International Spending in U.S. Improves 24% Year Over Year
Skift Take
- TD Cowen increased price targets for Hilton and Marriott, maintaining Outperform ratings.
- U.S. international travel spending surged in July 2023, with a trade surplus of $777 million.
- Various hotel developments and management changes were announced, including HEI Hotels & Resorts' management of Aloft Tampa Downtown and plans for new properties in New Brunswick and Denver, as well as a significant renovation of The Olana mansion in Texas.
The DJIA was down 17 points, the Nasdaq was down 1% the S&P 500 down .57%, and the 10-year treasury yield was flat at 4.286%.
TD Cowen upped its price target on Hilton to $164 from $148 and on Marriott to $215 from $185. It maintained Outperform ratings on both.
Data released by the U.S. National Travel and Tourism Office show that in July 2023, international visitors spent nearly $18 billion on travel to and tourism-related activities within the United States, an increase of nearly 24% compared to July 2022. Conversely, Americans spent more than $17.2 billion traveling abroad during July, yielding a balance of trade surplus of $777 million. International visitors have spent more than $118.5 billion on U.S. travel and tourism-related goods and services year-to-date, an increase of nearly 34% compared to 2022. Purchases of travel and tourism-related goods and services by international visitors traveling in the U.S. totaled $9.7 billion d
