San Francisco Hotels May Defy the Pessimists in 2024
Skift Take
- Truist reported on its visit to San Francisco for the Visit Impact Summit. The good news is that the fall 2023 events are showing improvement.
- Marriott International announced the completion of a recent redesign and renovation to the 146-room Courtyard by Marriott Denver Central Park in Denver, Colorado.
- Airbnb stock received a big lift with the announcement of its inclusion in the S&P 500.
The DJIA fell 195 points, while the Nasdaq was down 10, the S&P 500 was down 18 points, and the 10-year treasury yield was up 0.68 to 4.258%. Lodging stocks were mixed, but Airbnb stock received a big lift with the announcement of its inclusion in the S&P 500.
Truist reported on its visit to San Francisco for the Visit Impact Summit. The good news is that the fall 2023 events are showing improvement. The bad news is that the 2024 convention pace so far remains soft; 2025-2029, for now, remains far below the 800K+ annual room nights Truist views as needed for hotel sellouts/pricing power/profits. Truist is still cautious about the SF tourism recovery through at least 2024 but believes market performance may improve faster than consensus expectations. Asia Pacific international airlift may also help with non-group business.
Newbond Holdings announced the acquisition of th
