Hilton Unveils Plans for Luxury Hotels in 2024
Skift Take
- Wells Fargo downgraded Sunstone Hotels and revised DiamondRock Hospitality and Apple Hospitality's ratings.
- According to the National Travel and Tourism Office, international visitors to the U.S. in October 2023 spent $18.9 billion, marking a 23% increase from the previous year.
- In 2024, Hilton’s luxury portfolio, inclusive of Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts and LXR Hotels & Resorts will announce offerings that will provide guests with new brand signatures.
The DJIA rose 130 points on Friday while the Nasdaq was up 64, the S&P 500rose 19 points and the 10-year treasury yield was up .12 to 4.25%. Lodging stocks were higher. RHP and IHG both traded up to new highs.
Wells Fargo cut their rating on Sunstone Hotels to Underperform from Equal Weight. They also lowered their ratings on DiamondRock Hospitality and Apple Hospitality to Equal Weight from their previous Overweight ratings.
Data recently released by the National Travel and Tourism Office show that in October 2023: International visitors spent $18.9 billion on travel to, and tourism-related activities within, the United States, an increase of 23% compared to October 2022. Conversely, Americans spent $18.4 billion traveling abroad during October, yielding a balance of trade surplus of $503 million. International visitors have spent nearly $173.9 billion
