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 with the sale in their joint venture with GIC of the Hilton Garden Inn College station for $11 million. INN increased their quarterly dividend to $0.08 per share, getting them to a 5.3% dividend yield.
RLJ Lodging Trust results were a bit short of consensus but they said the results were in line with their expectations. RLJ said they repaid a $200 million CMBS loan that was maturing last month, using $200 million in their revolving credit facility. RLJ reiterated their full year 2024 outlook.
Ryman Hospitality Properties reported a rare miss for 1Q. They actually raised 2024 guidance but that was mostly due to debt refinancing activities. They continue to have record levels of Group booking ADR.
Blackwells Capital really is trying to take it to Monty Bennett a