U.S. Hotel Performance Stays Strong
Skift Take
- The DJIA rose 75 points, Nasdaq was up 117, the S&P 500 gained 12 points and the 10-year treasury yield was down another .09 to 3.41%. Lodging stocks were mixed.
- Pebblebrook Hotel Trust gave a 1Q operating update, showing the quarter is in line with their recent guidance.
- Tourism to and from the U.S. has gradually recovered in 2022 without fully returning to pre-pandemic levels, according to the Commerce Department.
The DJIA rose 75 points, Nasdaq was up 117, the S&P 500 gained 12 points and the 10-year treasury yield was down another .09 to 3.41%. Lodging stocks were mixed. SLNA had the best day in a month or so, up 14% while SOND was down another -6% to another new low.
Pebblebrook Hotel Trust gave a 1Q operating update, showing the quarter is in line with their recent guidance. PEB said ADR was up 20% in February versus 2019 but that was down -5% versus 2022. Same property Hotel EBITDA was up 5.4% versus 2022 to $19.4 million as the ADR decline was being offset by occupancy gains from rated customer segments. Meanwhile, CEO Jon Bortz continues buying stock on the open market every week.
Tourism to and from the U.S. has gradually recovered in 2022 without fully returning to pre-pandemic levels, according to the Commerce Department. For the year as a whole, more than 50.8 million people visited the U.S., up 128% fr
