Hoshino Resorts to Debut First U.S. Luxury Hotel in New York State
Skift Take
Hoshino Resorts is set to open its first new-build hotel in the United States by 2028, bringing a 40-room luxury resort to the small town of Sharon Springs, New York, marking a significant expansion for the renowned Asian hotel operator.
The DJIA rose 161 points, Nasdaq was up 7 but the S&P 500 was down a point while the 10 year treasury yield certainly is not acting like we are in a lower interest rate environment, up .08 to 4.10%. Hotel stocks were modestly higher. HLT, MAR and CHH each traded up to new high but SVC traded down to another new low, down another -5%.
Baird does not believe there is much to get excited about for this 3Q24 earnings season when it comes to the hotel brand companies. 3Q24 RevPAR growth was softer than expected, mainly from September and they expect 4Q to be similarly sluggish with estimates coming down as a result. Meanwhile we are seeing new highs in the stock prices of a lot of the companies but Baird’s enthusiasm is tempered by a continued deceleration in RevPAR growth and absolutely/relatively high valuations. They are not excited about the near term setup, especially with the businesses generally operating at/near their growth algorithms. Wyndham remains their Best
