U.S. Hotels Report Gains in May 2024
Skift Take
The U.S. hotel industry showed improved performance in May 2024, with notable increases in occupancy, ADR, and RevPAR, especially in New York City.
The DJIA rose 15 points on Friday but Nasdaq was down 32, the S&P 500 fell 8 points and the 10 year treasury yield was up nearly .01 to 4.26%. Lodging stocks were modestly lower. Both SHCO and AHT fell -5% on the day.
Susquehanna initiated coverage on some C-Corps with lukewarm Neutral ratings on all five. They put an $80 price target on Wyndham, $160 PT on Hyatt, $215 on Hilton, $255 on Marriott and $125 on Choice Hotels.
After the close, Blackwells published another swipe at Braemar Hotels & Resorts and Monty Bennett. In a letter, Blackwells claimed they have the support of shareholder Campbell Capital Management for their proxy fight and campaign to get their proposed directors voted onto the board of BHR.
The U.S. hotel industry reported improved performance results from the previous month, according to May 2024 data from CoStar. May 20
