Host Hotels and Pebblebrook Report Earnings

The DJIA topped 39000 for the first time. The S&P 500 was up 2.1%. Nasdaq rose about 3%.

The earnings season for hotel companies kicked into high gear with Host Hotels and Pebblebrook becoming the first REITs to show their hand. HST gave the report we expected, a solid 4Q beat, and positive commentary on guidance led by the Group business with the Maui impact the only thing that is still a work in progress. HST bought back 1.9 million shares for $31 million in 4Q. They said January RevPAR was up 1.4%. PEB gives monthly updates but even with that, they beat expectations. PEB did surprise everyone by resuming full-year guidance but analysts were already calling it conservative as it was a bit light compared to consensus. While PEB did not buy back any stock in 4Q, they already spent $5 million this year, buying back 318,000 shares and 1 million shares of their Preferred Series H shares at $15.79.

Accor said they had record EBITDA in 2