Apple Hospitality and Xenia Hotels Beat Expectations
Skift Take
- Apple Hospitality and Xenia Hotels were the next up to report earnings. APLE beat expectations and continues to be one of the few hotel REITs reporting EBITDA above 2019 levels.
- XHR also beat expectations on a higher top line with RevPAR growth of 23.9%.
- STR reported US lodging data for the week ended April 29. Year over year hotel RevPAR was up 5.6%.
The DJIA fell 270 points while Nasdaq was down 55, the S&P 500 fell 29 points and the 10-year treasury yield was down .04 to 3.40%. Things were going ok until the Fed Chief held his conference call after raising rates again. The same thing happened that has happened nearly every one of his conference calls the past year or so. AHT was the big winner today, up 25%, while SLNA fell to another new low, down -10%, just 32 cents from joining the other lodging Spacs as a penny stock.
Apple Hospitality and Xenia Hotels were the next up to report earnings. APLE beat expectations and continues to be one of the few hotel REITs reporting EBITDA above 2019 levels. As part of the report, APLE said they are purchasing the 154-room Courtyard Cleveland University Circle for $31 million. APLE also spent $3.6 million repurchasing 250,000 shares in the quarter.
XHR also beat expectations on a higher top line
