Host Hotels' Sparkling Balance Sheet
Skift Take
- The earnings calendar accelerated in both the REIT and C-Corp section in the past 24 hours. Hyatt received the most attention with a clean beat but then some concerns creeping in.
- Host Hotels had a lousy two days to issue a great report with a clean and positive beat and raise.
- Summit Hotels came in just under consensus even with a strong top-line performance as higher hotel-level expenses hurt results.
The DJIA dropped 286 points, while Nasdaq was down 58, the S&P 500 fell 29 points, and 10-year treasury was up .02 at 3.36%. The Dow Jones U.S. Travel & Tourism Total Stock Market Index was down 1.3 percent.
The earnings calendar accelerated in both the REIT and C-Corp section in the past 24 hours. Hyatt received the most attention with a clean beat but then some concerns creeping in, resulting in a reaction by investors that was not as bad as Hilton but not pleasant. One thing that was pointed out was H had no asset sales and still has two hotels listed for sale. Others were not that thrilled with the legacy business performance. They did discuss the limited visibility which in a renewed jittery market is not always taken the right way. H bought back $106 million worth of stock at an average price of $104 a share.
Alan is traveling on Sunday so there will be no Daily Lodging Report on Sunday, May 7.
