New York City Market Dominating Recent Hotel Sales
Skift Take
- As of November 11, 2023, 79% of markets showed growth in Revenue Per Available Room (RevPAR) compared to 2019, with leadership positions shifting from Europe to other regions as the Northern Hemisphere approaches winter.
- New York City led U.S. hotel sales in the last three months with transactions totaling $1.35 billion, despite a significant decrease in overall disclosed hotel transaction volume in 2023 compared to 2022.
- Several key hotel developments and acquisitions include KSL Capital Partners acquiring Hersha Hospitality Trust, the opening of the avid hotel Chattanooga South - Ringgold, and proposed sales like the Hyatt Place Pittsburgh Airport hotel.
The DJIA was up 84, Nasdaq was up 41, the S&P 500 was up 4 points, and the 10-year treasury yield was down 0.05 to 4.34%. Lodging stocks were mixed. RHP traded up to another new high, but SOND was down another -6% to another all-time low. SLNA and VCSA also traded down to new all-time lows, but VCSA bounced, ending up 5% for the day.
STR’s global update as of November 11, 2023, showed 79% of markets with growth in RevPAR compared to 2019. Different from the previous update, more markets outside of Europe have taken the top positions in recovery as winter approaches in the Northern Hemisphere. Among countries with 50,000 rooms, the United Arab Emirates, South Korea, Singapore, France, and Italy led in RevPAR on an actual basis. More countries in Asia are in leading spots in the measurement as most European countries approach low season. No
