CLDT, VCSA, SVC and PK were each down by -6% on the day. SOHO fell -5%.
JP Morgan gave some takeaways from their recent JP Morgan Gaming and Lodging Forum. Despite the jitters and dire predictions we have been hearing for getting close to a year, lodging demand remains consistent with any concern of deterioration stemming from headline economic risk not yet manifesting in fundamentals. JPM said the leisure segment remains resilient while group continues its recovery momentum. They noted that both Hyatt and Wyndham highlighted exposures to sub-segments less tiled to cyclical demand, indicating some cushion amid the challenged economic backdro
