London to Overtake Las Vegas in Hotel Supply
Skift Take
- Wyndham Hotels & Resorts received a much better response to their earnings report than Hilton did yesterday.
- Pebblebrook Hotel Trust kicked off the Lodging REIT earning season with Hersha Hospitality.
- Hersha Hospitality revenue was in line, EBITDA was lower than expected.
The DJIA rose 525 points, Nasdaq was up 288, the S&P 500 was up 79 points and the 10-year treasury yield jumped .10 to 3.53%. Lodging stocks were modestly higher, with not much of a comeback from yesterday’s sell off. SOND traded down to another all time low. VCSA was up just over a dime, which is 15%.
Wyndham Hotels & Resorts received a much better response to their earnings report than Hilton did yesterday. They beat and raised, just like HLT and said they don’t see any signs of a slowdown ahead of the seasonally strong summer season. Net room growth was 4% year over year with an 11% increase in the pipeline with 35 new ECHO Suites contracts in there, giving them 205 hotels for the new brand. WH also bought back $54 million of stock in 1Q and even the fact that wasn’t even half of what they bought back in the second half quarters of 2022. WH was up $1.24.
Pebblebrook Hotel Trust kicked off t
