U.S. Lodging Stocks Rise, But Canadian Hotel Occupancy Declines
Skift Take
The DJIA, Nasdaq, and S&P 500 rose on Friday, while Canada's hotel industry saw a slight decline in occupancy in July 2024 after three months of increases.
The DJIA ended Friday with a 462-point gain while Nasdaq was up 258, the S&P 500 rose 64 points and the 10-year treasury yield was down .05 to 3.81%. Lodging stocks were higher. AHT was up 14%, VCSA rose 11%, and SOND ended the day with a gain of 6%.
According to CoStar's July 2024 data, after three consecutive months of year-over-year increases, Canada's hotel industry recorded a decline in occupancy. July 2024 (percentage change from 2023): Occupancy: 75.2% (-0.4%) ADR: CAD236.12 (+1.1%) RevPAR: CAD177.62 (+0.7%). Among the provinces and territories, Prince Edward Island recorded the highest occupancy level (81.2%), 1.2% above 2023. Among the major markets, Vancouver saw the highest occupancy (85.7%), down 1.4% over July 2023. The lowest occupancy among provinces was reported in Saskatchewan (63.4%), up 0.2% against 2023. At the market level, the lowest occupancy was reported in Edmonton (+3.7%
