RLJ, Xenia, DiamondRock, and Chatham Report Earnings
Skift Take
Quarterly reports were mostly positive, but the week ended on a down note as hospitality stocks were down across the board.
The DJIA and Nasdaq plunged again on Friday, with the DJIA down another 611 points, the Nasdaq down 418, the S&P 500 down 100 points, and the 10-year treasury yield continuing to spiral lower, down another .18 to 3.79%. Lodging stocks were lower. RLJ traded down to a new low, SOND was down 7%, MAR and PLYA were both down 6%, and ABNB fell 5% on the day.
RLJ Lodging Trust had the most interesting earnings report. Analysts said that even with 2Q24 coming in stronger than expected, with June performance paving the way, this was the worst of the REIT's reporting because of how steeply RLJ cut 2H24 guidance. Meanwhile, they upped their quarterly dividend by 50% to $0.15, giving them a 6.5% dividend yield. As for the guidance cut, RevPAR guidance had been 2.5% to 5.5% and RLJ cut it to 1% to 2.5%. RLJ said they have bought back $4 million worth of shares in 2Q and so far in 3Q.
Xenia Hotels reported a slight miss while tightening up their
