Canadian Deal Flow Booms Despite Lower Occupancy
Skift Take
Canada’s hotel industry showed lower occupancy but continued growth in ADR, according to CoStar’s January 2024 data.
The DJIA ended Friday up 62 points while Nasdaq was down 45, the S&P 500was up 2 and the 10 year treasury yield was down .07 to 4.26%. On a Friday dominated by earnings report from the close Thursday and Friday morning, the new highs list from lodging stocks hit a new 2024 high. New 52 week highs were set by H, MAR, HLT, RLJ, IHG, RHP and HST. SOND was up 16% and AINC rose 7% on the day.
Hyatt had preannounced but when they actually released their report and gave somewhat mixed guidance, everything else they said resonated well with investors with the stock rising 11% on Friday. What surprised the Street in a positive manner was the news they were selling 80% of their Unlimited Vacation Club business and they sold the Hyatt Regency Aruba for $240 million on February 9th but will retain the management contract. H also bought back 890,000 shares in 4Q for $95 million. So far in 2024, they spent $30 million on share buyb
