Acapulco Hotel Owners Vow to Reopen After Hurricane
Skift Take
- Apple Hospitality REIT reported a modest beat in 3Q results but lowered 4Q guidance due to higher expenses, offsetting improved RevPAR guidance.
- STR reported that for the week ending November 4, US RevPAR was down by -2.1%, with a -4% decrease in occupancy, and a -7.4% drop in Group RevPAR.
- Latin America's hotel construction pipeline shows growth with 579 projects and 95,144 rooms in Q3 2023, up 6% in projects and 5% in rooms year-over-year, with Mexico leading the way.
The DJIA was down 40 points but Nasdaq was up 11, the S&P 500 rose 4 points and the 10-year treasury yield was down .05 to 4.52%. Lodging stocks were mixed. HLT traded up to a new high but VCSA’s earnings, despite beating and raising, failed to impress with the stock down -14%. SOND was down -11%, AHT was down -6% and APLE fell -5% on the day. Get more information on public company performance, below.
Apple Hospitality REIT reported a very modest beat on 3Q results.Continuing the trend, they slightly lowered 4Q guidance citing higher expenses, offsetting higher RevPAR guidance.
Service Properties Trust believes they are in a strong position to refinance their $2.3 billion in debt they have maturing in 2024 and 2025. That being said, they will continue to evaluate acquisition opportunities but they said they are unlikely to buy anything the rest of this calendar year. 2024 maturities include $350 million in March 2024 and $825 million in Octobe
