U.S. Hotel Room Construction Sees Another Increase
Skift Take
The U.S. hotel industry is experiencing steady growth, with construction volumes rising for seven consecutive months, especially in upscale and luxury segments.
The DJIA fell 141 points but Nasdaq was up 139, the S&P 500 rose 12 points, and the 10-year treasury yield was down .04 to 4.2%. Lodging stocks were higher, with Wyndham's earnings report generating the most buzz.
The response Wyndham got from Wall Street on their earnings report is what every public company should strive for. They reported in-line results with a -1% decline in U.S. RevPAR offset by a 7% rise internationally. What got Wall Street all jazzed up is that despite all the talk about softness in leisure travel, WH said they really are not seeing that. There has been a lot of commentary that companies like WH and CHH are benefiting from the hurricanes due to people being removed from their homes as well as insurance, construction, and rescue workers, and that appears to be correct as WH gave 4Q guidance ahead of consensus. They bought back $97 million worth of stock in 3Q, and their pipeline was up 1.2% or 3,000 rooms. WH jumped 11% tod
