Marriott Hits Milestone with 500th Luxury Hotel Opening
Skift Take
- Major hospitality companies reported mixed trends at the Morgan Stanley Global Consumer & Retail Conference, with lodging demand remaining positive but margins affected by high wages.
- Several companies, including Crescent Hotels & Resorts and HHM Hotels, announced the addition of new properties to their portfolios.
- Evermore Orlando Resort is set to open a unique beach paradise, and other hotels are undergoing significant renovations and refurbishments, indicating a continued focus on luxury and expansion in the hospitality industry.
The DJIA rose 63 points while Nasdaq was up 193, the S&P 500 rose 36 points and the 10-year treasury yield was up .01 to 4.13%. Lodging stocks were mostly higher, although AINC traded down to a new low on miniscule volume. IHG and RHP both hit new highs. HGV was up 5$ and VCSA was down -5%.
Morgan Stanley reported on their recent Global Consumer & Retain Conference. Demand trends in lodging were described as consistently positive by those presenting while margin commentary was more mixed as wages have been stubbornly high. Domestically, group momentum continues along with recovering business transient. Hilton expects an uptick in business transient in 4Q/2024 and is confident that overall business transient demand will return to prior peak levels supported by large corporates coming back. Wyndham sees further occupancy gains and about a point of ADR growth in
