Global Deal Announcement Slowed in First 9 Months of 2023
Skift Take
- U.S. hotel RevPAR rose by 4.9% for the week, with rates up by 4%. Group RevPAR also increased by 13.3%.
- Truist adjusted ratings and target prices: lowered ratings for some companies (e.g., Bluegreen Vacations), raised target price for Bluegreen Vacations, and decreased target prices for Hilton Grand Vacation, TNL, and VAC.
- A significant decline in deals across travel and tourism sectors globally during January-October 2023 compared to the same period in 2022, affecting various regions and deal types.
The DJIA rose 164 points while Nasdaq was up 9, the S&P 500 rose 7 points while the 10 year treasury yield was up .09 to 4.54%. The markets closed well off their highs but lodging stocks were mixed to higher. HLT traded up to another new high, AHT was up 10% while SHCO and VAC were both up 5%. SOND plunged -19%.
STR reported US lodging data for the week ended 11/11. US hotel RevPAR was up 4.9% for the week with rates up 4%. Group RevPAR rose 13.3%.
Truist lowered their rating on Bluegreen Vacations to a Hold following the surge in the stock on the news Hilton Grand Vacation will be acquiring them. They upped their target price on BVH to $75 from $54 while they lowered HGV’s target price to $66 from $73. Truist also lowered TNL’s target price to $59 from $66 and VAC’s to $149 from $187.
A total of 621 deals were announced in the travel and tourism sector globally during January-October 2023, a decline of 31.8% compared to the same period in
