Taylor Swift-Fueled Surge in New Orleans Drives U.S. Hotel Industry Boost
Skift Take
U.S. hotel revenue per available room rose 9.3% year-over-year for the week ending October 26, with New Orleans leading top markets at a 77.6% RevPAR increase – thanks in part to a Taylor Swift performance.
The DJIA was down 92 points today while Nasdaq was down 105, the S&P 500 fell 19 points, and the 10-year treasury yield was down .01 but still around 4.27%. Lodging stocks were mixed. HLT traded up to another new high while AHT was the big winner, up 15%, and SOND bounced 8% higher.
Park Hotels reported a generally in-line 3Q report but they highlighted just why these strikes and union contracts need to be paid attention to. PK paused their guidance for even the 4th quarter, pending negotiation outcomes with unions in Hawaii. A strike has been occurring at Hilton Hawaiian Village, and that property contributed 28% of FY23 EBITDA. PK bought back 2.5 million shares in 3Q24, spending $35 million.
STR reported U.S. hotel data for the week ending October 26. U.S. Hotel RevPAR was up 9.3% year-over-year, with ADR and occu
