U.S. Hotels State of the Union Reveals Surge in Short-Term Rental Demand
Skift Take
The CBRE August 2024 U.S. Hotels report highlights slowing GDP growth, moderate consumer risks, declining CMBS borrowing rates, and mixed performance in hotel occupancy, RevPAR, and travel metrics.
The DJIA jumped 409 points while the Nasdaq was up 2.4% or 407 points. The S&P 500 was up 90 points and the 10-year treasury yield fell -.05 to 3.85%. Lodging stocks were higher. APLE traded down to a new low but VCSA touched the low, didn’t set a new one, and then bounced 22%. SOND was up 19% and SHCO rose 14% on the day.
Evercore ISI cut their price target on Park Hotels to $19 from $20. They maintained their Outperform rating.
Oppenheimer cut their price target on Host Hotels to $22 from $24 and on Apple Hospitality to $17 from $19. They maintained their Outperform ratings on both.
CBRE released its U.S. Hotels State of the Union August 2024 Edition. A snapshot of this report includes the following: GDP growth is expected to slow following 2Q’s upside surprise. Consumer risks remain as wages moderate, and unemployment t
