U.S. Average Daily Rates Continue Increase
Skift Take
- The DJIA fell 285 points, Nasdaq was down 174, the S&P 500 fell 38 points, and the 10-year treasury yield was down nearly .10 to 3.91%. Let’s hope the first two trading days do not represent the rest of the year.
- STR’s global “bubble chart” update through December 16, 2023 showed 75% of markets with growth in RevPAR compared to 2019.
- Could there be a hotel building moratorium in one of the most popular areas of Southern Florida?
The DJIA fell 285 points, Nasdaq was down 174, the S&P 500 fell 38 points, and the 10-year treasury yield was down nearly .10 to 3.91%. Let’s hope the first two trading days do not represent the rest of the year. Lodging stocks were modestly lower. AHT traded down to a new low.
A discussion headed to Miami Beach, FL’s Land Use and Sustainability Committee will weigh the repeal of floor area ratio incentives for hotel developments, a cap on hotel rooms based on zoning districts, and a recently enacted New York City model for addressing the limits on approval for hotels. The market study research was approved by the city commission in December 2021. There are 21,000 hotel rooms in Miami Beach with a little over 2,000 more in the pipeline. Could there be a hotel building moratorium in one of the most popular areas of Southern Florida?
STR’s commentary on U.S. performance for November 2023: Top-Line Metrics (percent
