Global Hotel Markets See Average Daily Rate Increases
Skift Take
Hotel growth in February was balanced with 64% of markets showing increased occupancy and 70% achieving a higher ADR than last year.
The DJIA was down 23 points while Nasdaq was down 88, the S&P 500 fell 8 points, and the 10-year treasury yield was down .04 to 4.27%. Lodging stocks were mixed. New highs were set by HLT, H, and PK with the latter up 5%. SONDwas down -15%.
Park Hotels and Resorts continued the trend of solid earnings reports, not only beating EBITDA estimates but also giving January data that has them coming out of the gate exceptionally strong in 2024, thanks to their Hawaii properties. PKalso upped their quarterly dividend to $0.25 a share from $0.15.
Baird reported on the details behind Hyatt’s sale of their 80% interest in Unlimited Vacation Club. H filed their 10K saying they are getting $80 million for the interest and will earn $65-$70 million of run-rate management and royalty fees annually. Baird said H will no longer report net deferr
