Apple Hospitality, RLJ and Sunstone Beat Estimates
Skift Take
- Stock market indices, including DJIA, Nasdaq, and S&P 500, experienced declines on Friday, with the 10-year treasury yield also dropping notably.
- Some lodging companies reported mixed earnings, with Apple Hospitality, RLJ, and Sunstone Hotel Investors beating expectations, while DiamondRock Hospitality and Playa Hotels missed estimates.
- Several hotel chains, including Wyndham Hotels & Resorts and LuxUrban Hotels, Inc., are making expansion deals, and various hotel properties are undergoing renovations and acquisitions in different locations.
The DJIA fell 150 points Friday while Nasdaq was down 50, the S&P 500 fell 24 points while the 10-year treasury yield dropped notably, down .13 to 4.04%. The trading action is more in Treasuries than stocks these days. Lodging names were mixed; SLNA was the only mover of note, up 6% (although that is only a nickel).
It was a mixed day of earnings reports, but thankfully, we are well past the halfway point. Apple Hospitality, RLJ, and Sunstone Hotel Investors beat. APLE benefited from select service, upscale/upper midscale being the focus with diversified business and leisure exposure. Even with that, they lowered guidance slightly. RLJ beat, repurchased 2.5 million shares for $25.5 million in the quarter, and said they were increasing their quarterly dividend by 25% to $0.10 per share. SHO beat on the bottom line. They repurchased $2.85 million of shares in the quarter, well below what they did in 1Q, totalin
