Hotel Recovery Is Uneven Worldwide
Skift Take
- STR's global report reveals positive RevPAR growth in most markets, with notable gains in occupancy, particularly surpassing 2019 levels in half of all markets.
- Israel, Singapore, Greece, Italy, and Ireland emerge as top performers in terms of RevPAR among countries with over 50,000 rooms, indicating strong tourism and hotel demand.
- Summer approaches with rising occupancy rates in 40 out of 48 countries, signaling a promising season for the hospitality industry worldwide. However, Vietnam and Saudi Arabia experience significant declines in RevPAR compared to 2019.
The DJIA ended the day and month down 135 points while Nasdaq was down 82, the S&P 500 fell 26 points and the 10-year treasury yield was down .06 to 3.64%. Lodging stocks were mixed again. SOND was up 11%, SLNA was up 6% and everyone else seemed to be up or down 1% to 2%.
Piper Sandler cut their price target on Sotherly Hotels to $2 from $2.50. They maintained their Neutral rating on the stock.
STR’s global “bubble chart” update through May 20, 2023 shows 85% of markets with growth in RevPAR compared to 2019. More notably, the gains included a more significant contribution from occupancy growth, as half of all markets surpassed their 2019 comparables. Among all countries with a room supply of more than 50,000 rooms, Israel, Singapore, Greece, Italy, and Ireland led in RevPAR on an actual basis. Occupancy rates in general are moving upward as summer approaches for most of the world, with 4
