Global Hotel Construction Pipeline Sets a New Record
Skift Take
At the close of 2023, analysts state that the total global construction pipeline stands at 15,196 projects and 2,367,727 rooms, a 7% increase in projects and a 3% increase in rooms year-over-year.
The DJIA was up 47 points while Nasdaq was up 144, the S&P 500 was up 27 points and the 10-year treasury yield was down .02 to 4.25%. Lodging stocks were mixed. The companies that reported had a tough day with VCSA down -16%, SVC was down -11%, HGV was down -8% but INN was up 3%. AINC and AHT were up 11% and 8% respectively while H, PK and XHR traded up to new highs.
We are getting to the tail end of earnings season. The worst response from the Street was definitely the Vacasa report, not so much from the earnings, as they were in line to better than expectations. VCSA did provide a full year guide but warned of bookings variability and churn, saying it doesn’t give them visibility. They announced another 320 job cuts and said their COO, John Banczak, is also stepping down on March 31.
Service Properties Trust did not
