Hyatt's Heavy Canadian Expansion
Skift Take
- Earnings reports from various hotel and hospitality companies have mixed results, with Marriott International and Hyatt facing disappointment, while Park Hotels, Chatham Lodging Trust, Host Hotels, RLJ Lodging Trust, and Summit Hotel Properties pleased investors.
- Hyatt Hotels plans to double its brand footprint in Canada with 23 new hotels by 2026, including airport locations and Hyatt Centric and Hyatt House properties.
- Various hotel acquisitions, openings, and renovations are announced, including the launch of Pendry Tampa and Pendry Residences Tampa, and the renovation of L'Ermitage Beverly Hills. Selina Hospitality faces financial challenges and seeks to restructure its debt.
The DJIA surged 565 points, Nasdaq jumped 233, the S&P 500 as up 80 points and the 10-year treasury yield was down .12 to 4.67%. Lodging stocks jumped, led by earnings, led by the market, possibly short covering. AHT and PK were the big winners, up 18% and 12% respectively while INN was up 11%. SHCO and VCSA were both up 8% while CLDT was up 7%. DRH and XHR were both up 6%. As for the big lower, SLNA was down -11%.
The one thing we can say about a good amount of companies all reporting earnings in a 24 hour period is at least we get the majority of the earnings reports over in a short period of time because it clearly is not our favorite time of the quarter. Let’s start off with the results that did not go over well. Marriott International’s results were deemed to have more questions than answers by some, not good enough to push shares higher by others. They came in right around expectations, their development pipeline rose to 557,000 rooms, ev
