Hotel Job Growth Slows Down
Skift Take
While U.S. unemployment remains below 4%, employment growth has been slowing and hotel job openings have also slowed. Wage growth outpaced inflation, but RevPAR contracted again in January.
The DJIA was up 38 points but Nasdaq fell 88, the S&P 500 was down 10 points and the 10 year treasury yield was up .04 to 4.19%. Lodging stocks were mixed. MAR and HLT traded up to new highs. AINC was down -7% but SOND was up 8% on the day.
Key Takeaways from CBRE U.S. Hotels’ State of the Union March 2024 Edition include: While unemployment remains below 4%, employment growth has been slowing. Hotel job openings have also slowed. Wage growth outpaced inflation, but RevPAR contracted again in January. January hotel CMBS borrowing rates were 6.9%, up slightly from 6.8% a year ago, and spreads were 280 bps, down from 325 bps last year. Hotel demand fell 2.0% in January, while short-term rental demand rose 1.3%. The spread narrowed between inbound and outbound international travel. Outbound international travel was 112% of 2019’s level in January compared to inbound visitation of 83%. TSA th
