Barclays Forecasts Optimistic Outlook for 2024
Skift Take
Barclays updated their U.S. lodging REIT estimates ahead of the onslaught of expected conservative earnings that are coming.
The DJIA ended Friday down 145 points while Nasdaq was down 131, the S&P 500 fell 24 points and the 10-year treasury yield was up .06 to 4.30%. Lodging stocks were mostly lower. SOND was up 11% but AINC and SLNA fell -7% and AHT was down -5%.
Barclays updated their US lodging REIT estimates ahead of the onslaught of earnings that are coming. Barclays is expecting lodging REITs to initiate relatively conservative 2024 earnings guidance in terms of RevPAR growth and margins but expresses optimism regarding group bookings, stabilization of leisure demand and continued improvement in business transient demand. Expense pressure will again be the focus. Barclays expects Group and Urban to likely be the favored segments into 2024. Barclays made some modest changes to price targets with Host Hotels being the biggest change, upping their PT to $23 from $21. Pebblebrook and Sunstone were the others they ra
