U.S. Hotel RevPAR Goes Up
Skift Take
STR reported U.S. lodging data for the week ending August 31, showing a 3.6% rise in RevPAR, with ADR up 1.6% and occupancy up 1.9%. Group RevPAR increased 7.2% on a 7.1% occupancy boost.
The DJIA ended Friday with a drop of 410 points while Nasdaq was down 437, the S&P 500 fell 95 points and the 10-year treasury yield was down .02 to 3.71%. Lodging stocks were lower.
Jefferies cut its price target on Airbnb to $120 from $125. They maintained their Hold rating on the stock.
STR reported U.S. lodging data for the week ended August 31. Overall US RevPAR was up 3.6%, with ADR up 1.6% and occupancy rising 1.9%. Group RevPAR was up 7.2% year over year on an occupancy rise of 7.1%.
Raines announced they added Hotel Theo, a Tapestry Collection by Hilton property, to its management portfolio. The former Hotel Magnolia is now Hotel Theo, part of Woven by Raines, the lifestyle division of Raines. The property is owned by TCOR Hotel Partners and TriGate Capital, located between the French Quarter and Warehouse District in New Orleans. The 101-key Hotel Theo includes an onsite restaurant, 600 square feet
