Host Hotels and Summit Hotels Post Better Than Expected Earnings
Skift Take
Host Hotels reported solid first-quarter earnings exceeding expectations, while Summit Hotels also outperformed with significant margin expansion.
The DJIA rose 322 points while Nasdaq was up 235, the S&P 500 was up 46 points and the 10-year treasury yield was down .02 to 4.57%. Lodging stocks were mixed. SOND was the big mover, up 9%.
Earnings reports are coming fast and furious with Host Hotels reporting another solid one with 1Q EBITDA are a good 10% above consensus even with comparable RevPAR being a bit light. Analysts called their guidance a guide down even as they upped AFFO guidance. Considering how many had believed HST’s earlier guidance was aggressive, this seems positive to us. Analyst commentary was very mixed on the earnings, as well as the recent news of the two hotels in Nashville.
Summit Hotels reported a better than expected 1Q with margin expansion the key. INN said they closed on the asset sales they had disclosed last quarter, the Courtyard and SpringHill Suites New Orleans Warehouse Arts for $73 million, along
